Partial table of contents: THE ANALYTICAL FRAMEWORK. The American Real Estate Industry: An Overview. Regional and Urban Economics. Spatial Economics: Rent, Situs, and Succession Theory. THE LEGAL ENVIRONMENT. Real Estate Interests and Forms of Ownership. Transferring Real Estate Interests. VALUATION AND THE APPRAISAL PROCESS. The Sales Comparison Approach and the Cost Approach. MARKETING, BROKERAGE, AND MANAGEMENT. Marketing. Brokerage. Asset Management: The Property Management Perspective. REAL ESTATE FINANCE. The Financial System and Real Estate Finance. Financing Mechanics: The Borrower's Perspective. Mortgage Underwriting: The Lender's Perspective. The Secondary Mortgage Markets. REAL ESTATE TAXATION. Income and Property Taxation. INVESTMENT ANALYSIS. Principles of Investment. The Discounted Cash-Flow Model. REAL ESTATE DEVELOPMENT. Land Use Feasibility Analysis. PUBLIC POLICY AND PROSPECTS FOR THE FUTURE. Government Involvement. Appendix. Compound Interest Tables. Glossary. Index.

Donald E. Farrar, Lance Girton, Institutional Investors and Concentration of Financial Power: Berle and Means Revisted, The Journal of Finance, Vol. 36, No. 2, Papers and Proceedings of the Thirty Ninth Annual Meeting American Finance Association, Denver, September 5-7, 1980 (May, 1981), pp. 369-381

This paper provides an appropriate framework to evaluate the impact of the universal reserve requirements called for by the new DIDMC Act of 1980. We derived the optimal reserve ratios for a dual banking system under the objective of controlling the monetary aggregates and the level of output. Then optimal reserve requirements were calculated from illustrative money market and macroeconomic parameters since the usual comparative statics were not useful. The results, generally, suggested optimal reserve ratios which were significantly higher than the old dual or the new universal reserve regimes for all targets. However, the calculation of values for the loss functions under various reserve regimes suggests that attainment of and may not be imperative, since the discrepancy between losses for optimal and various nonoptimal reserve schemes were not large. A major result of this paper, observed for both monetary and real targets, was that the differences in the instability of the targets for the old dual reserve ratios and the Fed's new universal reserve scheme were small. This result clearly suggests that although the DIDMC Act may solve the Federal Reserve's membership problem, it will not significantly enhance the Fed's effectiveness in controlling monetary or real sector aggregates.

This paper provides further evidence on the distributional impact of interest rate ceilings on the small saver. Cross‐section data from the 1977 Consumer Credit Survey was used to estimate the implicit losses imposed on different income classes by government regulations. Our findings generally support earlier studies which found the implicit burden to be regressive among income classes. However, the degree of regressivity showed a marked decrease since 1970. These results may be explained by portfolio adjustments of households and financial innovations in response to deposit rate ceilings and accelerating inflation during the 1970s.

Complete diversification is the rational investment strategy for a risk averse individual in a homogeneous securities market who considers only the first two moments of return. Observed behavior of market participants, however, demonstrates that the majority of individual investors hold imperfectly diversified portfolios. The purpose of the present study is to examine one potential cause for this behavior which does not rely on imperfection in the capital market. Specifically, we show that given the existence of, and investor preference for, positive skewness, a rational investor may hold an optimal limited number of homogeneous risk assets.