Advances in Econometrics is a research annual published by Emerald Publishing Limited. The research annual’s editorial policy is to publish papers that are in sufficient detail so that econometricians who are not expert in the topics of the volume will find them useful in their research. The series editors are Professor Thomas B. Fomby, Department of Economics, Southern Methodist University, Dallas, TX 75275 (email: tfomby@smu.edu, 214-768-2559) and Professor R. Carter Hill, Department of Economics, Louisiana State University, Baton Rouge, LA 70803 (email: eohill@lsu.edu, 225-578-1490). An associated conference is held at Louisiana State University. Links to the conference websites are given below.