A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations

This paper provides a side-by-side comparison of loan-level statistical models for fixed- and adjustable-rate mortgages. Multinomial logit models for quarterly conditional probabilities of default and prepayment are estimated. We find that the estimated impacts of embedded option values for prepayment and default are generally quite similar across both FRM and ARM loans, providing additional empirical support for the basic predictions of the options theory. We also find that differences in estimates of conditional probabilities of prepayment and default associated with mortgage age, origination period, original LTV, and relative loan size, indicate the continued significance of these other economic and demographic factors for empirical models of mortgage terminations.     

Pigott,Stanley. OBM/A Celebration: One Hundred and Twenty-Five Years in Advertising. London: Ogilvy,Benson & Mather Limited, 1975

Abstract

This study reports the results of a survey of advertising managers and editors of weekly and daily newspapers and of selected consumer magazines concerning the issue of feature advertising. Feature advertising is defined as paid advertising space that looks like editorial copy in the form of a short feature article. It was posited that this type of advertising might offer a unique challenge to the process of advertising self-discipline among print media. Ad managers and editors differed on a number of points, but agreed that questions pertaining to feature ads should be addressed through media self-discipline.     

Constructing Indices of the Price of Multifamily Properties Using the 1991 Residential Finance Survey

Indices of the price of constant-quality, owner-occupied single-family housing are widely available and have been instrumental in learning about the operations of the market for owner-occupied housing. Such is not the case for multifamily rental housing. The purpose of this article is to provide information about movements in the price of multifamily properties during the 1980s and early 1990s using the 1991 Residential Finance Survey (RFS). Several conclusions are drawn from the development and analysis of indices of the price of multifamily housing for the nation and four large states (California, Florida, New York, and Texas). First, indices for the period 1983--1991 generate similar patterns among the various methods employed; furthermore, movements in the index during the period 1983--1991 seem reasonable. Second, much regional variation exists. Prices in Texas were particularly hard hit, falling by over 25% in nominal terms between 1983 and 1991. Third, the impact of the Tax Reform Act of 1986 does not appear to have been as dramatic as some have suggested. Indeed, price declines do not show up in either the 1986 or 1987 indices for the nation, California, or New York.     

In Whose Interest? A First Look at National Survey Data on Interest‐Based Bargaining in Labor Relations

The first national survey data on interest‐based bargaining (IBB) in labor relations reveal broad awareness of IBB, contrasting union and management views, and variation by negotiator experience and gender. A majority of negotiators are aware of IBB, and approximately one‐third of management negotiators and nearly one‐half of union negotiators report using IBB in prior negotiations. An exploratory analysis of the relationships between IBB preferences and contract outcomes suggests that the process is producing more than a simple “mutual gains” pattern of outcomes. Based on these initial results, two hypotheses are suggested as the focus for future studies of the diffusion and sustainability of IBB in collective bargaining.     

From ideas to action: Creating a learning organization

Discussions of learning organizations too often end up intangible and obscure. While organizational learning is easy to recognize, it is often difficult to describe and dissect. Here, emphasizing the pragmatic rather than the abstract, the authors offer a solid strategy for creating a learning organization. Their extensive research suggests that at least five elements are essential for companies to become learning organizations. Together, these elements provide a formula for creating a learning organization. By closely examining each element within that formula, managers can measure and increase the rate of learning within their organizations. © 1995 by John Wiley & Sons, Inc.     

The impact of governing structure on the pricing behavior and market structure of public institutions of higher education in the U.S

The governance structure of a state university system is the relationship between the individual institutions and the governing board. We hypothesize that the structure will impact both the pricing behavior as well as the market structure of the institutions. The more centralized the governance structure, the more aligned it will be with the interests of the state government. Assuming that the state’s interest is to educate in-state students, those who are most likely to remain in-state therefore generating future tax revenue for the state, institutions with more centralized governance structure are more likely to offer in-state students a lower tuition price relative to out-of-state students. This hypothesis is tested with an OLS model using data from the National Center for Education Statistics (NCES) Integrated Postsecondary Education Data System (IPEDS) for the 1997–1998 academic year. We find that the ratio of out-of-state to in-state tuition is greatest among those institutions with the most centralized governance structures. They engage in the highest level of price discrimination relative to institutions with other types of governance structures. Using the classification of instructional programs, we calculate a weighted average of the percent of duplicate degrees for each type of governance structure. We find that as the governance structure becomes more centralized, the percentage of duplicate degrees in a field decreases across institutions within the same state. This suggests states with a more centralized structure have less homogeneous institutions and educational offerings.