in excess of −40% for h = 4 and ν = 3. Even for the χ2 (48) errors, which are almost symmetrical, the BWM-estimator can be severely biased in the presence of moderate heteroskedasticity
in excess of −40% for h = 4 and ν = 3.Even for the χ2(48) errors, which are almost symmetrical, the BWM-estimator can beseverely biased in the presence of moderate heteroskedasticity