Does licensing increase the quality of services? This is a major unresolved question in the economic analysis of occupational licensing. This paper provides the first empirical evidence on the simultaneous relationship between anticompetitive effects and minimal quality standards. Using data on...

Because the assets held by publicly traded real estate companies are infrequently traded, their values must be estimated to determine the relationship between share prices and net asset values for investment purposes. Alternative modeling approaches may be followed to accomplish these...

Since the early 1970s, the federal government has undertaken extensive efforts to stem the loss of wetlands by regulating the use of land. This paper investigates the extent to which residential property owners are affected by federal wetlands regulation, by presenting an empirical investigation...

Researchers since the early 1960s have constructed constant-quality price indices (CQIs) for single-family dwellings. This paper, however, applies the methodology to construct CQIs for a different property type - small multifamily rental housing with two to four units (MRH) - so that price...

This article examines the usefulness of listing prices as leading indicators of house values and as predictors of the direction of housing markets. With Multiple Listing Service data from a large metropolitan area, we create two price indexes, using first listing price and then selling price as...

Recent state legislative reforms of real estate agency relationships suggest that traditional agency law and practice are not meeting the needs of the parties involved in a residential real estate purchase and sales transaction. In this article, we argue that this is due, at least in part, to...

This article examines aggregation bias in price index construction. Specifically, we test whether changes in values of 2- to 4-unit, multi-family rental housing properties vary systematically in the same market across property size. Moreover, we examine the time trend differences across...

This article investigates the contagious movement of real estate investment trust (REIT) stock prices in response to real estate news related to financial institutions' real estate portfolios. The basic hypothesis is that because real estate assets are traded infrequently, the market has...

This paper examines the impact of repair expenses on the selling price of a house. Using data from settlement statements, we investigate the frequency and extent to which performance of major repairs is part of the sales contract. We find that most homes are restored to a "normally maintained"...

There has been a great deal of interest in the question of whether value-added and oppor- tunistic real estate investing has resulted in appropriate risk-adjusted returns. However, a satisfactory answer to this question has not been agreed upon. In this paper, data from the National Council of...