I doubt what is a proper, and suitable for in an academic text, way to give an enumeration. I used Google to see how other people (mainly in papers) do it, but there is not a consensus.
The reason why I ask this question is because I first gave an enumeration like this:
I group the separate UMP announcements by the Fed into 6 QE programme dummies for two reasons. Firstly, including separate dummies for each UMP announcements by the Fed raises the possibility of multimodality in the likelihood of the GARCH estimation (Doornik and Ooms, 2003). And secondly, because it improves the economic interpretation of the results.
So after I announce that there are two reasons, there is a point (no colon), and then I begin with "Firstly,..." etc. However, someone noticed that due to this method, the sentence after "Secondly, [..] of the results" is not a complete sentence. I think that this is because it is not entirely clear where ''it'' refers to. Would this not a problem if someone gives the enumeration like this:
I group the separate UMP announcements by the Fed into 6 QE programme dummies for two reasons: firstly, because including separate dummies for each UMP announcements by the Fed raises the possibility of multimodality in the likelihood of the GARCH estimation (Doornik and Ooms, 2003), and secondly because it improves the economic interpretation of the results.
Is it true that in this way I can use "it" in the "and secondly" part, because it is now one sentence and clear where I refer to?
There are also people who use a semicolon (;) instead of the comma before secondly. What is preferable to do? And is it advisable to use ''because'' after Firstly and Secondly? Or should one leave it away? Moreover, when using the comma, should one also use the comma before "because" in the part of:
and secondly because it improves the [...]
A lot of questions, but this is really confusing to me.