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ABSTRACT: We review developments in conducting inference for model parameters in the presence of intertemporal and cross‐sectional dependence with an emphasis on panel data applications. We review the use of heteroskedasticity and autocorrelation consistent (HAC) standard error estimators, which include the standard clustered and multiway clustered estimators, and discuss alternative sample‐splitting inference procedures, such as the Fama–Macbeth procedure, within this context. We outline pros and cons of the different procedures. We then illustrate the properties of the discussed procedures within a simulation experiment designed to mimic the type of firm‐level panel data that might be encountered in accounting and finance applications. Our conclusion, based on theoretical properties and simulation performance, is that sample‐splitting procedures with suitably chosen splits are the most likely to deliver robust inferential statements with approximately correct coverage properties in the types of large, heterogeneous panels many researchers are likely to face. [ABSTRACT FROM AUTHOR]

The article highlights the major tax developments in Indiana that occurred through the calendar year of 2009. The 116th Indiana General Assembly has passed several pieces of legislation affecting various areas of the state and local taxation including property taxes, sales and use taxes, state income taxes, and local taxes. Also investigated is the enactment of some changes to property tax legislation that must be included on a sales disclosure form.