This paper examines the relationship between Moody's bond ratings and variables that represent the quality of life in American cities. The 25 largest cities as measured by population in 1970 fonned the units of analysis. Thirteen quality of life variables were tested. The relationships were calculated using co"elation analysis (Speannan co"elation coefficients). The conclusion is that municipal bond ratings can be useful to urban geographers interested in the quality of life in U.S. cities. Bond ratings can be considered self-fulfilling prophecies in that low bond ratings force interest rates up, necessitating higher taxes and higher fiscal deficits. The result is a further weakening of the city's financial structure, and perhaps a further lowering of the bond rating. Thus, cities with low bond ratings may face unstable or declining futures, whereas cities with higher bond ratings may face improving, brighter futures. INTRODUCTION more expensive to borrow money. More expensive money brings out the budget slashers: fIrefighters get fIred, libraries close, tolls go up, and overall Over the last several decades, central cities quality of life generally decreases. of the United States have experienced dramatic The potential value of bond ratings to demographic and economic change. Faced with geographers lies in their ability to represent the stagnant or declining tax bases and rising demands quality-of-life and in the insight they provide into for services, most cities borrow large sums of money urban conditions throughout the nation. The in order to provide the services demanded of them. question to be answered, then, is do quality of life The needed funds are often borrowed by selling rankings correlate to any degree with cities bond general obligation bonds or revenue bonds. A city's ratings -i.e., Moody's municipal bond ratings? ability to sell bonds and negotiate terms of sale are This paper will examine the relationship between strongly influenced by its municipal bond rating. Moody's bond ratings and variables that represent How secure is a city's debt? That is the question the quality of life in American cities. Thirteen agencies such as Moody's try to answer when they quality of life variables are tested. The bond ratings rate a municipal bond. The factors considered data come from Moody's Municipal and include the municipality's debt level vs. property Government Manuals (1967-1995). The social and taxes, the value of homes and businesses that can be economic data used come from County and City taxed, infrastructure, job base, and demographics Data Book (1977,1988, 1994). The relationships are (i.e., are there enough people paying taxes to calculated using correlation analysis (Spearman balance out retirees or those on welfare?). correlation coefficients). Conclusions are drawn as A low municipal bond rating is not just a to the usefulness of municipal bond ratings to urban slap in the face to civic pride. It means investors geographers interested in the quality of life in U.S. will not be enthusiastic about the bonds that a cities. particular city is trying to sell. Less enthusiasm means fewer takers, and low demand means it is

There continues to be significant federal, state, and local interest in forest-based economic development in the Northern and Central Appalachian region ofthe United States. This study is designed to follow­ up on a similar study conducted ten years previous (Bodenman, 1991) and specifically identify and examine those factors important to hardwood manufacturer's location and expansion decisions during the 1989-1999 study period. The study is based on a mail survey of365 businesses that utilize hardwoods in their production process. Principal findings are that the majority of establishments did not conduct a multiple-site location search, and that to a great extent, establishments locate based on personal ties. Similar to findings from an earlier study of the industry (Bodenman, 1991), the majority of variables found to influence location decisions are not directly controllable by state or local government. The policy implications are that existing establishments should be targeted for retention and/or expansion, rather than focusing on recruitment ofnew businesses.

. This article examines the locational dynamics of the institutional investment advisory industry in the United States, 1983-1996, focusing on the factors and firm characteristics that account for institutional investment management firms' location. The institutional investment advisory industry, one of the fastest growing industries in the financial services sector, includes firms that manage the securities portfolios of institutional clients (e.g., corporate pension funds) for a fee. Descriptive and logit analyses are used to identify, compare and contrast those factors and firm characteristics associated with firm location outside (versus inside) the traditional investment management core. The findings presented in this article diminish the notion that access to a skilled financial services labor pool and a high-quality and diversified transportation and communications infrastructure is only available in the traditional core.

The institutional investment advison' industry in the United States, the mwwgement ofpension and endowment assets for a fee. has grown dramatically over the last 13 years-growth made possible hy the tremendous increase in pension and endowment assets available for management and the new technologies ill computing, telecommunication, and information processing embodied by the information economy. This paper focuses on the intermetropolitan spatial dynamics of the institutional investment advisory over the 1983-1996 stud.\' period, Regression analysis of asset growth and metropolitan area characteristics indicates that industn growth took place in metropolitan areas with growing populations, a relatively large number of corporate headquarters, and a relatively large number ofplan sponsored funds. However, growth in assets did not necessarily take place in the largest metropolitan areas, or in the traditional centers with relatively high concentrations offinancial services emplovment.

Economic development efforts at state and local levels are increasinglyfocusing on supporting local entrepreneurs, and more recently the focus has begun to include the local natural resource base. The ten states in the Northern and Central Appalachian region are ideal~y suitedfor this policy, as they have a large reserve ofhigh quality hardwoodsandencompassmajormetropolitan markets. The purpose ofthis paper is to examine the role oflocally owned and operated hardwood processing businesses in creating employment opportunities and contributing to the economic base ofthe stale and communities in which they are located, and to determine the entrepreneurial characteristics related to these activities. The study is basedon a mailsurvey of202 businesses.

There is growing federal, state, and local interest in forest-based economic development in the United States. Programs to encourage this development often focus on industry recruitment, implicitly assuming that firms search for new locations in other states. This study examines firms that conduct a location search and those that do not, and identifies factors related to their decisions. Concepts from neoclassical and behavioral location theory form the context for this analysis. The large majority of establishments did not conduct a multiple-site location search. To a great extent, establishments located based on personal ties. The majority of variables found to influence the likelihood of a search are not controllable by state or local government. The implication is that local development policy should focus on existing firms, rather than on recruitment.

Natural resource-based economic development efforts are becoming increasingly popular. Interest focuses on industries that export from a state, in order to expand the state and local economic base. The Northern and Central Appalachian states should be ideally positioned to benefit from forest-based resources, as they have extensive hardwood forests, a favorable growth-to-drain ratio, and easily accessible national and international markets. This paper examines the export levels of several hardwood product industries and uses tobit analysis to examine establishment and location characteristics related to higher export levels.

This study's objective is to identify and understand the factors important to hardwood processors’ location decisions in the northern and central Appalachian region. Concepts from neoclassical and behavioral location theories were integrated to develop a general framework for analyzing these decisions. Logit regression analysis was used to determine those establishment characteristics related to the likelihood of location search. To a great extent, establishments locate based on personal ties and do not conduct searches. Most variables found to influence the likelihood of search are not controllable by state or local governments. The implications are that existing establishments should be targeted for retention and expansion, rather than focusing on recruitment.

ABSTRACI': The tremendous growth of the institutional investment advisory industry in the United States is emblematic ofthe nation's transition to an information economy. Traditionally, the industry has been concentrated in New York City and other urban centers at the top of the urban hierarchy. However, analysis at both the inter­ and intrametropolitan scales over the 1983-1993 study period indicates deconcentration and dispersal away from the traditional money management core. This "concentrated dispersal" of the industry over the last 10 years confirms that location in a traditional financial center is no longer a necessary condition for institutional asset management.