NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Patric H. Hendershott

Contact and additional information for this authorAll NBER papers and publicationsNBER Working Papers only

Working Papers and Chapters

July 2005The Sensitivity of Homeowner Leverage to the Deductibility of Home Mortgage Interest
with Gwilym Pryce: w11489

Published: Hendershott, Patric H. and Gwilym Pryce. "The Sensitivity Of Homeowner Leverage To The Deductibility Of Home Mortgage Interest," Journal of Urban Economics, 2006, v60(1,Jul), 50-68. citation courtesy of

May 2005Adjustment in Property Space Markets: Estimates from the Stockholm Office Market
with Peter Englund, Ake Gunnelin, Bo Soderberg: w11345

Published: Peter Englund & Åke Gunnelin & Patric H. Hendershott & Bo Söderberg, 2008. "Adjustment in Property Space Markets: Taking Long-Term Leases and Transaction Costs Seriously," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(1), pages 81-109, 03.

Evidence on Rationality in Commercial Property Markets: An Interpretation and Critique
with Robert J. Hendershott, Bryan D. MacGregor: w11329

Published: Hendershott, Patric H., Robert J. Hendershott and Bryan D. MacGregor. "Evidence On Rationality In Commercial Property Markets: An Interpretation and Critique," Journal of Real Estate Literature, 2006, v14(2), 149-172.

October 2003Homeownership and Unemployment: The Roles of Leverage and Public Housing
with Paul Flatau, Matt Forbes: w10021
August 2003Investor Rationality: Evidence from UK Property Capitalization Rates
with Bryan D. MacGregor: w9894

Published: Hendershott, Patric H. and Bryan D. MacGregor. "Investor Rationality: An Analysis Of NCREIF Commercial Property Data," Journal of Real Estate Research, 2005, v27(4,Oct/Dec), 445-471.

October 2002Determinants of Real House Price Dynamics
with Dennis R. Capozza, Charlotte Mack, Christopher J. Mayer: w9262
September 2002Household Leverage and the Deductibility of Home Mortgage Interest: Evidence from UK House Purchasers
with Dr. Gwilyn Pryce, Dr. Michael White: w9207
Valuing and Pricing Retail Leases with Renewal and Overage Options
with Charles W.R. Ward: w9214

Published: Hendershott, Patric H. and Charles W. R. Ward. "Valuing And Pricing Retail Leases With Renewal And Overage Options," Journal of Real Estate Finance and Economics, 2003, v26(2-3,Mar), 223-240. citation courtesy of

October 2000Taxing and Subsidizing Housing Investment: The Rise and Fall of Housing's Favored Status
with Michael White: w7928
September 2000Estimating the Rental Adjustment Process
with Bryan D. MacGregor, Raymond Y.C. Tse: w7912

Published: Hendershott, P. H., B. D. MacGregor and R. Y. C. Tse. "Estimation Of The Rental Adjustment Process," Real Estate Economics, 2002, v30(2,Summer), 165-183.

March 2000Pricing Upward-Only Adjusting Leases
with Brent W. Ambrose, Malgorzata M. Klosek: w7622

Published: Ambrose, Brent W., Patric H. Hendershott and Malgorzata M. Klosek. "Pricing Upward-Only Adjusting Leases," Journal of Real Estate Finance and Economics, 2002, v25(1,Jul), 33-49. citation courtesy of

January 1998Another Look at the Capitalization of Interest Subsidies: Evidence from Sweden
with Tommy Berger, Peter Englund, Bengt Turner: w6365

Published: Journal of Money, Credit and Banking (May 2000).

June 1996Expected Home Ownership and Real Wealth Accumulation of Youth
with Donald R. Haurin, Susan M. Wachter: w5629
Borrowing Constraints and the Tenure Choice of Young Households
with Donald R. Haurin, Susan M. Wachter: w5630

Published: Journal of Housing Research, Vol. 8, 1997.

March 1995Debt Usage and Mortgage Choice: Sensitivity to Default Insurance Costs
with William C. LaFayette: w5069

Published: Journal of Urban Economics, Vol. 41 (1997): 202-217.

Wealth Accumulation and Housing Choices of Young Households: An Exploratory Investigation
with Donald R. Haurin, Susan M. Wachter: w5070

Published: Journal of Housing Research, vol. 7, no. 1, 1996, pp. 33-57

Selling Price and Selling Time: The Impact of Seller Motivation
with Michel Glower, Donald R. Haurin: w5071

Published: Real Estate Economics, Vol. 26 (1998): 719-740.

Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision
with William C. LaFayette, Donald R. Haurin: w5074
June 1994Bubbles in Metropolitan Housing Markets
with Jesse M. Abraham: w4774

Published: Journal of Housing Research, vol. 7, no. 2, 1996, pp.191-207.

Rental Adjustment & Valuation of Real Estate in Overbuilt Markets: Fundamental vs. Reported Office Market Values in Sydney Australia
w4775

Published: Journal of Urban Economics, vol. 39, 1996, pp. 51-67

January 1994Housing Finance in the United States
in Housing Markets in the U.S. and Japan, Yukio Noguchi and James Poterba
September 1993Independent Living and Homeownership: An Analysis of Australian Youth
with Steven C. Bourassa, Donald R. Haurin, R. Jean Haurin: w4450

Published: Australian Economic Review, July-September 1994, pp. 29-44. citation courtesy of

August 1993Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s
with William R. Schultz: w4440

Published: Patric H. Hendershott & William R. Schultz, 1993. "Equity and Nonequity Determinants of FHA Single-Family Mortgage Foreclosures in the 1980s," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 21(4), pages 405-430. citation courtesy of

April 1993Demographic Factors and Real House Prices
with Richard K. Green: w4332

Published: "Age, Housing Demand and Real House Prices), Regional Science and Urban Economics, Vol. 26 (1996): 465-480.

October 1992Introducing Risky Housing and Endogenous Tenure Choice into Portfolio- Based General Equilibrium Models
with Yunhi Won: w3114

Published: Journal of Public Economics 48, pp. 293-316 (1992). August 1992

Patterns and Determinants of Metropolitan House Prices, 1977-91
with Jesse M. Abraham: w4196

Published: Proceedings of the 25th Annual Federal Reserve Bank of Boston Conference Browne and Rosengren, eds. (1993) pp. 18-42

July 1992Causes and Consequences of the 1980s Commercial Construction Boom
with Edward J. Kane: r1737

Published: Journal of Applied Corporate Finance, Vol. 5, No. 1, pp. 61-70, (Spring 1992).

Office Market Values During the Past Decade: How Distorted Have Appraisals Been?
with Edward J. Kane: w4128

Published: Journal of Real Estate Economics, vol. 23, (Summer 1995), pp. 101-116.

December 1991Local House Price Indexes: 1982-1991
with Donald Haurin, Dongwook Kim: w3933

Published: Real Estate Economics, 19(3), September 1991, pp. 451-472 citation courtesy of

October 1991Are Real House Prices Likely to Decline by 47 Percent?
w3880

Published: Regional Science and Urban Economics, January 1992, pp. 553-563 citation courtesy of

July 1991An Altered U.S. Housing Finance System: Implications for Housing
w3770

Published:

January 1991The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response
with James A. Waddell: w3592

Published: Journal of Real Estate Finance and Economics, June 1992, pp. 119-132 citation courtesy of

The Continued Interest-Rate Vulnerability of Thrifts
with James D. Shilling
in Financial Markets and Financial Crises, R. Glenn Hubbard, editor
December 1990The Market for Home Mortgage Credit: Recent Changes and Future Prospects
w3548

Published:

August 1990The Continued Interest Rate Vulnerability of Thrifts
with James D. Shilling: w3415

Published:

June 1990Revenue and Welfare Implications for a Capital Gains Tax Cut
with Eric Toder, Yunhi Won: w3386

Published: "Effects of Capital Gains Taxes on Revenue and Economic Efficiency." From National Tax Journal, Vol. XLIV, No. 1, pp. 21-40, (March 1991).

March 1990Real Rents and Household Formation: The Effect of the 1986 Tax Reform Act
with Donald R. Haurin, Dongwook Kim: w3309

Published: Review of Economic Statistics, August 1993, pp. 289-293.

Tenure Choice of American Youth
with Donald R. Haurin, Dongwook Kim: w3310

Published: Journal of Urban Economics, January 1994, pp 28-45.

Risk and Return on Real Estate: Evidence from Equity REITs
with K.C. Chan, Anthony B. Sanders: w3311

Published: K. C. Chan & Patric H. Hendershott & Anthony B. Sanders, 1990. "Risk and Return on Real Estate: Evidence from Equity REITs," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 18(4), pages 431-452. citation courtesy of

July 1989Treasury Bill Rates in the 1970s and 1980s
with Joe Peek: w3036

Published: Journal of Money, Credit and Banking, Vol. 24, No. 2, 1992 pp. 195-214 citation courtesy of

Interest Rates in the Reagan Years
with Joe Peek: w3037

Published: Sahn, Anandi P. and Ronald L. Tracy (eds.) The Economic Legacy of the Reagan Years: Euphoria or Chaos? Westport, Conn. and London: Greenwood, Praeger, 1991.

June 1989Reforming Conforming Loan Limits: The Impact on Thrift Earnings and Taxpayer Outlays
with James D. Shilling: w3010

Published: Journal of Financial Services Research, December 1989, pp.311-331.

May 1989The Long-Run Impact on Federal Tax Revenues and Capital Allocation of A Cut in the Capital Gains Tax Rate
with Yunhi Won: w2962

Published: Patric H. Hendershott & Yunhi Won, 1991. "The Long-Run Impact on Federal Tax Revenues and Capital Allocation of a Cut in the Capital Gains Tax Rate," Public Finance Review, , vol. 19(1), pages 3-21, January. citation courtesy of

February 1989Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital
with Robert Van Order: w2847

Published: Regional Science and Urban Economics, Vol. 19, pp. 189-210, (1989). citation courtesy of

1989Aggregate U.S. Private Saving: Conceptual Measures
with Joe Peek
in The Measurement of Saving, Investment, and Wealth, Robert E. Lipsey and Helen Stone Tice, editors
July 1988The Impact of the Agencies on Conventional Fixed-Rate Mortgage Yields
with James D. Shilling: w2646

Published: Journal of Real Estate Finance and Economics, Vol. 2, pp. 101-115, (1989). citation courtesy of

March 1988The Tax Reform Act Of 1986 And Economic Growth
w2553

Published: Productivity, Growth and the Competitiveness of the AMerican Economy, (Ed) Black, Kluwer Academic Publishers, 1989, pp. 212-150.

On the Determinants of the Value of Call Options on Default-Free Bonds
with Stephen A. Buser, Anthony B. Sanders: w2529

Published: Journal of Business, January 1990, Part 2, pp. 533-550.

September 1987Household Formation and Home Ownership: The Impacts of Demographics andTaxes
w2375

Published: "Household Formation and Homeownership: Impacts of Demographic, Sociolog-ical, and Economic Factors." From Housing Finance Review, Vol. 7, No. 2,pp. 201-224, (Summer 1988).

July 1987Homeownership Rates of Married Couples: An Econometric Investigation
with Donald R. Haurin, David C. Ling: w2305

Published: Housing Economic Review, Vol. 7, No. 2, pp. 85-108, (Summer 1988).

June 1987Understanding the Real Estate Provisions of Tax Reform: Motivation and Impact
with James R. Follain, David C. Ling: w2289

Published: Follain, James R., Patric H. Hendershott and David C. Ling. "Understandingthe Real Estate Provisions of the Tax Act: Their Motivation and impact," National Tax Journal, Sept. 1987 pp. 363-372, Vol 40, No. 3.

Pricing Mortgages: An Interpretation of the Models and Results
with Robert Van Order: w2290

Published: From Journal of Financial Services Research, Vol. 1, No. 1, pp. 19-55,(October 1987).

Private Saving in the United States: 1950-85
with Joe Peek: w2294

Published: In The Measurement of Saving, Investment and Wealth, Robert Lipsey and Helen Tice, eds. Studies in Income and Wealth, vol 52, University of Chicago press, 1989.

May 1987Home Ownership and Real House Prices: Sources of Change, 1965-85
w2245

Published: Hendershott, Patric H. "Home Ownership and Real House Prices: Sources of Change, 1965-85." Housing Finance Review, January 1988, pp. 1-18.

1987Tax Reform and the Slope of the Playing Field
in Taxes and Capital Formation, Martin Feldstein, ed.
Tax Changes and Capital Allocation in the 1980s
in The Effects of Taxation on Capital Accumulation, Martin Feldstein, ed.
December 1986Tax Policy and Stock Prices
with Thomas Downs: w2094

Published: Downs, Thomas and Patric H. Hendershott. "Tax Policy and Stock Prices," National Tax Journal, Vol. XL, No. 2, (June 1987), pp. 183-190.

Real Estate and the Tax Reform Act of 1986
with James R. Follain, David C. Ling: w2098

Published: Follain, James R., Patric H. Hendershott and David C. Ling, "Effects on Real Estate," Tax Reform and the U.S. Economy, Pechman (ed.), The Brookings Institution, 1987, pp. 71-94.

June 1986Mortgage Pricing: What Have We Learned So Far?
w1959

Published: Hendershott, Patric H. "Mortgage Pricing: What Have We Learned So Far?" Journal of the American Real Estate and Urban Economics Association, Winter 1986, pp. 585-597.

April 1986Tax Reform and the Slope of the Playing Field
w1909

Published:

Tax Changes and Capital Allocation in the 1980s
w1911

Published:

1986Debt and Equity Returns Revisited
in Financing Corporate Capital Formation, Benjamin M. Friedman, ed.
November 1985Household Formations
with Marc Smith: w1390

Published: Hendershott, Patric H. and Marc Smith. "Household Formations." The Leveland Composition of Household Saving, edited by Patric H. Hendershott. Ballinger Publishing Company, (1985).

October 1985Household Saving: An Econometric Investigation
with Joe Peek: w1383

Published: Hendershott, Patric H. and Joe Peek. "Household Saving: An Econometric Investigation." From The Level and Composition of Household Saving, editedby Patric H. Hendershott, pp. 63-100. Cambridge, MA: Ballinger Publishing Co., 1985.

The Pricing of Default-Free Mortgages
with Stephen A. Buser: w1408

Published: Buser, Stephen A. and Patric H. Hendershott." The Pricing of Default-Free Fixed Rate Mortgages." Housing Finance Review, Vol. 3, No. 4, (October 1984), pp. 405-429.

The Administration Tax Reform Proposal and Housing
with David C. Ling: w1740

Published: Hendershott, Patric H. and David C. Ling. Likely Impacts of the Administration Proposal and HR 3838." Tax Reform and Real Estate, Follain (ed.), The Urban Institute, 1986, pp 87-112.

September 1985Affordability and the Value of Seller Financing
with Donald R. Haurin: w1695

Published: Maurin, Donald R. and Patric H. Hendershott. "Affordability and the Valueof Creative Finance: An Application to Seller Financed Transactions." Housing Finance Review, Vol.5, No.3, (Winter 1986), pp. 189-206.

Tax Reform and Financial Markets
w1707

Published:

  • Patric H. Hendershott, 1985. "Tax reform and financial markets," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, vol. 29, pages 153-186. citation courtesy of
  • Hendershott, Patric H., "Tax Reform and Financial Markets," Economic Consequences of Tax Reform, Federal Reserve Bank of Boston, 1986.

Tax Reform, Interest Rates and Capital Allocation
w1708

Published: Hendershott, Patric H. "Tax Reform, Interest Rates and Capital Allocation," Tax Reform and Real Estate, Follain (ed.) The Urban Institute, 1986, pp. 2 7-57.

February 1985Prospective Changes in Tax Law and the Value of Depreciable Real Estate
with David C. Ling: w1352

Published: Patric H. Hendershott & David C. Ling, 1984. "Prospective Changes in Tax Law and the Value of Depreciable Real Estate," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 12(3), pages 297-317. citation courtesy of

1985Pricing Adjustable Rate Mortgages
w1548

Published: Hendershott, Patric H "Pricing Adjustable-Rate Mortgages." Solving the Menu Problem, Proceedings of the Tenth Annual Conference, pp. 99-119. San Francisco: Federal Home Loan Bank of San Francisco1985.

Debt and Equity Yields, 1926-1980
with Roger D. Huang
in Corporate Capital Structures in the United States, Benjamin M. Friedman, ed.
December 1984Debt and Equity Returns Revisited
w1521

Published:

Tax Reform and Housing
with David C. Ling: w1524

Published: Hendershott, Patric H. and David C. Ling. "Tax Reform and Housing." Proceedings of the 77th Annual Conference of the National Tax Association - Tax Institute of America, pp. 170-178. Columbus OH: NTA-TIA, 1985.

Pricing Rate Caps on Default-Free Adjustable-Rate Mortgages
with Stephen A. Buser, Anthony B. Sanders: w1525

Published: Buser, S.A., P.H. Hendershott and A.B. Sanders. "Pricing the Life of Loan Rate Caps on Default-Free Adjustable-Rate Mortgages." Journal of the American Real Estate and Urban Economics Association, Fall 1985.

September 1984Relative Factor Price Changes and Equity Prices
with Peter J. Elmer: w1449
June 1984Pricing FHA Mortgage Default Insurance
with Donald F. Cunningham: w1382

Published: Housing Finance Review, Vol. 3, No. 4, pp. 373-392, (October 1984).

1984Trading and the Tax Shelter Value of Depreciable Real Estate
with David C. Ling: w1267

Published: Hendershott, Patric H. and David C. Ling. "Trading and the Tax Shelter Value of Depreciable Real Estate." National Tax Journal, Vol. 37, No. 2, (June 1984), pp. 213-223.

Expectations, Surprises and Treasury Bill Rates: 1960-82
w1268

Published: Hendershott, Patric H. "Expectations, Surprises and Treasury Bill Rates: 1960-82. "The Journal of Finance, Vol. 39, No. 3, (July 1984), pp. 685-696 . citation courtesy of

November 1983The Economics of Mortgage Terminations: Implications for Mortgage Lenders and Mortgage Terms
with Sheng Cheng Hu, Kevin E. Villani: w0918

Published: Hendershott, Patric H., Sheng Hu, and Kevin E. Villani. "The Economics of Mortgage Terminations: Implications for Mortgage Lender and Mortgage Terms."Housing Finance Review, Vol. 2, No. 2. (April 1983), pp. 127-142.

June 1983Debt and Equity Yields: 1926-80
with Roger D. Huang: w1142

Published: Friedman, Benjamin M. (ed.) Corporate Capital Structures in the United States. Chicago: University of Chicago Press, 1985.

December 1982Government Policies and the Allocation of Capital Between Residential and Industrial Uses
w1036

Published: Hendershott, Patric H. "Government Policy and the Allocation of Capital Between Residential and Industrial Uses." Financial Analysts Journal, (July/August 1983). pp. 3-8.

July 1982Inflation, Resource Utilization, and Debt and Equity Returns
w0699

Published:

Taxes and the User Cost of Capital for Owner-Occupied Housing
with Joel Slemrod: w0929

Published: Hendershott, Patric H. and Joel Slemrod. "Taxes and the User Cost of Capital for Owner-Occupied Housing." Real Estate Economics, American Real Estate and Urban Economics Association, Vol. 10, No. 4 (December 1982) , pp. 375-393. citation courtesy of

1982Inflation, Resource Utilization, and Debt and Equity Returns
in The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, Benjamin M. Friedman, ed.
December 1981Investment in Producers' Equipment
with Sheng Cheng Hu: r0233

Published: Hendershott, Patric H. and Hu, Sheng-Cheng. "Investment in Producers' Equipment." How Taxes Affect Economic Behavior, edited by Henry J. Aaron and Joseph A. Pechman, pp. 85-126. Washington, D.C.: The Brookings Institution, 1981.

The Impacts on Capital Allocation of Some Aspects of the Economic Recovery Tax Act of 1981
with James D. Shilling: w0825

Published: Hendershott, Patric H. and James D. Shilling. "The Impacts on Capital Allocation of Some Aspects of the Economic Recovery Tax Act of 1981." Public Finance Quarterly, Vol. 10, No. 2, (April 1982), pp. 242-273.

September 1981Accelerating Inflation, Nonassumable Fixed-Rate Mortgages, and Consumer Choice and Welfare
with Sheng Cheng Hu: w0755

Published: Hendershott, Patric H. and Hu, Sheng Cheng. "Accelerating Inflation, Nonassumable Fixed-Rate Mortgages, and Consumer Choice and Welfare." Public Finance Quarterly, Vol. 10, No. 2, (April 1982).

August 1981The Terminations Premium in Mortgage Coupon Rates: Evidence on the Integration of Mortgage and Bond Markets
with Kevin E. Villani: w0738

Published: Hendershott, Patric H. and Kevin E. Villani. "Measurement of Spreads between Yields on Various Mortgage Contracts and Treasury Securities." Journal of the American Real Estate and Urban Economic Association, (Winter 1984), pp. 476-490. James Shilling added as co-author.

Housing Finance in the United States in the Year 2001
with Kevin E. Villani: w0739

Published: in "North American Housing Markets into the 21st Century", edited by Gau and Goldberg. Aisterdam: North-Holland, (1983), pp . 181-202.

July 1981The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflation and Capital Market Constraints
with Sheng Cheng Hu: w0718

Published: Hendershott, Patric H. and Sheng Cheng Hu. "The Allocation of Capital Between Residential and Nonresidential Uses: Taxes, Inflattion and Capital Market Constraints." The Journal of Finance, Vol. 38, No. 3, (June 1983), pp. 7 95-812. citation courtesy of

Savings and Loan Usage of the Authority to Invest in Corporate Debt
with Kevin E. Villani: w0725

Published: Hendershott, Patric H. and Villani, Kevin E. "Savings and Loan Usage of the Authority to Invest in Corporate Debt." Savings and Loan Asset Managementunder Deregulation, pp. 149-167. Sixth Annual Conference of the Federal Home Loan Bank of San Francisco, 1981.

April 1981Real User Costs and the Demand for Single-Family Housing
r0158

Published: Hendershott, Patric H. "Real User Costs and the Demand for Single-Family Housing." Brookings Papers on Economic Activity, Vol. 2, (1980), edited by George L. Perry, pp. 401-452.

November 1980The Demand for Tax-Exempt Securities by Financial Institutions
with Timothy W. Koch: r0099

Published: Hendershott, Patric H. and Koch, Timothy W. "The Demand for Tax-Exempt Securities by Financial Institutions." The Journal of Finance, Vol. XXXV, No. 3 , (June 1980), pp. 717-728.

September 1980The Economics of Tenure Choice: 1955-79
with James D. Shilling: w0543

Published: Hendershott, Patric H. and Shilling, James D. "The Economics of Tenure Choice: 1955-79." Research in Real Estate, Vol. I, pp. 105-133. Greenwich, CT: JAI Press, 1982.

August 1980Analysis of the Impact of Capital-Specific Policies or Legislation
r0081

Published: Hendershott, Patric H. "Analysis of the Impact of Capital-Specific Policiesor Legislation." Journal of Money, Credit, and Banking, Vol. 12, No. 2, (May 1980), pp. 377-399.

February 1980Mortgage Revenue Bonds: Tax Exemption with a Vengeance
w0447

Published: Hendershott, Patric H. "Mortgage Revenue Bonds: Tax Exemption with a Vengeance." Efficiency and the Municipal Bond Market, edited by Kaufman. Greenwich, CT: JAI Press, (1981), pp. 13-36.

August 1979Inflation and the Benefits from Owner-Occupied Housing
with Sheng Cheng Hu: w0383

Published: Hendershott, Patric H. and Hu, Sheng Cheng. "Inflation and Extraordinary Returns on Owner-Occupied Housing: Some Implications for Capital Allocation and Productivity Growth." Journal of Macroeconomics, Vol. 3, No. 2, (Spring 1981), pp. 177-203.

July 1979The Decline in Aggregate Share Values: Inflation, Taxation, Risk and Profitability
w0370

Published: Hendershott, Patric H. "The Decline in Aggregate Share Values: Taxation, Valuation Errors, Risk and Profitability." American Economic Review, (December 1981), pp. 909-922.

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