nep-ure New Economics Papers
on Urban and Real Estate Economics
Issue of 2007‒06‒02
thirteen papers chosen by
Steve Ross
University of Connecticut

  1. Interim Evaluation of HUD's Homeownership Zone Initiative By HUD - PD&R
  2. Distribuição da rede de oferta de serviços de saúde na região norte: uma análise espacial multivariada By Cristina Guimarães Rodrigues; Rodrigo Ferreira Simões; Pedro Vasconcelos Amaral
  3. Performance Assessment of Portuguese Secondary Schools By M. C. Portela; A. S. Camanho
  4. Impact Fees: Equity and Housing Affordability By HUD - PD&R
  5. Measuring Segregation By Frankel, David M.; Volij, Oscar
  6. Failures in school progression By Paula Giovagnoli
  7. Potential for car use reduction through a simulation approach: Paris and Lyon case studies By Marie-Hélène Massot; Jimmy Armoogun; Patrick Bonnel; David Caubel
  8. Evaluation of car traffic reduction potential in urban area, Paris and Lyon case-studies By Marie-Hélène Massot; Jimmy Armoogun; Patrick Bonnel; David Caubel; Laurent Hivert; Dominique Mignot
  9. Do Domestic Educations Even Out the Playing Field? Ethnic Labor Market Gaps in Sweden By Nekby, Lena; Özcan, Gülay
  10. Acculturation Identity and Labor Market Outcomes By Nekby, Lena; Rödin, Magnus
  11. The Use of Mortgage Covered Bonds By Antonio Garcia Pascual; Elina Ribakova; Renzo G. Avesani
  12. Optimal Holding Period for a Real Estate Portfolio By Baroni, Michel; Barthélémy, Fabrice; Mokrane, Mahdi
  13. Study of Subdivision Requirements as a Regulatory Barrier By NAHB Research Center

  1. By: HUD - PD&R
    Abstract: The Homeownership Zone (HOZ) demonstration program was launched in 1996 by the U.S. Department of Housing and Urban Development as part of a national strategy to expand homeownership. The HOZ program was intended to test the idea that a well-designed, large-scale, mixed-income homeownership housing development could transform a blighted neighborhood into a stable, vibrant community where families would want to live.
    JEL: O21
    Date: 2007–03
  2. By: Cristina Guimarães Rodrigues (Cedeplar-UFMG); Rodrigo Ferreira Simões (Cedeplar-UFMG); Pedro Vasconcelos Amaral (Cedeplar-UFMG)
    Abstract: The goal of this paper is to analyze the spatial localization of health services supply at Brazilian north region. At Amazon region, where distances among localities are huge and the transport system has deficiencies, the supply of health infra-structure and human resources are crucial issues to identify the planning possibilities in order to improve the access to those services. We used municipal data on equipments, physical installations and human resources from Pesquisa de Assistência Médico-Sanitária 2002 (AMS). The urban network identification was held due to multivariate analysis, specifically cluster analysis. The clusters spatial association was tested by Local Indicators of Spatial Association (LISA). The results point to an unevenly distributed urban network of health services, concentrated on region's most important cities as Manaus and Belém. We could also realize the existence of big areas of absolute deficiencies in all kind of infrastructure - even those of primary attention - and an unfilled urban system, lacking central places of intermediate hierarchy.
    Keywords: health services supply; Brazil
    JEL: R53 I11
    Date: 2007–05
  3. By: M. C. Portela (Faculdade de Economia e Gestão, Universidade Católica Portuguesa (Porto)); A. S. Camanho (Faculdade de Engenharia, Universidade do Porto)
    Abstract: This paper describes a performance analysis of Portuguese secondary schools us- ing data envelopment analysis (DEA). The type of assessment carried out in schools may be di®erent depending on the perspective. Therefore we adopted in this pa- per two perspectives for assessing schools: a society perspective where schools are viewed as promoting students achievement (ideally including not only academic re- sults but also interpersonal capacities) given the students characteristics in terms of academic abilities and socio-economic backgrounds; and an educational authorities perspective where schools are viewed as transforming a set of resources (including students with given characteristics in terms of academic abilities and socio-economic backgrounds and also school resources, such as teachers) into students achievement. Two types of DEA analysis were performed: one using an output oriented model allowing factor weights to vary freely from school to school and another using a model that restricts factor weights to be equal for all schools. The ¯rst model is well suited for identifying worst performing schools, whereas the latter is best suited for identifying best performing schools. Our data set comprised a small number of schools and in some cases there were missing values. The problems associated with missing data were overcome following a procedure described in the literature. The empirical DEA analysis was followed by an exploratory analysis of contextual indicators that potentially a®ect schools' performance, in order to understand their impact on the educational process.
    Keywords: Data Envelopment Analysis, Secondary Schools.
    JEL: C61 D24 I20
    Date: 2007–05
  4. By: HUD - PD&R
    Abstract: Impact fees are one-time charges applied to new development. Impact fees are a form of land-use regulation designed to assure that communities maintain adequate levels of public facilities in the face of growth. The resulting revenue generated for the construction or expansion of new facilities is coincidental to their land-use regulatory (i.e. police power) purpose. Were it not for growth many communities would have adequate public facilities and often if growth is at a manageable pace adequate public facilities can be provided concurrent with the impacts of growth. To assure adequate public facilities, impact fees are assessed and dedicated principally for the provision of additional water and sewer systems, schools, libraries, parks and recreation facilities, and other infrastructure made necessary by the presence of new residents in the area. The funds collected cannot be used for operation and maintenance, repair, alteration, or replacement of capital facilities.
    JEL: Y90
    Date: 2007–04
  5. By: Frankel, David M.; Volij, Oscar
    Abstract: We propose a set of axioms for the measurement of school-based segregation with any number of ethnic groups. These axioms are motivated by two criteria. The first is evenness: how much do ethnic groups’ distributions across schools differ? The second is representativeness: how different are schools’ ethnic distributions from one another? We prove that a unique ordering satisfies our axioms. It is represented by an index that was originally proposed by Henri Theil (1971). This “Mutual Information Index” is related to Theil’s better known Entropy Index, which violates two of our axioms.
    Keywords: Segregation, indices, measurement, peer effects, schools, education, equal opportunity.
    JEL: R0
    Date: 2007–05–24
  6. By: Paula Giovagnoli (Centro de Estudios Distributivos, Laborales y Sociales (CEDLAS) - Universidad Nacional de La Plata; London School of Economics and Political Science (LSE))
    Date: 2007–05
  7. By: Marie-Hélène Massot (LVMT - Laboratoire Ville, Mobilité, Transports - [INRETS] - [Université de Marne la Vallée] - [Ecole Nationale des Ponts et Chaussées]); Jimmy Armoogun (DEST - Département Economie et Sociologie des Transports - [INRETS]); Patrick Bonnel (LET - Laboratoire d'économie des transports - [CNRS : UMR5593] - [Université Lumière - Lyon II] - [Ecole Nationale des Travaux Publics de l'Etat]); David Caubel (LET - Laboratoire d'économie des transports - [CNRS : UMR5593] - [Université Lumière - Lyon II] - [Ecole Nationale des Travaux Publics de l'Etat])
    Abstract: The aim of the present study is to evaluate the possible extent of modal shifts from car use to 'alternative modes' (public transport, cycling, walking) without any change in individual patterns of activity. Its approach is based on a transfer procedure that allows the simulation of the maximal potential market for transport modes other than the private car. The method is based on repeated iterations of a simulation model that assigns journeys to transport modes other than the automobile based on a number of improved public transport scenarios. Demand is channelled towards individual modes (walking, cycling), public transport, and a combination of individual and public modes, based on their relative time and distance performance. The modal transfer procedure is applied to several transport supply scenarios, which provide a picture of what is possible in the sphere of modal split. Each simulation entails a potential transfer of private vehicle-km to each of the other modes. Even where different public transport scenarios are simulated, the transfer is evaluated for round trips in both the Paris and Lyon surveys. There is therefore no modification in the activity pattern of the people surveyed nor trips induced by improvements in transport supply. The aim is not to predict what would be the modal split in other circumstances, but the upper limit of the shifts. This paper presents our methodology and the principal results obtained through numerical simulations based on figures for the Paris and Lyon conurbations. This approach demonstrates that a policy focused on modal shifts has the potential to reduce car use, but that this potential is limited. Any aspiration to reduce car use further would mean changes in the patterns and location of activity.
    Keywords: Urban transport ; Modal split ; modal split simulation method ; Transportation policy ; Car use reduction ; Public transport ; Individual daily mobility ; modal transfer ; Paris (France) ; Lyon (France)
    Date: 2007–05–18
  8. By: Marie-Hélène Massot (LVMT - Laboratoire Ville, Mobilité, Transports - [INRETS] - [Université de Marne la Vallée] - [Ecole Nationale des Ponts et Chaussées]); Jimmy Armoogun (DEST - Département Economie et Sociologie des Transports - [INRETS]); Patrick Bonnel (LET - Laboratoire d'économie des transports - [CNRS : UMR5593] - [Université Lumière - Lyon II] - [Ecole Nationale des Travaux Publics de l'Etat]); David Caubel (LET - Laboratoire d'économie des transports - [CNRS : UMR5593] - [Université Lumière - Lyon II] - [Ecole Nationale des Travaux Publics de l'Etat]); Laurent Hivert (DEST - Département Economie et Sociologie des Transports - [INRETS]); Dominique Mignot (LET - Laboratoire d'économie des transports - [CNRS : UMR5593] - [Université Lumière - Lyon II] - [Ecole Nationale des Travaux Publics de l'Etat])
    Abstract: The private car currently dominates travel in large metropolitan areas and its use is on the increase, in spite of the fact that public opinion is generally in favour of the development of public transport and political statements which reflect this opinion. Furthermore, the available projections and an analysis of the potential effect of conventional policies indicate that although such policies are able to exert some control, it is limited.<br /><br />Then, the question, that this research directed by INRETS will attempt to answer, is: could a major metropolitan area operate with a radically different transport system that is based principally on the use of modes other than the automobile? By "radically different", we mean a system in which use of the conventional automobile would be reduced in a non-marginal manner, by, say, between a third and a half of all private car vehicle-kilometres.<br /><br />This research does not attempt to justify a move towards a radically different system a lot as already been said on it. Instead, the project will perform different transport simulations and assess on based-rules the effect on the use of modes.<br /><br />Transport scenarios have been designed to incorporate a progressive improvement in public transport supply in the following respects: increase in speeds on the roads, increase in service frequencies during off-peak periods, creation of exclusive public transport lanes, reserving radial roads for public transport, extension of metro and regional express rail and reorganisation of bus routes in response to this. We have also devised and simulated a set of appropriate accompanying strategies that are intended to improve the effectiveness of public transport supply, for example policies to encourage the use of the bicycle or park and ride schemes. <br /><br />The methodology, developed by INRETS has been applied on Paris and Lyon region based on the last household travel survey conducted in each area. For each transport scenario, Paris and Lyon models are used to calculate public transport time for all trips whatever is the actual mode of transport. We then applied the procedure of mode transfer to assess the effect of each of these scenario on mode choice. The procedure is based on automatic rules. Trips, or more precisely round trips, are assigned to one or other of the alternative modes on the basis of elimination rules (no walking for distances over 2 kilometres, no cycling over 8 kilometres, no modal transfer if the purpose of the round trip is for escorting purposes...) and on the basis of constraints (individual travel-time budgets, the length of each trip and round trips, the existence of transport supply...). This system of rules and constraints constitutes the core of the modal transfer procedure.<br /><br />The paper will present both the methodology and results obtain from Paris and Lyon case studies.
    Keywords: Urban transport ; Modal split ; modal split simulation method ; Transportation policy ; Car use reduction ; Paris (France) – Lyon (France)
    Date: 2007–05–18
  9. By: Nekby, Lena (Stockholm University Linnaeus Center for Integration Studies - SULCIS); Özcan, Gülay (Stockholm University Linnaeus Center for Integration Studies - SULCIS)
    Abstract: The importance of investing in host country-specific human capital such as domestic language proficiency and domestic education is often cited as a determining factor for the labor market success of immigrants. This suggests that entirely domestic educations should even out the playing field providing equal labor market opportunities for natives and immigrants with similar (domestic) educations. This study follows a cohort of students from Swedish compulsory school graduation in 1988 until 2002 in order to document ethnic differences in education, including grades and field of education, and subsequent labor market outcomes. Results indicate both initial differences in youth labor market status and long term differences in employment rates, most notably for those with Non-European backgrounds. Differences in level or field of domestic education cannot explain persistent employment gaps. However, employment gaps are driven by differences among those with secondary school only. No employment or income gaps are found for the university educated.
    Keywords: Ethnic minorities; Education; Employment; Income; Discrimination
    JEL: I21 J15 J71 Z13
    Date: 2007–05–25
  10. By: Nekby, Lena (Dept. of Economics, Stockholm University); Rödin, Magnus (Dept. of Economics, Stockholm University)
    Abstract: This paper explores the identity formation of a cohort of students with immigrant backgrounds in Sweden and the consequences of identity for subsequent labor market outcomes. Unique for this study is that identity is defined according to a two-dimensional acculturation framework based on both strength of identity to the (ethnic) minority and to the (Swedish) majority culture. Results indicate that what matters for labor market outcomes is strength of identification with the majority culture regardless of strength of (ethnic) minority identity. Labor market outcomes vary little between the assimilated and the integrated who have in common a strong majority identity but varying minority identity. Correlations between identity and labor market outcomes are however, an entirely male phenomenon.
    Keywords: Ethnic Identity; Acculturation; Ethnic minorities; Employment; Income
    JEL: J15 J16 J21 Z13
    Date: 2007–05–27
  11. By: Antonio Garcia Pascual; Elina Ribakova; Renzo G. Avesani
    Abstract: The rapid mortgage credit growth experienced in recent years in mature and emerging countries has raised some stability concerns. Many European credit institutions in mature markets have reacted by increasing securitization, particularly via mortgage covered bonds. From the issuer's perspective, these instruments have become an attractive funding source and a tool for assetliability management; from the investor's perspective, covered bonds enjoy a favorable risk-return profile and a very liquid market. In this paper, we examine the two largest "jumbo" covered bond markets, Germany and Spain. We show how movements in covered bond prices can be used to analyze the credit developments of the underlying issuer and the quality of its mortgage portfolio. Our analysis also suggests that mortgage covered bonds could be of interest to other mature and emerging markets facing similar risks related to mortgage credit.
    Keywords: Bonds , Germany , Spain , Credit , Financial institutions , Economic indicators ,
    Date: 2007–02–01
  12. By: Baroni, Michel (ESSEC Business School); Barthélémy, Fabrice (THEMA, University of Cergy-Pontoise); Mokrane, Mahdi (IXIS-AEW Europe)
    Abstract: This paper considers the use of simulated cash flows to determine the optimal holding period of a real estate portfolio to maximize its present value. The traditional DCF approach with an estimation of the resale value through a growth rate of the future cash flow does not let appear this optimum. However, if the terminal value is calculated from the trend of a diffusion process of the price, an optimum may appear under certain conditions. Finally we consider the sensitivity of the present value to the different parameters involved in the cash flow estimations.
    Keywords: Cash Flows Simulations; Holding Period; Real Estate Portfolio Management
    JEL: C15 G11
    Date: 2007–04
  13. By: NAHB Research Center
    Abstract: This study addresses the characterization on a national basis of the regulatory cost barriers associated with land subdivision, specifically barriers to the subdivision of land that can be developed with single-family detached (SFD) dwellings. Previously, this issue has been addressed only on a very small geographic scale. Previous approaches have not been used to examine regulatory cost barriers at the national level.
    JEL: O20
    Date: 2007–04

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