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Maximum Likelihood Estimation of Asymmetric Double Type II Pareto Distributions

PublikationArtikel (med peer review)
Daniel Halvarsson, Distribution Theory, Double Pareto Distribution, Firm growth, Maximum Likelihood

Sammanfattning

This paper considers a flexible class of asymmetric double Pareto distributions (ADP) that allows for skewness and asymmetric heavy tails. The inference problem is examined for maximum likelihood. Consistency is proven for the general case when all parameters are unknown. After deriving the Fisher information matrix, asymptotic normality and efficiency are established for a restricted model with the location parameter known. The asymptotic properties of the estimators are then examined using Monte Carlo simulations. To assess its goodness of fit, the ADP is applied to companies’ growth rates, for which it is favored over competing models.

Halvarsson, D. (2020). Maximum Likelihood Estimation of Asymmetric Double Type II Pareto Distributions. Journal of Statistical Theory and Practice, 14(22).


Liknande innehåll

Amundsen versus Scott: are growth paths related to firm performance?
Artikel (med peer review)Publikation
Coad, A., Daunfeldt, SO. & Halvarsson, D.
Publiceringsår

2022

Publicerat i

Small Business Economics 59, 593–610 (2022).

Sammanfattning

In the race to the South Pole, Roald Amundsen’s expedition covered an equal distance each day, irrespective of weather conditions, while Scott’s pace was erratic. Amundsen won the race and returned without loss of life, while Scott and his men died. In the context of firm growth, the Amundsen hypothesis suggests that smoother growth paths are associated with better performance in subsequent periods. We develop a new method to investigate how firms’ sales growth deviates from their long-run average growth path. Our baseline results suggest that growth path volatility is associated with higher growth of sales and profits, but also with higher exit rates. However, this result is driven by firms with negative growth rates. For positive-growth firms, volatility is negatively associated with both sales growth and survival, providing nuanced support for the Amundsen hypothesis.

The article can be accessed here.

Do Targeted R&D Grants toward SMEs Increase Employment and Demand for High Human Capital Workers?
BokkapitelPublikation
Daunfeldt, S. O., Halvarsson, D., Tingvall, P. G., & McKelvie, A.
Publiceringsår

2022

Publicerat i

Springer.

Sammanfattning

Most previous studies on the employment effects of government R&D grants targeting SMEs are characterized by data-, measurement-, and selection problems, making it difficult to construct a relevant control group of firms that did not receive an R&D grant. We investigate the effects on employment and firm-level demand for high human capital workers of two Swedish programs targeted toward growth-oriented SMEs using Coarsened Exact Matching. Our most striking result is the absence of any statistically significant effects. We find no robust evidence that the targeted R&D grant programs had any positive and statistically significant effects on the number of employees recruited into these SMEs, or that the grants are associated with an increase in the demand for high human capital workers. The lack of statistically significant findings is troublesome considering that government support programs require a positive impact to cover the administrative costs associated with these programs.

The book can be downloaded here for free.

Ratio Working Paper No. 360: Do gender norms travel within corporations? The impact of foreign subsidiaries on the home country gender wage gap
Working paperPublikation
Halvarsson, D., Lark, O., Tingvall, P., Vatherd, P. & Videnord, J.
Publiceringsår

2022

Publicerat i

Ratio Working Paper series.

Sammanfattning

In this note, we provide evidence that gender norms can be transferred within firms and across borders by means of foreign direct investment. Using microdata from both Sweden and Estonia, two countries with vastly different levels of gender inequality, we find that firms in Sweden with strong intra-firm linkages to Estonia display a relatively large gender wage gap at home.

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