The Project Data Bank approach to an efficient public investment management system

Includes bibliography

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.

Estimating risks in declining populations with poor data

Census data on endangered species are often sparse, error-ridden, and confined to only a segment of the population. Estimating trends and extinction risks using this type of data presents numerous difficulties. In particular, the estimate of the variation in year-to-year transitions in population size (the “process error” caused by stochasticity in survivorship and fecundities) is confounded by the addition of high sampling error variation. In addition, the year-to-year variability in the segment of the population that is sampled may be quite different from the population variability that one is trying to estimate. The combined effect of severe sampling error and age- or stage-specific counts leads to severe biases in estimates of population-level parameters. I present an estimation method that circumvents the problem of age- or stage-specific counts and is markedly robust to severe sampling error. This method allows the estimation of environmental variation and population trends for extinction-risk analyses using corrupted census counts—a common type of data for endangered species that has hitherto been relatively unusable for these analyses.