one of the reasons that companies avoid paying their taxes is that they choose to use debts for their funding. in other words, tax saving, an activity of companies to avoid taxpaying, can be used to finance corporate projects. furthermore, since institutional owners are more inclined to supervise, they may shrink managerial behaviors to avoid taxpaying. in this study, institutional owners’ supe...

Econometric model speci…cation is usually tested by exploiting one of the three principles, including (i) the Wald test, which is based on the asymptotic distribution of parameter estimates; (ii) the Likelihood Ratio (LR) test; and (iii) the Lagrange Multiplier (LM) procedure, which is based on the derivative of the log likelihood (score) imposing the hypothesis.1 The LM procedure seems to domi...

This paper presents a multiregional econometric model of China. The pioneering large-sized model consists of seven blocks with over 1,200 equations. It covers 30 provinces of China for the period from 1985 to 1998. Panel data technique is adopted to estimate behaviour equations. A counterfactual simulation is conducted to assess the impact of fiscal recentralization on China’s regional economie...

This review offers a guided tour to PcGive 10 modules for econometrics analysis of time series (PcGive), limited dependent variable (LogitJD) and static and dynamic panel data analyses (DPD), financial econometric (GARCH) and time series (ARFIMA) modelling. Several empirical applications are reported to illustrate the package.

This paper surveys some of the theoretical and econometric issues involved in estimating growth models that include military spending. In particular, it critically evaluates the commonly used Feder-Ram model, detailing its problems and limitations and suggesting a more acceptable theoretical approach. It also surveys the econometric issues involved in estimating these models and uses a panel of...

stock return is usually considered to be affected by firm’s financial ratios as well as economic variables. fundamental method assume that stock returns is not solely related to the stock market. most result come from the company condition , industry situation and whole economy. in this paper, this relationship between stock return and fundamentals is studied using the data for 22 pharmaceutica...

The paper considers panel data methods for estimating ordered logit models with individual-specific correlated unobserved heterogeneity. We show that a popular approach is inconsistent, whereas some consistent and efficient estimators are available, including minimum distance and generalized method-of-moment estimators. A Monte Carlo study reveals the good properties of an alternative estimator...