Listed below are working papers completed by the Department of Real Estate faculty.

Some of the working papers are downloadable. However, if the papers are not downloadable on the website below, you should contact the author directly as some of the faculty are no longer at the University of Wisconsin-Madison. Contact Lee Gottschalk if you have additional questions.

2009

(09-04) Morris Davis, Sean Campbell, Joshua Gallin, and Robert F. Martin, What Moves Housing Markets? A Trend and Variance Decomposition of the Rent-Price Ratio. June 2009.

(09-03) Morris Davis and François Ortalo-Magné, Household Expenditures, Wages, Rents. June 2009.

(09-02) François Ortalo-Magné and Andrea Prat, Spatial Asset Pricing: a First Step. June 2009.

(09-01) Morris Davis and Robert F. Martin, Housing, Home Production, and the Equity and Value Premium Puzzles. April 2009.

2008

(08-02) François Ortalo-Magné, Igal Hendel and Aviv Nevo, The Relative Performance of Real Estate Marketing Platforms: MLS versus FSBOMadison.com. Forthcoming.

(08-01) Morris Davis, The Price and Quantity of Land by Legal Form of Organization in the United States. December 2008.

2007

(07-05) Morris Davis, Andreas Lehnert, and Robert F. Martin, The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing. December 2007.

(07-04) Morris Davis, François Ortalo-Magné and Peter Rupert, What's Really Happening in Housing Markets? July 2007.

(07-03) Morris Davis and Jonathan Heathcote, The Price and Quantity of Residential Land in the United States. June 2007.

(07-02) Morris Davis and Michael Palumbo, The Price of Residential Land in Large U.S. Cities. February 2007.

(07-01) François Ortalo-Magné and Andrea Prat, The Political Economy of Housing Supply. January 2007.

2006

(06-04) Morris Davis, Sean Campbell, Joshua Gallin, and Robert F. Martin, What Moves Housing Markets? A Trend and Variance Decomposition of the Rent-Price Ratio. April 2006.

(06-03) Morris Davis, The Insurance, Health, and Savings Decisions of Elderly Women Living Alone. March 2006.

(06-02) Morris Davis and Michael Palumbo, The Price of Residential Land in Large U.S. Cities. February 2006.

(06-01) Morris Davis and Robert F. Martin, Housing, House Prices, and the Equity Premium Puzzle. February 2006.

2005

(05-03) David T. Brown, Brian A. Ciochetti, and Timothy J. Riddiough, Theory and Evidence on the Resolution of Financial Distress. October 2005.

(05-02) Morris Davis and Jonathan Heathcote, The Price and Quantity of Residential Land in the United States. October 2005.

(05-01) Morris Davis, Andreas Lehnert, and Robert F. Martin, The Rent-Price Ratio for the Aggregate Stock of Owner-Occupied Housing. June 2006.

2004

(04-11) Yuichiro Kawaguchi, J. Sa-Aadu, James D. Shilling, Return Premium to REIT Leverage. December 2004.

(04-10) Steven Ott, Timothy Riddiough, and Ha-Chin Yi, Finance, Investment, and Investment Performance: Evidence From the REIT Sector. October 2004.

(04-09) James D. Shilling, International Differences in Homeowner Borrowing Costs. September 2004.

(04-08) Timothy Riddiough, Seven Reasons Why Real Estate Prices Will Hold Up for Now But Five More Reasons Why You Should Sit Up Straight and Pay Close Attention. Cover article in the September issue of the Pension Real Estate Association (PREA) Magazine.

(04-07) François Ortalo-Magné and Antonio Merlo, Bargaining over Residential Real Estate: Evidence from England, Revised September 2004. Printed in the September 2004 issue of the Journal of Urban Economics, 56: 192-216.

(04-06) Brian Ciochetti and James D. Shilling, Loss Recoveries, Realized Excess Returns and Credit Rationing in the Commercial Mortgage Market. Revised August 2004.

(04-05) Timothy Riddiough, Optimal Capital Structure and The Market for Outside Finance in Commercial Real Estate, August 2004.

(04-04) Jie Gan and Timothy Riddiough, Monopoly and Informational Advantage in the Residential Mortgage Market, July 2004.

(04-03) David Brown, Brian Ciochetti, and Timothy Riddiough, Theory and Evidence on the Resolution of Financial Distress, May 2004.

(04-02) Steven Ott, Timothy Riddiough, and Ha-Chin Yi, Cost of Capital, Investment, and Investment Performance: Evidence from Commercial Real Estate, March 2004.

(04-01) Barry Goodwin, Ashok Mishra, and Francois Ortalo-Magne, Landowners' Riches: The Distribution of Agricultural Subsidies, February 2004.

2003

(03-11) Morris Davis and E. Michael Foster, A Stochastic Dynamic Model of the Mental Health of Children. January 2003

(03-10) Morris Davis and Jonathan Heathcote, Housing and the Business Cycle. November 2003.

(03-09) James D. Shilling, Is There a Risk Premium Puzzle in Real Estate?

(03-08) Stephen Malpezzi, Kiat-Ying Seah and James D. Shilling, Is It What We Do, or How We Do It? New Evidence on Agglomeration Economies and Metropolitan Growth.

(03-07) Richard K. Green, A Note on Airports and Economic Development

(03-06) Richard K. Green, Home Ownership and the Duration of Unemployment: A Test of the Oswald Hypothesis

(03-05) Alain Bertraud and Stephen Malpezzi, The Spatial Distribution of Population in 48 World Cities: Implications for Economies in Transition

(03-04) Michael LaCour-Little and Richard Green, Parameter Stability and the Valuation of Mortgages

(03-03) Bengt Turner and Stephen Malpezzi, A Review of Empirical Evidence on the Costs and Benefits of Rent Control

(03-02) Tim Riddiough and Jie Gan, Piercing (and then Papering Over) the Veil of Ignorance: GSE Monopoly and Information Advantage in the Market for Residential Mortgages (Recent working paper on disclosure incentives with Fannie Mae and Freddie Mac)

(03-01)David Brown, Brian Ciochetti and Tim Riddiough, Theory and Evidence on the Resolution of Financial Distress

2002

(02-13) Gregory H. Chun, J. Sa-Aadu, James D. Shilling, The Role of Real Estate in an Institutional Investor's Portfolio Revisited. May 2002.

(02-12) Hoon Cho, Yuichiro Kawaguchi and James D. Shilling, Unsmoothing Commercial Property Returns: A Revision to Fisher-Geltner-Webb's Unsmoothing Methodology. July 2002.

(02-11) Stephen Malpezzi and Kerry Vandell, Does the Low Income Housing Tax Credit Program Increase the Supply of Housing? October 2002

(02-10) Richard Green, Stephen Malpezzi and Kiat-Ying Seah, Low-Income Housing Tax Credit Housing Developments and Property Values, June 2002.

(02-09) Stephen Malpezzi and Susan Wachter, The Role of Speculation in Real Estate Cycles, June 2002.

(02-08) Stephen Malpezzi, Local Economic Development and Its Finance: An Introduction, April, 2002.

(02-07) Stephen Malpezzi, Hedonic Pricing Models: A Selective and Applied Review, April, 2002.

(02-06) François Ortalo-Magné and Sven Rady,Homeownership: Volatile Housing Prices, Low Labor Mobility and High Income Dispersion, June 24, 2002.

(02-05) François Ortalo-Magné and Matteo Iacoviello, Hedging Housing Risk in London, June 24, 2002.

(02-04) James D. Shilling, The Price Elasticity of Demand for REIT Stocks. June 2004.

(02-03) François Ortalo-Magné and Antonio Merlo, Bargaining over Residential Real Estate: Evidence from England, May 2002.

(02-02) François Ortalo-Magné and Sven Rady, Housing Market Dynamics: On the Contribution of Income Shocks and Credit Constraints, March 2002.

(02-01) Brian A. Ciochetti, Timothy M. Craft and James D. Shilling, Institutional Investors' Preferences for REIT Stocks. Revised February 2002.

2001

(01-17) Morris Davis and Michael Palumbo, A Primer on the Economic and Time Series Econometrics of Wealth Effects. January 2001.

(01-16) J. Sa-Aadu and James D. Shilling, Dividend Policy, Payout Ratios and REIT Value. March 2001.

(01-15) Brian A. Ciochetti, Gail Lee, James D. Shilling, and Rui Yao, A Proportional Hazards Model of Commercial Mortgage Default with Originator Bias.

(01-14) J. Sa-Aadu and James D. Shilling, Dividend Policy, Capital Gain Realizations and REIT Value. December 2001.

(01-13) Richard Green, Can We Explain the Santa Clara County Housing Market?, 2001.

(01-12) Michael LaCour-Little and Stephen Malpezzi, Gated Communities and Property Values. Revised, June 2001.

(01-11) Richard Green and Kerry Vandell, The Impact of Technology on the Internet on Commercial Real Estate, 2001.

(01-09) James D. Shilling, Kerry D. Vandell, Ruslan Koesman, and Zhenguo Lin, How Tax Credit Have Affected the Rehabilitation of the Boston Office Market. Revised July 2001.

(01-08) Timothy Riddiough, Unsecured Debt Issuance and Financial Policy of Real Estate Investment Trusts, July 2001.

(01-07) Timothy Riddiough, Paul Childs, and Steven Ott, Noise, Real Estate Markets, and Options on Real Assets: Theory*, April 2001

(01-06) Timothy Riddiough, Paul Childs, and Steven Ott, Noise, Real Estate Markets, and Options on Real Assets: Applications, April 2001.

(01-05) Ricardo Sabates (Land Tenure Center, UW-Madison), The Dynamics of U.S. GDP and Investment Sub-Components, Part 1; Part 2, August 2001.

(01-04) Stephen Malpezzi, NIMBYs and Knowledge: Urban Regulation and the "New Economy", August 2001.

(01-03) Alain Bertraud and Stephen Malpezzi, The Spatial Distribution of Population in 35 World Cities: The Role of Markets, Planning, and Topography, Part 1; Part 2; Revised, February 2001.

(01-02) Stephen Malpezzi, Tales from the Real Side: The Implications of Urban Research for Real Estate Finance in Developing and Transition Economies, December 2000.

(01-01) Yuming Fu and Stephen Ching, Examining Competition in Land Market: An Application of Event Study to Land Auctions in Hong Kong, February 2001.

2000

(00-11) Sa-Aadu, Jarjisu, James D. Shilling and Ashish Tiwari, Diversifying into Real Estate: It's a Good Thing!, (Part 2), September 2000.

(00-10) Craft, Timothy M. and James D. Shilling, Real Estate Finance in the Midst of Change, (Part 2), July 2000.

(00-09) Vandell, Kerry D. and Charles C. Carter, Store Location in Shopping Centers: Theory & Estimates, July 2000.

(00-08) Malpezzi, Stephen, What Should State and Local Governments Do? A Few Principles, July 2000.

(00-07) Malpezzi, Stephen, The Contributions of Stephen K. Mayo to Housing and Urban Economics, June 2000.

(00-06) Fu, Yuming, David K. Tse and Nan Zhou, Housing Choice Behavior of Urban Workers in China's Transition to a Housing Market., Journal of Urban Economics 47, 61-87, June 2000.

(00-05) Ciochetti, Brian A., Timothy M. Craft and James D. Shilling, Institutional Investors and REIT Equity Prices, (Part 2), December 1999, revised June 2000.

(00-04) Vandell, Kerry D., Multifamily Finance: A Pathway to Housing Goals, a Bridge to Commercial Mortgage Market Efficiency, May 2000.

(00-03) Fu, Yuming and Lilian K Ng, Market Efficiency and Return Statistics: Evidence from Real Estate and stock Markets Using a Present-Value Approach, April 2000.

(00-02) Fu, Yuming, Hong Kong: Overcoming Financial Risks of Growing Real Estate Credit, April 2000.

(00-01) Ciochetti, Brian A., and James D. Shilling, Risk Taking by University Endowment Funds, (Part 2), February 2000.

1999

(99-17) Chun, Gregory H., J. Sa-Aadu and James D. Shilling, Dividend Yields and Expected Property lStock Returns, (Part 2), December 1999.

(99-16) Green, Richard K., Stephen Malpezzi and Stephen K. Mayo, Metropolitan-Specific Estimates of the Price Elasticity of Supply of Housing, and Their Sources., December 1999.

(99-15) Green, Richard K. and Patric H. Hendershott, Home Ownership and Unemployment in the U.S., December 1999.

(99-14) Vandell, Kerry D. and Stephen Mapezzi, Farmland Reality: Facts and Figures, November 1999.

(99-13) Green, Richard K., The Aging of the Baby Boom and the Future of Retail Sale, October 1999. [Very preliminary. Do not cite without author's permission.]

(99-12) Ciochetti, Brian A. and James D. Shilling, Default Losses and Commercial Mortgages, (Part 2), October 1999.

(99-11) Chun, Gregory H., Mark J. Eppli and James D. Shilling, A simulation Analysis of the Relationship Between Retail Sales and Shopping Center Rents, (Part 2), April 1998, revised October 1999.

(99-10) Yuming, Fu and C. Tsuriel Somerville, Endogenous Land Use Regulations: Local Fiscal Federalism, Inter-government Negotiations, and Density Restrictions in Shanghai's Emerging Land Market, September 1999.

(99-09) Green, Richard K., Stock Prices and House Prices in California: New Evidence of a Wealth Effect? A Note, September 1999.

(99-08) Green, Richard K., Nine Causes of Sprawl, July 1999.

(99-07) Malpezzi, Stephen, The Regulation of Urban Development: Lessons From International Experience, July 1999. Part 1; Part 2; Part 3; Part 4; Part 5.

(99-06) Malpezzi, Stephen, Estimates of the Measurement and Determinants of Urban Sprawl in U.S. Metropolitan Areas, June 1999. Part 1; Part 2.

(99-05) Chun, Gregory H., Brian A. Ciochetti, and James D. Shilling, Pension Plan Real Estate Investment in an Asset/Liability Framework, April 1999.

(99-04) Chun, Gregory H., Mark J. Eppli and James D. Shilling, Testing Between Competing Models of Percentage Retail Leases, Revised March 1999 (April 1997.)

(99-03) Vandell, Kerry D., The Mortgage REITs: Dynamos or Duds?, January 1999.

(99-02) Malpezzi, Stephen, The Market for Golf, January 1999. Part 1; Part 2.

(99-01) Malpezzi, Stephen, The Greatest Real Estate Movies of All Time, January 1999. Revised version published in Illinois Real Estate Letter, Winter 1999

1998

(98-12) Malpezzi, Stephen, Housing Finance Subsidies in Mexico with Special Reference to the Prosavi Program, December 1998. Part 1; Part 2.

(98-11) Malpezzi, Stephen, A Simple Error Correction Model of House Prices, September 1998.

(98-10) Malpezzi, Stephen, James D. Shilling and Yu-Yun Yang, The Stock of Private Real Estate Capital in U.S. Metropolitan Areas: Measurement and Determinants, July 1998.

(98-09) Malpezzi, Stephen and James D. Shilling, The Ideal Real Estate Portfolio?, July 1998.

(98-08) Green, Richard K., and Kerry D. Vandell, Optimal Asking Price and Bid Acceptance Strategies for Residential Sales (Revised), July 1998.

(98-07) Ciochetti, Brian A., Nino Pedrelli, and James D. Shilling, A Comparison of Real Estate Asset Allocations in Union and Corporate-Sponsored Defined Benefit Pension Plans, June 1998.

(98-06) Vandell, Kerry D., Strategic Management of the Apartment Business in a Big REIT World, May 1998.

(98-05) Chun, Gregory H., Mark J. Eppli, and James D. Shilling, Why Retail Sales Per Square Foot Are Declining and Rent Per Square Foot in the Aggregate Is Increasing?: A Comment, April 1998.

(98-04) Chun, Gregory H., and James D. Shilling, Real Estate Asset Allocations and International Real Estate Markets, April 1998.

(98-03) Connolly, Patrick, and Kerry D. Vandell, Analysis of Real Estate Market Dynamics in the Kickapoo River Valley, March 1998. Download in five parts: Part 1; Part 2; Part 3; Part 4; Part 5.

(98-02) Dhillon, Upinder S., J. Sa-Aadu, and James D. Shilling, A Re-examination of REIT Security Offerings, January 1998.

(98-01) Green, Richard K. and Michael LaCour-Little, The Truth About Ostriches: Who Never Prepays their Mortgage and Why They Don't, January 1998.

1997

(97-01) Shilling, James D., Isaac F. Megbolugbe, J. Sa-Aadu, Surprise! Female-Headed Elderly Households Are Constrained by Liquidity, February 1997

(97-02) Shilling, James D., Mark J. Eppli and Gregory H. Chun, Percentage Retail Leases and FASB’s Off- Balance-Sheet Financing Standards, April 1997

(97-03) Malpezzi, Stephen, and Deniz Baharoglu and Lawrence M. Hannah, Getting Housing Incentives Right in Turkey, May 1997

(97-04) Green, Richard K., Land Use Regulation and the Price of Housing in a Suburban Wisconsin County, September 1997

(97-05) Green, Richard K., Dennis R. Capozza and Patric H. Hendershott, Income Taxes and House Prices, October 1997

(97-06) Shilling, James D., and Greg Chun, Institutional Investors and the Lack of Real Estate Diversification, October 1997

(97-07) Shilling, James D., and Brian A. Ciochetti and J. Sa-Aadu, Determinants of Real Estate Asset Allocations in Private and Public Pension Plans, November 1997

(97-08) Malpezzi, Stephen, Housing Market Research and a Living Standards Measurement Study, November 1997

(97-09) Fu, Qiang, Michael Lacour-Little, and Kerry D. Vandell, Retiring Early: an Empirical Analysis of the Mortgage Curtailment Decision, December 1997.

(97-10) Kerry D. Vandell, Robert Weaver’s Contributions to Housing and Municipal Finance, December 1997.

1996

(96-15) Vandell, Kerry D., Toward a More Comprehensive View of Environmental Justice Issues Using a Cost-Benefit Framework, December 1996

(96-14) Vandell, Kerry D., Improving Secondary Markets in Rural America, December 1996

(96-13) Shilling, James D., John D. Benjamin and Kenneth M. Lusht, What Do Rental Contracts Reveal About Adverse Selection and Moral Hazard in Rental Housing Markets?, October 1996.

(96-12) Shilling, James D., and Stephen Malpezzi, Institutional Investors Tilt Their Real Estate Holdings Toward Quality, Too, August 1996.

(96-11) Malpezzi, Stephen, Economic Analysis of Housing Markets in Developing and Transition Economies. June 1996

(96-10) Green, Richard K., and Kerry D. Vandell, Giving Households Credit: How Changes in the Tax Code Could Promote Homeownership. October 1996.

(96-09) Green, Richard K., and Patric H. Hendershott, Age, Housing Demand, and Real House Prices. August 1995.

(96-08) Shilling, James D., Economic Forces Shaping Investment in Office Markets. March 1996.

(96-07) Malpezzi, Stephen, Gregory Chun and Richard Green, New Place to Place Housing Price Indexes for U.S. Metropolitan Areas, and Their Determinants: An Application of Housing Indicators. March 1996

(96-06) Green, Richard K., Patric H. Hendershott and Dennis R. Capozza, Taxes, Mortgage Borrowing and House Prices. March 1996.

(96-05) Green, Richard K., Follow the Leader: How Changes In Residential and Non-Residential Investment Predict Changes in GDP. March 1996.

(96-04) Eppli, Mark J., James D. Shilling, and Kerry D. Vandell, What Moves Appraisal-Based Real Estate Returns at the Metropolitan Level? March 1996.

(96-03) Eppli, Mark J. and James D. Shilling, How Critical is a Good Location to a Regional Shopping Center? March 1996.

(96-02). Megbolugbe, Isaac F., J. Sa-Aadu, and James D. Shilling, Oh Yes, They Will Reduce Housing Equity Under the Right Circumstances. February 1996.

(96-01).Green, Richard K., Dean H. Gatzlaff and David C. Ling, Revisiting Cross-Tenure Differences in Home Maintenance and Conditions. January 1996.

1995

(95-16) Malpezzi, Stephen and Richard K. Green, What's Happened to the Bottom of the Housing Market? September 1995.

(95-15) Malpezzi, Stephen, and Kerry D. Vandell, Enhancing the Effectiveness of the Low-Income Housing Tax Credit Program. September 1995.

(95-14) Green, Richard, and Michael LaCour-Little, Is There Bias in Residential Appraisal? September 1995.

(95-13) Shilling, James D., Rival Interpretations of Option-Theoretic Models of Commercial Mortgage Pricing. August 1995.

(95-12) Koesman, Ruslan, James D. Shilling, and Kerry D. Vandell, How Effective is the Rehabilitation Tax Credit? The Case of Boston. August 1995.

(95-11) Green, Richard K. and Kerry D. Vandell, Increasing Homeownership Opportunities through Modification of the IRS Rules Affecting Owner-Occupied Housing. August 1995.

(95-10) Vandell, Kerry D., Business versus Real Estate Value in Shopping Mall Valuation: A Critical Examination. June 1995.

(95-09) Vandell, Kerry D., FHA Restructuring Proposals: Alternatives and Implications. May 1995.

(95-08) Vandell, Kerry D., and Richard K. Green, Optimal Asking Price and Bid Acceptance Strategies for Residential Sales. April 1995.

(95-07) Shilling, James D. and Richard K. Green, Loan Loss and Time-to-Disposition in the Market for Distressed Single Family Properties. April 1995.

(95-06) Green, Richard K., Should the Stagnant Homeownership Rate be a Source of Concern? April 1995.

(95-05) Malpezzi, Stephen and Stephen K. Mayo, Getting the Incentives Right: Land Regulation, Taxation, Subsidies and the Elasticity of Supply of Housing in Malaysia. Revised, March 1995.

(95-04) Malpezzi, Stephen. Rental Housing Markets and Policies in the United States. Revised, March 1995. Forthcoming in Duncan Maclennan, Rental Housing Markets: International Comparisons (Avebury Press).

(95-03) Bertaud, Alain and Stephen Malpezzi. Measuring the Costs and Benefits of Urban Land Use Regulation: A Simple Model with an Application to Malaysia. Revised, March 1995.

(95-02) Shilling, James D., Isaac F. Megbolugbe and J.Sa-Aadu, Who Never Trades Down? An Empirical Analysis of Elderly Housing Behavior. January 1995.

(95-01) Malpezzi, Stephen, Appraisal Quality and Residential Mortgage Default. January 1995.

1994

(94-20) Shilling, James D., J. Sa-Aadu and George Wang, The Cost of Having Less than Fully Integrated Commercial Mortgage Markets During the 1980’s. November 1994.

(94-19) Shilling, James D., John Benjamin and Kenneth Lusht, Liquidity Constrained Rental Households, and the Pricing of Rental Housing Contracts. November 1994.

(94-18) Malpezzi, Stephen, Modeling Multifamily Residential Construction: Finding and Explaining "Underbuilt" Markets. Revised, November 1994.

(94-17) Malpezzi, Stephen and Duncan Maclennan. The Price Elasticity of Supply of New Housing in the U.S. and the United Kingdom. September 1994.

(94-16) Shilling, James D., Taxes and the Capital Structure of Partnerships, REIT’s, and Other Related Entities. July 1994.

(94-15) Vandell, Kerry D., Commercial Mortgage Default: Its Causes and Cures. June 1994

(94-14) Shilling James D., The Disposition of Troubled Construction Projects. June 1994.

(94-13) Shilling James D., and Mark J. Eppli, Retail Compatibility in Regional Shopping Centers. June 1994.

(94-12) Green, Richard K., Is the United States Harmed by Overinvesting in Housing? June 1994.

(94-11) Vandell Kerry D., Market Factors Affecting Spacial Heterogeneity Among Urban Neighborhoods. May 1994.

(94-10) Malpezzi, Stephen, Wisconsin Metropolitan Housing Markets: Some Simple Comparisons to Other Metro Areas. May 1994.

(94-09) Green, Richard, Walter Barnes, and Stephen Malpezzi, Developing Confidence Intervals for Office Market Forecasts. May 1994.

(94-08) Malpezzi, Stephen, Housing Prices, Externalities, and Regulation in U.S. Metropolitan Areas. Revised March 1994.

(94-07) Malpezzi, Stephen, and Stephen K. Mayo, A Model Design for a Developing Country Housing Market Study. February 1994.

(94-06) Malpezzi, Stephen, Two Stylized Housing Questionnaires. February 1994.

(94-05) Green, Richard K., and Michelle J. White, Measuring the Benefits of Homeowning: Effects on Children. February 1994.

(94-04) Vandell, Kerry D., How Ruthless is Mortgage Default? Prepared under contract with Fannie Mae, January 1994.

(94-03) Malpezzi, Stephen, "Getting the Incentives Right:" A Reply to Robert-Jan Baken and Jan Van Der Linden. January 1994.

(94-02) Malpezzi, Stephen, Welfare Analysis of Rent Control with Side Payments: A Natural Experiment in Cairo, Egypt. January 1994.

(94-01) Green, Richard K., and James D. Shilling, Empirical Analysis of the Influence of Below-Market Initial Interest Rates on Adjustable-Rate Mortgages. January 1994.

1993

(93-09) Sa-Aadu, Jarjisu, James D. Shilling, and George Wang, Modeling Dynamic Relationships Between Mortgage and Capital Markets. December 1993.

(93-08) Sa-Aadu, Jarjisu, James D. Shilling, and George Wand, An Examination of the Behavior of Mortgage Interest Rates. July 1993.

(93-07) Vandell, Kerry D., and Timothy J. Riddiough. The Economics of Architecture: An Updated Look at the Boston Office Market and an Examination of the "Flight to Quality" Hypothesis. December 1993.

(93-06) Malpezzi, Stephen, and J. Sa-Aadu. Rethinking African Housing Policy During a Period of Structural Adjustment. August 1993.

(93-05) Shilling, James D.,and Mark J. Eppli. Large-Scale Shopping Center Development Opportunities. July 1993.

(93-04) Malpezzi, Stephen. Can New York and Los Angeles Learn from Kumasi and Bangalore? A Comparison of Costs and Benefits of Rent Control. July 1993.

(93-03) Shilling, James D., and C.F. Sirmans. The Evaluation of Pass-through Mortgage-Backed Securities. May 1993.

(93-02) Shilling, James D., and A. Quang Do. The Cost of Home Mortgage Credit During the 1980s. March 1993.

(93-01) Green, Richard, Stephen Malpezzi, and Kerry Vandell. Urban Regulations and the Price of Land and Housing in Korea. February 1993.

1992

(92-08) Green, Richard K., and Patric Hendershott. Demographic Factors and Real House Prices. December 1992.

(92-07) Malpezzi, Stephen. Urban Housing Markets and Policy: International Lessons for Vietnam. November 1992.

(92-06) Vandell, Kerry D., Walter Barnes, James D. Shilling, and Richard K. Green. Toward a Secondary Commercial Mortgage Market: Standardization and Credit Risk Evaluation Issues. September 1992.

(92-05) Shilling, James D. Measurement Error in FRC/NCREIF Returns on Real Estate. August 1992.

(92-04) Malpezzi, Stephen, and Gwendolyn Ball. Measuring the Urban Policy Environment: An Exploratory Analysis Using Rent Controls. June 1992.

(92-03) Malpezzi, Stephen, and Gwendolyn Ball. Cross Country Comparisons of Rent Controls andMarket Outcomes: An Exploratory Analysis. June 1992.

(92-02) Vandell, Kerry D., and Charles C. Carter. Retail Store Location and Market Analysis: A Review of the Research. January 1992.

(92-01) Vandell, Kerry D., Walter Barnes, and Eric T. Sondergeld. A Contingent Claims Model of Commercial Mortgages Utilizing an Estimated Default Function. January 1992.

1991

(91-04) Green, Richard K., John S. Howe, and James D. Shilling. Evaluating the Performance of GNMA Mutual Funds. December 1991

(91-03) Vandell, Kerry D. Business versus Real Estate Value in Shopping Mall Valuation: A Critical Examination. October 1991.

(91-02) Green, Richard K., and James D. Shilling. Do Teaser-Rate Adjustable-Rate Mortgages Make Owner Occupied Housing More Affordable? October 1991.

(91-01) Vandell, Kerry D., Walter Barnes, David Hartzell, Dennis Kraft, and William Wendt. Commercial Mortgage Defaults: Proportional Hazards Estimation Using Disaggregate Pooled Data. February 1991.