Following the work of Chen, Roll, and Ross (Journal of Business, 59, 383-403, 1986), there has been considerable work examining the influence of macroeconomic state variables on the excess returns of REITs. While most of the previous research has focused on the examination of equity REITs, this...

This paper tests the expectations-augmented Phillips-curve hypothesis for the 50 states in the US. Unlike previous work both adaptive and rational expectations are incorporated in the modeling of the Phillips-curve relationship. Second, the role of relative regional wages are taken into account....

This paper presents preliminary results about how close to their offensive potential teams in the National Football League (NFL) play. Our study extends the work of previous researchers in several ways. First, we are the first to investigate the efficiency of professional football teams....

This paper examines the temporal relationship between population growth and economic growth for a sample of less developed countries. Unlike prior research efforts, Granger causality tests are conducted in the context of error correction models when cointegration is present. Of the thirteen...

The sustainability of budget deficits of the G-7 countries is examined in this paper. Following the approach taken by Hakkio and Rush it is found that in the case of Germany it appears for each dollar increase in expenditures, revenues increase by an equal amount. For France, Japan, and Italy...

This study examines the influence of the release of a best-selling book and movie, Midnight in the Garden of Good and Evil, set in Savannah, Georgia on local tourism demand. Tourism demand is proxied by revenue collected from an ad valorem hotel room tax in Savannah. The hotel tax revenue series...

This study examines the time series dynamics between US aggregate state and local government receipts and expenditures in differentiating between four hypotheses related to the revenue-expenditure nexus: tax-spend, spend-tax, fiscal synchronization and institutional separation hypotheses. Unlike...

The time series relationship between revenues, expenditures, and GDP in the case of Canada is examined. Utilizing the Johansen-Juselius multivariate cointegration procedure and error correction modelling we find that revenues follow a time path independent of expenditures and GDP. On the other...

This paper examines the Fisher hypothesis for a sample of less developed countries. Recognizing the possibility of spurious regression results, tests of the Fisher hypothesis are undertaken utilizing the Johansen-Juselius cointegration procedure. Of the nine countries studied, only Malaysia,...

This paper estimates the long-run demand for money in Romania using monthly data from January 1994 to August 2003. The Johansen-Juselius cointegration procedure provides evidence of one cointegrating vector for both narrowly and broadly defined money demand functions. Real money balances are not...