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This paper attempts to reconcile an apparent contradiction between short‐run and long‐run movements in the price of gold. The theoretical model suggests a set of conditions under which the price of gold rises over time at the general rate of inflation and hence be an effective hedge against inflation. The model also demonstrates that short‐run changes in the gold lease rate, the real interest rate, convenience yield, default risk, the covariance of gold returns with other assets and the dollar/world exchange rate can disturb this equilibrium relationship and generate short‐run price volatility. Using monthly gold price data (1976–1999), and cointegration regression techniques, an empirical analysis confirms the central hypotheses of the theoretical model.

Downward movements in house prices can exacerbate bank crises if mark‐to‐market methods of asset valuation are used by lenders to assess their current balance sheet exposure. There is an imperative to find methods of house price index calculation that reflect equilibrium prices rather than temporary undershoots. The purpose of this paper is to propose a new methodology in order to evaluate whether market house prices are different from their fundamental asset prices.

This paper proposes a method for house asset valuation that incorporates expected house price appreciation as an endogenous variable. This avoids the necessity to make conjectures about expected future house price appreciation when applying Poterba's user‐cost method of house asset valuation. The methodological extension to Poterba's user‐cost method of house asset valuation endogenises expected house price appreciation as the no‐arbitrage expected price appreciation consistent with the term structure of real interest rates. A benchmark equilibrium house valuation can be calculated because the term structure of real forward interest rates is observable in financial markets. This enables market house prices to be compared with the benchmark equilibrium valuation in order to determine if house prices are overvalued or undervalued.

The paper presents the results of a worked example to illustrate how this approach could be applied in practice.

There are a number of issues associated with the measurement of user cost which we do not address here and which the authors hope will provide fruitful avenues for future research. There are also issues regarding the impact of tax frameworks on the returns to housing, particularly the taxation of mortgage interest and imputed income. More work also needs to be done in comparing the performance of the extended Poterba model against alternative approaches, such as those that use expected inflation and/or long‐run average house price appreciation, or the real interest rate spread to proxy for expected capital appreciation, and how these different approaches compare in different institutional and socio‐economic contexts.

The authors' results underscore the rationale for mortgage banks to use marking to model instead of marking to market, and this in turn should reduce unnecessary macroeconomic instability when the market prices of houses undershoot fundamental value.

The paper shows how the term structure of real forward interest rates, observable in financial markets, can be used to extend the Poterba model.

The purpose of the analysis is to estimate price elasticities of demand for individual FTSE‐100 stocks between 1 August 1994 and 31 July 1995.

This paper measures excess demand in order to measure the slope of the demand curve for individual stocks. An econometric approach is adopted that models the slope of the excess demand curve within an econometric framework using signed market maker transactions data between 1 August 1994 and 31 July 1995.

The findings confirm that the demand curves for individual stocks do slope downwards. For example, the mean estimated percentage fall in stock price caused by a new share issue that is 1 per cent of the existing number of outstanding shares is −5.6.

Downward sloping demand curves pose difficulties for theories in finance that rely on the law of one price and price‐takers in competitive markets. For example, the dividend policy and capital structure irrelevance theorems of corporate finance, and the efficient markets hypothesis assumption that the price of a stock is determined only by information about future cash flows and the discount rate are not consistent with a downward sloping demand curve.

The slope of the demand curve is estimated using an econometric model and market makers' transactions data for specific stocks. This approach identifies observable unexpected shifts in the demand for a stock as unexpected changes in market makers' inventories. This approach is superior to event studies because it provides multiple observations that enable the slope of the demand curve to be quantified with sufficient confidence to calculate the price elasticity of demand for the stock.

In this chapter, I analyze universities’ present context of commodification by suggesting a typology of market universities based on Levín’s three types of capital enterprises: the simple purpose, technological, and enhanced universities. The simple purpose university mainly commodifies teaching. On the contrary, the technological and enhanced universities, even if they may also commodify teaching, are focused on the commodification of research. The main difference between the technological and the enhanced universities is the capacity of the latter to enjoy the profits of its commodified research activity, while the former exchanges research results and sells its research capacity in a subordinated way, losing (at least part of) those benefits. These three proposed types also differ regarding financial autonomy and academic freedom.

More than five years have passed since A Nation at Risk was published in 1983 by then‐Secretary of Education Terrance Bell's National Commission on Excellence in Education. Those years have seen the publication of an enormous body of both primary material, composed of research reports, essays, and federal and state reform proposals and reports; and secondary material, composed of summaries and reviews of the original reform reports and reports about effective programs that are based on reform recommendations. This annotated bibliography seeks to identify, briefly describe, and organize in a useful manner those publications dealing with K‐12 education reform and improvement. The overall purposes of this article are to bring organization to that list, and also to trace relationships and influences from the federal initiatives to the states and professional associations, and from there to the school districts and individual schools.

Little is known about how assistive technology standards have been implemented in preservice teacher preparation. This chapter provides a review of the literature concerning the importance of evidence-based practice and the research base supporting assistive technology in order to set the context for reporting the results of a comprehensive national study of the status of assistive technology state standards for teachers in all of the 50 states (plus Washington, DC). This chapter includes the findings of the study, the research that the study was based upon, and a review of relevant research in the fields of assistive technology, educational technology, and evidence-based practice. Only six states reported having AT standards and six states reported having AT competencies. Three states reported having both standards and competencies, yielding nine unique states (out of 51) with AT standards and/or AT competencies. Regression analyses to determine the relationship between the study variables and national reading and math performance of students with disabilities were inconclusive. The implications of the study findings and recommendations for future research are presented.

Does education affect economic outcomes, and if so, how? Does education finance interact with public policy? And how does education finance policy contribute to the development of a new strategic planning for the next generation, if at all? This chapter reviews recent conceptual and methodological developments in the field of economics and finance of education. The review covers these two major topics and is divided into three sections. First is an overview of the field, including current trends in economics of education in both developed and developing countries. This section incorporates themes such as returns to investment in education, costs of education, education and economic growth, and education market, choice, and incentives. The second section focuses on finance of education and current debates on equality, equity, and efficiency in educational finances. The third section presents summary and discussion. The discussion will bring to light the issues, challenges, opportunities, and future directions of the field. Where appropriate, examples and empirical evidence from both developing and developed countries are presented.

The purpose of this paper is to review the literature on war play and aggression. The paper begins with an introduction to play and the theories of Piaget, Vygotsky, and Corsaro. This is followed by a definition of pretend aggression and the war play debate. Literature is reviewed on how violent television, war toys, and war play shapes children’s imaginary play and aggressive behaviors. Attention is also given to the teacher’s role in war play and the methods used to investigate war play. Suggestions are made for future approaches to the study of war play within the context of the peer culture. The paper concludes with implications for early childhood educators.