Peter T. Calcagno and Justin D. Benefield
The purpose of this paper is to show that state economic policies, in addition to state economic performance, impact state bond ratings.
Abstract
Purpose
The purpose of this paper is to show that state economic policies, in addition to state economic performance, impact state bond ratings.
Design/methodology/approach
Using a sample of 39 states over the period 1998‐2008, regression analysis is employed to determine whether various measures of economic freedom contribute to state bond ratings.
Findings
After controlling for common factors such as state per‐capita income, unemployment, the ratio of tax revenue to income, state debt as a percentage of government revenue, and public corruption, results suggest that greater economic freedom is associated with higher bond ratings. For example, a one standard deviation increase in Area 2 of the Economic Freedom of North America index (Takings and Taxation) would be associated with a 0.36 increase in Moody's bond rating for that state, which translates to approximately a $247 lower cost per million dollars of debt.
Originality/value
This study contributes to the empirical state bond rating literature by highlighting that states with greater economic freedom have higher bond ratings and, therefore, pay lower borrowing costs than their counterparts with lower economic freedom index scores.
Details
Keywords
The purpose of the study is to introduce modeling of common neighborhood amenities as packages, rather than as separate independent variables in a single model. Results from the…
Abstract
Purpose
The purpose of the study is to introduce modeling of common neighborhood amenities as packages, rather than as separate independent variables in a single model. Results from the standard modeling technique of including separate controls for each amenity are provided for comparison. A secondary purpose is to provide price and time‐on‐market implications for amenities in seasoned versus newly constructed properties.
Design/methodology/approach
Common neighborhood amenities are grouped according to the total amenity bundle offered by each neighborhood. Hedonic pricing, hazard modeling, and two‐stage least squares regression are used to estimate price and time‐on‐market impacts for six common amenities.
Findings
Neighborhood tennis courts, clubhouses, boating facilities, and golf courses, as well as several amenity packages, significantly impact property values. Valuation of particular amenity packages differs between newly constructed and seasoned homes. Time‐on‐market results are less convincing.
Research limitations/implications
Neighborhood amenities considered separately can produce misleading results, so amenity packages should be included in future research. Specific numerical results would not apply to other markets and perhaps not to other time periods.
Practical implications
The study offers evidence regarding which neighborhood amenities are valued most highly in newly constructed properties, which is of interest to developers. The study also offers evidence on which amenities are valued more highly in seasoned properties, which is of interest to buyers due to concerns about re‐sale values.
Originality/value
The study offers the first grouping of neighborhood amenities into packages to more closely resemble the way buyers consider amenities during the purchase decision. The study is also the first comprehensive survey of commonly‐offered neighborhood amenities.
Details
Keywords
Elaine Regan, Asimina Vergou, Suzanne Kapelari, Julia Willison, Justin Dillon, Gail Bromley and Costantino Bonomi
Botanic gardens represent a significant educational resource often acting as major providers of a diverse range of formal and informal education programs for people of all ages…
Abstract
Botanic gardens represent a significant educational resource often acting as major providers of a diverse range of formal and informal education programs for people of all ages and backgrounds. INQUIRE was a three-year project focusing on inquiry-based science education (IBSE) that involved 17 partners in 11 European countries that aimed to reinvigorate IBSE in the formal and Learning Outside the Classroom (LOtC) educational contexts in Europe. This chapter presents a case study of successful practices for embedding inquiry-based teaching and learning in botanic gardens. IBSE training courses were developed, piloted, and run. The study based on a qualitative evaluation strategy centers on the examination of the INQUIRE partners’ design, implementation and delivery of their IBSE teacher/educator training courses. The findings show that the courses had a positive impact on the participants who learned both theoretical and practical aspects of implementing IBSE in school and LOtC contexts (www.inquirebotany.org) and strong indications of good quality course provision across the project. A greater appreciation of botanic gardens as a learning resource was also noted. The project resulted in significant professional development outcomes and the key factors for success are discussed here. Consequently, this chapter presents evidence from IBSE in action in botany-related topics and provides a strong case for IBSE in botanic gardens.