Institutional Background

• Regulatory environment
• Market environment
• Key features for the research question

Model

• Describe the setting
• Derive the equilibrium condition
• Characterize the equilibrium
  • Existence and the uniqueness of the equilibrium
  • Monte Carlo simulations may be used
• Relate the setting to the institutional background
• Empirical justification for the modeling assumptions can be discussed in the data and reduced-form analysis sections

Estimation

• Describe the estimation procedure
• Discuss the identification
  • Monte Carlo simulations may be used

Data

• The data section consists of the data source, data construction, and summary statistics.
• The summary statistics show the N, mean, sd, min, max, and median of the data used for the estimation.

Reduced-form Analysis

• Validate the modeling assumptions
• Motivate the research question
• Show variations for identification