Before revision:  We find that both MNR and Gen-MNR deliver significantly better in-sample fit and out-of-sample predictive accuracy than MNP. Gen-MNR outperforms MNR due to its more flexible kernel error distribution.
After revision:  We find that both MNR and Gen-MNR outperform MNP by substantial margins in terms of in-sample fit and out-of-sample predictive accuracy than MNP. Gen-MNR outperforms MNR due to its more flexible kernel error distribution.