Technology transfer and the so-called productivity spillover-effects are important aspects of foreign direct investments regarding their contribution to the long-term development potential of the host countries.The effects of the foreign direct investments on the foreign and domestic companies...

This study addresses the potential trade-off between inflation and exchange rate targeting in former transition countries, which now may be labeled emerging market economies and which prepare for entry into the Economic and Monetary Union (EMU). Among this group of countries, some implemented...

What are the conclusions that we have to draw from the foregoing discussion? We must conclude that the prevailing practice of evaluating benefits and costs in terms of present costs and prices is not only likely to lead to an under-statement of actual costs, but also may lead to gross...

This study investigates why externally advised real estate investment trusts (REITs) underperform their internally managed counterparts. Consistent with previous studies, we find that REITs managed by external advisors underperform internally managed ones by over 7 percent per year....

In this article we test the urban asset pricing model of Capozza and Sick (1988) and focus on the empirical dimensions of the effects of risk on urban land prices. The effects of systematic and unsystematic risk are distinguished in the model which incorporates the value of the option to convert...

By using a broker, the owner of a house can speed up his search for buyers but must pay a percentage of the sale price as a commission. Nonstationarities inherent in the housing market may make it optimal to market a house “by-owner” at the outset and to retain a broker only if the house...

Long-term leases on property are popular in many jurisdictions, both with private vendors and with local governments who want to retain future control over land use. A puzzling issue for vendors and purchasers has been how to value these leased properties relative to fee-simple properties....

Transportation and land use research of the past decade has focused in large part on the question of whether manipulating land uses in the direction of “smart growth” alternatives can reduce vehicle miles traveled (VMT) or otherwise improve travel behavior. Yet the notion of...

We argue that in addition to host corruption per se, as accounted for by the existingliterature, an explanation of inter-country variation in FDI needs to account for the distance between the host and home corruption, which we call relative corruption. We use a large matched home-host firm-level...

The paper analyzes the factors behind the reorientation of transition countries’ exports to their non-traditional partners outside their former block. First, the amount of reorientation is calculated using a gravity model. Then, reasons for the cross-country differences in the rate of closing...