1. Department of Economics, Econometrics and Finance; University of Groningen; PO Box 800 Groningen 9700 Av. the Netherlands
2. Netspar; Tilburg the Netherlands
3. Department of Economics; Ca' Foscari University of Venice; Venice Italy
4. Department of Economics and Management; University of Padova; Padova Italy
5. Department of Statistical Sciences; University of Padova; Padova Italy