The unbalanced nested error component regression model

Baltagi, Badi H.; Song, Seuck Heun; Jung, Byoung Cheol

doi:10.1016/s0304-4076(00)00089-0

Cited by 101 publications

(71 citation statements)

References 29 publications

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“…We do so while continuing to control for unobserved market‐specific factors that might bear on valuation. The resulting model is a mixed linear model with two levels of random effects (for the company and for the market), which can be estimated using maximum residual likelihood; see Baltagi, Song, and Jung (2001). The coefficients of interest are reported in Panel B of Table IX.…”

Section: Valuation Effectsmentioning

confidence: 99%

Networking as a Barrier to Entry and the Competitive Supply of Venture Capital

Hochberg¹,

Ljungqvist²,

2010

The Journal of Finance

258

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We examine whether strong networks among incumbent venture capitalists (VCs) in local markets help restrict entry by outside VCs, thus improving incumbents' bargaining power over entrepreneurs. More densely networked markets experience less entry, with a one-standard deviation increase in network ties among incumbents reducing entry by approximately one-third. Entrants with established ties to target-market incumbents appear able to overcome this barrier to entry; in turn, incumbents react strategically to an increased threat of entry by freezing out any incumbents who facilitate entry into their market. Incumbents appear to benefit from reduced entry by paying lower prices for their deals. Copyright (c) 2010 The American Finance Association.

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Section: Valuation Effectsmentioning

confidence: 99%

Networking as a Barrier to Entry and the Competitive Supply of Venture Capital

Hochberg¹,

Ljungqvist²,

2010

The Journal of Finance

258

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“…For a detailed discussion, see Baltagi et al (2001). Next, the ten human values are used as dependent variables, and a dummy for self-employment is included in a regression.…”

Section: Methodsmentioning

confidence: 99%

Entrepreneurship and Culture

Thurik¹,

Dejardin

2010

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“…As supply‐side constraints facing many developing countries are correlated, the error terms

u_{i t}^{. 5 j}

and

v_{i t}^{j'}

may not be independent of each other (particularly for recipients in the same geographic region, k). Thus, following Baltagi, Song, and Jung (), we define a recipient‐specific random term ζ i and split the error terms into two components (particularly those in the same geographic region that are related) to address the problem:

u_{i j t}^{k} \equiv {normalζ}_{i} + {normalϵ}_{i j t} .

Substituting Equation into our baseline specification (Equation 3) yields what is called a multilevel mixed‐effects random intercept and coefficient model. Equation illustrates:

\begin{matrix} ln {TC}_{i j t}^{k} = & ({normalα}_{0} + {normalζ}_{0 i}) + ({normalα}_{1} + {normalζ}_{i 1}) ln {BLT}_{i j t - 1}^{k} + ({normalα}_{2} + {normalζ}_{i 2}) ln {MLT}_{i t - 1}^{K} \\ + false(α_{3} + ζ_{i 1} + ζ_{i 2} false) {ln (BLT \times MLT)}_{i j t - 1}^{k} \\ + Z^{'} β + false(α_{i} + α_{j} + ϕ_{t} + ϵ_{i j t} false), \end{matrix}

where α 0 , α i , α j , and ϕ t are as previously indicated, and the v...…”

Section: Model Data and Variablesmentioning

confidence: 99%

Are bilateral and multilateral aid‐for‐trade complementary?

2017

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Using the first comprehensive estimates of ad valorem tariff equivalent bilateral trade costs spanning the time period 2002–10, we examine whether the aid‐for‐trade (AFT) inflows reduce bilateral trade costs facing aid recipients. If so, we ask whether the trade costs reduction effects of AFT from bilateral and multilateral sources are complementary. By showing the extent to which the observed trade cost reduction effects of AFT from bilateral (multilateral) sources correlate with the magnitudes of AFT disbursements from multilateral (bilateral) sources, we present plausible explanation for the cross‐country variations in the extent to which AFT promotes trade flows. Our findings have, thus, important policy implications for shaping future discourses on the coordination of disbursements for enhancing the effectiveness of AFT.

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The unbalanced nested error component regression model

Cited by 101 publications

References 29 publications

Networking as a Barrier to Entry and the Competitive Supply of Venture Capital

Networking as a Barrier to Entry and the Competitive Supply of Venture Capital

Entrepreneurship and Culture

Are bilateral and multilateral aid‐for‐trade complementary?

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