This paper addresses the issue of price negotiation between a municipality and a private water utility operator, and its implications for residential water demand estimation. Because negotiated price may depend on municipality’s specific characteristics, competing forms of price endogeneity have to be considered when using panel data. The impact of variables such as average income, housing and ...

Demsetz and Lehn (1985), Morck, Shleifer, and Vishny (1988), and McConnell and Servaes (1990) report different empirical findings regarding ownership structure and corporate profitability. In this paper, we re-estimate the relation between management ownership and firm's value after controlling for the history of management ownership as well as inter-firm differences using panel data. Further, ...

This paper tests whether Antidumping (AD) protection affects the market power of importcompeting domestic firms. We use panel data of about 4000 EU producers that were involved in AD cases to estimate markups before and after the filing of a case. Our findings indicate that AD protection has positive and significant effects on domestic markups, except in cases where import diversion after prote...

This paper investigates the relationship between R&D stock and productivity growth, while taking into account the effect of spatial spillovers. We propose a homogeneous dynamic panel data model and three heterogeneous dynamic panel data models to consider the individual effect as well as endogenous. We also distinguish between the estimated long-run and short-run results. Our results indicate t...

We use a panel data set that combines annual brand-level advertising expenditures for over three hundred brands with measures of brand awareness and perceived quality from a large-scale consumer survey to study the effect of advertising. Advertising is modeled as a dynamic investment in a brand’s stocks of awareness and perceived quality and we ask how such an investment changes brand awareness...

Intercollegiate athletics in the United States have become a multibillion-dollar industry over the past several decades. In this study, we investigate the shortand long-term direct monetary effects of operating a winning athletics program for an academic institution of higher education. We construct a unique panel dataset from multiple sources and utilize the latest dynamic panel data estimatio...

Article history: Received 13 May 2007 Received in revised form 26 March 2008 Accepted 2 April 2008 Available online 10 April 2008 This study examines the persuasive effect and awareness effect of online user reviews on movies' daily box office performance. In contrast to earlier studies that take online user reviews as an exogenous factor, we consider reviews both influencing and influenced by ...

Trade openness can reduce inflation volatility through limiting recourse to seigniorage during periods of temporary fiscal deficits, and by shifting consumption and production towards goods for which the terms of trade are relatively stable. This paper provides evidence for a negative effect of openness on inflation volatility using a dynamic panel model that controls for the endogeneity of ope...