ESTIMATING THE EFFECTS OF BROWNFIELDS AND BROWNFIELD REMEDIATION ON PROPERTY VALUES IN A NEW SOUTH CITY

Using data from Charlotte, NC, a New South city without a legacy of heavily contaminated properties, we find the distance from unremediated brownfields—typically former industrial properties believed to have modest contamination—to have no effect on residential sales values, but proposed cleanup and actual remediation have positive, substantial, and significant effects especially within 0.5 miles of the brownfield. Our results are consistent whether we examine all property values within a given distance, such as 0.5 miles, or examine discrete distances, such as 0.3–0.5 miles. An estimate of the benefits is on the order of $4 million. (JEL Q51, Q24, Q28, R52)     

Model-based control charts in phase 1 statistical process control

In this paper, a general method of constructing control charts for preliminary analysis of individual observations is presented, which is based on recursive score residuals. A simulation study shows that certain implementations of these charts are highly effective in detecting assignable causes.     

Between a cap and a higher price: Modelling the price of dairy quotas under price ceiling legislation

This paper considers various policy alternatives to price ceiling legislation in the market for production quotas in the dairy farming sector in Quebec. I develop a model of farmers’ demand for quotas and estimate a structural parameter that is required for the counterfactual experiments. Using my econometric results and the modelled equilibrium price, I estimate the price of dairy quotas over the period 1993–2011. The counterfactual experiments indicate that the price of quotas could be reduced to the ceiling price through a 4.16% expansion of the aggregate supply of quotas, or through moderate trade liberalization of Canadian dairy products.     

Modelling public expenditure: empirical evidence from five countries

This artice considers the trends in the public expenditure/GDP ratio over the last 28 years or so, in five countries: Cyprus, France, Greece, the UK and the USA. An empirical investigation incorporating both economic and political variables is conducted into the observed pattern of the ratio for the five countries. Our results suggest that whilst some of the host of factors advanced as explanations for the size and growth of the public sector exert a significant influence, the ‘relative price effect’ tends to dominate. The results also suggest strongly that the notable short-run fluctuations in the ratio are explained in terms of political displacement effects and economic crises considerations. Moreover, the contrasting political and economic climates of the countries in question serve to help highlight the role which political cultures play in the determination of public expenditure.     

Creatine and entrepreneurship

Creatine is a nitrogenous organic acid which supplies energy to body cells and enhances physical performance. Using the Young Finns Study combined with the Finnish Linked employer-employee data we show that quantities of creatine measured in 1980 prior to labour market entry affect entrepreneurial success as measured by capital income accumulation over the period 1993–2010 (in particular for females). However, we do not find evidence that creatine affects the propensity to become an entrepreneur. Our study contributes to the emerging literature on biomarkers and entrepreneurship.     

刘小东:时间的证据

今年早些时候,《纽约时报》艺术评论家罗伯塔?史密斯写了篇长文章,指出美国许多美术馆明显偏好后极少主义,是一种视野极端狭窄的表现。这篇极富争议性的文章敦促策展人提高思想独立性,跳出观念艺术一统天下的模式看作品。读完文章,我发现她说得很对,西方不少美术馆在决定哪些作品可以进入当代艺术圣殿上的确存在趣味专制。刘小东的作品就很能说明这个问题。我放下报纸开始想,自己是不是应该站出来向我的纽约同事们为刘小东的绘画、思考以及历史意义正名。于是便有了本文。     

Does insider trading explain price run‐up ahead of takeover announcements?

This study empirically examines the impact of changes in substantial shareholdings ahead of 450 Australian takeover offers between the years 2000 and 2009. Previous studies have attributed a significant proportion of the price run‐up effect in takeover targets to insider‐trading behaviour. This study examines the contribution of a broad range of public information sources that are known to typically generate market anticipation, including the acquisition of toeholds ahead of takeover announcements. Our findings show no significant pre‐bid run‐up for takeover targets after considering these sources. We conclude from these results that previous findings attributing pre‐bid share price run‐up to illegal insider trading may overstate the existence of such conduct.