Estimation of Fractional Dependent Variables in Dynamic Panel Data Models With an Application to Firm Dividend Policy
动态面板中分数型因变量的估计及其在企业股利政策中的应用
Fractional dependent variables and models with state dependence arise in many economic applications; however, estimating models with fractional dependent variables is complicated by the presence of two corner solution outcomes. When coupled with a dynamic panel data setting, estimating quantities of interest can be quite complex or computationally difficult. This article demonstrates a method for estimating fractional response variables, which is easy to implement, and…