More from the Author

• Article | Real Estate Economics | Summer 2013

  Real Estate Prices During the Roaring Twenties and the Great Depression

  Tom Nicholas and Anna Scherbina

  Using new data on market-based transactions we construct real estate price indexes for Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in the third quarter of 1929 before falling by 67 percent at the end of 1932 and hovering around that value for most of the Great Depression. The value of high-end properties strongly co-moved with the stock market between 1929 and 1932. A typical property bought in 1920 would have retained only 56 percent of its initial value in nominal terms two decades later. An investment in the stock market index (including dividends) would have outperformed an investment in a typical property (including net rental income), by a factor of 5.2 over our time period.

  Keywords: Property; Market Transactions; Price; Value; Financial Crisis; Investment; Real Estate Industry; New York (state, US);

  Citation:

  Nicholas, Tom, and Anna Scherbina. "Real Estate Prices During the Roaring Twenties and the Great Depression." Real Estate Economics 41, no. 2 (Summer 2013): 278–309.

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• Article | International Economic Review | May 2013

  Hybrid Innovation in Meiji Japan

  Tom Nicholas

  Japan's hybrid innovation system during the Meiji era of technological modernization provides a useful laboratory for examining the effectiveness of complementary mechanisms to patents. Patents were introduced in 1885, and by 1911, 1.2 million mostly non-pecuniary prizes were awarded at 8,503 competitions. Prizes provided a strong boost to patent outcomes, especially in less developed prefectures, and they also induced large spillovers of technical knowledge in prefectures adjacent to those with prizes, relative to distant control prefectures without prizes. Linking competition expenditures with the expected market value of patents induced by the prizes permits a cost-benefit assessment of the prize competitions to be made.

  Keywords: patents; Prizes; Technological Innovation; System; Patents; Knowledge; Value; Cost vs Benefits; Factories, Labs, and Plants; Performance Effectiveness; Japan;

  Citation:

  Nicholas, Tom. "Hybrid Innovation in Meiji Japan." International Economic Review 54, no. 2 (May 2013): 575–600.

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• Case | HBS Case Collection | 2013 (Revised from original 2013 version)

  Greylock Partners

  Felda Hardymon, Tom Nicholas and David Lane

  Citation:

  Hardymon, Felda, Tom Nicholas, and David Lane. "Greylock Partners." Harvard Business School Case 813-002, April 2013. (Revised from original January 2013 version.)

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