发布求助
文献互助 智能选刊 最新文献

ERN: Econometric Modeling in Microeconomics (Topic)最新文献

筛选
英文 中文
On Binscatter 在Binscatter
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2019-02-01 DOI: 10.2139/ssrn.3344739
M. D. Cattaneo, Richard K. Crump, M. Farrell, Yingjie Feng
{"title":"On Binscatter","authors":"M. D. Cattaneo, Richard K. Crump, M. Farrell, Yingjie Feng","doi":"10.2139/ssrn.3344739","DOIUrl":"https://doi.org/10.2139/ssrn.3344739","url":null,"abstract":"Binscatter is very popular in applied microeconomics. It provides a flexible, yet parsimonious way of visualizing and summarizing large data sets in regression settings, and it is often used for informal evaluation of substantive hypotheses such as linearity or monotonicity of the regression function. This paper presents a foundational, thorough analysis of binscatter: we give an array of theoretical and practical results that aid both in understanding current practices (i.e., their validity or lack thereof) and in offering theory-based guidance for future applications. Our main results include principled number of bins selection, confidence intervals and bands, hypothesis tests for parametric and shape restrictions of the regression function, and several other new methods, applicable to canonical binscatter as well as higher-order polynomial, covariate-adjusted and smoothness-restricted extensions thereof. In particular, we highlight important methodological problems related to covariate adjustment methods used in current practice. We also discuss extensions to clustered data. Our results are illustrated with simulated and real data throughout. Companion general-purpose software packages for texttt{Stata} and texttt{R} are provided. Finally, from a technical perspective, new theoretical results for partitioning-based series estimation are obtained that may be of independent interest.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122652460","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 74
Disability and Multi-State Labour Force Choices with State Dependence 残障与国家依赖下的多州劳动力选择
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2016-03-01 DOI: 10.1111/1475-4932.12222
Umut Oguzoglu
{"title":"Disability and Multi-State Labour Force Choices with State Dependence","authors":"Umut Oguzoglu","doi":"10.1111/1475-4932.12222","DOIUrl":"https://doi.org/10.1111/1475-4932.12222","url":null,"abstract":"I use a dynamic mixed multinomial logit model with unobserved heterogeneity to study the impact of work limiting disabilities on disaggregated labour choices. The first seven waves of the Household Income and Labour Dynamics in Australia survey are used to investigate this relationship. Findings point out to strong state dependence in employment choices. Further, the impact of disability on employment outcomes is highly significant. Model simulations suggest that high cross and own state dependence can amplify a one-off disability shock to alter the probability of full time employment and nonparticipation permanently, especially for low skilled individuals.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124715513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 18
Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis 企业集团内部资本市场:来自亚洲金融危机的证据
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2014-02-11 DOI: 10.2139/ssrn.1928179
Heitor Almeida, Chang-Soo Kim, H. Kim
{"title":"Internal Capital Markets in Business Groups: Evidence from the Asian Financial Crisis","authors":"Heitor Almeida, Chang-Soo Kim, H. Kim","doi":"10.2139/ssrn.1928179","DOIUrl":"https://doi.org/10.2139/ssrn.1928179","url":null,"abstract":"This paper examines capital reallocation among firms in Korean business groups (chaebol) in the aftermath of the 1997 Asian financial crisis, and the consequences of this capital reallocation for investment and performance of chaebol firms. We show that chaebol transferred cash from low growth to high growth member firms after the crisis, using cross-firm equity investments. This capital reallocation allowed chaebol firms with greater investment opportunities to invest significantly more than control firms in the aftermath of the crisis. Chaebol firms with greater investment opportunities also showed higher profitability and lower declines in valuation than control firms following the Asian crisis. Our results suggest that Korean chaebol used their internal capital markets to mitigate the negative effects of the Asian crisis on their investment and performance.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125327581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 267
Diffusion of Behavior in Network Games Orchestrated by Social Learning 社交学习对网络游戏行为扩散的影响
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2013-12-20 DOI: 10.2139/ssrn.2370347
Jia-Ping Huang, Maurice Koster, Ines Lindner
{"title":"Diffusion of Behavior in Network Games Orchestrated by Social Learning","authors":"Jia-Ping Huang, Maurice Koster, Ines Lindner","doi":"10.2139/ssrn.2370347","DOIUrl":"https://doi.org/10.2139/ssrn.2370347","url":null,"abstract":"The novelty of our model is to combine models of collective action on networks with models of social learning. Agents are connected according to an undirected graph, the social network, and have the choice between two actions: either to adopt a new behavior or technology or stay with the default behavior. The individual believed return depends on how many neighbors an agent has, how many of those neighbors already adopted the new behavior and some agent-specic cost-benefit parameter. There are four main insights of our model: (1) A variety of collective adoption behaviors is determined by the network. (2) Average inclination governs collective adoption behavior. (3) Initial inclinations determine the critical mass of adoption which ensures the new behavior to prevail. (4) Equilibria and dynamic be- havior changes as we change the underlying network and other parameters. Given the complexity of the system we use a standard technique for estimating the solution.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124320589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Tax Gradient: Do Local Sales Taxes Reduce Tax Differentials at State Borders? 税收梯度:地方销售税会减少州边界的税收差异吗?
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2013-08-01 DOI: 10.2139/ssrn.1909035
David R. Agrawal
{"title":"The Tax Gradient: Do Local Sales Taxes Reduce Tax Differentials at State Borders?","authors":"David R. Agrawal","doi":"10.2139/ssrn.1909035","DOIUrl":"https://doi.org/10.2139/ssrn.1909035","url":null,"abstract":"Borders create a discontinuous tax treatment of retail sales. In a Nash game, equilibrium local tax rates will be higher on the low-tax side of a border. Taxes will decrease from the nearest high-tax border and increase from the nearest low-tax border. Using driving time from state borders and data on all local sales tax rates, local tax rates on the low-tax side of the border are 1.25 percentage points higher, reducing the differential in state tax rates by more than half. A one hour increase in time from the nearest high-tax border lowers local tax rates by 4%.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"391 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116172604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 38
Speculators and Price Overreaction in the Housing Market 房地产市场的投机者和价格过度反应
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2012-10-20 DOI: 10.2139/ssrn.1787729
Yuming Fu, Wenlan Qian
{"title":"Speculators and Price Overreaction in the Housing Market","authors":"Yuming Fu, Wenlan Qian","doi":"10.2139/ssrn.1787729","DOIUrl":"https://doi.org/10.2139/ssrn.1787729","url":null,"abstract":"type=\"main\"> This paper investigates the role of speculators in the housing market, specifically their contribution to price overreaction through positive feedback trading (or momentum trading). We exploit a unique data set of condominium transactions in a residential real estate market where transaction traits associated with short-term speculation can be identified. In the cross-section of housing projects, a 10-percentage-point increase in trading activity following a strong short-run market price rise predicts a negative subsequent monthly price change of 0.5% at the project level. Moreover, the price reversal effect associated with the momentum trading by short-term speculators is two to three times stronger, and holding such trading constant, momentum trading in general has little additional impact. Our findings further suggest that momentum trading by short-term speculators contributes to price overreaction largely in submarkets with lower information efficiency.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"125 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115416008","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 34
Love Thy Neighbor: Income Distribution and Housing Preferences 爱你的邻居:收入分配和住房偏好
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-12-28 DOI: 10.2139/ssrn.1624744
Tin Cheuk Leung, K. Tsang
{"title":"Love Thy Neighbor: Income Distribution and Housing Preferences","authors":"Tin Cheuk Leung, K. Tsang","doi":"10.2139/ssrn.1624744","DOIUrl":"https://doi.org/10.2139/ssrn.1624744","url":null,"abstract":"Do homeowners prefer living in an area with a more equal distribution of income? We answer this question by estimating a semi-parametric hedonic pricing model for about 90,000 housing units transacted in Hong Kong between 2005 and 2006. We first identify a hedonic price function by locally regressing the rental price of the housing unit on its intrinsic and neighborhood characteristics, one of which is the Gini coefficient for household income of the constituency area. We then combine the estimates with a log utility function to obtain the heterogeneous preference parameters. Finally, we estimate the joint distribution of the preference parameters and demographics. We find that most homeowners have a strong distaste for inequality in their neighborhood, and the distaste increases with income and goes down with education level. Counterfactual experiments show that reallocating Public Rental Housing by half can increase the welfare of homeowners by about HK$8,000 on average per year, an amount which is equivalent to increasing the housing unit by 20 square feet or reducing the age of the unit by 5 years.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125832136","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Market Reaction to Capital Expenditures of Powerful CEOs 市场对强势ceo资本支出的反应
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-09-17 DOI: 10.2139/ssrn.1929389
Anwar S. Boumosleh, Elias Raad
{"title":"Market Reaction to Capital Expenditures of Powerful CEOs","authors":"Anwar S. Boumosleh, Elias Raad","doi":"10.2139/ssrn.1929389","DOIUrl":"https://doi.org/10.2139/ssrn.1929389","url":null,"abstract":"It is controversial whether governance structure affects the value of the firm. This paper examines the sensitivity of firm value to capital expenditure under various levels of CEO power. The paper uses two measures of CEO power and finds that the greater the power of the CEO the less the increase in market value for a given increase in capital spending. The results are robust to the inclusion of firm and governance characteristics and indicate that the market is weary of investment decisions made by powerful CEOs.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115228913","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The Effects of LBO Events on Industry Rivals 杠杆收购事件对行业竞争对手的影响
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-09-01 DOI: 10.2139/ssrn.1763913
J. Oxman, Yildiray Yildirim
{"title":"The Effects of LBO Events on Industry Rivals","authors":"J. Oxman, Yildiray Yildirim","doi":"10.2139/ssrn.1763913","DOIUrl":"https://doi.org/10.2139/ssrn.1763913","url":null,"abstract":"The rivals of LBO targets experience an abnormal return on equity of 1.2% in the seven day window surrounding the LBO announcement. There are three hypotheses that may explain the wealth effects: the Pure Acquisition Hypothesis, the Competition Dynamics Hypothesis, and the Private Information Hypothesis. Our analysis provides the most support for the Pure Acquisition Hypothesis, which attributes the wealth effect to the increased probability of the rival firm receiving an LBO offer. We also find support for a version of the Private Information Hypothesis, if the private information is considered to be a general undervaluation of firms in the industry. There is comparatively little support for the Competition Dynamics Hypothesis. This is the first paper to test all three of these hypotheses in the same framework, and updates the existing literature on the subject for the second LBO wave of the late 1990s and 2000s.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130803077","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Technological Change as Chaotic Process 技术变革是一个混沌过程
ERN: Econometric Modeling in Microeconomics (Topic) Pub Date : 2011-09-01 DOI: 10.1111/j.1467-9310.2011.00641.x
S. Hung, Min-Fen Tu
{"title":"Technological Change as Chaotic Process","authors":"S. Hung, Min-Fen Tu","doi":"10.1111/j.1467-9310.2011.00641.x","DOIUrl":"https://doi.org/10.1111/j.1467-9310.2011.00641.x","url":null,"abstract":"In this paper, we draw upon the concepts of chaos theory to examine technological change as a pattern of punctuated equilibrium through the alternation of continuity and discontinuity across time. We advocate the application of the chaos mathematical technique of time‐varying local Lyapunov exponents to estimate the rates of change, timing of technological transitions and the continuity–discontinuity loop time periods. To illustrate our framework of ideas, we investigated and compared the development of four technologies – semiconductor, display, software, and biotechnology – from 1976 to 2005, using time series patent data. Implications for theory, method, and practice are discussed.","PeriodicalId":207453,"journal":{"name":"ERN: Econometric Modeling in Microeconomics (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122798868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 8
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信