5,836 research outputs found

    Controlling for heterogeneity in gravity models of trade and integration

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    This paper compares various specifications of the gravity model of trade as nested versions of a general specification that uses bilateral country-pair fixed effects to control for heterogeneity. For each specification, we show that the atheoretical restrictions used to obtain them from the general model are not supported statistically. Because the gravity model has become the "workhorse" baseline model for estimating the effects of international integration, this has important empirical implications. In particular, we show that, unless heterogeneity is accounted for correctly, gravity models can greatly overestimate the effects of integration on the volume of trade.International trade

    Controlling for heterogeneity in gravity models of trade and integration

    Get PDF
    This paper compares various specifications of the gravity model of trade as nested versions of a general specification that uses bilateral country-pair fixed effects to control for heterogeneity. For each specification, we show that the a theoretical restrictions to obtain them from the general model are not supported statistically. Because the gravity model has become the ‘workhorse’ baseline model for estimating the effects of international integration, this has important empirical implications. In particular, we show that, unless heterogeneity is accounted for correctly, gravity models can greatly overestimate the effects of integration on the volume of trade.International trade

    Skeletal Rigidity of Phylogenetic Trees

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    Motivated by geometric origami and the straight skeleton construction, we outline a map between spaces of phylogenetic trees and spaces of planar polygons. The limitations of this map is studied through explicit examples, culminating in proving a structural rigidity result.Comment: 17 pages, 12 figure

    Time- and Space-Efficient Evaluation of Some Hypergeometric Constants

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    The currently best known algorithms for the numerical evaluation of hypergeometric constants such as ζ(3)\zeta(3) to dd decimal digits have time complexity O(M(d)log2d)O(M(d) \log^2 d) and space complexity of O(dlogd)O(d \log d) or O(d)O(d). Following work from Cheng, Gergel, Kim and Zima, we present a new algorithm with the same asymptotic complexity, but more efficient in practice. Our implementation of this algorithm improves slightly over existing programs for the computation of π\pi, and we announce a new record of 2 billion digits for ζ(3)\zeta(3)

    Vertical Diffusivities of Active and Passive Tracers

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    The climate models that include a carbon-cycle need the vertical diffusivity of a passive tracer. Since an expression for the latter is not available, it has been common practice to identify it with that of salt. The identification is questionable since T, S are active, not passive tracers. We present the first derivation of the diffusivity of a passive tracer in terms of Ri (Richardson number) and Rq (density ratio, ratio of salinity over temperature z-gradients). The following results have emerged: (a) The passive tracer diffusivity is an algebraic function of Ri, Rq. (b) In doubly stable regimes (DS, partial derivative of T with respect to z > 0, partial derivative of S with respect to z 0. (c) In DC regimes (diffusive convection, partial derivative of T with respect to z 1), the passive scalar diffusivity is larger than that of salt. At Ri = O(1), it can be more than twice as large. (d) In SF regimes (salt fingers, partial derivative of T with respect to z > 0, partial derivative of S with respect to z > 0, Rq < 1), the passive scalar diffusivity is smaller than that of salt. At Ri = O(1), it can be less than half of it. (e) The passive tracer diffusivity predicted at the location of NATRE (North Atlantic Tracer Release Experiment) is discussed. (f) Perhaps the most relevant conclusion is that the common identification of the tracer diffusivity with that of salt is valid only in DS regimes. In the Southern Ocean, where there is the largest CO2 absorption, the dominant regime is diffusive convection discussed in (c) above

    Corporate Diversification And Firm Performance Impact On Chief Executive Officers Salary

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    The purpose of this research is to examine CEO salary and to explore whether the independent variables (international diversification, industrial diversification, market-based performance, accounting-based performance) are associated with CEO salary. Corporate diversification in this study is divided into international diversification and industrial diversification. Data for the study was obtained from annual reports of CEO salary on the ExecuComp database. Compensation data collected from the annual reports encompassed 2,448 CEOs from 1,622 firms. The dependent variable was developed from a review of CEO salary and accounting literature. The hypothesized predictors of CEO salary were identified through a review of existing studies. The results show that the higher the degree of international diversification and/or industrial diversification, the more CEOs receive in fixed salary. In addition, this study found that CEO salary is a better predictor of accounting performance than stock return performance

    Performance of mixed effects models in the analysis of mediated longitudinal data

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    Backgroun: Linear mixed effects models (LMMs) are a common approach for analyzing longitudinal data in a variety of settings. Although LMMs may be applied to complex data structures, such as settings where mediators are present, it is unclear whether they perform well relative to methods for mediational analyses such as structural equation models (SEMs), which have obvious appeal in such settings. For some researchers, SEMs may be more difficult than LMMs to implement, e.g. due to lack of training in the methodology or the need for specialized SEM software. It therefore is of interest to evaluate whether the LMM performs sufficiently in a scenario particularly suitable for SEMs. We focus on evaluation of the total effect (i.e. direct and indirect) of an exposure on an outcome of interest when a mediating factor is present. Our aim is to explore whether the LMM performs as well as the SEM in a setting that is conducive to using the SEM.Methods We simulated mediated longitudinal data from an SEM where a binary, main independent variable has both direct and indirect effects on a continuous outcome. We conducted analyses with both the LMM and SEM to evaluate the performance of the LMM in a setting where the SEM is expected to be preferable. Models were evaluated with respect to bias, coverage probability and power. Sample size, effect size and error distribution of the simulated data were varied. Results: Both models performed well in a range of settings. Marginal increases in power estimates were observed for the SEM, although generally there were no major differences in performance. Power for both models was good with a sample of size of 250 and a small to medium effect size. Bias did not substantially increase for either model when data were generated from distributions that were both skewed and kurtotic. Conclusions: In settings where the goal is to evaluate the overall effects, the LMM excluding mediating variables appears to have good performance with respect to power, bias and coverage probability relative to the SEM. The major benefit of SEMs is that it simultaneously and efficiently models both the direct and indirect effects of the mediation process
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