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.