Existing theory suggests that, in an unregulated market for corporate control, the level of takeovers is suboptimal because shareholders do not receive the full benefit from them.However, existing theory neglects that the threat of takeover may divert managerial effort from productive to defensive activities.This paper shows that, when this is considered, takeovers may, in fact, be excessive.I.

This paper investigates the economics of the transition of land from rural to urban use. A simple model is employed to examine the developer's problem: When and at what destiny should vacant land be developed to maximize the present value of the Land? A series of rules emerges from the analysis to the timing and density of new development. In the latter half of the paper, the rules are tested against recent Canadian experience and peform well.

This paper investigates a representative landlord's profit-maximization problem in a stationary economy. The landlord must decide on the quality of his housing units at the time of construction, maintenance expenditure over the life of the building, and the time of demolition or rehabilitation. The analysis can be applied to other problems with similar economic structure, notably equipment and durable good maintenance, overhaul and replacement.

I. An example, 473.—II. The generality of the Henry George Theorem, 477.—III. On using land rents as a measure of the benefits from public goods, 490.—IV. Competitive attainability of a Pareto optimal distribution of economic activity, 496.—V. Concluding comments, 498.

This paper deals with the cost-benefit valuation of urban land in residential and road use, when there is flow congestion in transportation and congestion tolls are not imposed. Conventional procedures for determining the shadow value of land in road or residential use ignore certain general equilibrium effects, and always overstate the true values. To illustrate the correct procedures, an urban simulation model is used to calculate shadow rents of land as a function of location. The model is more realistic than most theoretical urban models, particularly in its treatment of congestion.