SELECTED PUBLICATION
Textbooks
- Real Estate, McGraw-Hill, Inc., New York (with C.F. Sirmans), 1985
- Taxation and Real Estate Investment, Prentice-Hall, Inc., Englewood Cliffs,
New Jersey (with C.F. Sirmans), 1985, (3rd Edition)
- Cases in Tax Planning for Real Estate Investing, National Institute for
Financial Planning, Salt Lake City, Utah (with C.F. Sirmans), 1980
Research Books
- Congressmen, Constituents and Contributions: An Analysis of Determinants of Roll
Call Voting in the House of Representatives, with P. Rubin, Martinas Nijhoff, Pub.,
1981, Boston.
- Urban Econometrics: Model Developments and Empirical Results, 1986, with
C.F. Lee and C.F. Sirmans. Research in Urban Economics, Vol. 6 JAI Press.
- The Impact of the New Tax Depreciation Laws on Real Estate Small Business,
Research Monograph, Center for Business and Economic Studies, Small Business
Development Center, 1983.
Articles
- Catastrophic Default and Credit Risk for Lending Institutions,
Journal of Financial Services Research,"with D. Keenan, 2000
, 15:2, 87-102.
- Patterns of Rational Default,Journal of Regional Science and
Urban Economics, with D. Keenan, 29, 765-785, 2000.
- Valuing Prepayment and Default in a Fixed-Rate Mortgage: A
Bivariate Binomial Options Pricing Technique, with J. Hilliard and C.
Slawson, Journal of Real Estate Economics, 1998, Vol. 26,
#3 pp 431-468.
- An Option-Theortic Model of Catastrophes Applied to Mortgage
Insurance,with D. Keenan, The Journal of Risk and Insurance,
1996, Vol. 63 #4, 639-656.
- A Model for Pricing Securities Dependent upon a Real Estate
Index, with R. Buttimer and C. Slawson, Journal of Housing
Economics, 1997, Vol. 6, 16-30
- Pricing American and European Path Dependent Securities, with J.
Hilliard, D.
Keenan and W. Muller, Management Science, Volume 41, #12( December) 1995,
1892-1899.
- An Overview of the Option-Theoretic Pricing of Mortgages,with D. Keenan,
Journal of Housing Research, Volume 6, 2, 1995,217-244.
- Option Theory and Floating Rate Securities with a Comparison of Adjustable and
Fixed Rate Mortgages, with D. Keenan, W. Muller, and J. Epperson, Journal of
Business, 66,
1993, 595-618.
- Default Probabilities for Mortgages, with D. Keenan and T. Kim, Journal of Urban
Economics, 1994,
35,278.
- Waiting to Default: The Value of Delay, with T. Kim, Journal of the American
Real
Estate and Urban Economics Association, 227, 1994, 195-207.
- The Prepayment of Fixed-Rate Mortgages Underlying Mortgage-Backed Securities: A
Switching
Regimes Analysis, with T. Springer, Journal of Housing Economics, 2, 1992,
257-275.
- The Valuation at Origination of Fixed Rate Mortgages with Default and
Prepayment, with Keenan, Muller, and Epperson, The Journal of Real Estate Finance
and
Economics, 11,#1,5-39.
1995.
- A Generalized Valuation Model for Fixed-Rate Residential Mortgages, with D.
Keenan, W. Muller and J. Epperson, 1992, Journal of Money, Credit and Banking, Vol. 24, #3, August,
279-299.
- The Analysis and Valuation of Adjustable Rate Mortgages, with D. Keenan, W. Muller
and J. Epperson, Management Science, Vol. 36, #12, December, 1990, 1417-1431.
- An Option-Based Pricing Model of Private Mortgage Insurance, with D. Keenan, W.
Muller and J. Epperson, Journal of Risk and Insurance, 60, #2, 1993, 288-299.
- Transaction Costs, Suboptimal Termination and Default Probabilities, with D. Keenan
and T. Kim, Journal of the American Real Estate and Urban Economics Association,
23, 1993,
247-263.
- Self-Interest, Ideology and Logrolling in Congressional Voting, Journal of Law
and Economics, with P. Rubin
XXII (2), 365-384, reprinted in Library of Critical Writings in Economics, Public Choice
Theory
by C.K. Rowley, 1995.
- A Note on the Resulting Bias of Imposing Expedient Conditions on Mortgage
Valuation Models,
with T. Chin, D. Keenan and W. Muller, Journal of Housing Economics, 3, 1993, 77-88.
- Designing Commercial Mortgages and Their Mortgaged Backed Securities, with D.
Keenan and W. Muller, 1991, a chapter in Asset Securitization: Theory and Practice in
Europe,
Euromoney Books: London.
- The Secondary Mortgage Market, with D. Keenan and W. Muller, 1992, The New
Palgrave Dictionary of Money and Finance, Macmillan Press Reference Books,
London,
England.
- The Prepayment Option on Mortgage Securities: A Random Coefficient
Approach, with T.M. Springer, 1992, Review of Quantitative Finance and
Accounting,
Vol. 2:1, 33-45.
- The Timing of Prepayment: A Theoretical Analysis, with T. Kim, Journal of Real
Estate Finance and Economics, Vol. 7, #3, 1993, 221-228.
- Ideology, Voting, and Shirking, with P. Rubin, 1993, Public Choice, 37,
151-172.
- An Analysis of Financial and Nonfinancial Prepayment of Debt Securities with a
Varying Coefficient Model, with T.M. Springer, 1993, Journal of Real Estate
Research,
8, #1, 69-86.
- Pricing Commercial Mortgages and Their Mortgage-Backed Securities, with D.
Keenan, W. Muller and J. Epperson, Journal of Real Estate Finance and Economics, Vol. 3,
#4,
December, 1990, 333-356.
- Contributing Authors and Institutions to the Journal of Urban Economics:
1974-1989, with T. Allen, Journal of Urban Economics, 1991, 30, 373-384.
- Urban Residential Land Markets: An Analysis of Changes, 1966-78, with C.F.
Sirmans, a chapter in ,Real Estate Market Analysis, Praeger Press Inc., 1988, 150-171.
- The Political Economy of Urban Land Use, with P. Rubin, a chapter in Law and
Property Rights, The Law and Economics Research Series, JAI Press, Inc., 1987.
- The Impact of Inflation in Housing Prices and Housing Starts, with S. Sirmans, a
chapter in Real Estate Market Analysis, Praeger Press Inc., 1988, 261-274.
- Dividend Policy and Payment Behavior of REITS: Theory and Evidence, with
C.F. Lee, The Quarterly Review of Economics and Business, Summer, 27(2), 1987,
6-21.
- Taxes, Points and Rationality in the Mortgage Market, AREUEA Journal,
1987.
Vol. 15 #3, 168-184.
- The Valuation and Securitization of Commercial and Multifamily Mortgages,
Journal of Banking and Finance, 1987, Vol. 11, 525-546.
- Rational Pricing of Adjustable Rate Mortgages, with D.C. Keenan, W.J. Muller,
and J.F. Epperson, Journal of the American Real Estate & Urban Economics
Association,
Vol. 13, Summer, 1985, No. 2, 117-128.
- Pricing Default Risk in Mortgages, with J.F. Epperson, D.C. Keenan, and W.J.
Muller, Journal of the American Real Estate & Urban Economics Association, Vol.
13, Fall,
1985. No. 3, 261-272.
- Economic and Ideological Factors in Congressional Voting: The 1980 Election,
with Paul Rubin, Public Choice, Vol. 44, 1984, 385-388.
- The Theory of Interest Rates and Housing, Journal of Financial and Quantitative
Analysis, with D. Keenan, Competitive Paper Award Winner, 1980 Western Finance
Meeting, Vol. XV, No. 4, Nov., 1980, 833-847.
- On the Theory of Interest Rates, Consumer Durables and the Demand for
Housing,
Journal of Urban Economics, with D. Keenan, Vol. 10, No. 3, 1981, 320-331.
- Migration and Wage Growth: A Human Capital Framework, with J. Hunt,
Southern Economic Journal, April, 1985.
- Inflation, Taxes, and Housing: A Theoretical Analysis, with D. Keenan, - Journal
of Public Economics, 21 (1983), 93-104.
- A General Equilibrium Model of Congressional Voting, with P. Rubin and D.
Keenan, Quarterly Journal of Economics, Vol. 97, No. 2, May, 1982, 261-274.
- The Size of Government, with Paul Rubin, Public Choice, Vol. 37, 1981,
261-274.
- The Foundations of Housing Analysis, with D. Keenan, Research in Real
Estate,
JAI Press, Inc., Vol. 1, 1981, 1-28.
- A Critique on the Methods of Analyzing Urban Spatial Structure, with C.F.
Lee,
Research in Real Estate, JAI Press, Inc., Vol. 3, 1982.
- Technological Changes and Economic Growth in Housing, with C.F. Sirmans,
Journal of Urban Economics, Vol. 13, Issue 3 (May, 1983): 283-295.
- Changes in Land Values: 1836-1970, with C.F. Sirmans, Journal of Urban
Economics, Vol. 15, #1, Jan., 1984, 18-25.
- Structural Shifts in Urban Population Density Gradients: An Empirical
Investigation, with C.F. Lee and R. Chen, Journal of Urban Economics, Vol. 13,
No. 3,
1983, 364-377.
- Self-Interest, Ideology and Voting in Congress, with P. Rubin, Journal of Law
and
Economics, Vol. 52 (2), Oct., 1979, 365-384.
- Build Codes and Other Regulator Housing Costs, in The Housing Crisis, with P.
Caldwell, Ed. M. Bruce Johnson, Harper & Row, 1983.
- Urban Spatial Structure: An Analysis with a Varying Coefficient Model, with S. R.
Johnson, Journal of Urban Economics, Vol. 7, No. 2, March, 1980, 141-154.
- Determinants of Laws Affecting Small Business, with P. Rubin in The
Regional
Environment for Small Business and Entrepreneurship, Small Business Administration,
Washington, D.C., 1980.
- The Functional Form of the Gravity Model, International Regional Science
Review, Vol. 4, #2, 1979, 127-136.
- Forms of Wealth and Parent-Offspring Conflict, with P. Rubin and E. Meeker,
Journal of Social Biological Structure, 1979, Vol. 2, 53-64.
- The Demand for Urban Residential Land, with C.F. Sirmans, Journal of
Regional
Science, Vol. 21, No. 4, Nov., 1981, 519-528.
- The Elasticity of Substitution in Urban Housing Production: A VES Approach,
with C.F. Sirmans and C.F. Lee, Journal of Urban Economics, Vol. 6, Oct., 1979,
407-415.
- A Recursive Model of the Spatial Allocation of Migrants, with C.F. Sirmans,
Journal of Regional Science, Vol. 19, Feb., 1979, 47-56.
- A Variable-Elasticity-of-Substitution Production Function and Urban Land Use: A
Theoretical and Empirical Investigation, with C.F. Lee and C.F. Sirmans, in
Developments in Urban and Regional Analysis, Ed. M.J. Breheng, Pion Limited,
London,
1980.
- Regional Science Programs: A Ranking Based on Publication Performance, with
L. Johnson, Journal of Regional Science, Vol. 23, No. 2, 1983, 177-186.
- Public Interest Lobbies: Membership and Influence, with P. Rubin, Public
Choice,
Vol. 34, 1979, 45-54.
- Voting on Minimum Wages: A Time Series Analysis, with Paul Rubin, Journal
of
Political Economy, Vol. 86, No. 2, April, 1978, 337-342.
- Urban Land Value Functions and the Price Elasticity of Demand for Housing, with
C.F. Sirmans, The Journal of Urban Economics, Vol. 6, No. 4, 1979, 112-121.
- The Functional Form in Estimating the Density Gradient; An Empirical
Investigation, with C.F. Lee, The Journal of the American Statistical
Association, Vol.
71, No. 354, June, 1976, 326-327.
- Racial Discrimination and Occupational Attainment at the Turn of the Century,
with E. Meeker, Exploration in Economic History, Vol. 14, 1977, pp. 250-276.
- The Influence of Information Cost and Uncertainty on Migration, with C.F.
Sirmans, Journal of Regional Science, Vol. 17, No. 1, 1977, 89-96.
- Capital-Land Substitution and Urban Land Use, with C.F. Lee, Journal of
Regional
Science, Vol. 16, No. 1, April, 1976, 83-92.
- Transportation Land-Use Model for Rural Areas, The Annals of Regional
Science,
Vol. 11, No. 2, July 1977, pp. 41-54.
- A Random Coefficient Model for Examining the Degree of Uncertainty in the Density
Gradient, with C.F. Lee, Regional Science and Economics, Vol. 7, 1977, 169-177.
- New, Repeat and Return Migration: A Study of Migrant Types, with C.F.
Sirmans, Southern Economic Journal, Vol. 43, No. 2, Oct., 1976, 1144-1148.
- New, Repeat and Return Migration: A Reply, Southern Economic Journal,
Vol.
44, Jan., 1978, 685-689.
- The Impact of Labor Unions on the Passage of Economic Legislation, with P.
Rubin, Journal of Labor Research, Vol. II, No. 1, Spring, 1981.
- Functional Form, Density Gradient and the Price Elasticity of Demand for
Housing, with C.F. Lee, Urban Studies, Vol. 13, No. 2, 1976, 181-192.
- Recursive Methods for Estimating the Monety Demand Function: Some Empirical
Evidence, with C.F. Lee, The Journal of Economics and Business, Vol. 29, No. 3,
Spring/Summer, 1977, 211-214.
- The Electoral College and the Rational Vote, with P. Rubin, Public Choice,
Vol.
27, Fall, 1976, 101-107.
- The Electoral College and the Rational Vote: A Correction, with P. Rubin,
Public
Choice, Vol. 29, Springs, 1977, 155-156.
- A Multivariate Analysis of Public Housing Residents, with C. Floyd, The
Review
of Regional Studies, Vol. 4, No. 1, Spring, 1974, 42-49.
- A Multivariate Analysis of Public Housing Residents: An Extension and Reply,
with
C. Floyd, The Review of Regional Studies, Vol. 5, No. 1, Spring, 1975, 88-92.
- The Impact of Transportation on Urban Density Functions, with S.R. Johnson,
Transportation Research Record, Oct., 1980, Vol. 10, No. 1, 57-86.
- Migration and Quality of Life, with C.F. Sirmans, Review of Regional
Studies,
Vol. 6, No. 2, 1977, 76-85.
- Migration: An Integer Programming Framework with Empirical Results, with C.F.
Sirmans, Northeast Regional Science Review, Vol. 7, 1977.
- Measurement Techniques, Grades, and Ratings of Instructors, with P. Rubin,
Journal of Economic Education, Vol. 8, No. 1, Fall, 1976.
- Predicting Transportation in Northeast Georgia, with P. Wendt, Transportation
Research Record, Vol. 617, National Academy of Sciences, Washington, D.C., 1976,
68-72.
- New Estates of the Determinants of Urban Crime, with P. Rubin, The Annals
of
Regional Science, Vol. 9, No. 1, March, 1975, 68-76.
- State Differentials in Income Inequality, with J. Jonish, Review of Social
Economy,
Vol. 31, No. 2, Oct., 1973, 179-90.
- State Variations in Poverty Levels, with J. Jonish, Growth and Change,
Vol. 7, No.
1, 1976, 24-27.
- Social Policy Implications of the Minimum Wage Law, Journal of Policy
Sciences,
with M. Kau, Vol. 4, Spring, 1973.
- Excess Loss and Financing of Unemployment Insurance, CPCU Annals, with J.
Jonish, Vol. 8, Spring, 1973, 59-70.
- Measures of Discrimination in Occupational and Income Levels, with J. Jonish,
Review of Business and Economic Research, Vol. 8, Spring, 1973, 59-70.