... of selection biases in the sheepskin equation in Colombia. The IV‐GMM₁ model follows the bias selection model proposed by Heckman (1979) extended to the pseudo panel case in Mora and Muro (2007) . The test incorporate Mills' inverse ratio, IMR, calculated from an IV‐probit for all individuals...

.... Initial empirical evidence is presented, which gives some support for the theory. © MCB UP Limited 2003 Promotion Finance companies Bias The idea of biased contest theory, as initially suggested by Meyer (1991) , develops a model in which organisations use information on a sequence...