Excessive Zoning Makes Us Poorer and More Unequal
Zoning ordinances and the like have been endemic in the United States for the better part of a century. These laws have always influenced the location of housing within a [...]
Accounting Rules? Stock Buybacks and Stock Options: Additional Evidence
This paper finds that CEO stock options influence the choice, amount, and timing of funds distributed as a buyback. These results support two research expectations–that buybacks impose option-induced agency costs [...]
The Advisory Commission on Regulatory Barriers to Affordable Housing: Its Behavior and Accomplishments
In March 1990, Secretary Jack Kemp of the U.S. Department of Housing and Urban Development (HUD) appointed a 22-member commission to investigate the nature and extent of regulatory barriers to [...]
Patent Theory versus Patent Law
According to the economic theory of patents, patents are needed so that pioneer firm have time to recoup their sunk costs of research and development. The key element in the [...]
Did Securitization Affect the Cost of Corporate Debt?
This paper investigates whether the securitization of corporate bank loans had an impact on the price of corporate debt. Our results suggest that loan facilities that are subsequently securitized are [...]
Syndicated Loan Spreads and the Composition of the Syndicate
During the past decade, non-bank institutional investors are increasingly taking larger roles in the corporate lending than they historically have played. These non-bank institutional lenders typically have higher required rates [...]
An Aggregative Model of Resource Allocation in a Metropolitan Area
The general ideas that motivate the selection of the model developed below are commonplace in the voluminous recent literature on urban economics and geography. It has frequently been observed that [...]
Equilibrium of a Residential City, Attributes of Housing, and Land-Use Zoning
This paper investigates the impact of land-use zoning such as building-height and building-density restrictions on housing rent, land rent, the design parameters of a building, and population density in a [...]
Patents and R&D: Is There A Lag?
This paper extends earlier work on the RID to patents relationship (Pakes-Griliches 1980, and Hausman, Hall, and Griliches,1984) to a larger but shorter panel of firms...R&D itself turns out to [...]
Reputation in land development markets
This article incorporates a political decision process into an urban land use model to predict the likely location of a public good. It fills an important gap in the literature [...]