Publikationssuche - Test

Collusion through Joint R&D: An Empirical Assessment

This paper tests whether upstream R&D cooperation leads to downstream collusion. We show that a sufficient condition for identifying collusive behavior is a decline in the market share of RJV-participating firms. Using information from the U.S. National Cooperation Research Act, we estimate a market share equation correcting for the endogeneity of RJV participation and R&D expenditures. We find robust ...

Money Demand and the Role of Monetary Indicators in Forecasting Euro Area Inflation

This paper examines the stability of money demand and the forecasting performances of a broad monetary aggregate (M3), excess liquidity and excess inflation in predicting euro area inflation. The out-of sample forecasting performances are compared to a widely used alternative, the spread of interest rates. The results indicate that the evolution of M3 is still in line with money demand, even when observations ...

Parental Leave and Domestic Work of Mothers and Fathers: A Longitudinal Study of Two Reforms in West Germany

Following two parental leave reforms in West Germany, this research explores how child care and housework time changed among couples who have just had a child. The reform in 1992 extended the low paid or unpaid parental leave period, whereas the 2007 reform introduced income-dependent compensation and two "daddy months". This study contributes to the literature by examining different mechanisms on ...

Information Asymmetry and Reentry

Trade and the Environment: The Role of Firm Heterogeneity

In this paper, we derive a new effect of trade liberalization on the quality of the environment. We show that in the presence of heterogeneous firms, the aggregate volume of emissions is influenced by a reallocation effect resulting from an increase in the relative size of more productive firms. The relative importance of this reallocation effect and the scale effect well-known from the literature ...

Individual Differences in Social Comparison and Its Consequences for Life Satisfaction: Introducing a Short Scale of the Iowa-Netherlands Comparison Orientation Measure

Research in social psychology has shown individual variation in the tendency to compare one's own opinions and abilities with those of other people, raising the question of whether social comparisons are psychological dispositions. To test the empirical validity of this proposition, Gibbons and Buunk (1999) created an instrument, the Iowa-Netherlands Comparison Orientation Measure (INCOM), that measures ...

On the Variability of Hybrid Discrete Choice Models

It is well-known that not all the variables affecting decisions in a discrete choice situation are objective characteristics of the alternatives. Some of them are associated with difficult to measure attributes which may be represented as latent variables. Since this type of variables cannot be directly observed by the analyst, they must be estimated through a special model (typically a MIMIC model), ...

A Cost Function Approach for Measuring the Marginal Cost of Road Maintenance

This paper analyses the relationship between traffic volume and maintenance costs, and derives estimates for the cost elasticity and the marginal maintenance cost for pricing decisions. Two types of multi-output cost functions were estimated: a translog form and a hybrid form with output variables transformed by Box–Cox metrics. The hybrid model performs statistically better and is the preferable model ...

In-Sample and Out-of-Sample Prediction of Stock Market Bubbles: Cross-Sectional Evidence

We evaluate the informational content of ex post and ex ante predictors of periods of excess stock (market) valuation. For a cross-section comprising 10 OECD economies and a time span of at most 40 years, alternative binary chronologies of price bubble periods are determined. Using these chronologies as dependent processes and a set of macroeconomic and financial variables as explanatory variables, ...

Is Sequential Estimation a Suitable Second Best for the Estimation of Hybrid Choice Models?

The simultaneous estimation method has overtaken the sequential approach as the preferred estimation method for hybrid discrete choice models. Notwithstanding, the computational cost of the simultaneous estimation can be prohibitive when models become more involved, and in such cases sequential estimation can still be a potent option. In previous work a theoretical analysis was conducted that led to ...