This paper highlights the role of takeover defenses in the acquisition process. If managerial defensive effort is fixed, the unregulated level of takeover activity is lower than socially desirable since shareholders regard the financial incentives given to raiders to stimulate takeover activity...

This paper characterizes a property tax system (linear taxes on pre-development land value, post-development structure value, and post-development site value) that is neutral with respect to the timing and density of land development and expropriates a prespecified proportion of value

A Companion to Urban Economics -- Contents -- List of Figures -- List of Tables -- Notes on Contributors -- Preface -- PART I URBANIZATION -- 1 The Micro-Empirics of Agglomeration Economies -- 2 Human Capital Externalities in Cities: Identification and Policy Issues -- 3 The First Cities -- 4...

Many people believe that prevailing commission rates for residential real estate brokers are quot;too highquot; but do not offer a formal model. This paper presents a general equilibrium model of the housing market in which real estate brokers serve as matching intermediaries. We use this model...

This paper presents a filtering model of the housing market which is similar to Sweeney's (1974 b), except that the maintenance technology is such that housing can be maintained at a constant quality level as well as downgraded, and population at each income level grows continuously over time....

Affordable housing and a manageable commute are central to the well-being of Calgarians. Yet among larger Canadian metropolitan areas today, Calgary already has close to the most expensive housing, and the average journey-to-work time, close to 30 minutes, is as high today as it was in Los...

Existing theory suggests that, in an unregulated market for corporate control, the level of takeovers is suboptimal because shareholders do not receive the full benefit from them. However, existing theory neglects that the threat of takeover may divert managerial effort from productive to...

This paper explores the relationship between aggregate land rents and aggregate transport costs for land markets in which locations differ solely in terms of accessibility. That there exists a relationship between land rents and transport costs has been recognized at least since the time of von...

This paper develops the basic analytics of moral hazard, for the two-outcome case where either a fixed damage accident occurs or it does not. The analysis focuses on the relationship between the insurance premium paid and the insurance benefits received in the event of an accident, and is...