Recently, applied sciences, including longitudinal and clustered studies in biomedicine require the analysis of ultra-high dimensional linear mixed effects models where we need to select important fixed effect variables from a vast pool available candidates. However, all existing literature assume that covariates random components are independent model error which is often violated (endogeneity...

This study explores the relationship between ESG reputational risk, corporate payouts and firm value. Using a sample of 2021 US-listed firms 2007 2019, we provide robust evidence that risk relates to higher payouts, free cash flows amplify this relationship. Turning payout composition, document associates with mix comprising analogy share repurchases versus dividends; is more pronounced under f...

This paper examines the role of social network hierarchy financial advisory firms in a mergers and acquisitions (M&As) framework. Financial advisors are information intermediaries who play an extraction dissemination role. The more central firm is within firms, greater their access to flows. Our findings indicate that associated with higher acquirer announcement abnormal returns, combined retur...

Migrant Networks, Migrant Selection, and High School Graduation in Mexico This paper examines whether family and community migration experience affect the probability of high school graduation in Mexico once unobserved heterogeneity is accounted for. Bivariate random effects dynamic probit models for cluster data are estimated to control for the endogeneity of education and migrant network vari...

Prior studies illustrate the issues of agency theory stemmed from the separation between ownership and management. As such, information asymmetry between the agent and principal is the major reason why agent can take advantages from adverse selection and moral hazard, which is the obvious problem in recent accounting scandals. Boards of directors therefore have fiduciary duties to exercise effe...

We examine the impact of threat takeovers on default risk. Using a sample 50,189 firm-year observations for US firms over period 1990–2015, we find that has negative relation with use difference-in-difference analysis to address potential endogeneity concerns and propensity score matching control self-selection bias. The results are robust alternative measures risk exclusion dot com financial c...

Most papers on high-dimensional statistics are based on the assumption that none of the regressors are correlated with the regression error, namely, they are exogenous. Yet, endogeneity can arise incidentally from a large pool of regressors in a high-dimensional regression. This causes the inconsistency of the penalized least-squares method and possible false scientific discoveries. A necessary...

Treatment Evaluation with Multiple Outcome Periods under Endogeneity and Attrition This paper develops a nonparametric methodology for treatment evaluation with multiple outcome periods under treatment endogeneity and missing outcomes. We use instrumental variables, pre-treatment characteristics, and short-term (or intermediate) outcomes to identify the average treatment effect on the outcomes ...