The Trade-off Between the Selling Price of Residential Properties and Time-on-the-Market: The Impact of Price Setting

When a house is placed on the market, the seller must choose the initial offer price. Setting the price too high or too low affects the marketability of the property. While there is near universal agreement that the seller faces a trade-off between selling at a higher price and selling in less time, there is less agreement about how to measure this trade-off. This paper offers a framework for analysis and shows that an increase in the list price increases expected time-on-the-market (TOM). Because house buyers must solve a type of signal extraction problem, the effect of a higher list price is magnified for houses in a market segment having a low predicted variance of the list price. This paper also shows that the list price of houses which are withdrawn before sale has a higher mean and variance, and that the possibility of withdrawal censors information about the time-on-the-market.     

Spatial variation of nonmetropolitan industrial location

This study examines economic development and industrial location in the rural Southeast using a varying coefficient model. Empirical results generated with a Poisson regression show that the varying coefficient model is appropriate and that the posited variables help explain the number of manufacturing firms which have located to a rural county. The model distinguishes between the ability of a county to attract industry both independent of distance and as a function of the distance to the nearest strategic urban center. Differences exist between the locational preferences of traditional industry and nontraditionial (diversification-enhancing) industry.     

50-YEAR RETROSPECTIVE OF THE IARIW: THE EARLY YEARS

This paper, for the anniversary session on Milestones in Measurement, covers the years of the International Association for Research in Income and Wealth (IARIW) through the sixth General Conference in 1959. The first section of the paper describes the setting in which the Association was established and attempts to give a sense of the early years by identifying the people who were active in the Association and the topics that were being discussed. The second section identifies four milestones among the papers published in Income and Wealth , the volumes that brought together a selection of the papers from the General Conferences of this early period.     

发现当代艺术?(下)——上海当代艺术博览会讲座系列

此次专题承接第10期上海当代艺术博览会讲座系列,继续发表来自古奥德莫克·美迪那,玛莎·罗斯勒,卢迎华,彦·沃尔沃特以及汉斯·乌尔里希·奥布里斯特四位批评家的文章。四篇文章分别从不同的侧面继续了关于当代性的讨论。古奥德莫克·美迪那以论纲的形式,从不同方面列举了当代艺术发展中的十一个特性;玛莎·罗斯勒以美国当代艺术发展的状况为例,探讨了当代艺术何以仍然具有政治批判性及社会批判性;而卢迎华则从回顾关于中国当代艺术本土化的讨论出发,特别引用了栗宪庭与费大为的通信,表达了对于中国当代艺术在未来的发展中必须确立自身原则,积极主动的诉求;彦·沃尔沃特则以某种类似自白的方式,略带意识流的手法表达了自己关于当代的惶然与期待;汉斯·奥布里斯特用独特的碎片形式,向我们展示了他近期关于创新及双/三年展的思考。     

The Ethical Issues Confronting Managers in the Sport Industry

The sport industry is an extremely diverse industry, including segments such as professional sport, intercollegiate athletics, health and fitness, recreational sport and facility management. The industry is currently experiencing rapid growth and development, and as it grows, sport managers in the different segments encounter ethical issues which are often unique to each segment. This article examines the professional sport, intercollegiate athletics, health and fitness, recreational sport and facility management segments of the sport industry and discusses the various ethical issues facing managers in each of these segments.     

The MultiJurisdictional Disclosure System: Model for Future Cooperation?

This study investigates whether the MultiJurisdictional Disclosure System (MJDS) was successful in meeting its stated objectives, namely, facilitating cross-border offerings and reporting by Canadian firms. The MJDS is a bilateral agreement implemented in July 1991 between Canadian and US market regulators. It is hypothesized that facilitating crossborder offerings via the MJDS will lead to an increase in the number of US listings by Canadian firms and reduced costs of US listing for extant Canadian listers. Data evaluated include changes in US exchange listings from 1987 to 1995 and questionnaires to two subgroups of Canadian firms: (1) the population of Canadian firms listing their securities in US and Canadian markets and (2) a sample of Canadian firms listing only on Canadian exchanges. We conclude that for most Canadian firms, the MJDS provides no significant benefit. Further, few firms reported that the MJDS affected their decision to list in the United States. Our results suggest that the MJDS has not, overall, provided the benefits originally envisioned under it, and we question whether it is an appropriate model for future cooperation between national regulatory groups.     

Research Note: A Comparison of the Financial Characteristics of U.S. and Japanese Electronics Firms

The growing U.S. trade deficit with Japan has provided the motivation for a number of comparative studies of U.S. and Japanese business firms in recent years. In this study, the financial characteristics of U.S. and Japanese electronics firms are compared using multivariate analysis of variance (MANOVA) method. The findings indicate that the financial characteristics of U.S. and Japanese electronics firms are significantly different.