AREUEA – ASSA Conference
Atlanta, GA December 28-30, 1989
(Conference Hotel: Atlanta Marriot Marquis Hotel, AREUEA Hotel: Atlanta Hilton)
AREUEA Schedule at a Glance:
Thursday, December 28
8:00 am—
Mortgage Default Risk
Mortgage Pricing I
Issues in Real Estate Valuation: The George Bloom Session
10:15 am—
The Role of Homeownership in National Housing Policy: A Roundtable Discussion
Academic Journals in Real Estate: An Editorial Roundtable (Doctoral Session)
Mortgage Pricing II
2:30 pm—
Research in REIT Performance
Formal Models of Real Estate Market Behavior
Mortgage Market Analysis: Micro and Macro Perspectives
Friday, December 29
8:00 am—
Rent Control
Corporate Real Estate and Portfolio Issues
Taxes and Housing
Economic Efficiency in Mortgage Markets (joint with AEA)
10:15 am—
Mortgage Pricing III
Location Theory
Hedonic Models
2:30 pm—
Mortgage Origination and Selection Issues
The Pounding of Feet: Migration Within and Between Regions
The Impact of Regulatory Reform on the Mortgage and Housing Markets: A
Roundtable Discussion
Risk and Returns on Real Estate (joint with AFA)
Saturday, December 30
8:00 am—
Zoning and Land Use Regulation
Mortgage Prepayment Risk
Racial Impact of Urban Public Policy in Transportation and Housing (joint with
NEA and URPE)
Quality of Life
10:15 am—
Commercial Real Estate
Housing Market Behavior
Real Estate Investment: Micro and Macro Issues
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AREUEA Schedule at a Glance:
Thursday, December 28
4:15 pm, Atlanta Hilton—
Lisbon, Board Meeting—Invitation Only
Friday, December 29
8:00 am, Atlanta Hilton—
Vienna, Homer Hoyt Institute Breakfast—Invitation Only
12:00 pm, Atlanta Hilton— Crystal Parlor A, B & C, Reception (Cash Bar)
12:45 pm, Atlanta Hilton— Presidential Luncheon—Fee Event
Presiding: Kerry D. Vandell, University of California-Berkeley
Speaker: James Follain, Syracuse University
4:45 pm, Atlanta Hilton—
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Fayette, General Membership Meeting
AREUEA Session Information
Thursday, December 28
8:00 am, Atlanta Hilton—
Fayette, Mortgage Default Risk
Presiding: CHESTER FOSTER, Federal Home Loan Mortgage
Corporation LEON G. SHILTON, Fordham University—Option Valuation
Verification of Commercial Loan Defaults
OSKAR HARMON, University of Connecticut—A Hazard Rate Analysis of
Single-Family Conventional Mortgage Loan Delinquency Payment Patterns
DAVID HARTZELL, University of North Carolina, and KERRY D.
VANDELL, University of Wisconsin-Madison—Termination Experience in
Commercial Mortgages: Theory and Empirical Estimates
SAMUEL BULMASH, University of South Florida—Investigating Lending
Risk, Agency Relations, and Size Effects in the Savings and Loan Industry
Discussants: TERRY BELTON, Discount Corporation of NY Futures
ROBIN GRIEVES, Federal Home Loan Mortgage Corp.
MICHAEL LEE, Imperial Corporation of America
PETER ZORN, Cornell University
8:00 am, Atlanta Hilton—
Newton, Mortgage Pricing I
Presiding: CHESTER SPATT, Carnegie-Mellon University
WAIK. LEUNG and C. F. SIRMANS, Louisiana State University—
Adjustable Rate Mortgage Pricing with Default and Prepayment Options: A
Lattice Approach
MICHAEL C. EHRHARDT and THOMAS P. BOEHM, University of
Tennessee-Knoxville—The Pricing of Reverse Mortgages: Implications for
Financial Institutions and the Secondary Market
J. DOUGLAS GORDON, JAN E. LUYTJES, and JOHN J. FEID, Federal
Home Loan Bank Board—Economic Analysis of Thrifts' Pricing of
Adjustable Rate Mortgages
Discussants: CHESTER SPATT, Carnegie-Mellon University
STEVEN HESTON, Yale University
PETER BOSSAERTS, Carnegie-Mellon University
8:00 am, Atlanta Hilton—
Rockdale, Issues in Real Estate Valuation: George Bloom Session
Presiding: TERRY GRISSOM, Texas A&M University
DOUGLAS S. BIBLE, Louisiana State University-Shreveport, and
TERRENCE M. CLAURETIE, University of Nevada-Las Vegas—A
Comparative Analysis of Appraisers’ Views on Regulation and Certification
JEFFREY FISHER, Indiana University, and WILLIAM N. KINNARD,
Real Estate Counseling Group of Connecticut, Inc.—Separation of Real
Estate and Business Value in the Appraisal of Malls and Department Stores
JOHN D. BENJAMIN, Pennsylvania State University, GLENN W.
BOYLE, C. F. SIRMANS, Louisiana State University—Discriminatory
Pricing of Differentiated Products: The Case of Commercial Real Estate
CRAIG STANLEY, California State University-Sacramento—Factors
Influencing the Change in Multiple Family Residential Property Values:
Evidence from the 1980 Census in Sacramento, California
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Discussants: JAMES VERNOR, Georgia State University
MIKE ROBBINS, University of Wisconsin-Madison
JULIAN DIAZ, Georgia College
RAY PERRYMAN, Baylor University
10:15 am, Atlanta Hilton—
Fayette, The Role of Homeownership in National Housing Policy:
A Roundtable Discussion
Presiding: DENISE DiPASQUALE, Harvard University and Joint Center
for Housing Studies
JOHN WEICHER, U.S. Department of Housing and Urban Development
SUSAN WACHTER, University of Pennsylvania
MICHAEL STEGMAN, University of North Carolina
1015 am, Atlanta Hilton—
Newton, Academic Journals in Real Estate: An Editorial
Roundtable (1989 AREUEA Doctoral Session)
Presiding: GEORGE W. GAU, University of Texas-Austin
DONALD HAURIN and PATRIC HENDERSHOTT, Journal of the
American Real Estate and Urban Economics Association
DANIEL BROMLEY, Land Economics
EDWIN MILLS, Journal of Urban Economics
DONALD EPLEY, Journal of Real Estate Research
JAMES KAU and C. F. SIRMANS, Journal of Real Estate Finance and
Economics
10:15 am, Atlanta Hilton—
Rockdale, Mortgage Pricing II
Presiding: ANTHONY SANDERS, Ohio State University
RICHARD A. PHILLIPS, Old Dominion University, and JAMES
VANDERHOFF, Rutgers University-Newark—Mortgage Instrument
Choice in the Residential Housing Market: The Impact of ARM Initial Rate
Discounts
ALLAN A. ABRAHAMSON and JOHN T. EMERY, California State
University-Fullerton—An Alternative to Simulation for Mortgage-Backed
Security Analysis Using Functionals of Conditional Rate Paths
C. F. SIRMANS, Louisiana State University, and JOHN D. BENJAMIN,
Pennsylvania State University—Pricing Fixed-Rate Mortgages: Some
Empirical Evidence
Discussants: AVOY SPARKS, Citicorp Mortgage Research
MICHAEL D. HERSKOVITZ, Merrill Lynch Mortgage
Capital
LEONARD D. VAN DRUNEN, Merrill Lynch Mortgage
Capital
COLEMAN KENDALL, Ohio State University
Page 4 of 12
2:30 pm, Atlanta Hilton—
Fayette, Research in REIT Performance
Presiding: DAVID HARTZELL, University of North Carolina
RAYMOND CHIANG, DAVID C. LING, University of Florida, and T. C.
VENKATESH, University of Houston—REIT’s and Earnings and Dividend
Announcements
WILLARD MclNTOSH, University of Kentucky, and RONALD C.
ROGERS, University of South Carolina—Stock Price and Management
Changes: The Case of REIT’s
JOHN S. HOWE and JAMES D. SHILLING, Louisiana State University—
Measuring REIT Advisor Performance
Discussants: MICHAEL GILIBERTO, Salomon Brothers, Inc.
JOHN L. GLASCOCK, Louisiana State University
CROCKER H. LIU, New York University
2:30 pm, Atlanta Hilton—
Newton, Formal Models of Real Estate Market Behavior
Presiding: ROBERT EDELSTEIN, University of California-Berkeley
STUART S. ROSENTHAL, University of British Columbia, and SUSAN
M. WACHTER, University of Pennsylvania—Housing Price Appreciation
and the Savings Rate
SURESH DEMAN, Australian National University—The Theory of Real
Estate Takeover Bids: A Game Theoretic Model
DANIEL QUAN, University of Texas-Austin—A Model of Search Behavior
in the Real Estate Market
HENRY POLLAKOWSKI, Joint Center for Housing Studies, and LLOYD
LYNFORD, REIS Report—A Model of the Local Office Market: A Pooled
Cross-Section and Time Series Analysis
Discussants: DAVID DALE-JOHNSON, University of Southern
California
RICHARD MUTH, Emory University
GREGORY SCHWANN, University of British Columbia
and University of California-Berkeley
SUSAN WOODWARD, U.S. Department of Housing and
Urban Development
2:30 pm, Atlanta Hilton—
Rockdale, Mortgage Market Analysis: Micro and Macro
Perspectives
Presiding: PETER M. ZORN, Cornell University JAMES T. FERGUS,
STUART A. GABRIEL, STEPHEN A. LUMPKIN, and J. MICHAEL
WOOLLEY, Federal Reserve Board—Vertical Integration of Mortgage
Markets, Secondary Market Innovation, and Housing Activity
PATRICIA M. RUDOLPH and J. HOWARD FINCH, University of
Alabama—Trade-Offs Among Mortgage Loan Terms
JOHN H. CROCKETT, George Mason University, FRANK E. NOTHAFT,
Federal Home Loan Mortgage Corporation, and GEORGE H. K. WANG,
Commodities Futures Trading Commission—Temporal Relationships
Among Adjustable-Rate Mortgage Indices: A Time Series Analysis
ROBERT E. MARTIN and DAVID J. SMYTH, Louisiana State
University—Adverse Selection and Moral Hazard Effects in Mortgage
Market: An Empirical Analysis
Page 5 of 12
Discussants:
ROBERT AVERY, Cornell University
CHESTER SPATT, Carnegie-Mellon University
DAVID GROSS, U.S. General Accounting Office
JAN ONDRICH, Syracuse University
Friday, December 29
8:00 am, Atlanta Hilton—
Fayette, Rent Control
Presiding: THOMAS THIBODEAU, Southern Methodist University
ERIC WEISS, U.S. Department of Housing and Urban Development—A
General Equilibrium Analysis of Rent Control
ELIZABETH ROISTACHER, Queens College, City University of New
York—Hedonics, Rental Housing Markets, and Regulation
HENRY O. POLLAKOWSKI, Joint Center for Housing Studies—The
Spatial Distribution of Subsidies Generated by Rent Stabilization in New
York City
Discussants: EDGAR O. OLSEN, University of Virginia
HARRIET NEWBURGER, Bryn Mawr College
STEPHEN MALPEZZI, World Bank
8:00 am, Atlanta Hilton—
Newton, Corporate Real Estate and Portfolio Issues
Presiding: NORMAN G. MILLER, University of Cincinnati
JOSEPH GYOURKO and DON KEIM, University of Pennsylvania—
Analysis of Real-Estate Related Stocks and Their Contribution to Portfolio
Risk
WALLACE N. DAVIDSON III, JOHN L. GLASCOCK, and C. F.
SIRMANS, Louisiana State University—An Analysis of Corporate
Acquisitions and Dispositions: The Case of Realty Assets
GEORGE H. LENTZ and JERROLD J. STERN, Indiana University—
Restructuring Corporate Real Estate Holdings Using Non-Corporate
Entities
Discussants: DAVID GELTNER, University of Cincinnati
HUGH NOURSE, University of Georgia
BRIAN WEBB, Indiana University
8:00 am, Atlanta Hilton—
Rockdale, Taxes and Housing
Presiding: DONALD R. HAURIN, Ohio State University
WILLIAM H. HOYT and STUART S. ROSENTHAL, University of
Kentucky—Housing Demand, Capital Gains, and the Tax Reform Act of
1986
DONALD N. BAUM, University of Nebraska-Omaha—A New Approach to
Analyzing the Economic Effects of Tax Competition
JAMES R. FOLLAIN, Syracuse University, and DAVID C. LING,
University of Florida—The Tax Subsidy to Housing: An Equity or Efficiency
Concern
DENISE DiPASQUALE, Joint Center for Housing Studies, and WILLIAM
WHEATON, Massachusetts Institute of Technology—The Cost of Capital,
Tax Reform, and the Future of the Rental Housing Market
Page 6 of 12
Discussants: PETER ZORN, Cornell University
JOHN YINGER, Syracuse University
PATRIC HENDERSHOTT, Ohio State University
8:00 am, Atlanta Hilton—
Clayton, AEA/AREUEA Economic Efficiency in Real Estate
Markets
Presiding: JOHN M. QUIGLEY, University of California-Berkeley
KARL E. CASE, Wellesley College, and ROBERT J. SHILLER, Yale
University—Are Housing Markets Economically Efficient?
DENNIS J. CAPOZZA, University of Michigan, and GREGORY
SCHWANN, University of British Columbia—Efficiency in the Urban Land
Market: The Value of Risk
JOHN M. QUIGLEY, University of California-Berkeley, and ROBERT
VAN ORDER, Federal Home Loan Mortgage Corporation—Efficiency in
the Mortgage Market: The Borrower's Perspective
YOON DOKKO, University of Illinois, and ROBERT H. EDELSTEIN,
University of California-Berkeley—Efficiency Aspects of the Commercial
Property Market
Discussants: DANIEL QUAN, University of Texas-Austin
RALPH BRAID, Wayne State University
DAVID DALE-JOHNSON, University of Southern
California
10:15 am, Atlanta Hilton—
Newton, Mortgage Pricing III
Presiding: J. SA AADU, University of Florida
NANCY E. WALLACE and ALBERT WANG, University of CaliforniaBerkeley—Origination Pricing of Adjustable Rate Mortgages: The
Prepayment Option in a Path Dependent Lattice Model
STEPHEN A. BUSER and ANTHONY SANDERS, Ohio State
University— Pricing Mortgage Strips in the American and French Markets
PETER M. ZORN, Cornell University—The Termination of Fixed Rate
Mortgage Contracts: The Effect of the Introduction of Adjustable Rate
Mortgages
JOEL HOUSTON, J. SA AADU, University of Florida, and JAMES D.
SHILLING— The Pricing of ARM Teasers: Some Empirical Evidence
Discussants: SUBRAMANYAM VENKATARAMAN, University of
Florida
LEONARD D. VAN DRUNEN, Merrill Lynch
DOUGLAS GORDON, Federal Home Loan Bank Board
JACK GOODMAN, Federal Reserve Board
10:15 am, Atlanta Hilton—
Fayette, Location Theory
Presiding: JAMES R. FOLLAIN, Syracuse University
PETER CHINLOY, University of Santa Clara—Location, Jobs, and Real
Estate
EDWARD COULSON, Pennsylvania State University—Really Useful Tests
of the Standard Theorems of the Monocentric Model
RALPH M. BRAID, Wayne State University— Residential Spatial Growth
with Perfect Foresight and Multiple Income Groups
Page 7 of 12
JOHN YINGER, Syracuse University—Urban Models with More Than One
Employment Center
Discussants: ALEX ANAS, Northwestern University
JAN BRUECKNER, University of Illinois-ChampaignUrbana
10:15 am, Atlanta Hilton—
Rockdale, Hedonic Models
Presiding: SUSAN M. WACHTER, University of Pennsylvania
JOHN E. ANDERSON, Eastern Michigan University—Hedonic Functions
for Housing: Estimating Optimal Functional Form with Heteroskedasticity
JAMES F. BURGESS, JR., Union College, and OSKAR HARMON, State
of New York and University of Connecticut—Specification Tests in
Hedonic Models
JAMES D. SHILLING, C. F. SIRMANS, GEOFFREY K. TURNBULL,
Louisiana State University, and JOHN D. BENJAMIN, Pennsylvania State
University-Hedonic Prices and Contractual Contingencies
TERRY GRISSOM, Texas A&M University, and KO WANG, California
State University-Fullerton—The External Impacts of Rental Properties on
the Price of Single-Family Residences
Discussants: HARRIET NEWBURGER, Bryn Mawr College
ALLEN C. GOODMAN, Wayne State University
WILLIAM B. SHEAR, U.S. General Accounting Office
JAMES D. RESCHOVSKY, Cornell University
12:45 pm, Atlanta Hilton— Crystal Parlor A, B & C Presidential Luncheon
Presiding: KERRY D. VANDELL, University of California-Berkeley
JAMES FOLLAIN, Syracuse University
2:30 pm, Atlanta Hilton—
Fayette, Mortgage Origination and Selection Issues
Presiding: JAMES SHILLING, Louisiana State University
DONALD CUNNINGHAM and SAM SEAMAN, Baylor University—
Mortgage Pipeline Bust-Out Probabilities
J. SA AADU, University of Florida, and JAMES D. SHILLING, Louisiana
State University—Testing for Adverse Selection in Adjustable Mortgage
Markets
YOON DOKKO, University of Illinois, and ROBERT H. EDELSTEIN,
University of California-Berkeley—Optimal Design of Mortgage
Instruments
CHARLES STONE and ANNE-MARIE ZISSU, Temple University—
Choosing a Discount Point/Contract Rate Combination
Discussants: ROBIN GRIEVES, Federal Home Loan Mortgage Corp.
MICHAEL GILIBERTO, Salomon Brothers
ANDY DAVIDSON, Merrill Lynch
THOMAS SPRINGER, Clemson University
Page 8 of 12
2:30 pm, Atlanta Hilton—
Newton, The Pounding of Feet: Migration Within and Between
Regions
Presiding: JOHN N. CLAPP, University of Connecticut
STUART A. GABRIEL, JANICE SHACK-MARQUEZ, and WILLIAM L.
WASCHER, Federal Reserve Board—Does Migration Arbitrage Regional
Labor Market Differentials?
TIMOTHY D. HOGAN, Arizona State University, and DONALD N.
STEINNES, University of Minnesota-Duluth—Take the Money and Sun:
Elderly Migration as a Consequence of Gains in Unaffordable Housing
Markets
JAN K. BRUECKNER, University of Illinois—Analyzing Third-World
Urbanization: A Model with Empirical Evidence
JOHN M. CLAPP, University of Connecticut, and HENRY 0.
POLLAKOWSKI, Joint Center for Housing Studies— Intrametropolitan
Movement of People and Jobs
Discussants: GARY L. HUNT, University of Colorado
WILLIAM J. SEROW, Florida State University
DONALD N. STEINNES, University of Minnesota-Duluth
WILLIAM C. WHEATON, Massachusetts Institute of
Technology
2:30 pm, Atlanta Hilton—
Rockdale, The Impact of Regulatory Reform on the
Mortgage and Housing Markets: A Roundtable Discussion
Presiding: JOHN WEICHER, U.S. Department of Housing and Urban
Development
ROBERT VAN ORDER, Federal Home Loan Mortgage Corporation
JAMES L. FREUND, Federal Home Loan Bank Board
DAVID SEIDERS, National Association of Home Builders
MICHAEL LEA, Imperial Corporation of America
2:30 pm, Atlanta Hilton—
Cobb, AFA/AREUEA Risk and Returns on Real Estate
Presiding: PATRIC H. HENDERSHOTT, Ohio State University
DAVID GELTNER, University of Cincinnati—Cash Flow and Return Risk
on Real Estate
CROCKER H. LIU, New York University, DAVID HARTZELL,
University of North Carolina, WYLIE GREIG, The RREEF Funds, and
TERRY GRISSOM, Texas A&M University—Alternative Rationales for
Superior Real Estate Investment Performance
K. C. CHAN, PATRIC H. HENDERSHOTT, and ANTHONY SANDERS,
Ohio State University—Real Estate Returns and Risk: Evidence from REITs
Discussants: ROBERT HAUGEN, University of California-lrvine
STEPHEN ROSS, Yale University
SHERIDAN TITMAN, University of California-Los
Angeles
Page 9 of 12
Saturday, December 30
8:00 am, Atlanta Hilton—
Newton, Zoning and Land Use Regulation
Presiding: PETER CHINLOY, University of Santa Clara
MICHELLE J. WHITE, University of Michigan—Commuting, Congestion,
and Zoning
JOSEPH GYOURKO, University of Pennsylvania— Impact Fees,
Exclusionary Zoning, and the Density of New Development
J. M. POGODZINSKI and T. R. SASS, San Jose University—
Interjurisdictional Effects of Zoning Regulations: A Study of Santa Clara
County, California
HENRY O. POLLAKOWSKI, Joint Center for Housing Studies, and
SUSAN M. WACHTER, University of Pennsylvania—The Effects of LandUse Constraints on the Local Housing Market
Discussants: DENTON MARKS, Simon Fraser University
SHAWN BECKETTI, Federal Reserve Bank of Kansas
City
DAN STEINBERG, San Diego State University
WAYNE PASSMORE, Federal Home Loan Bank of San
Francisco
8:00 am, Atlanta Hilton—
Rockdale, Mortgage Prepayment Risk
Presiding: DAVID LING, University of Florida
W. STEPHEN SMITH, University of North Texas, and LEONARD V.
ZUMPANO, University of Alabama—An Option-Based Model for Valuing
the Effects of Prepayment and Taxes on Mortgage Loans
RONALD SPAHR, MARK SUNDERMAN, and JAMES HYMA,
University of Wyoming—An Analysis of Prepayment Behavior of
Mortgage-Backed Securities
JAMES B. KAU, University of Georgia, and THOMAS M. SPRINGER,
Clemson University—Analysis of Financial and Non-Financial Prepayment
of Debt Securities with a Varying Coefficient Model
Discussants: LOUIS SCOTT, University of Georgia
S. MICHAEL GILIBERTO, Salomon Brothers
DONALD CUNNINGHAM, Baylor University
8:00 am, Atlanta Hilton—
Paulding, NEA/AREUEA/URPE Racial Impact of Urban Public
Policy in Transportation and Housing
Presiding: RODNEY GREEN, Howard University
R. GAIL GRASS, Howard University—Do Metropolitan Stations Displace
Residents in Washington, DC?
MODIBO S. COULIBALY, Institute for Urban Affairs and Research—The
Political Economy of Racial Segregation in Public Housing, 1937-1985
ARLEASE G. SALLY, Howard University—Can the Washington, D.C.
Metro System Increase Black Employment?
RONNIE TRIBBLE, Spelman College—The Economics of Housing
Discrimination
MACK MOORE, Georgia Institute of Technology—Economics of the Rural
to Urban Transition
Page 10 of 12
Discussants: CAROL B. MEEKS, University of Georgia
ELIZABETH ROISTACHER, Queen’s College, City
University of New York
CHRIS TILLY, University of Lowell
CHRISTOPHER JEFFRIES, Columbus College
8:00 am, Atlanta Hilton—
Fayette, Quality of Life
Presiding: DOWELL MYERS, University of Southern California
MARK E. STOVER, University of Missouri-St. Louis, and CHARLES L.
LEVEN, Washington University—Methodological Issues in the
Determination of the Quality of Life in Urban Areas
JOSEPH GYOURKO, University of Pennsylvania, and JOSEPH TRACY,
Yale University—The Structure of Local Public Finance and the Quality of
Life
SUSAN L. NELSON and THERON R. NELSON, University of North
Dakota—Business Climate and Quality of Life Indices: Their Reliability,
Validity, and Usefulness in Site Selection
Discussants: GLENN BLOMQUIST, University of Kentucky
MARK C. BERGER, University of Kentucky
EMIL MALIZIA, University of North Carolina-Chapel Hill
10:15 am, Atlanta Hilton—
Fayette, Commercial Real Estate
Presiding: HENRY POLLAKOWSKI, Joint Center for Housing Studies
JOHN D. BENJAMIN, Pennsylvania State University, JAMES D.
SHILLING and C. F. SIRMANS, Louisiana State University—Security
Deposits in Office Leases as Signals
JOHN M. CLAPP, University of Connecticut, and HENRY O.
POLLAKOWSKI, Joint Center for Housing Studies—A Hierarchical
Spatial Model of the Local Market for Office Space
WILLIAM C. WHEATON, Massachusetts Institute of Technology—
Forecasting Future Demand and Supply in the Industrial Real Estate
Market
MIKE MILES, DAVID HARTZELL, DAVID GUILKEY, and DAVID
SEARS, University of North Carolina—Is a True Transactions-Based Real
Estate Index Possible?
Discussants: JOHN B. CORGEL, Cornell University
SHARON K. LONG, Mathematica Policy Research, Inc.
MICHAEL J. WASYLENKO, Syracuse University
THOMAS THIBODEAU, Southern Methodist University
10:15 am, Atlanta Hilton—
Newton, Housing Market Behavior
Presiding: JAN K. BRUECKNER, University of Illinois-UrbanaChampaign
ALEX ANAS, Northwestern University—A Theory of Rent Control with
Transaction Costs, Rationing, and Housing Quality
JAMES D. RESCHOVSKY, Cornell University—An Empirical
Investigation into Homeowner Demand for Repair and Maintenance
Activities
Page 11 of 12
DONALD R. HAURIN and PATRIC H. HENDERSHOTT, Ohio State
University—The Household Formation and Homeownership Decisions
among American Youth
JANET F. SPEYRER and WADE R. RAGAS, University of New
Orleans—Urban Flood Risk, Flood Insurance, and Housing Capitalization
Discussants: KANGOH LEE, University of Illinois-Urbana-Champaign
JAN K. BRUECKNER, University of Illinois-UrbanaChampaign
J. VERNON HENDERSON, Brown University
JOHN BENJAMIN, Pennsylvania State University
10:15 am, Atlanta Hilton—
Rockdale, Real Estate Investment: Micro and Macro Issues
Presiding: AUSTIN JAFFE, Pennsylvania State University
STEPHEN A. PHYRR, University of Texas, WALDO L. BORN, Eastern
Illinois University, and JAMES R. WEBB, Cleveland State University—
Development of a Dynamic Investment Strategy under Alternative Inflation
Cycle Scenarios
GEORGE W. GAU, University of Texas, and KO WANG, California State
University-Fullerton—Determinants of the Holding Periods of Real Estate
Investments: Theory and Empirical Evidence
MIKE WALLACE, Kuring-gai College—Applied Real Estate Investment
Research in Australia
Discussants: RONALD C. ROGERS, University of South Carolina
JEFFREY D. FISHER, Indiana University
KENNETH M. LUSHT, Pennsylvania State University
Page 12 of 12