In this paper we provide asymptotic theory of local maximum likelihood techniques for estimating a regression model where some regressors are discrete. Our methodology and theory are particularly useful for models that give us a likelihood of the unknown functions we can use to identify and estimate the underlying model. This is the case when the conditional density of the variable of interest,...

We discuss the application of the GHK simulation method for maximum likelihood estimation of the multivariate probit regression model and describe and illustrate a Stata program mvprobit for this purpose.

Based on a unique firm-level data set from the German manufacturing sector, this paper disentangles environmental and non-environmental product and process innovations. The multivariate probit analysis shows that the various innovation types are determined by different factors. The estimation results suggest a policy mix which comprises the encouragement of R&D activities, certified management ...

In assignment models, a key role is played by the path choice simulation that evaluates chosen users in relation to perceived paths and relative costs. This study deals with effects of implementation some most adopted models (Logit, Weibit, Probit, Gammit) within Stochastic User Equilibrium procedure. Some considerations on parameters needed make results comparable method used estimate them are...

The operating status of an enterprise is disclosed periodically in a financial statement. Financial distress prediction is important for business bankruptcy prevention, and various quantitative prediction methods based on financial ratios have been proposed. This paper presents a financial distress prediction model based on wavelet neural networks (WNNs). The transfer functions of the neurons i...

This study introduces a flexible nonlinear semiparametric spline model, new to solvency studies, as a tool for managerial discretion and regulatory oversight. The model has a linear component and a nonlinear component that uses stochastic splines. The study focuses on the functional relationship between regressors and the probability of financial distress as an object for managerial action. Lev...

backgrounds and aims: the tehran province was subject to the second highest incidence of fatalities due to traffic accidents in 1390. most studies in this field examine rural traffic accidents, but this study is based on the use of logit models and artificial neural networks to evaluate the factors that affect the severity of accidents within the city of tehran. materials and methods: among the...