According to W. Edwards Deming, American companies require nothing less than a transformation of management style and of governmental relations with industry. In Out of the Crisis, originally published in 1982, Deming offers a theory of management based on his famous 14 Points for Management. Management's failure to plan for the future, he claims, brings about loss of market, which brings about loss of jobs. Management must be judged not only by the quarterly dividend, but by innovative plans to stay in business, protect investment, ensure future dividends, and provide more jobs through improved product and service. In simple, direct language, he explains the principles of management transformation and how to apply them.

Out of the Crisis

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Modern Applied Statistics With S

Offering a unifying theoretical perspective not readily available in any other text, this innovative guide to econometrics uses simple geometrical arguments to develop students' intuitive understanding of basic and advanced topics, emphasizing throughout the practical applications of modern theory and nonlinear techniques of estimation. One theme of the text is the use of artificial regressions for estimation, reference, and specification testing of nonlinear models, including diagnostic tests for parameter constancy, serial correlation, heteroscedasticity, and other types of mis-specification. Explaining how estimates can be obtained and tests can be carried out, the authors go beyond a mere algebraic description to one that can be easily translated into the commands of a standard econometric software package. Covering an unprecedented range of problems with a consistent emphasis on those that arise in applied work, this accessible and coherent guide to the most vital topics in econometrics today is indispensable for advanced students of econometrics and students of statistics interested in regression and related topics. It will also suit practising econometricians who want to update their skills. Flexibly designed to accommodate a variety of course levels, it offers both complete coverage of the basic material and separate chapters on areas of specialized interest.

Estimation and Inference in Econometrics

http://d1c25a6gwz7q5e.cloudfront.net/papers/67.pdf

Efficiency of financial institutions: International survey and directions for future research

Estimation and inference in two-stage, semi-parametric models of production processes

We pose a hierarchial model of strategic thinking and conduct an experiment to test this theory as well as other solution concepts for symmetric (3 × 3) games. A level-0 type plays unpredictably, a level-1 type acts as if everyone else were level-0 types, and a level-2 type acts as if all other players were level-0 and level-1 types. In a model with level-0,…, level-2, and Nash types, we estimated that an insignificant portion of the participants were level-0 types, 24% were level-1 types, 49% were level-2 types, and the remaining 27% were Nash types.

Experimental evidence on players' models of other players

This paper seeks to identify the characteristics that make individual U.S. banks more likely to fail or be acquired. We use bank-specific information to estimate competing-risks hazard models with time-varying covariates. We use alternative measures of productive efficiency to proxy management quality, and find that inefficiency increases the risk of failure while reducing the probability of a bank's being acquired. Finally, we show that the closer to insolvency a bank is (as reflected by a low equity-to-assets ratio) the more likely is its acquisition.

/pdf/why-do-banks-disappear-the-determinants-of-u-s-bank-failures-2i7egilnp7.pdf

Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions

This paper examines the wide-spread practice where data envelopment analysis (DEA) efficiency estimates are regressed on some environmental variables in a second-stage analysis. In the literature, only two statistical models have been proposed in which second-stage regressions are well-defined and meaningful. In the model considered by Simar and Wilson (J Prod Anal 13:49–78, 2007), truncated regression provides consistent estimation in the second stage, where as in the model proposed by Banker and Natarajan (Oper Res 56: 48–58, 2008a), ordinary least squares (OLS) provides consistent estimation. This paper examines, compares, and contrasts the very different assumptions underlying these two models, and makes clear that second-stage OLS estimation is consistent only under very peculiar and unusual assumptions on the data-generating process that limit its applicability. In addition, we show that in either case, bootstrap methods provide the only feasible means for inference in the second stage. We also comment on ad hoc specifications of second-stage regression equations that ignore the part of the data-generating process that yields data used to obtain the initial DEA estimates.

/pdf/two-stage-dea-caveat-emptor-2ity5jdsui.pdf

Two-Stage DEA: Caveat Emptor

Estimating and bootstrapping Malmquist indices

This paper describes a software package for computing non-parametric efficiency estimates, making inference, and testing hypotheses in frontier models. Commands are provided for bootstrapping as well as computation of some new, robust estimators of efficiency, etc.

Paul W. Wilson

Papers

Experimental evidence on players' models of other players

Why do Banks Disappear? The Determinants of U.S. Bank Failures and Acquisitions

Two-Stage DEA: Caveat Emptor

Estimating and bootstrapping Malmquist indices

FEAR: A software package for frontier efficiency analysis with R