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Capital structure and the issuance of corporate bonds in emerging Asia (2014)
Book Chapter
Mizen, P., Packer, F., Remolona, E., & Tsoukas, S. (2014). Capital structure and the issuance of corporate bonds in emerging Asia. In I. J. Azis, & H. S. Shin (Eds.), Global Shock, Risks, and Asian Financial Reform. Edward Elgar. https://doi.org/10.4337/9781783477944

In emerging Asia's local-currency bond market, the government bond segments have largely come of age while the corporate bond markets have remained immature. This paper focuses on the question of what drives corporate bond issuance, an issue of great... Read More about Capital structure and the issuance of corporate bonds in emerging Asia.

Robust and powerful tests for nonlinear deterministic components (2014)
Journal Article
Astill, S., Harvey, D. I., Leybourne, S. J., & Taylor, A. M. R. (2014). Robust and powerful tests for nonlinear deterministic components. Oxford Bulletin of Economics and Statistics, 77(6), https://doi.org/10.1111/obes.12079

We develop a test for the presence of nonlinear deterministic components in a univariate time series, approximated using a Fourier series expansion, designed to be asymptotically robust to the order of integration of the process and to any weak depen... Read More about Robust and powerful tests for nonlinear deterministic components.

Migration, friendship ties, and cultural assimilation (2014)
Journal Article
Facchini, G., Patacchini, E., & Steinhardt, M. F. (2015). Migration, friendship ties, and cultural assimilation. Scandinavian Journal of Economics, 117(2), https://doi.org/10.1111/sjoe.12096

We study migrants’ assimilation by analyzing whether friendship with natives is a measure of cultural assimilation and by investigating the formation of social ties. Using the German Socio-Economic Panel, we find that migrants with a German friend ar... Read More about Migration, friendship ties, and cultural assimilation.

How Much Influence does the Chinese State have Over CEOs and their Compensation? (2014)
Book Chapter
Bryson, A., Forth, J., & Zhou, M. (2014). How Much Influence does the Chinese State have Over CEOs and their Compensation?. In J. Ortega (Ed.), International perspectives on participation (1-23). Emerald. https://doi.org/10.1108/S0885-333920140000015001

All that we know about the CEO labour market in China comes from studies of public listed companies and State-owned enterprises (SOEs). This paper is the first to examine the operation of the CEO labour market across all industrial sectors of the Chi... Read More about How Much Influence does the Chinese State have Over CEOs and their Compensation?.

CEO Incentive Contracts in China: Why does City Location Matter? (2014)
Book Chapter
Bryson, A., Forth, J., & Zhou, M. (2014). CEO Incentive Contracts in China: Why does City Location Matter?. In J. Ortega (Ed.), International perspectives on participation (25-49). Emerald. https://doi.org/10.1108/S0885-333920140000015009

CEO incentive contracts are commonplace in China but their incidence varies significantly across Chinese cities. We show that city and provincial policy experiments help explain this variance. We examine the role of two policy experiments: the use of... Read More about CEO Incentive Contracts in China: Why does City Location Matter?.

Estimating direct and indirect effects of foreign direct investment on firm productivity in the presence of interactions between firms (2014)
Journal Article
Girma, S., Yundan, G., Holger, G., & Sandra, L. (2014). Estimating direct and indirect effects of foreign direct investment on firm productivity in the presence of interactions between firms. Journal of International Economics, 95(1), https://doi.org/10.1016/j.jinteco.2014.11.007

We implement a method to estimate the direct effects of foreign-ownership on foreign firms' productivity and the indirect effects (or spillovers) from the presence of foreign-owned firms on other foreign and domestic firms' productivity in a unifying... Read More about Estimating direct and indirect effects of foreign direct investment on firm productivity in the presence of interactions between firms.

Common reasoning in games: a Lewisian analysis of common knowledge of rationality (2014)
Journal Article
Cubitt, R. P., & Sugden, R. (2014). Common reasoning in games: a Lewisian analysis of common knowledge of rationality. Economics and Philosophy, 30(3), https://doi.org/10.1017/S0266267114000339

Abstract: We present a new class of models of players’ reasoning in non-cooperative games, inspired by David Lewis’s account of common knowledge. We argue that the models in this class formalise common knowledge of rationality in a way that is dis... Read More about Common reasoning in games: a Lewisian analysis of common knowledge of rationality.

Approximation for the conditional distribution of the MLE with application to autoregression (2014)
Journal Article
Marsh, P. (in press). Approximation for the conditional distribution of the MLE with application to autoregression. Advances and applications in statistics, 42(1),

The famous p* formula provides a higher-order approximation for the conditional distribution of the maximum likelihood estimator given an exact ancillary. By collating well known existing results including application of a formal higher-order expansi... Read More about Approximation for the conditional distribution of the MLE with application to autoregression.

Break date estimation for models with deterministic structural change (2014)
Journal Article
Harvey, D. I., & Leybourne, S. J. (2014). Break date estimation for models with deterministic structural change. Oxford Bulletin of Economics and Statistics, 76(5), https://doi.org/10.1111/obes.12037

In this article, we consider estimating the timing of a break in level and/or trend when the order of integration and autocorrelation properties of the data are unknown. For stationary innovations, break point estimation is commonly performed by mini... Read More about Break date estimation for models with deterministic structural change.

More hours, more jobs? The employment effects of longer working hours (2014)
Journal Article
Andrews, M., Gerner, H., Schank, T., & Upward, R. (2014). More hours, more jobs? The employment effects of longer working hours. Oxford Economic Papers, 67(2), https://doi.org/10.1093/oep/gpu026

Increases in standard hours of work have been a contentious policy issue in Germany. Whilst this might directly lead to a substitution of workers by hours, there may also be a positive employment effect due to reduced costs. Moreover, the response of... Read More about More hours, more jobs? The employment effects of longer working hours.

The formation of community-based organizations: an analysis of a quasi-experiment in Zimbabwe (2014)
Journal Article
Barr, A., Dekker, M., & Fafchamps, M. (2014). The formation of community-based organizations: an analysis of a quasi-experiment in Zimbabwe. World Development, 66, https://doi.org/10.1016/j.worlddev.2014.08.003

Previous analyses of the formation and composition of community-based organizations (CBOs) have used cross section data. So, causal inference has been compromised. We obviate this problem by using data from a quasi-experiment in which villages were f... Read More about The formation of community-based organizations: an analysis of a quasi-experiment in Zimbabwe.

Inference on factor structures in heterogeneous panels (2014)
Journal Article
Castagnetti, C., Rossi, E., & Trapani, L. (2015). Inference on factor structures in heterogeneous panels. Journal of Econometrics, 184(1), https://doi.org/10.1016/j.jeconom.2014.08.004

This paper develops an estimation and testing framework for a stationary large panel model with observable regressors and unobservable common factors. We allow for slope heterogeneity and for correlation between the common factors and the regressors.... Read More about Inference on factor structures in heterogeneous panels.

Should they stay or should they go? Attitudes towards immigration in Europe (2014)
Journal Article
Bridges, S., & Mateut, S. (2014). Should they stay or should they go? Attitudes towards immigration in Europe. Scottish Journal of Political Economy, 61(4), https://doi.org/10.1111/sjpe.12051

This paper examines the main determinants of individual attitudes towards immigration in Europe. Our results suggest that both economic and non-economic variables shape attitudes towards immigration, but the relative importance of these factors depen... Read More about Should they stay or should they go? Attitudes towards immigration in Europe.

Policymakers’ horizon and trade reforms: the protectionist effect of elections (2014)
Journal Article
Conconi, P., Facchini, G., & Zanardi, M. (2014). Policymakers’ horizon and trade reforms: the protectionist effect of elections. Journal of International Economics, 94(1), https://doi.org/10.1016/j.jinteco.2014.06.006

This paper shows that electoral incentives deter politicians from supporting trade liber- alization. We focus on all major trade liberalization bills introduced since the early 1970s in the U.S. Congress, in which House and Senate members serve respe... Read More about Policymakers’ horizon and trade reforms: the protectionist effect of elections.

Endogenous growth and wave-like business fluctuations (2014)
Journal Article
Bambi, M., Gozzi, F., & Licandro, O. (2014). Endogenous growth and wave-like business fluctuations. Journal of Economic Theory, 154, https://doi.org/10.1016/j.jet.2014.08.004

This paper argues that observed long lags in innovation implementation rationalize Schumpeter's statement that “wave-like fluctuations in business ... are the form economic development takes in the era of capitalism.” Adding implementation delays to... Read More about Endogenous growth and wave-like business fluctuations.

Does the Composition of Government Expenditure Matter for Long-Run GDP Levels? (2014)
Journal Article
Sanz, I., Gemmell, N., Kneller, R., Norman, G., & Ismael, S. (2014). Does the Composition of Government Expenditure Matter for Long-Run GDP Levels?. Oxford Bulletin of Economics and Statistics, https://doi.org/10.2139/ssrn.2484917

We examine the long-run GDP impacts of changes in total government expenditure and in the shares of different spending categories for a sample of OECD countries since the 1970s, taking account of methods of financing expenditure changes and possible... Read More about Does the Composition of Government Expenditure Matter for Long-Run GDP Levels?.

Fair and unfair punishers coexist in the Ultimatum Game (2014)
Journal Article
Brañas-Garza, P., Espín, A. M., Exadaktylos, F., & Herrmann, B. (2014). Fair and unfair punishers coexist in the Ultimatum Game. Scientific Reports, 4(6025), https://doi.org/10.1038/srep06025

In the Ultimatum Game, a proposer suggests how to split a sum of money with a responder. If the responder rejects the proposal, both players get nothing. Rejection of unfair offers is regarded as a form of punishment implemented by fair-minded indivi... Read More about Fair and unfair punishers coexist in the Ultimatum Game.

Recent reforms in Spanish housing markets: an evaluation using a DSGE model (2014)
Journal Article
Mora-Sanguinetti, J. S., & Rubio, M. (2014). Recent reforms in Spanish housing markets: an evaluation using a DSGE model. Economic Modelling, 44(Supp.1), Article S42-S49. https://doi.org/10.1016/j.econmod.2014.04.028

After a long academic debate, Spain finally repealed in 2012 the deduction for home purchase. The abrogation took effect in 2013. In parallel, the VAT for the purchase of new housing was increased after a short period in which it had a reduced rate.... Read More about Recent reforms in Spanish housing markets: an evaluation using a DSGE model.