The impact of minimum services laws on real estate brokerage competitive intensity

As many as fourteen US states have now mandated minimum service requirements for real estate brokerage relationships in residential transactions. This study attempts to determine whether these minimum service laws have any impact on brokerage competition. Federal government agencies allege such laws discourage competition because they limit the offering of nontraditional brokerage services. However, alternatively, a legislative “bright line” definition of the lowest level of acceptable service may reduce any perceived risk in offering non-traditional brokerage services and therefore encourage competition. Using several empirical strategies and state-level data over nine years (2000-08), we do not find any consistent and significant impact (positive/negative) of minimum services laws on number of licensees per 100 households, our proxy for competition. Interestingly, we also find that association strength, as measured by Realtor association membership penetration, has a strong deterring effect on competition.

Molybdate and tungstate transfer by rat ileum competitive inhibition by sulphate

For both MoO42− and WO42− the maximum rate of uptake by the small intestine of the rat (studied in vitro using the everted sac technique) occurs in the lower ileum. Kinetic constants, derived by a least squares procedure, are compared with those previously obtained for SO42− transport. For both and , , with only small differences between sacs IV and V. Mutual inhibition of MoO42− and WO42− transport and inhibition of both by SO42− are competitive processes. This is shown by the generally good agreement between values and derived values and by V values in the presence and absence of the inhibiting species. The three ions SO42−, MoO42− and WO42− are probably transferred across the intestine by a common carrier system. Implications for the sulphate-molybdenum interaction in molybdosis are discussed.

Can we explain the dynamics of the UK FTSE 100 stock and stock index futures markets?

If stock and stock index futures markets are functioning properly price movements in these markets should best be described by a first order vector error correction model with the error correction term being the price differential between the two markets (the basis). Recent evidence suggests that there are more dynamics present than should be in effectively functioning markets. Using self-exciting threshold autoregressive (SETAR) models, this study analyses whether such dynamics can be related to different regimes within which the basis can fluctuate in a predictable manner without triggering arbitrage. These findings reveal that the basis shows strong evidence of autoregressive behaviour when its value is between the two thresholds but that the extra dynamics disappear once the basis moves above the upper threshold and their persistence is reduced, although not eradicated, once the basis moves below the lower threshold. This suggests that once nonlinearity associated with transactions costs is accounted for, stock and stock index futures markets function more effectively than is suggested by linear models of the pricing relationship.

Housing markets and independence in old age: expanding the opportunities

This report highlights the benefits of specialised private retirement accommodation and recommends a number of simple policy changes at no cost to the public purse to help increase its supply and address the challenges of housing an ageing population.

Integration and segmentation in European investment services markets: assessing the implications for international real estate investment

This paper analyses developments in the growth and configuration of the institutional savings markets within the European Union. The paper discusses the changing socio-economic context in which investment services within the EU are being delivered. The is followed by an examination of drivers of market integration such as the growth and consolidation of the fund management industry, the demographic and fiscal pressures for reform of pensions markets and the process and effects of the deregulation of investment services markets. There is a review of outstanding sources of market segmentation. The projections for future growth in pensions are outlined and implications for real estate investment assessed. It is concluded that, although numerous imponderables render reliable quantitative projections problematic, growth and restructuring of the institutional savings market is likely to increase cross-border capital flows to real estate markets.