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One feature of these approaches is that they have different strengths and weaknesses. The purpose of the current paper is to develop PANICCA, a combined approach that exploits the strengths of both CA and PANIC. Copyright \u00a9 2015 John Wiley &amp; Sons, Ltd.\n                  <\/jats:p>","DOI":"10.1002\/jae.2487","type":"journal-article","created":{"date-parts":[[2015,8,26]],"date-time":"2015-08-26T02:32:01Z","timestamp":1440556321000},"page":"961-981","source":"Crossref","is-referenced-by-count":116,"title":["Panicca: Panic on Cross\u2010Section Averages"],"prefix":"10.1002","volume":"31","author":[{"given":"Simon","family":"Reese","sequence":"first","affiliation":[{"name":"Department of Economics Lund University  Sweden"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Joakim","family":"Westerlund","sequence":"additional","affiliation":[{"name":"Department of Economics Lund University  Sweden"},{"name":"Centre for Economic and Financial Econometric Research Deakin University  Melbourne Australia"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2015,8,26]]},"reference":[{"key":"e_1_2_8_2_1","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466602184064"},{"key":"e_1_2_8_3_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00530.x"},{"key":"e_1_2_8_4_1","doi-asserted-by":"publisher","DOI":"10.1111\/ectj.12002"},{"key":"e_1_2_8_5_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00273"},{"key":"e_1_2_8_6_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2004.00528.x"},{"key":"e_1_2_8_7_1","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466609990478"},{"key":"e_1_2_8_8_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1989.tb02410.x"},{"key":"e_1_2_8_9_1","volume-title":"Econometric Analysis of Panel Data","author":"Baltagi B","year":"2013"},{"key":"e_1_2_8_10_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.ssresearch.2013.11.007"},{"key":"e_1_2_8_11_1","doi-asserted-by":"publisher","DOI":"10.1007\/978-3-540-75892-1_9"},{"key":"e_1_2_8_12_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1368-423X.2010.00330.x"},{"key":"e_1_2_8_13_1","doi-asserted-by":"publisher","DOI":"10.1016\/0261-5606(94)90004-3"},{"key":"e_1_2_8_14_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0084.2006.00452.x"},{"key":"e_1_2_8_15_1","doi-asserted-by":"publisher","DOI":"10.1080\/07474930903382125"},{"key":"e_1_2_8_16_1","doi-asserted-by":"publisher","DOI":"10.1016\/0261-5606(89)90015-6"},{"key":"e_1_2_8_17_1","doi-asserted-by":"publisher","DOI":"10.1093\/0198774508.001.0001"},{"key":"e_1_2_8_18_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2011.07.002"},{"key":"e_1_2_8_19_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2012.09.002"},{"key":"e_1_2_8_20_1","doi-asserted-by":"crossref","unstructured":"KapetaniosG PesaranMH.2005. 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