Empirical specification 

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Microsoft Word - cpbdoc194.doc
... theoretical framework anderson and van wincoop (2003) which derives country and time dummies for the empirical specification. second, we do not include an income convergence measure, but do include an eu dummy ... found in linders and straathof (2009). 33 equation (3.7) is our basic specification. we will use this specification to estimate the impact of income, tariff policy and eu membership on ...
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Microsoft Word - Abstract.docx
... which cause these av- erage ownership shares to diverge accross industries. in the empirical specification we therefore include fixed effects (fe) to account for this possibility. insert table ... size (assets) in the gmm specification, which is negative and significant. although this result is somewhat puzzling, we recall that this specification suffers from instrument endogeneity, which might ...
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