INVESTMENT RISK AND THE TRANSITION INTO HOMEOWNERSHIP*

ABSTRACT This paper investigates the extent to which house–price uncertainty affects the transition of renter households into homeownership. Using a 14‐year household panel from the Panel Study of Income Dynamics during the years 1984–1997 and measures of the time‐varying risk and return to owner‐occupied housing, we estimate a Cox proportional hazard model of the effect of house–price volatility on the transition into homeownership. Results indicate that house–price uncertainty has a negative and dramatic impact on transitions into homeownership. In addition, we find that the low‐wealth renters are particularly sensitive to house–price risk.     

Scraps of English Folklore,IV

Mythes et Légendes D'Australie : Études D'Éthnographie et de Sociologie. Arnold van Gennep. Paris, E. Guilmoto, N.D. [Preface Dated November, 1905.] By. E. Sidney Hartland.

The Cult of the Heavenly Twins. By J. Rendel Harris, M.A., D. Litt. (Dubl). Cambridge University Press. 1906. By R H. Connolly.

The Jâtaka, or Stories of the Buddha's Former Births. Vol V. Translated By H. T. Francis, M.A. Cambridge: 1905. By W. Crooks.

Simla Village Tales, or Folk-Tales from the Himalayas. By A. E. Dracott. London: John Murray, 1906. By W. Crooks.

The Childhood of Fiction. By J. A. MacCulloch. London: John Murray, 1905. By W. Crooks.

Recueil De Memoires et de Textes Publiés en L'honneur du XIV Congrès des Orientalistes. Pierre Fontana, Algiers, 1905. By J. B. Andrews.     

Medieval Britain and Ireland in 2017

This section of the journal comprises two core sets of reports linked to work in 2017: finds and analyses relating to the Portable Antiquities Scheme (PAS) and site-specific discoveries and reports in medieval Britain and Ireland (MB&I), with a selection of highlighted projects. For the PAS report, reviews on coin and non-coin finds and on specific research angles are presented. For MB&I, the Society is most grateful to all contributors (of field units, museums, universities, developers, specialist groups and individuals) who have provided reports on finds, excavations, field-surveys and building analyses for 2017. For MB&I, see below for the format and content of the Fieldwork Highlights section and for contact details of the compilers. Annual Specialist Groups Reports appear in the Society’s Newsletter.     

Exile and the Demos: Leo Strauss in America

This article explores the political, as opposed to the philosophical, impact of Leo Strauss’s exile in America on his thought. After a consideration of anti-Semitism and the importance Strauss attached to being a Jew, I argue that the fact that in America he no longer wrote in his Muttersprache but in English was central to his becoming a political theorist rather than a philosopher. Whereas as a philosopher he was unable to speak to the demos, as a political theorist what he needed was a group of “rhetors” who would carry a particular message to the demos.     

Long-term agrarian landscapes in the Troodos foothills,Cyprus

We investigate the temporal and environmental relationships between the terraced hill slopes of Politiko-Koloiokremmos and the adjacent Bronze Age settlement of Politiko-Troullia in foothills of the Troodos Mountains, central Cyprus. Mapping of 102 stone walls on Koloiokremmos is compared with 66 walls farther afield on Cyprus to create a six-part terrace typology. Sherd counts from 174 2-m radius collection circles over approximately 20 ha on Troullia and Koloiokremmos were used to create interpolated sherd density surfaces revealing distinctly different patterns of land use for four major archaeological eras between the Cypriot Bronze Age and Medieval Period. We compared sherd density patterns according to terrace types, length, slope and vegetation cover determined by SAVI (Soil-Adjusted Vegetation Index) from Ikonos and Quickbird satellite imagery.The most robust sherd patterning indicates Prehistoric Bronze Age settlement at Troullia, as confirmed by soil resistivity and excavation, and multi-period land use on Koloiokremmos immediately upslope of the village that may be associated with agricultural terracing. Scattered sherd concentrations indicate later use of this landscape as an agricultural hinterland for the Iron Age city of Tamassos. Sherds and a down slope spread of roof tiles from the Roman through Medieval periods suggest an isolated structure near the crest of Koloiokremmos. Longer terraces correlate with greater vegetation cover and are interpreted as agricultural, while shorter terraces, apparently for erosion control and arboriculture, are significantly related to Prehistoric Bronze Age sherd patterns. Our results suggest that coordinated analysis of archaeological, geographical and remotely sensed environmental data associated with terraced landscapes can be used to infer long-term patterns of agricultural land use.