What Moves Retail Property Returns at the Metropolitan Level?

In this article the determinants of metropolitan-level appraisal-based retail property returns are examined by estimating a six-equation model of retail construction starts, retail sales, stock-market returns, commercial mortgage rates, inflation, and the logarithm of stock-market volatility. Residuals from these equations are then used to explain actual movements in retail real estate returns. Our empirical procedure looks at both unadjusted and unsmoothed appraisal-based retail real estate returns. The general finding is that unsmoothed appraisal-based retail real estate returns lag significantly behind market conditions. Furthermore, the results suggest that very little of the variation in metropolitan-level appraisal-based retail real estate returns can be explained by macroeconomic news events

Real Shock, Monetary Aftershock: The 1906 San Francisco Earthquake and the Panic of 1907

The Panic of 1907 is an important episode in American financial history because it led, in part, to the creation of the Federal Reserve. Although much has been written about the crisis, little has been said about its underlying causes. This study identifies the San Francisco earthquake and its subsequent conflagration as the proximate cause of the panic. London fire-houses insured San Francisco during this period. The payment of claims by British insurance companies following the quake and fire produced a large capital outflow in the fall of 1906, forcing the Bank of England to nearly double interest rates and discriminate against US trade bills. These actions pushed the US into a recession and made markets vulnerable to shocks that otherwise would have been transitory in nature. World financial markets crashed in October 1907 with the collapse of the Knickerbocker Trust Company in New York.

Real Shock, Monetary Aftershock: The San Francisco Earthquake and the Panic of 1907

Economists have long studied the relationship between the real and monetary sectors. We examine the macroeconomic effects of the 1906 San Francisco earthquake, a shock that immediately reduced United States. GNP by 1.5-1.8 percentage points. The quake's impact manifested itself in gold flows, as British insurance companies paid their San Francisco claims out of home funds in the fall of 1906. The capital outflow prompted the Bank of England to raise interest rates and discriminate against American finance bills. British bank policy pushed the US into recession and set the stage for the 1907 financial crisis. The 1907 panic led to the formation of the National Monetary Commission whose proposals recommended the creation of the Federal Reserve. In this study, we identify the San Francisco earthquake as the shock that triggered the chain of events that culminated in the panic of 1907.

How Tax Credits Have Affected the Rehabilitation of the Boston Office Market

This paper is concerned with the extent to which rehabilitation tax credits affect the conditional probability of commercial real estate rehabilitation. Very little has been written about the rehabilitation tax credit, despite the fact that it has been a feature of the U.S. tax code since 1978. Our analysis suggests that rehabilitation tax credits have been a significant determinant of the conditional probability of rehabilitation in the Boston office market. We also find that a significant portion of rehabilitation tax-credit investment is investment that would have been invested elsewhere, about 60 to 65 percent in certain periods, but rising to as high as 90 percent in other periods. We find that the rehabilitation tax credit has a significant and substantial influence on the conditional probability of rehabilitation. We also find that the greatest amount of slippage, not too surprisingly, generally occurs when the tax credit is low and when the gain from rehabilitation before the tax credit is high.

Attorneys\u27 Fees in Environmental Citizen Suits: Should Prevailing Defendants Recover?

Attorneys\u27 fees in environmental citizen suits enable private citizens to enforce environmental legislation. First introduced in the federal Clean Air Act, attorney s fee provisions are now included in virtually all environmental legislation. Without provisions for the award of attorneys\u27 fees, legislation allowing for private citizen enforcement would be practically meaningless. Attorneys\u27 fees provisions typically allow for prevailing parties to be awarded attorneys\u27 fees when it is appropriate. The appropriateness standard has routinely justified awarding attorneys\u27 fees to prevailing plaintiffs, while defendants have commonly been awarded fees only when a suit is deemed frivolous, harassing, or without merit. This Comment explores how prevailing defendants continue to rely on the language of the applicable statutes to argue that they are entitled to attorneys\u27 fees as prevailing parties, and how the principles of equity can provide a better basis for awarding attorneys\u27 fees to prevailing defendants

Commercial Mortgage Prepayments Under Heterogeneous Prepayment Penalty Structures

Much of the literature on pricing commercial mortgages and commercial mortgage-backed securities has assumed homogeneity in prepayment penalty structure. In this paper, we provide evidence that such an assumption is inappropriate and examine the effect of penalty structures observed in actual contracts. After conducting preliminary simulations, we present hazard models estimated from data on 1,165 multifamily mortgage loans to show how empirical prepayment rates vary with alternative penalty structures. While yield maintenance and lockout provisions are relatively more effective than fixed or step down structures in reducing or postponing prepayment, none completely eliminates the risk. Our empirical results generally confirm the theoretical findings of Kelly and Slawson (2001).

Why HITnet kiosks didn\u27t hit the mark for sexual health education of Western Australian Aboriginal youth

Objective: To assess the use, appropriateness of, and staff feedback on specific sexual health modules, which were installed on Heuristic Interactive Technology (HITnet) kiosks at Aboriginal Community Controlled Health Services (ACCHS). The HITnet kiosks were aimed at Aboriginal youth visiting these sites. Methods: Modules on the HITnet kiosks were assessed for (1) cultural appropriateness using Yunkaporta’s Aboriginal pedagogy framework and (2) compliance with the World Health Organization’s (WHO) advice on key elements for comprehensive sexual health education for young people. Data measuring kiosk use were obtained through HITnet kiosk activity reports. An online survey of ACCHS staff was used to qualitatively assess use of, and staff perceptions of, HITnet kiosks. Results: Kiosk modules were consistent with seven of the eight elements of Yunkaporta’s framework and all of the WHO recommendations. The most popular module generated 3,066 purposeful sessions and the least popular module generated 724 purposeful sessions across nine sites in 2012. While teenagers were the most frequent of the kiosk user groups (39.5% in 2012), the majority of users (56%) were not in the target group (i.e. elders 4%, adults 25%, children 27%). Key issues reported by ACCHS staff (n=11) included: lack of clarity regarding staff responsibility for overseeing kiosk functionality; kiosks attracting “inappropriate ages”; and “lack of privacy” based on kiosk location, screen visibility, and absence of headphones preventing discreet access. Conclusions: The modules were tailored to a young Aboriginal audience through technology thought to be appealing to this group. However, barriers to use of the kiosk included kiosk design features, location, and lack of clarity around responsibility for kiosk operation. Implications: Aboriginal youth need easy access to sexual health messages in a ‘safe’, non-judgmental space. Information and communication that is accessible via personal and mobile devices may be a better vehicle than public kiosks

An Analysis of McLean County, Illinois Farmers' Perceptions of Genetically Modified Crops

McLean County, Illinois farmers were surveyed in order to explore and analyze their perceptions of genetically modified crops and their genetically modified cropping decisions. Questionnaires were mailed to 400 randomly selected farmers, and 156 were returned. The 134 respondents who reported that they planned to plant crops in 2003 were asked to provide information about gender, age, education, and number of tillable acres farmed. Respondents were also asked if they had previously planted genetically modified crops and if they planned to plant either genetically modified corn or genetically modified soybeans in 2003. Finally, respondents were presented with 40 statements that pertained to biotechnology and genetically modified crops, and they were asked to record their level of agreement or disagreement with each statement using a 5-point Likert scale. Factor analysis was used to construct four factors from responses to the 40 statements that pertained to biotechnology and genetically modified crops. Items that loaded into the first factor indicated that McLean county farmers perceived agricultural biotechnology to be acceptable and beneficial, and their perspectives of biotechnology were much broader than the economic impacts on their own farms. The second factor revealed that McLean County farmers' cropping decisions had been affected to some degree by events such as the StarLink corn case that had cast a negative shadow over biotechnology. The third factor reflected direct benefits of genetically modified crops to farm operations, specifically higher yields and profits. The fourth factor included increased regulation of genetically modified crops in international markets and lower prices for genetically modified crops, which were potentially negative factors in the marketing of genetically modified crops. Binary logistic regression analysis was used to classify respondents according to past and planned experiences with genetically modified crops. When weighted factor scores from the four factors were used as independent variables, 100% of farmers who had planted genetically modified crops in the past, 98.4% of farmers who planned to plant genetically modified crops in 2003, and 100% of farmers who had not discontinued planting genetically modified crops were correctly classified. On the other hand, only 62.5% of farmers who had not planted genetically modified crops in the past, 60.0% of farmers who planned to not plant genetically modified crops in 2003, and 60.0% of farmers who had discontinued planting genetically modified crops were correctly classified. When the highest loading items from each of the four factors were used as independent variables, classification of farmers who had planted genetically modified crops in the past, farmers who planned to plant genetically modified crops in 2003, and farmers who had not discontinued planting genetically modified crops were little changed. However, correct classification of farmers who had not planted genetically modified crops in the past dropped from 62.5% to 50%, correct classification of farmers who had planned to not plant genetically modified crops in 2003 dropped from 60.0% to 20.0%, and correct classification of farmers who had discontinued planting genetically modified crops dropped from 60% to 0%. Additional information about farmers' age, education, and farm size increased the explanatory power of models only modestly. Inspection of regression coefficients revealed that increases in Factor 1 scores, which were dominated by positive aspects of biotechnology from a macro perspective, were associated with increases in odds ratios for having planted genetically modified crops in the past, having planned to plant genetically modified crops in 2003, and having continued planting genetically modified crops. Alternatively, increases in Factor 2 scores, which were dominated by negative perceptions of genetically modified seeds and crops, were associated with increases in odds ratios for having planned to not plant genetically modified crops in 2003, and having discontinued planting genetically modified crops. Factor 3 scores, which were dominated by micro benefits to farmers, were associated with increases in odds ratios for having planned to plant genetically modified crops in 2003, and having continued planting genetically modified crops. Results for two individual items that were significant, namely "as a consumer, I am satisfied with the benefits of biotechnology," and "restrictions on saving GM seed affect my GM crop planting decisions," were consistent with results for weighted factor scores. Greater agreement with the former statement was associated with increases in odds ratios for having planted genetically modified crops in the past, and having planned to plant genetically modified crops in 2003. Greater agreement with the latter statement was associated with increases in odds ratios for having planned to not plant genetically modified crops in 2003 and having discontinued planting genetically modified crops.biotechnology, genetically modified, corn, soybeans, Research and Development/Tech Change/Emerging Technologies, Q16,

First report of multi-drug resistant tuberculosis in a systemic lupus erythematosus patient.

BackgroundTreatment of a multi-drug resistant tuberculosis (MDR-TB) patient is clinically challenging, requiring a minimum of 18 months of therapy. Its occurrence in a systemic lupus erythromatosus (SLE) patient may complicate management of both MDR-TB and SLE. This is the first descriptive report of MDR-TB in an SLE patient.Case presentationA 19-year old female receiving long-term prednisolone for SLE was diagnosed with MDR-TB. She was started on MDR-TB treatment regimen and prednisolone was replaced with azathioprine. After an initial response to therapy, patient experienced a flare of lupus symptoms. Imaging studies revealed avascular necrosis of right femoral head. She was then treated with intravenous methyl-prednisolone, followed by maintenance corticosteroid. Azathioprine was discontinued due to hematological toxicity and failure to control SLE. Her symptoms of lupus regressed and did not re-occur for the duration of her MDR-TB treatment. Patient was declared cured of MDR-TB after 18 months of ATT. She is currently scheduled for a total hip replacement surgery.ConclusionsThis case highlights the challenges of simultaneously managing MDR-TB and SLE in a patient due to their over-lapping signs and symptoms, drug-drug interactions, and the need for use of immunomodulatory agents in the absence of standard guidelines and documented previous experiences. Our experience underscores the importance of appropriate selection of treatment regimens for both MDR-TB and SLE