Papers by Thanasis Stengos
This paper investigates the impact of human capital on the process of economic growth by allowing... more This paper investigates the impact of human capital on the process of economic growth by allowing the contribution of traditional inputs (capital and labour) as well as that of human capital to vary both across countries and time. The former is accomplished by constructing an index of TFP growth for traditional inputs, while the latter through semiparametric methods. We derive estimates of the output elasticity and social return to human capital for 51 countries at various stages of economic development. Copyright 2005 John Wiley & Sons, Ltd.
Journal of Productivity Analysis, Jun 20, 2020
The study applies the probabilistic framework of nonparametric frontier estimation to model the e... more The study applies the probabilistic framework of nonparametric frontier estimation to model the effect of competitive conditions on sectors' production efficiency levels. We utilize conditional order-m robust frontiers to model the dynamic effects of competition on a sample of U.S. manufacturing sectors over the period 1958-2009. Contrary to the existing studies, we apply for the first time in the Industrial Organization literature the latest advances of robust nonparametric frontier analysis to disentagle the dynamic effects alongside the effects of competition on sectors' productive efficiency levels. The results derived from the time-dependent robust conditional estimators unveil a non-linear relationship between product market competition and productive efficiency. Our findings suggest that for higher competition levels the effect is positive up to a certain threshold after which the effect becomes negative.
Economic Analysis and Policy, Sep 1, 2020
Abstract We study the effects of regulatory quality on entrepreneurial activity in 30 OECD countr... more Abstract We study the effects of regulatory quality on entrepreneurial activity in 30 OECD countries through the lens of a partially linear panel data model. We argue that there is a nonmonotonic “inverted-U shaped” curve between regulatory quality and total early-stage entrepreneurship activity lending support to the theory of pubic choice. Moreover, the empirical findings postulate that a deterioration in the effectiveness and enforcement of government regulations (i.e., government inability to formulate and implement sound policies, onerous regulation, etc.) harm setting up a business activity within the OECD countries. Our findings survive robustness checks under different dimensions of entrepreneurship (nascent, new and established entrepreneurs) and endogeneity bias. Lastly, these results have important implications for policy makers and government officials in promoting effective regulatory measures to enhance entrepreneurial activity.
Energy Economics, Jun 1, 2019
This study contributes to the literature since it tries to link the Exchange Rate Pass-Through (E... more This study contributes to the literature since it tries to link the Exchange Rate Pass-Through (ERPT) with the "rockets and feathers" hypothesis using a panel of EU-28 countries. Allowing for the existence of an endogenous threshold variable our empirical findings indicate that the threshold model is better suited to this analysis than the baseline linear adjustment model. This is the case since the latter restricts the threshold to be centered around zero and the dynamic response to cumulative shocks cannot be properly identified. The empirical findings reveal that the threshold variable expressed by the trade-weighted dollar exchange rate index is statistically significant only in the sample above the threshold (high regime). This means that for the net EU exporting countries, fluctuations in the real effective exchange rate of the US against its major EU trading partners do affect the level of pre-tax retail gasoline prices with the relevant elasticity exceeding unity (complete ERPT). Moreover, all the statistical tests reject the null hypothesis that there is no significant threshold and thus an asymmetric adjustment gasoline mechanism prevails. The impulse response functions confirm our empirical findings that ERPT can explain asymmetric gasoline pricing within the EU periphery.
Canadian Journal of Economics, Nov 1, 2011
We conduct an update of the ranking of economic journals by Kalaitzidakis, Mamuneas and Stengos (... more We conduct an update of the ranking of economic journals by Kalaitzidakis, Mamuneas and Stengos (2003). However, our present study differs methodologically from that earlier study in an important dimension. We use a rolling window of years between 2003 and 2008, for each year counting the number of citations of articles published in the previous ten years. This allows us to obtain a smoother longer view of the evolution of rankings in the period under consideration and avoid the inherent randomness that may exist at any particular year. Using this framework we proceed to examine the relative ranking of the Canadian Journal of Economics over time. We find the Canadian Journal managed not only to maintain its relative position, but to also improve it over time. * We like to thank Maria Ioannidou and Charalampos Karagiannakis for excellent research assistance. Partial financial support from the Canadian Economic Association is gratefully acknowledged.
The journal of economic asymmetries, Nov 1, 2023
Scientometrics, Jan 20, 2022
The scope of this study is to shed light on the determinants of the time gap between the publicat... more The scope of this study is to shed light on the determinants of the time gap between the publication of a Nobel discovery and the bestowment of the prize across three science fields (Physics, Chemistry, and Medicine). The econometric evidence supports that the delay gap is inversely related to the age of the Laureate when the Nobel-worthy contribution was published in Physics and Chemistry but not in Medicine. An increase of the age of the researcher by one year leads to a reduction of the Nobel delay by almost three months on average while sharing the Prize for the same research delays the award by approximately 1.2 years. Lastly, important theoretical discoveries increase the delay by 3.3 years on average, while obtaining the last education degree a year later delays the Nobel Prize by 4.7 months on average.
Finance Research Letters, Oct 1, 2020
Letters in Spatial and Resource Sciences, Apr 3, 2023
Palgrave Macmillan UK eBooks, 2008
Stanford University Press eBooks, Oct 10, 2008
Stanford University Press eBooks, Oct 10, 2008
Stanford University Press eBooks, Oct 10, 2008
Economics Letters, Jul 1, 2020
We investigate the impact of advertising on hotel management companies' (HMC) operational efficie... more We investigate the impact of advertising on hotel management companies' (HMC) operational efficiencies on a sample of 90 international HMCs over the period 2010-2019. We employ time-dependent conditional frontier estimators to investigate the effect on HMCs' technological change and technological catch-up levels. Our findings support the existence of a non-monotonic convex relationship between HMCs' advertising expenses and their operational performance. Lastly, we also utilize the double bootstrap approach in a truncated regression setting to validate the overall effect of advertising expenses on HMCs' operational performance levels. The findings suggest that advertising expenses decrease operational inefficiencies.
Econometric Theory, Apr 20, 2015
This paper extends the simple threshold regression framework of Hansen (2000) and Caner and Hanse... more This paper extends the simple threshold regression framework of Hansen (2000) and Caner and Hansen (2004) to allow for endogeneity of the threshold variable. We develop a concentrated least squares estimator of the threshold parameter based on an inverse Mills ratio bias correction. We show that our estimator is consistent and investigate its performance using a Monte Carlo simulation that indicates the applicability of the method in …nite samples.
Economics Letters, May 1, 2022
RePEc: Research Papers in Economics, 2020
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Papers by Thanasis Stengos