The real estate industry has been severely affected by recent developments in international capital markets. There has been a decline in real estate investment trust (REIT) share prices, and a decline in capital available for real estate ventures. These setbacks have coincided with serious financial problems of very large hedge funds and other institutional investors in the market for commercial mortgage-backed securities. This volume collects the revised papers first presented at a conference hosted by New York University's Salomon Center on the impact of globalization on real estate business cycles. To this end, the conference offered new insights into the implications of U.S. and global real estate cycles on real estate securities including REITs and mortgage-backed securities as well as direct real estate investment. The most important insight is that the amplitude and frequency of the cycles differ from place to place and time to time. To the extent that this implies that real estate markets around the world are not yet fully integrated, there are opportunities for global investors. There are also risks; the markets are becoming more correlated, most particularly in periods of crisis. Indeed, the relative immaturity of the Thai real estate market contributed significantly to the extent and severity of the Asian financial crisis of 1997. To exploit these opportunities and to manage the resulting risk, portfolio managers need to develop new data sources and empirical procedures designed to maximize the information content of the data that is available. The lack of high quality data emerges as the central and most pressing issue, not only from a portfolio management context, but alsofrom the standpoint of public policy.

In March 1999, New York University Salomon Center in assocIatIOn with the Department of Finance at NYU Stern held a one-day conference on the impact of real estate cycles on the real estate industry both from a domestic as well as an international perspective. The conference featured the leading research on this topic in the United States, Europe and Asia. Currendy, the real estate industry is at a critical point. New development projects around the world are being put on hold given recent developments in the international capital markets. The industry is hard hit by the decline in real estate investment trust (REIT) share prices and a shrink ing pool of capital for real estate ventures. This has unfortunately coincided with serious financial problems of very large hedge funds and other institutional investors in the market for commercial mortgage backed securities. There is need for new insights into the implications of U. S. and global real estate cycles on real estate secu rities including REITs and mortgage-backed securities as well as direct real estate investment. This global orientation is important given the high mobility of capital into the real estate, the increasing integration of real estate markets, and the proposed expan sion of real estate investment trusts (REIT) into international real estate. The process of globalization has resulted in increased competition between cities for the attrac tion of investment."

Debate about deregulation has focused considerable attention on the pricing policies of public utilities. Much work has been done by economists on this subject, and in this book the results of that research are presented and made accessible to students of economics. The main subject is the policy to be followed by a regulated monopoly, but the analysis is broadened to take account of a fringe of competitive suppliers, making it relevant to electric utilities and local telephone companies in the US, to PTT's in Europe, to the possible privatisatibn of telecommunications in Australia, and to the telecommunications structure in the UK where the dominant supplier has recently been privatised. The book gives a unified and simplified exposition of the modern theory of efficient pricing which is not available elsewhere. The theoretical discussion is supplemented by numerical simulation comparing Fully Distributed Cost Pricing, Ramsey Pricing, and Optimal Non-uniform Pricing.

This scarce antiquarian book is a selection from Kessinger Publishing's Legacy Reprint Series. Due to its age, it may contain imperfections such as marks, notations, marginalia and flawed pages. Because we believe this work is culturally important, we have made it available as part of our commitment to protecting, preserving, and promoting the world's literature. Kessinger Publishing is the place to find hundreds of thousands of rare and hard-to-find books with something of interest for everyone!

Morphdorph is a tale of the first three years in the life of Morpheus, a dog from the breed known as Basenji. This breed comes from Central Africa and is known for its inability to bark, its penetrating stare, high degree of intelligence and especially for its ability to be sneaky and sometimes mischievous. The tale presented is the authors perspective of what his dog, Morpheus, is thinking and experiencing during his early years of life. The story begins with the birth of Morpheus, takes the reader through his adoption by his human family and then through the first years in his adopted home. The reader will be amused by the stories presented highlighting the personality development of this unique breed of dog. The stories involve Morpheus's antics at home, on walks and at the local dog park where he quickly develops a reputation as quite a character. He is without a doubt a small dog with a big heart.

Inspiration is the story of why the author embarked into the world of motor homing. The story starts with the author's description of the gift his father gave him during life, and clarified during his last months of life. His father's clear and concise message was "live without regrets and be happy." Since the authors dream was to own a motor home one day, his fathers last messages were the guiding forces for the author to fulfill a life long dream. Subsequent chapters take the reader through the selection, negotiating and purchasing process the author followed in acquiring his first motor home; Country Coach Inspire. The information presented focuses on Class A diesel "pusher" motor homes. However, the basic information could provide a valuable resource for those interested in purchasing any class of motor home. Later chapters describe the travels and experiences of the first year and half of ownership. The trips include the famous "shakedown trip" known to all owners of motor homes ending with service at the Country Coach factory in Junction City, Oregon. The author then takes the reader across the country as he and his family embark on a history tour of the U.S.