A framework for analyzing panel data characterized by a system of regression equations with random heterogeneity in intercepts and coefficients and unbalanced panel data is considered. A Maximum Likelihood (ML) procedure for joint estimation of all parameters is described. Since its implementation in numerical calculations is complicated, simplified procedures are presented. The simplifications...

This paper examines the consequences of Financial Reporting Quality (FRQ) on Corporate Performance, using three proxies of FRQ: (i) earnings quality; (ii) conservatism; and (iii) accruals quality. Our purpose is to analyze the effect of a good FRQ on financial performance (FP) measured by the market to book ratio. To this end, the proposed hypotheses are tested on an unbalanced sample of 1, 960...

Western region development is fundamental to the sustainable growth of China. The rapid growth in the East and the backwardness in the West vividly demonstrate its unbalanced regional economic structure. The catching-up of the Western region constitutes a major concern for the long-term sustainable development in terms of economic growth as well as in terms of politic stability. Western region ...

This study explores the extent to which inequality affects the impact of income growth on the rates of poverty changes in sub-Saharan Africa (SSA) comparatively with nonSSA, based on a global sample of 1977–2004 unbalanced panel data. For both regions and all three measures of poverty—headcount, gap, and squared gap—the paper finds the impact of GDP growth on poverty reduction as a decreasing f...

Table A2 shows the results of the Nijman-Verbeek test for sample selection in panel models. This test examines the possibility of selection bias in unbalanced panel data. We construct two indicator variables. First, the lagged selection indicator “inlastyr” indicates that a firm present in year t of the sample period is also present in year t – 1. Second, the forward selection indicator “innext...

1 Assistant Professor, Dept. of Ag. Economics, Universidad Austral de Chile (UACh), Valdivia, Chile. 2 Boris E. Bravo-Ureta, Executive Director, Office of International Affairs and Professor of Ag. & Resource Economics, University of Connecticut, Storrs, CT, USA. 3 Amilcar Arzubi, Professor of Farm Management, Universidad de Lomas de Zamora, Buenos Aires, Argentina. 4 Ernesto Schilder, Economis...

Adoption of new technology requires diversion of human and physical resources from direct production activities to learning/adjusting activities, which could reduce productivity temporarily. Focusing on the existence of such “learning cost”, we derive a simple model on the optimal timing for technology upgrading. This model suggests that, other things being equal, a firm perceived to have bette...

This paper extends the LSDV bias approximations in Bun and Kiviet (2003) to unbalanced panels. The approximations are obtained by modifying the within operator to accommodate the dynamic selection rule. They are accurate, with higher order terms bringing only decreasing improvements. This removes an important cause for limited applicability of bias corrected LSDV estimators.

These data are from the pre-deregulation days of the U.S. domestic airline industry. The data are an extension of Caves, Christensen, and Trethaway (1980) and Trethaway and Windle (1983). The original raw data set is a balanced panel of 25 firms observed over 15 years (1970-1984). After removing observations because of strikes, mergers, and missing values, the panel becomes an unbalanced one wi...

this study examines technical efficiency in iran's banking system using unbalanced panel data for 17 state and private banks during the 1997-2009 period. therefore, technical efficiency of banks was measured through estimating a translog cost function in the form of a panel sfa error compound model. then, the effect of underlying factors including both individual and structural (ownership/...