Developing timely and reliable house price indices is of interest worldwide, because these measures influence consumer behaviour, inflation targeting, and spot and futures markets. Several techniques for constructing a constant quality price index are available in the literature, but these methods are difficult to apply in localities where market transaction data is limited. Since house price movements are a local phenomena, improving the timeliness of a quality controlled price index at local housing market levels in small countries like New Zealand is a challenge. This thesis comprises three essays that focused on improving the timeliness of reported house price indices at the local market levels. The timeliness issue examined in this thesis has not previously been rigorously investigated and this makes the results of this thesis both important and unique for the benefit of both academic research and practical application. Essay One reviews the sale price appraisal ratio (SPAR) method, which has been applied since the 1960s for producing local house price indices at a semi-annual and quarterly basis in New Zealand. Utilizing a variety of statistical tests and comparing this index with the repeat sales and median price index result in the study highlighting the potential of, as well as the problems associated with, a price index produced by the SPAR method at a monthly level. In the following two essays, monthly price indices are tested using empirical real estate research methods in order to examine their usefulness in exploring the research questions as well as revealing the statistical differences between them. Essay Two studies the relationship between sale price and trading volume, and the ripple effect of local house price comovements. The results show that the trading volume generally leads the sale price in the long-run and the ripple effect is most likely constrained within regions. In Essay Two, the monthly SPAR index produces similar statistical results to those estimated by the repeat sales index for large cities. Essay Three is a study on the market efficiency of housing markets. It is found the local housing market is neither weak-form nor semi-strong form efficient. Local house price movements are strongly correlated and are mean reverting towards their long-run equilibrium. It is further concluded that monthly price indices for small cities are problematic due to the problem of small sample size. Overall, the findings in this thesis show monthly house price indices can be generated by using the SPAR method at local market levels. However, this potential is limited to large cities. Further research can focus on improving the quality of monthly price indices for large cities.

Zugl.: Göttingen, Univ., Diss., 2005. / In: Springer-Online.

Thesis (Ph. D.)--Florida State University, 2005. / Advisor: Dr. Stefan Norrbin, Florida State University, College of Social Sciences, Dept. of Economics. Title and description from dissertation home page (viewed Sept. 21, 2005). Document formatted into pages; contains xii,163 pages. Includes bibliographical references.

Thesis (doctoral)--Johann Wolfgang Goethe-University, 2004. / Includes bibliographical references.

The utilization of total quality management (TQM) is advocated by some experts, as a partial remedy to the ills of the healthcare industry. However, some healthcare administrators are not yet sold on TQM. Some healthcare administrators still question the impact of TQM on the operational, financial and strategic health of their institutions. They consider the investment in TQM as unjustifiable because the return on such investment in their mind is questionable. This study illustrates how the constant market share model can be utilized to show the competitive benefits of TQM. Based on the results of this study, it is concluded that the fears of some healthcare administrators are unfounded. Not only that TQM does not compromise organizational effectiveness, but it actually improves it, as it contributes to increasing market share.

We develop a framework to quantify credit risks of non-traditional mortgage products (NMPs). Ex ante probabilities of default are caused by willingness-to-pay and ability-to-pay problems and the high default rates for NMPs confirm that payment shock is a critical default risk indicator. Monte Carlo simulations are conducted using three correlated stochastic variables (mortgage interest rate, home price, and household income) under normal and stressed economies. Results confirm that the default risk of 2/28 and option ARM contracts requiring a minimum monthly interest payment have a greater probability of default than other mortgage products in all economic scenarios. Additionally, the credit risk of NMPs is primarily systematic risk, suggesting that these products should require higher risk-based capital. Due to the non-linear distribution of credit risk, even the advanced internal-based rating approach of the Basle II framework can understate the risk involved in these NMPs.

Introduction: The US Health Care and Social Services sector (North American Industrial Classification System 'sector 62') has become an extremely important component of the nation's economy, employing approximately 18 million workers and generating almost $753 billion in annual payrolls. At the county level, the health care and social services sector is typically the largest or second largest employer. Hospital employment is often the largest component of the sector's total employment. Hospital employment is particularly important to non-metropolitan or rural communities. A high quality healthcare sector serves to promote economic development and attract new businesses and to provide stability in economic downturns. The purpose of this study was to examine the intensity of hospital employment in rural counties relative to the nation as a whole using location quotients and to draw conclusions regarding how potential changes in Medicare and Medicaid might affect rural populations. Methods: Estimates for county-level hospital employment are not commonly available. Estimates of county-level hospital employment were therefore generated for all counties in the USA the Census Bureau's County Business Pattern Data for 2010. These estimates were used to generate location quotients for each county which were combined with demographic data to generate a profile of factors that are related to the magnitude of location quotients. The results were then used to draw inferences regarding the possible impact of the Patient Protection and Affordable Care Act 2010 (ACA) and the possible imposition of aspects of the Budget Control Act 2011 (BCA). Results: Although a very high percentage of rural counties contain medically underserved areas, an examination of location quotients indicates that the percentage of the county workforce employed by hospitals in the most rural counties tends to be higher than for the nation as a whole, a counterintuitive finding. Further, when location quotients are regressed upon data related to poverty, county demographics, and the percentage of the population insured, a relationship between the proportion of the population over 65 years, the percentage of the population living in poverty, the percentage of the population without insurance and county density was found. Conclusion: The results of the analysis suggest that hospital employment in rural communities is higher than would be expected in the absence of programs that provide external funding to support hospital hiring. The most important public programs providing this support are Medicare and Medicaid. Social Security is another source of federal funding important for rural populations. Sequestration and other cuts in funding could impact rural communities significantly. This can be even worse in states that fail to expand Medicaid and in states that fail to increase Medicaid reimbursements for services important in rural communities.

We develop a framework to quantify credit risks of non-traditional mortgage products (NMPs). Ex ante probabilities of default are caused by willingness-to-pay and ability-to-pay problems and the high default rates for NMPs confirm that payment shock is a critical default risk indicator. Monte Carlo simulations are conducted using three correlated stochastic variables (mortgage interest rate, home price, and household income) under normal and stressed economies. Results confirm that the default risk of 2/28 and option ARM contracts requiring a minimum monthly interest payment have a greater probability of default than other mortgage products in all economic scenarios. Additionally, the credit risk of NMPs is primarily systematic risk, suggesting that these products should require higher risk-based capital. Due to the non-linear distribution of credit risk, even the advanced internal-based rating approach of the Basle II framework can understate the risk involved in these NMPs.

Introduction: The US Health Care and Social Services sector (North American Industrial Classification System 'sector 62') has become an extremely important component of the nation's economy, employing approximately 18 million workers and generating almost $753 billion in annual payrolls. At the county level, the health care and social services sector is typically the largest or second largest employer. Hospital employment is often the largest component of the sector's total employment. Hospital employment is particularly important to non-metropolitan or rural communities. A high quality healthcare sector serves to promote economic development and attract new businesses and to provide stability in economic downturns. The purpose of this study was to examine the intensity of hospital employment in rural counties relative to the nation as a whole using location quotients and to draw conclusions regarding how potential changes in Medicare and Medicaid might affect rural populations. Methods: Estimates for county-level hospital employment are not commonly available. Estimates of county-level hospital employment were therefore generated for all counties in the USA the Census Bureau's County Business Pattern Data for 2010. These estimates were used to generate location quotients for each county which were combined with demographic data to generate a profile of factors that are related to the magnitude of location quotients. The results were then used to draw inferences regarding the possible impact of the Patient Protection and Affordable Care Act 2010 (ACA) and the possible imposition of aspects of the Budget Control Act 2011 (BCA). Results: Although a very high percentage of rural counties contain medically underserved areas, an examination of location quotients indicates that the percentage of the county workforce employed by hospitals in the most rural counties tends to be higher than for the nation as a whole, a counterintuitive finding. Further, when location quotients are regressed upon data related to poverty, county demographics, and the percentage of the population insured, a relationship between the proportion of the population over 65 years, the percentage of the population living in poverty, the percentage of the population without insurance and county density was found. Conclusion: The results of the analysis suggest that hospital employment in rural communities is higher than would be expected in the absence of programs that provide external funding to support hospital hiring. The most important public programs providing this support are Medicare and Medicaid. Social Security is another source of federal funding important for rural populations. Sequestration and other cuts in funding could impact rural communities significantly. This can be even worse in states that fail to expand Medicaid and in states that fail to increase Medicaid reimbursements for services important in rural communities.

Extending Brennan and Buchanan’s model of leviathan, in which rulers represent the residual claimants of constitutionally unconstrained tax revenue, this paper presents a model in which the government provides the level of public goods that maximizes its revenue surplus as a function of the cost of emigration. To the extent that emigration is impeded, government converges toward pure monopoly provision, generating monopoly rents that facilitate the rent-seeking society. In contrast with Niskanen’s model, in which governments tend to overproduce public goods, this model suggests that governments tend toward underproduction. This result undermines the notion that government must provide public goods to overcome the underproduction of private provision; in reality, government provision may be less efficient than private provision.