Abstract This paper shows consistency of a two step estimation of the factors in a dynamic approximate factor model when the panel of time series is large (n large). In the first step, the parameters of the model are estimated from an OLS on principal components. In the second step, the factors are estimated via the Kalman smoother. The analysis develops the theory for the estimator considered…
Introduction In addition to the outstanding success of the Japanese industry, a number of other Asian countries are emerging as the new power-houses of manufacturing. Over the past ten years the South Korean industry has developed as a major exporter of manufactured goods and has become the second most productive manufacturing nation in Asia after Japan. In a number of markets the South Korea…
Research shows that corporate life expectancy and performance have declined 75% in the last 50 years - organizations need a different approach if they are to survive, let alone thrive. While people are often stated as a company's greatest asset, few businesses have a clear model of leadership that improves engagement, removes barriers to innovation, and uncovers hidden strengths in people…