The development of the institutional capacity to create and evaluate economic policies remains a critical need—and constraint—in most transition economies if they are to complete the successful passage to fully functioning market economies. To take an active role in the transition process,...

The development of the institutional capacity to create and evaluate economic policies remains a critical need-and constraint-in most transition economies if they are to complete the successful passage to fully functioning market economies. To take an active role in the transition process,...

The authors discuss a variety of experiences in a number of transition, and developing countries to build institutional capacity for economics education. A flexible approach met with some success. The approach uses partnerships that combine the often different needs of a number of private...

This paper examines major sales of real property by public U.S. Real Estate Investment Trusts (REITs) 1998-2002, and uses event study methodology to measure shareholder returns related to these events. In contrast to results reported for REIT sell-offs prior to 1990, but consistent with findings...

We examine 111 mergers and acquisitions by public U.S. Real Estate Investment Trusts (REITs) 1997-2005. We find that acquirer abnormal shareholder returns are significantly positive for mergers with private targets and significantly negative for public targets, a result that is consistent with...

We examine the dynamic behavior of Equity Real Estate Investment Trust (EREIT) volatility in a GARCH context 1972–2006 using monthly EREIT returns, and comparing volatility performance for “early” Equity REITs 1972–1992 with that of “modern” EREITs 1993–2006. Consistent with...

This study tests for the presence of rational speculative bubbles in the Equity REIT industry. We analyze REIT prices using a vector of macroeconomic fundamentals. Using the unit root test and cointegration procedures, we find no evidence of rational bubbles in the REIT market. Tests for...