Recent studies have shown that firms credit rating transition process is not stationary and may have structural breaks. To study the predictability of structural breaks, we develop a predictive model for latent structural breaks in firms rating transition dynamics, using historical records of (highdimensional) economic and market fundamentals. As a large number of economic and market variables ...

We introduce a computational model of the evolution of a research-based pharmaceutical firm and parameterize it using existing estimates of R&D costs, profit distributions, and candidate attrition rates. We use the model to estimate how the probability of continuously covering the capitalized costs of R&D from new product revenues depends on R&D scale. In the model, even small reductions in pro...

This paper studies a program that extends the maximum duration of unemployment benefits from 30 weeks to 209 weeks. Interestingly, this program is targeted to individuals aged 50 years or older, living in certain eligible regions in Austria. In the evaluation, I use sharp discontinuities in treatment assignment at age 50 and at the border between eligible regions and control regions to identify...

This paper assesses the impact of product market competition on job instability. Product market competition is measured by the price-cost margin, and job instability is proxied by the intensity of the use of temporary contracts. Using both worker data from the Spanish Labor Force Survey and …rm data from the Spanish Business Strategies Survey, I show that job instability rises with competition....

How Do Extended Benefits Affect Unemployment Duration? A Regression Discontinuity Approach This paper studies a program that extends the maximum duration of unemployment benefits from 30 weeks to 209 weeks. Interestingly, this program is targeted to individuals aged 50 years or older, living in certain eligible regions in Austria. In the evaluation, I use sharp discontinuities in treatment assi...

Using a large sample of accounting data for non …nancial companies in France on the period 1990-2004, the paper studies the interactions between macroeconomic shocks and companies’…nancial fragility. We consider links in both directions, namely whether …rms’bankruptcies are a¤ected by macroeconomic variables, and whether bankruptcies determine the business cycle. We estimate forecasting equatio...

Job Durations with Worker and Firm Specific Effects: MCMC Estimation with Longitudinal Employer-Employee Data We study job durations using a multivariate hazard model allowing for worker-specific and firm-specific unobserved determinants. The latter are captured by unobserved heterogeneity terms or random effects, one at the firm level and another at the worker level. This enables us to decompo...

Immunoglobulin A1 (IgA1) proteases from Haemophilus influenzae are extracellular proteases that specifically cleave the hinge region of human IgA1, the predominant class of immunoglobulin present on mucosal membranes. The IgA1 proteases may have the potential to cleave IgA1 complexes in the kidney and be a therapeutic agent for IgA1 nephropathy (IgAN), a disease characterized by deposition of t...

In survival analysis, Cox’s name is associated with the partial likelihood technique that allows consistent estimation of proportional hazard scale parameters without specifying a duration dependence baseline. In discrete choice analysis, McFadden’s name is associated with the generalized extreme-value (GEV) class of logistic choice models that relax the independence of irrelevant alternatives ...

Using Japanese scanner data of transaction prices and sales for more than 1,600 commodity groups from 1988 to 2008, we find a statistically significant negative correlation between the frequency of price changes and the degree of market concentration. We also find that structural factors of a distribution channel are significantly correlated with rigidity in retail prices. Decomposing the frequ...