We study recent changes in the geographic distances between small businesses and their bank lenders, using a large random sample of loans guaranteed by the Small Business Administration. Consistent with extant research, we find that small borrower-lender distances generally increased between...

This paper reviews estimators for multiple regime selection models, which include the standard urban bid-rent model as a special case. Ellickson's (4) probabilistic bid-rent model imposes a restrictive selection process, while existing two- stage multiple regime estimators assume an error...

We use a semiparametric estimator to analyze the relationship between land values and parcel size in a sample of 158 undeveloped parcels in the Portland, Oregon metropolitan area. The semiparametric estimator combines the benefits of parametric and nonparametric estimation. The value-size...

Locally weighted regression estimates are presented for Chicago using data from 1836 to 1990. The results demonstrate that nonparametric estimators are useful for hypothesis testing as well as prediction. Estimated regression surfaces for 1836-1928 demonstrate that the monocentric city model...

This article is a theoretical examination of optimal financial leverage for real estate investment in the presence of uncertainty. The main results is to show that uncertainty creates the possibility that a borrower will default on a real estate loan, and that this possibility is the underlying...

This study examines suburban real estate developments in the industrial, commercial, and residential sectors for metropolitan Chicago that were completed in 1990-1996. Industrial and commercial developments follow expected patterns in that, for example, they were attracted to locations nearer to...