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We show that the LP approach in general yields smaller mean square prediction error than the FB approach when either both \n and \n are large or \n fixed and \n or \n fixed and \n large. The Monte Carlo simulation and empirical example are also conducted to consider their finite sample performances.<\/jats:p>","DOI":"10.1002\/jae.3081","type":"journal-article","created":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T07:56:26Z","timestamp":1723190186000},"page":"1332-1358","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Panel treatment effects measurement: Factor or linear projection modelling?"],"prefix":"10.1002","volume":"39","author":[{"given":"Cheng","family":"Hsiao","sequence":"first","affiliation":[{"name":"Department of Economics University of Southern California  Los Angeles California USA"},{"name":"Paula and Gregory Chow Institute for Studies in Economics Xiamen University  Xiamen China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Qiankun","family":"Zhou","sequence":"additional","affiliation":[{"name":"Department of Economics Louisiana State University  Baton Rouge Louisiana USA"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"311","published-online":{"date-parts":[[2024,8,9]]},"reference":[{"key":"e_1_2_11_2_1","doi-asserted-by":"publisher","DOI":"10.1111\/ajps.12116"},{"key":"e_1_2_11_3_1","doi-asserted-by":"publisher","DOI":"10.1214\/aoms\/1177704248"},{"key":"e_1_2_11_4_1","unstructured":"Anderson T. 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