Finance and Financial Management Commons^™

Mass.Migration, Robert A. Nakosteen, Michael Goodman, Dana Ansel, Robert Lacey, Rebecca Loveland, James Palma, Alexandra Proshina, Rachel Deyette Werkema

Robert A Nakosteen

Examining the flow of people moving into and out of Massachusetts over the last decade reveals a state in transition. Our analysis of the Census 2000 data shows that native-born middle-class families are migrating in increasing numbers to other New England states, while smaller numbers of highly educated, highly mobile professionals are arriving in Massachusetts. But, with many choices about where to work and live, there is no guarantee that these workers will make the Bay State their permanent home.

In this respect, Massachusetts is no different from other states with knowledge economies. It is increasingly dependent upon a supply …

Recent Developments In Markets For Credit Risk Transfer, John Kiff

John Kiff

No abstract provided.

An Analytical Review Of Credit Risk Transfer Instruments, John Kiff, Francois-Louis Michaud, Janet Mitchell

John Kiff

No abstract provided.

Developments And Issues In The Canadian Market For Asset-Backed Commercial Paper, John Kiff, Paula Toovy

John Kiff

No abstract provided.

The Fiscal Impact Of New Housing Development In Massachusetts: A Critical Analysis, Robert A. Nakosteen Ph.D., James Palma Aicp, Rebecca Loveland Mrp, Michael Goodman Ph.D., Alexandra Proshina, Pamela Miller, Robert Lacey

Robert A Nakosteen

There has been a great deal of news recently about the rising prices of housing in Massachusetts. There have been 380 articles in the past year on housing in the Boston Globe alone, according to Lexis-Nexis, and most of these discuss the lack of, construction of, or need for affordable housing units.1 One of the reasons cited for the increase in housing prices is the lack of construction of new housing units in all price ranges.

Virtually all new housing construction in Massachusetts is controlled and regulated at the local level. Within the confines of state law, municipalities have the …

Spousal Privileges In The Federal Law, Robert L. Kardell

Robert L Kardell

No abstract provided.

An Application Of Unit Root Tests With A Structural Break To Risk-Based Capital And Bank Portfolio Composition, Kevin T. Jacques

Kevin T Jacques

No abstract provided.

Population Change, Housing, And Local Finance, Robert A. Nakosteen, James R. Palma

Robert A Nakosteen

There is broad agreement that affordable housing is one of the most pressing problems facing the Commonwealth. Attracting a qualified labor force to the state is challenging, since housing prices are high and rising quickly. One important aspect of increasing the supply of housing in Massachusetts is the role played by municipal governments. In a sense, all housing development decisions in the state start at the municipal level. Many municipalities are reluctant to approve significant new housing projects because of their fear that the costs generated by new housing will outstrip the tax revenues generated. In fact, the relationship between …

Forward Premiums And Market Efficiency: Panel Unit-Root Evidence From The Term Structure Of Forward Premiums, Atreya Chakraborty

Atreya Chakraborty

A plausible explanation for cointegration among spot currency rates determined in efficient markets is the existence of a stationary, time-varying currency risk premium. Such an interpretation is contingent upon stationarity of the forward premium. However, empirical evidence on the stochastic properties of the forward premium series has been inconclusive. We apply a panel unit-root test – the Johansen likelihood ratio (JLR) test – to forward exchange premiums by utilizing cross-sectional information from their term structure. In contrast to earlier studies, the JLR test provides decisive and temporally stable evidence in support of stationary forward premiums, and therefore foreign exchange market …

Wealth Creation And Managerial Pay: Mva And Eva As Determinants Of Executive Compensation, Ali M. Fatemi, Anand S. Desai, Jeffrey P. Katz

Ali M Fatemi

Designing effective compensation contracts has become increasingly complex due to the globalization of the executive work force and the multitude of incentive schemes. We examine the relationships between managerial pay and firm performance among domestic and global firms using economic value added (EVA) and market value added (MVA) to assess wealth creation. Our work suggests that top managers in domestic- and globally focused firms are not only incented to increase EVA, but also rewarded for past additions to MVA. The results of our research suggest that managers of highly globalized firms tend to be paid at higher levels, reflecting the …

Nearest-Neighbor Forecasts Of U.S. Interest Rates, Atreya Chakraborty

Atreya Chakraborty

We employ a nonlinear, nonparametric method to model the stochastic behavior of changes in several short and long term U.S. interest rates. We apply a nonlinear autoregression to the series using the locally weighted regression (LWR) estimation method, a nearest-neighbor method, and evaluate the forecasting performance with a measure of root mean square error (RMSE). We compare the forecasting performance of the nonparametric fit to the performance of two benchmark linear models: an autoregressive model and a random-walkwith-drift model. The nonparametric model exhibits greater out-of-sample forecast accuracy that that of the linear predictors for most U.S. interest rate series. The …

The Fasbs Concepts Statement On Cash Flows And Present Value, Stanley Martens, Thomas D. Berry

Thomas D Berry