Is the USA depriving the rest of the world of capital?

High American interest rates and confident expectations about the future dollar exchange rate have exerted an unprecedented attraction on foreign capital in the past two years. Gross capital inflows into the USA came to as much as $ 89 billion and $ 83 billion in 1982 and 1983 respectively. It is widely held that this is depleting the supply of capital to the rest of the world. Is this view justified?     

Analysis of variance on indirectly measured variables

Abstract  When observations from a normal distribution can only be obtained indirectly by counting the number of subjects responding to a previously chosen dose, parameter estimates can be obtained by using probit analysis. Well-known is the maximum likelihood technique of parameter estimation, less known is the approach by weighted least squares. The latter approach is followed to compare the parameters of several normal distributions by testing their equality, in analogy with the analysis of variance. A practical situation gave rise to this study and it is worked out at the end of the paper.     

Textiles and clothing in the Uruguay Round: Current situation and future perspectives

The success of the entire Uruguay Round of the GATT depends considerably upon the success of the negotiations on the liberalization of world trade in textiles and clothing, since a number of developing countries have made their support for progress in the negotiations on services or safeguards contingent upon progress in this field. What are the present controversies? And what are the chances of resolving them in time?     

Delegation in first‐price all‐pay auctions

In a first‐price all‐pay auction buyers have an incentive to delegate the bidding to agents and to provide these agents with incentives to make bids that differ from the bids the buyers would like to make. Both buyers are better off in this strictly non‐cooperative delegation equilibrium and the delegation contracts are asymmetric, even if the buyers and the auction are perfectly symmetric. Copyright © 2004 John Wiley & Sons, Ltd.     

Private equity,investment and financial constraints: firm-level evidence for France and the United Kingdom

This paper analyses the effects of private equity firms on the investments and financial constraints of their portfolio firms. We use dynamic panel data techniques to account for unobserved firm heterogeneity and endogeneity of private equity backed buyouts and expansion financing, and apply our framework to a large panel data set of firms in the UK and France. In both countries, we find that portfolio firms are characterized by higher investment levels and fewer financial constraints after expansion financing. In the UK, private equity backed buyouts outperform non-private equity backed firms in terms of both indicators.     

IV models of ordered choice

This paper studies single equation instrumental variable models of ordered choice in which explanatory variables may be endogenous. The models are weakly restrictive, leaving unspecified the mechanism that generates endogenous variables. These incomplete models are set, not point, identifying for parametrically (e.g. ordered probit) or nonparametrically specified structural functions. The paper gives results on the properties of the identified set for the case in which potentially endogenous explanatory variables are discrete. The results are used as the basis for calculations showing the rate of shrinkage of identified sets as the number of classes in which the outcome is categorised increases.     

Rank tests and random blocking of classified data

From the literature on nonparametric rank tests, limiting distributions of Wilcoxon's test tor symmetry and ot Friedman's test for treatment effect are known for observations that are classified in blocks. It is assumed that there is no interaction between blocks and treatments. In the case of fixed blocks this assumption is quite reasonable, in the case of random blocks it is not, as the presence of a random interaction does not make testing for treatment effect superfluous. For classified, categorical data in random blocks the limiting distribution will be derived in this paper of Wilcoxon's rank test in a model which includes a random interaction between blocks and treatments.
An illustration is given by some data from a judgement comparison experiment for the image quality of Video Long Play discs.     

MODELS FOR RESPONSE DATA SHOWING EXTRA-POISSON VARIATION

When count data show extra-Poisson variation, standard log-linear techniques to analyse the data may fail. In ihis paper a generalization of the log-linear modelling technique is proposed for the negative binomial model, as an extension of the Poisson model. An illustration is given by the analysis of a twoway classification of soldering failure data; extensions to more general classifications are possible.