This paper develops a model of the optimal investment strategy for a firm confronted with a sequence of technological innovations. We incorporate many of the most important characteristics of real-world technology markets. For example, we permit innovations to be stochastic in their arrival times and their profitability. We also incorporate learning so that firms adopting current innovations become better able to benefit from future innovations. The model yields four distinct investment strategies. The model is then used to predict actual firm policy. These implications are discussed and compared with observed firm behavior.

This study uses capital market data to measure the effects of REIT mergers on the wealth of the acquiring trust's shareholders. A significant increase in shareholder wealth is detected. This differs from the findings of other acquisition studies. The primary source of the value gain seems to be improved management of the acquired trust's assets.

Introduction, 393.— I. “Land ownership,” 394.— II. Tenancy and mortgage indebtedness, 396.— III. Share croppers, 398; leases to relatives, 399.—IV. Farm laborers, 402.—V. The “agricultural ladder,” 407.— VI. Analysis by decades, 411.— VII. Analysis by regions and groups, 413.—VIII. Growth 1930–35, 416.—IX. Descent of the “ladder,” 417.— X. Character of our tenancy, 421.— XI. Conclusions, 423.

Abstract Reviews the book "Pension Planning in Canada."

Measures of size, 330. — Historical trends, 331. — Geographic differences in the size pattern, 334. — Size according to type of farming, 336. — Shifts between size groups, 339. — Proportion of total land and product in different size groups, 341. — Regional differences in concentration, 344. — Historical trends for selected counties, 348. — Hypotheses, 352. — How size of farms is determined, 355. — Variations in size with same area, 360. — Large-scale farming in the United States, 361. — The rôle of small and middle-sized farms, 366. —Summary of conclusions, 369.