Estimation of Multiprocess Survival Models with cmp

Bartus, Tamás; Roodman, David

doi:10.1177/1536867x1401400404

Cited by 21 publications

(12 citation statements)

References 16 publications

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“…The multi-level, multi-equation modeling framework accommodates the joint estimation of hazard and probit equations to account for the endogeneity of dummy explanatory variables that appear in the hazard equation of primary interest (Lillard et al, 1995). The joint estimation accounts for the correlation of the random effects and allows us to control for the effects of unobserved offering features (Bartus and Roodman, 2014).…”

Section: Post-offering Outcomesmentioning

confidence: 99%

Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding

2019

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This paper examines for the first time dual-class equity crowdfunding as a digital ownership model. Unique to this context, companies can set an investment threshold under which no voting rights are granted, making the issuance of Class A vs. Class B shares, depending on individual investors. Using a sample of 491 offerings on the UK platform Crowdcube from 2011 to 2015, we find that a higher separation between ownership and control rights lowers the probability of success of the offering, the likelihood of attracting professional investors, as well as the long-run prospects. Different from small investors, professional investors care about the implementation of a threshold for the attribution of voting rights and often bid the Class A threshold exactly. Family businesses, although less attractive to small investors, are relatively safer investments, because of their lower chances of failure.

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Section: Post-offering Outcomesmentioning

confidence: 99%

Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding

2019

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“…We implement a multivariate sample selection model, also known as a generalised Heckman model, generalised from Amemiya (1974), and Heckman (1979) using n equations. This is also a special case of the more general ‘multilevel multiprocess model’ (Bartus & Roodman, 2014). We use the CMP (conditional mixed process) framework proposed by Roodman (2011) which relies on an efficient simulated maximum likelihood algorithm to estimate a system of simultaneous equations.…”

Section: Methodsmentioning

confidence: 99%

“…As we estimate both individual and institutional drivers of alcohol consumption, a traditional approach would consist in a multilevel model with fixed or random effects. However, in our case, it would lead to an intractable model, as the estimation time exponentially increases with the number of parameters (Bartus and Roodman, 2014). We have, therefore, two possible options.…”

Section: Econometric Strategymentioning

confidence: 99%

A few drinks behind—Alcohol price and income elasticities in Europe: A microeconometric note

Rousselière

Petit

Coisnon

et al. 2021

J Agricultural Economics

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We provide new cross‐country evidence on alcohol price and income elasticities based on microdata on individual behaviour. Our approach is original as previous research mainly estimates determinants of consumption with macroeconomic data. We use the latest available wave of the European Social Survey, 2014, merged with the Annual Database of National Beverage Consumption. We estimate a generalised Heckman model on the individual and national determinants of alcohol consumption with standard errors bootstrapped at the country level. We were able to identify direct and indirect effects of price and income, including their specific impacts on drinkers and abstainers.

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“…The system of equations is estimated using the conditional mixed process (CMP) estimator of Stata software [28,31]. The CMP is a flexible tool to estimate systems of equations with various link functions [33]. Then, we can consistently estimate parameters of Equations (3) and (4) by using CMP [31] as follows:…”

Section: Materials and Methodologymentioning

confidence: 99%

Green Manure Planting Incentive Measures of Local Authorities and Farmers’ Perceptions of the Utilization of Rotation Fallow for Sustainable Agriculture in Guangxi, China

Ntakirutimana

Huang

et al. 2019

Sustainability

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Planting green manure in fallow croplands in winter can bring various economic and environmental benefits, including increased food production, carbon capture and sequestration, soil retention, sandstorm prevention, water retention, and provision of habitat for biodiversity. However, the increased production cost of planting green manure reduces farmers’ willingness to adopt this approach, which is unfavorable for its sustainability. This research aims to investigate the influence of instrumental variables on farmers’ perceptions of sustainable agriculture practices, especially the use of rotation fallow, and tries to understand the relationship between farmers’ perceptions of using rotation fallow and planting green manure under incentive measures adopted by local authorities in Guangxi Province, China. Using simultaneous equation models, the results show that subsidies and planting training were the most important drivers for restoring green manure planting in the target region. These incentive measures could be further enhanced as a priority to restore green manure planting. The study also finds that socioeconomic factors such as farmer’s income, area of farmland, and labor for agricultural production have a certain influence on planting green manure planting and on farmers’ perceptions of using rotation fallow as a form of sustainable agriculture practice.

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Estimation of Multiprocess Survival Models with cmp

Cited by 21 publications

References 16 publications

Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding

Investors’ choices between cash and voting rights: Evidence from dual-class equity crowdfunding

A few drinks behind—Alcohol price and income elasticities in Europe: A microeconometric note

Green Manure Planting Incentive Measures of Local Authorities and Farmers’ Perceptions of the Utilization of Rotation Fallow for Sustainable Agriculture in Guangxi, China

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