Art galleries serve several important functions within the art industry. Economically, galleries are loci of arts consumption, generally focusing on visual arts such as painting and sculpture. If artists visit galleries to learn about their peers’ work, galleries may also contribute to...

This paper, using 1990 census microdata, investigates immigrants’ residential location choices that are relevant to urban sprawl. Regression models of two location choices are separately estimated, in which households choose from areas with different levels of residential density and new...

Public space is examined from the perspective of economic goods, defined by ‘rivalness’ and ‘excludability’, to explain the reasons for the ‘narrative of loss’ through this framework. The explanation is twofold – the first part deals with the...

Local, regional, state and federal governments employ smart growth for a wide variety of purposes, yet seldom define it except by example. The current national emphasis on smart growth, great diversity of implementing tools, and frequent confusion with other planning trends suggest a need to...

Mortgage terminations arise because borrowers exercise options. Empirically the extent to which the call is in the money is strongly associated with exercise of the prepayment option, and the probability that the put option is in the money is strongly associated with exercise of the default...

While prior analyses have provided evidence of elevated default probabilities among mortgages originated to lower income, less credit worthy, and minority populations, those risks may be offset by the reduced prepayment probabilities of those loans. Such offsets could serve to reduce the total...

Fusion CMBSs, UPREITs, paper-clip and paired share REITs, conduits and opportunity funds - all these phrases, words or phrases are common in today's real estate lexicon but were not around a decade ago. This evolution in real estate industry vernacular reflects deep and fundamental change in the...

Option theory which has dominated residential mortgage prepayment and default research implies that a borrower will exercise prepayment or default options if the call option or put option, respectively, is "in the money" by some optimal amount. Empirical research provides evidence that the...

This article, utilizing U.S. Census data in 1980 and 1990, probes the relationship between immigration and urban sprawl. The preliminary findings reveal that population growth caused by immigration is not likely the major causal factor to urban sprawl. The lifestyle of native-borns is more prone...

Current research on mortgage lending disparity is mostly based upon the process-based approach on discrimination, and the outcome-based approach on lending disparity and redlining. In recent years, the outcome-based model has received much attention, particularly on the relationship between...