{'fraction_non_alphanumeric': 0.01706036745406824, 'fraction_numerical': 0.0026246719160104987, 'mean_word_length': 4.824427480916031, 'pattern_counts': {'":': 0, '<': 0, '<?xml version=': 0, '>': 0, 'https://': 0, 'lorem ipsum': 0, 'www.': 0, 'xml': 0}, 'pii_count': 0, 'substrings_counts': 0, 'word_list_counts': {'cursed_substrings.json': 0, 'profanity_word_list.json': 0, 'sexual_word_list.json': 0, 'zh_pornsignals.json': 0}}
A Note on the Use of the Two-Stage Least Squares Estimator in Financial Models

Financial or capital market theory is intimately concerned with the concept of a general equilibrium. But most of the empirical work in finance has been concerned with the estimation of single-equation ordinary least squares cross-sectional models. One way of capturing some of the flavor of a general equilibrium is to use a simultaneous equation valuation model. Thus the value or the return on a security can be determined simultaneously in relationship to and in competition with the other securities in the system. Simkowitz and Jones [4] have recently described how the methodology could be used. Simkowitz and Logue [5] have recently performed a study using this methodology.