Revenge of the Realtors: The Procompetitive Case for Consolidating Multiple Listing Services

To say residential real estate is an important part of our nation\u27s economy is an understatement. Home ownership is either an asset or an aspiration for millions of Americans, and one needs only rewind the clock a decade for evidence of the financial ruin possible from buying and selling homes. But residential real estate transactions do not materialize out of thin air. Rather, the parties involved in a typical sale-buyers, sellers, agents, brokerages, online portals-all rely on critical infrastructure known as a multiple listing service (MLS) to get deals done. Simply put, an MLS is a platform that serves as a comprehensive database for information about the residential properties for sale within a specific geographic market at any given time. MLSs exist to facilitate connections between folks on opposite sides of the transaction by increasing listing exposure for sellers and by reducing search costs for buyers. While MLSs have existed for over a hundred years, they are currently undergoing a swift transformation in form, if not function. Where, as recently as fifteen years ago, there were more than one thousand MLSs across the country, there are now fewer than 650. But individual MLSs are not going away. No, they are being consolidated-merging with one another to expand territorial footprints, create operational efficiencies, and achieve the scale necessary to bargain effectively with disruptive new entrants. In our age of mega-mergers, these MLS consolidations may appear insignificant, but where there is consolidation there is the possibility of competitive harm under federal antitrust laws. Given the importance of MLSs to the market for residential real estate, any anticompetitive practices that attend a merger of MLSs could have devastating consequences. This Comment addresses that concern head-on. It contends that MLS mergers, on balance, enhance competition in the residential real estate industry and should survive the searching scrutiny of antitrust regulators

The significance of logistics in servicing growing volumes of e-commerce

Purpose: The article highlights the multi-task nature and prospects of the development of the transit potential of warehouse logistics systems, reveals the theoretical and methodological foundations of logistics in the storage and cargo handling system, indicates and confirms the importance of warehousing logistics in the context of servicing the growing volumes of electronic commerce. Design/Methodology/Approach: For the purposes of developing logistics in the storage and cargo handling system we study the technical and technological support and design developments that have significant potential for increasing the efficiency of logistics processes, and to study consumer behavior in the warehouse services market and transport market trends - warehouse activities. Findings: Automation significantly simplifies logistics processes, information exchange, remote control and management, optimizes costs by combining various market entities and objects, target groups and parameters of logistics processes on electronic platforms. Integration in modern logistics allows synchronizing the complex information component of electronic services and platforms and activating the formation of a system interface that is common for all elements of the logistics system of warehousing, cargo processing and inventory management. Practical implications: The results of the study can be implemented in the activities of Russian companies in order to develop the transit potential of warehouse logistics systems. Originality/value: The significance of this study lies in shifting the emphasis to the need to switch to improved customer service systems taking into account the needs and development of online retail and fulfillment of logistics operators (full-cycle operator: taking goods from the customer’s warehouse, responsible storage, packaging, delivery, work with returns), tied to the development of infrastructure, as the foundation for increasing the efficiency, speed and quality of logistics processes.peer-reviewe

Logistics real estate markets: indicators of structural change, linking land use and freight transport

The system of physical distribution that comprises transport and logistics, warehousing and wholesale, is an ideal indicator of structural change. Distribution and logistics have developed dynamically, with respect to new technologies, corporate restructuring, and a changing market environment. Whereas traditional logistics were characterized primarily by the demand of manufacturing customers for the shipment of bulk-commodities, modern production and service systems require frequent deliveries over great distances, with high inventory turnovers instead of storage. As a consequence, the locational profiles of distribution firms have changed as well, both at a large-scale level and within metropolitan regions. Based on recent findings of the European Warehousing Index, the paper points out how the European system of goods movement has changed in terms of regional distribution markets and warehousing location. Secondly, the consequences of locational dynamics within metropolitan regions are considered. The dominance of the truck and the suburbanisation of large distribution centres raise serious concern about logistics management, traffic reduction and locational policy. Referring to selected places such as the Ruhr Area, Hamburg or Berlin-Brandenburg, the paper demonstrates how critical the relationship between cities and goods distribution is becoming, with regard both to the regional economy and the urban environment. Is there a chance for regional, spatially oriented management of supply chains? In the case of the Ruhr Area, it is also questioned whether a certain 'knowledge milieu' (logistics research, applied sciences) may contribute to this goal. The particular benefits of investigating logistics real estate markets are fourfold: - They allow for a precise insight into regionally differentiated developments. - They connect the system of 'flows' with material 'space'. - They demonstrate that structural change is by no means neutral for the environment, regarding specific transport and land use implications of distribution. - They represent the emergence of new players in land use planning and policy (i.e. developers), thus shaping the system of political regulation.

Fueling Impact: A Fresh Look at Business Model Innovation and New Revenue Sources

Do you want to know how community foundations are finding innovative new sources of support, and diversifying their revenue base? How new revenue sources strengthen each community foundation's differentiation and sustainability?Difficult economic times in 2008-2010 have been an important wake-up call -- a reminder that diversifying revenue sources is an essential component of a strong business model

Malaysian banking sector outlook during global financial crisis

This paper is to discuss the Malaysian banking sector outlook and examine whether Malaysian banks are well placed to weather this Global Financial Crisis. The current international financial turmoil has demonstrated the vulnerabilities in the financial systems of even the developed countries. As we have witnessed, the sub-prime mortgage crisis and the slowdown of the global economy originated from the United States which is regarded as the most developed and advanced financial market in the world. In this study, we attempt to exam whether Malaysian banks are being well placed to weather this Global Financial Crisis by testing the Capital Adequacy Ratio of Malaysian Banking System. Our finding shown that net NPL has significant relationship with risk-weighted capital ratio (RWCR), which means higher net NPL ratio will lead to higher probability of banking crisis. We believes that the Malaysian banks are fairly well placed to weather the weaker conditions ahead given the progress in the last two to three years in the clean up of their balance sheets and the buffer resulting from higher provision reserves and a generally stable capital position. While this should support the Stable Outlook on the ratings for most of the banks, the situation will have to be watched closely given the potential for further downward revision in global and regional growth prospects, particularly in 200

Shifting ground: Can community development loan funds continue to serve the neediest borrowers?

Community development financial institutions (CDFIs) are designed to improve economic conditions for low-income individuals and communities by providing a range of financial products and services that often are not available from mainstream lenders and financiers. ; Part I of this paper reviews CDLF origins, structures, and current activities. Part II discusses the field’s historic sources of subsidized capital and why they have shrunk. Part III reviews potential new sources of capital and the organizational ways that CDLFs are responding to their changed environment. The paper concludes with recommendations for CDLFs, funders, and policy makers.Community development ; Loans

Organizational Capital: A New Approach to Lending in Nonprofit Affordable Housing

In spite of a diminishing supply of public resources, many nonprofit housing developers are expanding their roles and their portfolios to address an increasing need for decent affordable housing. But as nonprofit housing organizations mature, the traditional project-by-project funding system fails to support their broader development goals. This paper stresses the urgent need for equity, or "organizational capital," to help nonprofit housing organizations build their capacity and their impact. Unlike conventional financing, organizational capital is underwritten against a borrower's balance sheet, or its organizational ability to repay. Whereas project-based loans are tied to one particular project, organizational loans can be a source of liquidity whenever an organization needs it: on the front end of a deal, for general business operations or during periods of organizational expansion. Despite its many advantages, there is an extremely limited supply of organizational capital in nonprofit affordable housing. This research outlines the practical challenges to organizational investing and uncovers the underlying barriers that have prevented a nonprofit organizational capital market from emerging. These findings lead us to explore nonprofit housing organizations in a "closed system" of standardized reporting and rational decision-making. The study concludes that while a new nonprofit reporting system would greatly encourage organizational investing in housing, the private markets alone will not bring organizational lending to scale. The final sections of the paper discuss the public policy implications of a closed nonprofit capital system and highlight some innovative approaches taken by lenders to overcome the obstacles of organizational investing and advance a new model of lending in nonprofit affordable housing

Croatian Accession to the European Union: Facing the Challenges of Negotiations

This chapter summarizes the findings of the three year long project of monitoring Croatia’s preparations for EU accession, if and when it comes, performed by a group of Croatian researchers. The first hypothesis is that a kind of real integration of Croatia in the European space already exists and that it should be further deepened through improvements of the relevant institutions and harmonisation with European standards and requirements. The second is that despite the professed dedication of Croatia’s government to joining the EU and encouraging signals from the EU, hesitations in structural and institutional reforms may hamper not only the success of future negotiations and delay Croatia’s accession, but also the transformation to a modern and efficient state. The first part of the chapter analyses the changes in the last couple of years in Croatia regarding the administrative and judicial structure, economic sustainability and democracy, human rights and fundamental freedoms; the second part emphasizes the effects of the latest EU enlargement, competitive pressures and market forces, the free movement of workers, knowledge and innovations, social issues, the real estate market and spatial planning, and regional policy. The chapter ends with conclusions and recommendations. We would lay stress on the necessity of structural reforms in legislation, the judiciary and the public administration, the restructuring of agriculture and shipbuilding, the privatization of public utilities and tourism; patient and shrewd negotiations with the EU, and the possibility of bearing in mind some kind of virtual membership that could help us deepen de facto integration even without de jure membership status. Croatia’s future will depend on capabilities of the government to implement and enforce the reforms and on the readiness of citizens to endure necessary adjustments even when they are painful, making certain sacrifices in the present for the sake of benefit in the future.European Union, Croatia, accession, transformation

Scaling U.S. Community Investing: The Investor Product Interface

"Community investing" is investment that seeks to deliver social benefits to low-income or marginalized communities while also generating a financial return. This report provides an overview of the U.S. Community Investing (USCI) field: the types of intermediary organizations raising investments and deploying them in underserved communities, the range of investment products that are available, and the types of investors active in the space. In so doing, this study surfaces several key barriers and opportunities for scaling private investment in the USCI space