Economies of Scale and Cost Efficiencies: A Panel-Data Stochastic-Frontier Analysis of Real Estate Investment Trusts

This paper extends the existing research on real estate investment trust (REIT) operating efficiencies. We estimate a stochastic-frontier panel-data model specifying a translog cost function, covering 1995 to 2003. The results disagree with previous research in that we find little evidence of scale economies and some evidence of scale diseconomies. Moreover, we also generally find smaller inefficiencies than those shown by other REIT studies. Contrary to previous research, the results also show that self-management of a REIT associates with more inefficiency when we measure output with assets. When we use revenue to measure output, selfmanagement associates with less inefficiency. Also contrary with previous research, higher leverage associates with more efficiency. The results further suggest that inefficiency increases over time in three of our four specifications.

Learning about Self Far From Home: A Pre-service Teacher’s Intercultural Development During an International Program

Preparing teachers to effectively teach culturally diverse students, teacher educators advocate for the use of cross-cultural field experiences, including international study abroad programs. This paper reports on a qualitative case study of two pre-service teachers’ intercultural development during a semester-long teacher education study abroad program in London, England. Findings indicate that international experiences provide a catalyst to move pre-service teachers forward in their intercultural development. Implications include the need for multicultural teacher educators to take a developmental approach to pre-service teacher education informed by theories of intercultural development and cultural learning developed within intercultural communications.