9  Productivity Commission (2011) discusses the role of planning, zoning and development assessments. Kulish et al (2012) use a calibrated model to study the effect of supply constraints on density and the price of land in an Australian context, while Gitelman and Otto (2012) provide supply elasticity estimates for residential property in Sydney.
In the light of recent events, I might add that directors have the further responsibility to periodically consider whether their initial assessment of management’s integrity remains correct. BIS Review 55/2002  3  Interagency policy holds boards of directors responsible for ensuring that their organizations have an effective audit process and internal controls that are adequate for the nature and scope of their businesses.