Marcel-Cristian Voia

Research fields:  microeconometrics, applied econometrics in:  industrial organization, fintech, energy/environment, labour economics, political science, development, health.

Expertise:
• cross section and panel data
• dynamic models
• duration models
• distribution analysis

Publications:

61. "Understanding the Equity-Corporate Bond Nexus: A Framework for Risk Decomposition and Interest Rate Hedging ", with Mathis Linger, Jamyang-Dorje Bhutia and Axel Pinçon, forthcoming The Journal of Fixed Income, 2025

60. "Effects of Shoe-Leather Cost on Consumer Cash Withdrawal Behavior" , with Heng Chen and Matthew Strathearn, forthcoming Review of Network Economics 2024

59. "Political Partisanship and Economic Outcomes:Canada, 1870 - 2020", with Steve Ferris, Cesifo Economic Studies, DOI: 10.1093/cesifo/ifae007,  forthcoming 2024 

58.  "Surviving the Storm: Hazard Models and Signaling Shocks in Bitcoin Prices", with D. Balutel,  Revue française d'économie, 2023/4 (Vol XXXVIII), p. 21-46. DOI : 10.3917/rfe.238.0021. URL : https://www.cairn.info/revue-francaise-d-economie-2023-4-page-21.htm, 2024

57. "Crypto and Financial Literacy of Cryptoassets Owners Versus Non-Owners: The Role of Gender Differences" with Daniela Balutel, Walter Engert, Christopher Henry, Kim P Huynh and Doina Rusu, forthcoming Journal of Financial Literacy and Wellbeing, 2023

56. "Explaining Bitcoin ownership in Canada: Trends from 2016 to 2021" with Daniela Balutel, Walter Engert, Christopher Henry and Kim P Huynh, forthcoming Canadian Journal of Economics, 2023

55."Cash in the Pocket, Cash in the Cloud: Cash Holdings of Bitcoin Owners" with Daniela Balutel, Christopher Henry and Kim P Huynh, forthcoming International Journal of Central Banking, 2023

54. "Risk of Claims and Moral Hazard for House Insurance in Canada" with Doan Thi Hong Thinh, Journal of Housing Research, https://doi.org/10.1080/10527001.2023.2168587, 2023

53. "Bitcoin Awareness, Ownership and Use: 2016–20" with Daniela Balutel, Marie-Helene Felt and Gradon Nichols,  Applied Economics, https://doi.org/10.1080/00036846.2023.2166667, 2023

52. "Inequality, Transaction Costs and Voter Turnout:  evidence from Canadian Provinces and Indian States" with Steve Ferris and Bharatee Bhusana Dash, Public Choice, https://doi.org/10.1007/s11127-022-01035-8, 2023

51. "Do Rival Political Parties Enforce Government Efficiency? Canada 1867 - 2021" with Steve Ferris, European Journal of Political Economy,  https://doi.org/10.1016/j.ejpoleco.2022.102313, 2022

50. "Internal Promotion in Competitive Sports: Evidence from the English Premier League" with Mihailo Radoman, Labour: Review of Labour Economics and Industrial Relations, 36. DOI:10.1111/labr.12235, 2022

49. "Bitcoin Adoption and Beliefs in Canada" with Daniela Balutel, Christopher Henry, Jorge Vasquez, Canadian Journal of Economics, Volume 55, No.4, https://doi.org/10.1111/caje.12620, 2022.

48. "Duration Dependence in Employment: Evidence from the last half of the 20th century", with Luke Ignaczak and Louis Raffestin,  Applied Economics, 2021, https://doi.org/10.1080/00036846.2021.1972084

47. "Does more finance lead to longer crises?" with Alexandru Minea and Clement Mathonnat, The World Economy, 2021, https://doi.org/10.1111/twec.1315

46. “Does public debt secure social peace? A diversionary theory of public debt management” with Patrick Villieu and Maxime Menuet, Social Choice and Welfare, http://link.springer.com/article/10.1007/s00355-021-01332-z, 2021

45. "Elections, Economic Outcomes and Policy Choices in Canada: 1870 - 2015", with Steve Ferris, Applied Economics, 53:16, 1840-1855, DOI: 10.1080/00036846.2020.1853670, 2021

44. "The Effects of Post Financial Crisis Bank Levies in Central and Eastern Europe" with Daniela Balutel, Post Communist Economies, 2021, https://doi.org/10.1080/14631377.2021.1886788

43. “Econometrics of Networks: Introduction” with Aureo de Paula and Elie Tamer, Advances in Econometrics, Vol.42, 2020, DOI: 10.1108/S0731-9053202042.

42. "Immigrant Earnings Returns to Post-Migration Education: Evidence for Canada, 1999-2013" with Wen Ci, Michelle Laing and Christopher Worswick,  Canadian Journal of Economics,  https://doi.org/10.1111/caje.12476

41. “Dynamic Panels with MIDAS Covariates: Nonlinearity, Estimation and Fit” with Charles Sounders, Lynda Khalaf and Maral Kichian, Journal of Econometrics, 2020, https://doi.org/10.1016/j.jeconom.2020.04.015

40. "Non-standard Confidence Sets for Ratios and Tipping Points with Applications to Dynamic Panel Data" with Jean-Thomas Bernard, Ba Chu and Lynda Khalaf,  Annals of Economics and Statistics, 2019, No. 134, pp. 79-108, https://www.jstor.org/stable/10.15609/annaeconstat2009.134.0079

39. "Empirics of Currency Crises: A Duration Analysis Approach" with Mohammad Karimi, Review of Financial Economics, 2019, https://doi.org/10.1002/rfe.1056

38. "Bootstrap bias correction for average treatment effects with inverse propensity weights"  with Gubhinder Kundhi, Journal of Statistical Research, 2018, Vol. 52, No. 2, pp. 187-200, DOI: 10.47302/jsr.2018520205.

37. "Political Parties in Canada: What determines their entry, exit and the duration of their lives?" with Stephen Ferris, Party Politics, 2018, https://doi.org/10.1177/1354068818793659

36. "Assessing Credit Risk in the Automated Clearing Settlement System“ with  David Jacho-Chávez,  Robert Petrunia and Leonard Sabetti, Journal of Economics and Statistics, 2018, DOI: https://doi.org/10.1515/jbnst-2018-0024, 2018

35. “Short-Term and Long-Term Margins of International Trade: Evidence from the Canada-Chile Free Trade Agreement” with Zhiqi Chen, Frontiers of Economics in China,  2018, Vol. 13  Issue (1) : 93-115,  https://doi.org/10.3868/s060-007-018-0008-2

34. “Estimation of health care demand and its implication on income effects of individuals” with Hossein Kavand, chapter in Productivity and Inequality -  Springer; 1st ed. 2018 edition (March 3, 2018), DOI: 10.1007/978-3-319-68678-3_13

33. “What we should know about housing reconstruction costs?" with T. Hong, The Journal of Real Estate Finance and Economics, https://doi.org/10.1007/s11146-017-9642-z, pp.1-28, (2017)

32. "Love, Money, Location: The Interconnectedness of Marital Status, Income, and Location Choice of Recent Immigrants to British Columbia" with Wen Ci and Michael Haan, Journal of Demographic Economics, Vol. 83, Issue 4, pp. 421-444, https://doi.org/10.1017/dem.2017.17 (2017)

31. “Panel Cointegration Estimates of the effect of Interest Rate, Capital Goods, Prices and Taxes on the Capital Stock” with Huntley Schaller, Journal of Macroeconomics, Vol.53, pp. 235-250, https://doi.org/10.1016/j.jmacro.2017.08.001, (2017)

30. “Industry Exit Rates and Employee Separations Using the Canadian Longitudinal Worker File”, with Kim Huynh, Yuri Ostrovsky and Robert Petrunia, IZA Journal of Labor Economics, 6:7, DOI: 10.1186/s40172-017-0057-0, (2017)

29.“Is the Aggregate Size of Government in Canada Too Large?”, with Steve Ferris, Journal of Institutional and Theoretical Economics, Vol.173, Number 4, pp. 723-752(30), https://doi.org/10.1628/093245617X14860182052097,  (2017)

28.“Mixed Proportional Hazard Models with Finite Mixture Unobserved Heterogeneity: An Application to Nascent Firm Survival” with Kim Huynh, Applied Stochastic Models in Business and Industry, Vol.33, Issue 1, pp 1–94 , DOI: 10.1002/asmb.2225, (2017)

27.“Persistence in world energy consumption: Evidence from subsampling confidence intervals”, with Firouz Fallahi and Mohammad Karimi, Energy Economics, (2016), Volume 57, 175–183, DOI: 10.1016/j.eneco.2016.04.021.

26. "The Threat of Domestic Violence and Women Empowerment: The Case of West Africa," with Saikou Amadou Diallo,  African Development Review,(2016) Volume 28, Issue 1, pp. 92-103, DOI: 10.1111/1467-8268.12169

25. "Worker Separations and Industry Instability" with Kim Huynh, Yuri Ostrovsky and Robert J. Petrunia, book chapter  Productivity and Efficiency Analysis (2016),  pp 161-174, DOI: 10.1007/978-3-319-23228-7_10

24.“Convergence in per capita energy use among OECD countries: Revisited using confidence intervals”, with Firouz Fallahi, Energy Economics, (2015), Volume 52, Part A, pp 246-253, DOI: 10.1016/j.eneco.2015.10.004

23. The Effect of Federal Government Size on Private Economic Performance in Canada: 1870–2011, with Steve Ferris, Economic Modelling, (2015), Volume 49, pp 172–185, DOI: 10.1016/j.econmod.2015.04.006

22. “Wage Returns to Mid-Career Investments in Job Training through Employer Supported Course Enrollment: Evidence for Canada" with Wen Ci, José Galdo and Christopher Worswick, IZA Journal of Labor Policy (2015), 4:9  doi:10.1186/s40173-015-0035-8

21. "Youth Training Programs and their Impact on Career and Spell Duration of Professional Soccer Players," with Mihailo Radoman, (2015), LABOUR: Review of Labour Economics and Industrial Relations, Volume 29 (2) 163–193, DOI: 10.1111/labr.12049.

20. "Identifying Extreme Values of Exchange Market Pressure" with Mohammad Karimi, Empirical Economics, (2015), Volume 48, Issue 3, pp 1055-1078, DOI: 10.1007/s00181-014-0851-5

19. "Finite-sample resampling-based combined hypothesis tests, with application to serial correlation and predictability" with Jean-Marie Dufour and Lynda Khalaf, Communications in Statistics - Simulation and Computation (2015), Volume 44, Issue 9, pp. 2329-2347, DOI: 10.1080/03610918.2013.858164.

18. "The Environmental Kuznets Curve: Tipping Points and Uncertainty" with Jean-Thomas Bernard, Michael Gavin and Lynda Khalaf, Environmental and Resource Economics, (2015), Volume 60, Issue 2, pp 285-315, DOI: 10.1007/s10640-014-9767-y.

17. “A nonparametric analysis of firm size, leverage and labour productivity distribution dynamics” with David Jacho-Chavez, Kim Huynh and Robert Petrunia,  Empirical Economics, (2015),  Volume 48, Issue 1, pp 337-360, DOI: 10.1007/s00181-014-0807-9.

16. "Duration Dependence in Housing Price Market: A Metro Level Test in United States" with Ali Shajarizadeh, Applied Mathematics, (2014). 5, 2935-2944 http://dx.doi.org/10.4236/am.2014.519278

15. "Crises, Capital Currency Crises, Exchange Rate Regimes and Capital Account Liberalization: A Duration Analysis Approach" with Mohammad Karimi, Dynamic Modelling and Econometrics in Economics and Finance - Non-linear Economic Modeling: Theory and Applications, Volume 17, (2014), pp 233-262, DOI: 10.1007/978-3-642-42039-9_7.

14. "Do Canadian business cycle peaks predict Federal election calls?" with Stephen Ferris, European Journal of Political Economy, 29 (2013) 102–118, DOI: 10.1016/j.ejpoleco.2012.09.003

13. "Duration of New Firms: the Role of Startup Financial Conditions, Industry and Aggregate Factors" with Kim Huynh and Robert Petrunia, Structural Change and Economic Dynamics, 23 (2012), pp. 354-362, DOI: 10.1016/j.strueco.2012.03.008

12. "What are the significant determinants of entrepreneurship?" with J. Stephen Ferris,  Int. J. Entrepreneurship and Small Business, Volume 17, Number 4, 2012 , pp. 415-454(40), DOI: 10.1504/ijesb.2012.050163

11. “International Income Comparisons and Location Choice: Methodology, Analysis and Implications” with Vivek Dehejia, at Journal of Globalization and Development, (2012), Volume 3, Issue 1, Pages –, ISSN (Online) 1948-1837,DOI: 10.1515/1948-1837.1167.

10. “Initial Financial Conditions, Unobserved Heterogeneity, and the Duration of New Firms” with Kim Huynh and Robert Petrunia, Managerial and Decision Economics, (2012) John Wiley & Sons, Ltd., vol. 33, pages 109-125, DOI: 10.1002/mde.1565.

9. "Functional Principal Component Analysis of Density Families with Categorical and Continuous Data on Canadian Entrant Manufacturing Firms" with Kim Huynh, Jacho-Chavez David Tomas and Robert Petrunia, Journal of the American Statistical Association, (2011), 106(495): 858-878, DOI: 10.1198/jasa.2011.ap10111.

8. “Nonlinear Difference-in-Difference Treatment Effect Estimation: A Distributional Analysis”, with Kim Huynh, Jacho-Chavez David Tomas, in David M. Drukker (ed.) Missing Data Methods: Cross-sectional Methods and Applications, Advances in Econometrics, Volume 27, (2011), Emerald Group Publishing Limited, pp.247-268, DOI: 10.1108/s0731-9053(2011)000027a012.

7. “Does the risk or realization of a Federal Election precipitate Canadian output growth?”, with Steve Ferris, Canadian Journal of Economics, (2011) Vol. 44, No. 1, DOI: 10.1111/j.1540-5982.2010.01625.x.

6. “A Retrospective Analysis of Employment Tenures: Evidence from the Latter Half of the Twentieth Century”, with Luke Ignaczak, LABOUR: Review of Labour Economics and Industrial Relations, (2011), 25 (1) 97–125, 2011, DOI: 10.1111/j.1467-9914.2010.00512.x.

5. “The Impact of Initial Financial State on Firm Duration Across Entry Cohorts ” with Kim Huynh and Robert Petrunia,  Journal of Industrial Economics, (2010), Vol.LVIII, no.3, DOI: 10.1111/j.1467-6451.2010.00429.x.

4. "Modeling the Contemporaneous Duration Dependence for High-Frequency Stock Prices" with Ba Chu, Finance Research Letters, (2010) No. 7, 148-162, https://doi.org/10.1016/j.frl.2010.02.006.

3. " What Determines the Length of a Typical Canadian Parliamentary Government? " with J. Stephen Ferris, Canadian Journal of Political Science, (2009),Vol. 42, No. 4, 881-910, DOI: 10.1017/s0008423909990680.

2. “A distributional analysis of treatment effects in randomized experiments”, Economics Bulletin (2008), Vol.3, No.36, 1-9.

1. “Estimating Systems of Stochastic Coefficients Regressions When Some of the Observations Are Missing,” with Gordon Fisher, Handbook of Applied Econometrics and Statistical Inference, (2002), Series Volume: 165, https://doi.org/10.1201/9780203911075.

F. Other Scholarly or Professional Activity

a) Other Refereed Publications

5. “Private Digital Cryptoassets as Investment? Bitcoin Ownership and Use in Canada, 2016-2021”. with Balutel D., Engert W., Henry C., Huynh, Bank of Canada Staff Working Paper Series. 

https://www.bankofcanada.ca/2022/04/staff-discussion-paper-2022-10/ (Top 10, cited by Financial Post, Bloomberg, Globe and Mail, Bitcoin.com)

4. "Bitcoin Awareness, Ownership and Use: 2016–20 - Bank of Canada" with Daniela Balutel, Marie-Hélène Felt and Gradon Nicholls, Bank of Canada Staff Working Paper Series 2022-10 , https://www.bankofcanada.ca/2022/04/staff-discussion-paper-2022-10/

3."Bitcoin Adoption and Beliefs in Canada", joint with Daniela Balutel, Christopher Henry and Jorge Vásquez, Bank of Canada Staff Working Paper Series 2021-60, https://www.bankofcanada.ca/2021/11/staff-working-paper-2021-60/

2."Consumer Cash Withdrawal Behaviour: Branch Networks and Online Financial Innovation" with Heng Chen and Matthew Strathearn, Bank of Canada Staff Working Paper Series,  2021-28, 2021, https://www.bankofcanada.ca/2021/06/staff-working-paper-2021-28/

1.“Does adult training benefit Canadian workers?” with C. Worswick, J. Galdo and W. Ci, Labour Market Matters, Ed.51, Nov. 2013.

b) Submissions

1. “Endogeneity in Parametric Duration Models With Applications to Clinical Risk Indices,” with Anand Acharya, Lynda Khalaf, Marcel Voia, David Wensley,  

2. "Up or out! A Firm's First Year and Unobserved Initial Conditions of Entrant Shipbuilding Firms", with Hossein Kavand and Kim Huynh,

3. "Stochastic Dominance, Estimation and Inference for Censored Distributions with Nuisance Parameter", with Luke Ignaczak

4. "Does hotness pay? The relationship between appearance, productivity and earnings for Ontario economics professors." with Anindya Sen and Frances Woolley, reject and resubmit at Journal of Human Capital 

 c) Working papers

1.“Estimating the non-compliance in employment experiments. An Application to the Illinois Bonus Experiment” with Tiemen Woutersen

2.  "The Endogeneity of Firm Entry and Counterfactual Duration” with Kim Huynh and Robert Petrunia

3. “Finite Sample Properties of Non-linear DID and Semiparamteric MPH Estimators Used to Construct Counterfactual Distributions for Duration Outcome Variables”

4. “Testing if the heterogeneity distribution of a randomized experiment changes during the experimental period”

5. “Efficient Estimation of the Dynamic Linear Model with Fixed Effect and Exogenous Regressors” with Tiemen Wouters