Using bank level data this paper examines how bank’s specific characteristics and the overall banking environment affect the profitability of commercial domestic and foreign banks operating in the 15 EU countries over the period 1995–2001. The results indicate that profitability of both domestic and foreign banks is affected not only by bank’s specific characteristics but also by financial mark...

The conventional Sargan (1958) / Hansen (1982) test of overidentifying restrictions and the Tilting Parameter test of Imbens, Spady and Johnson (1998) are compared in the context of the AR(1) dynamic panel data model using Monte Carlo experiments. Interestingly, the size properties of the former are found to be superior in this setting. Nevertheless, the Sargan / Hansen test is found to have no...

This paper investigates empirically the relationship between the pattern of fiscal policy and the demand for international reserves in developing countries, and how this relationship is associated with political risk and conditional access to global capital markets. It finds evidence that for developing countries with low political risk, countercyclical (procyclical) fiscal policies are associa...

Disability and Multi-State Labour Force Choices with State Dependence 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 depe...

This article provides a selective review on the recent developments of some nonlinear nonparametric and semiparametric panel data models. In particular, we focus on two types of modelling frameworks: nonparametric and semiparametric panel data models with deterministic trends, and semiparametric single-index panel data models with individual effects. We also review various estimation methodolog...

This paper tries to explore the asymptotic properties of maximum likelihood estimators for spatial dynamic panel data with fixed effects when both the number of time periods T and number of individuals n are large. When n is proportional to T or T is relatively large, the estimator is √ nT consistent and asymptotically normal; when n is relatively large, the estimator is consistent with the rat...

We estimate the speed of income convergence for a sample of 196 European NUTS 2 regions over the period 1985-1999. So far there is no direct estimator available for dynamic panels with strong spatial dependencies. We propose a two-step procedure, which involves first spatial filtering of the variables to remove the spatial correlation, and application of standard GMM estimators for dynamic pane...

This paper provides a set of results on the econometric identifiability of binary choice models with social interactions. Our analysis moves beyond parametric identification results that have been obtained in the literature to consider the identifiability of model parameters when the distribution of random payoff terms is unknown. Further, we consider how identification is affected by the prese...

the set covering problem (scp) is a well-known combinatorial optimization problem. this paper investigates development of a local branching approach for the scp. this solution strategy is exact in nature, though it is designed to improve the heuristic behavior of the mixed integer programming solver. the algorithm parameters are tuned by design of experiments approach. the proposed method is te...

Single cell protein (SCP) is the definition for dried cells originated from single-celled organisms intended to be used as a protein source in human foods or animal feeds. An experiment has been conducted to evaluate the various levels of single cell protein on fecal microflora and productive traits of broiler chickens. A total of 192 day-old Ross 308 male chicks were randomly divided into 4 tr...