... technical aspects of this book, especially the inclusion of very artful Mathematica code that produced many ofthe insights, most ofthe graphics and a number ofthe technical goodies on the CD-ROM, ... each pair is the distance from the center, the second is the rent paid at that point, and the third is the natural log ofthe rent, a useful conversion for further analysis A plot ofthe distance ... careers One ofthe most ambitious goals of this book is to speak the language of both sides in a way that the separate camps understand each other and appreciate the importance of each other’s contribution...
... technical aspects of this book, especially the inclusion of very artful Mathematica code that produced many ofthe insights, most ofthe graphics and a number ofthe technical goodies on the CD-ROM, ... careers One ofthe most ambitious goals of this book is to speak the language of both sides in a way that the separate camps understand each other and appreciate the importance of each other’s contribution ... Property? The Installment Sale The Motivation ofthe Parties The Buyer The Seller The Installment Sale Transaction Is the Seller’s Financing a Good Deal for The Buyer? The NPV Test An IRR Test A...
... each pair is the distance from the center, the second is the rent paid at that point, and the third is the natural log ofthe rent, a useful conversion for further analysis A plot ofthe distance ... often proceeds not on the basis of its most efficient use, but on the basis ofthe size and level of protest of vocal groups who have the power to elect or re-elect of cials who their bidding In this ... sales, in part, on the basis ofthe productivity (g) of their advertising, which is related to characteristics ofthe individual signs such as size, height, etc One ofthe ways the city may regulate...
... how the probability falls as the number of tails before a head appears grows But at the same time, the value ofthe prize increases The expected value ofthe game is the sum ofthe probability of ... version ofthe coin flipping game In this game the prize is paid when the first head appears, and the amount ofthe prize is dependent on the number of flips prior to the appearance ofthe first ... doubling the payoff To show the probability of recovery, we plot in Figure 5-1 the intersection ofthe realization of two functions, the payoff ¼ entry cost on the x-axis and the payoff probability...
... the mode to the right ofthe mean This is to be expected considering the shape ofthe pdf ofthe utility function The question becomes: Is the investor better off with the investment having the ... Regardless ofthe actual numbers, the idea is that something out ofthe ordinary (away from the mean) is influencing the shape ofthe tail ofthe distribution Recall from Chapter that the normal ... to find a handful of circles that just happen to have p as the value ofthe ratio ofthe circumference to the diameter On the right of Figure 6-4 we add the function (which, of course, we know...
... different sets ofrules for the sale and reacquisition of property without the payment of taxes There may be merit in the simplification of these various sections into a single set ofrules that acknowledges ... Like the other rulesof thumb, they are simple linear relationships What is interesting is how they relate to each other and what happens in the market as the lender moves from one to the other.2 ... property’s value, the loan to value ratio (ltv), or the basis of how much the property’s income exceeds the payments on the loan, the debit coverage ratio (dcr) He who has the Gold makes theRules 209...
... the top ofthe market and a time when rulesofthumb dominate appraisal and acquisition standards at the larger property levels? Figure 9-3 illustrates such an idea The essence oftherulesof ... favor oftherulesofthumb basically says either ‘‘I don’t care what the future brings’’ or ‘ The future will be just like the present.’’ These sentiments are usually counterproductive over the ... exhausts noi The shadow has the shape of a truncated triangle with the truncated end nearing the floor The smaller area ofthe shadow nearer the floor shows lenders phasing themselves out of deals...
... FIGURE 3-2 Rulesofthumb DCR ¼ debt coverage ratio, the result of dividing net operating income by the loan payment ðNOIÞ DS Figure 3-2 provides a summary of six oftherulesofthumb Sample ... under the county contract The cost ofthe county contract is based on the number of patrol units, a beat factor, and the number of days squad cars are provided to the city Assuming that the city ... hours of weekend police protection rendered weekly for one year So the operative question becomes, the citizens of this city prefer one unit of aesthetic value in the form ofthe removal of an...
... with just the expense ratio Note that this does not change the shape ofthe distribution; it only moves the range down 4% This is a ‘‘shift’’ ofthe distribution along the x-axis One ofthe important ... powerful software must be used appropriately Software is agnostic about the appropriateness or usefulness of its output All software is merely a tool in the hands ofthe user The beginning point of ... the shape ofthe distribution ofthe population from which the sample was drawn Assuming (naively) for the moment that the sample of expense ratio observations are from a population of expense...
... at the end of year three, the purchase ofthe second property (dataEG2c) with the after-tax proceeds ofthe sale ofthe first, and concluding with the taxable sale ofthe second property at the ... importantly, the value ofthe deferral is reduced because the price ofthe second property is higher There are ancillary effects, some of which ease the pain ofthe higher price The basis is higher, so the ... as the expected future rate of return and a holding period of three years, Table 7-15 shows that the value ofthe tax deferral is roughly twice the amount ofthe tax and about 7% ofthe value of...
... different sets ofrules for the sale and reacquisition of property without the payment of taxes There may be merit in the simplification of these various sections into a single set ofrules that acknowledges ... Like the other rulesof thumb, they are simple linear relationships What is interesting is how they relate to each other and what happens in the market as the lender moves from one to the other.2 ... property’s value, the loan to value ratio (ltv), or the basis of how much the property’s income exceeds the payments on the loan, the debit coverage ratio (dcr) He who has the Gold makes theRules 209...
... the top ofthe market and a time when rulesofthumb dominate appraisal and acquisition standards at the larger property levels? Figure 9-3 illustrates such an idea The essence oftherulesof ... favor oftherulesofthumb basically says either ‘‘I don’t care what the future brings’’ or ‘ The future will be just like the present.’’ These sentiments are usually counterproductive over the ... exhausts noi The shadow has the shape of a truncated triangle with the truncated end nearing the floor The smaller area ofthe shadow nearer the floor shows lenders phasing themselves out of deals...
... etc Using the tools provided in prior chapters, we can calculate the effect of many ofthe above decisions, or a combination of them, on either party The advanced mathematics of game theory and ... incurred, the seller’s tax fate lies in the hands ofthe buyer/borrower who, if he is allowed to, may prepay the note at any time, triggering full payment ofthe remainder ofthe seller’s taxes 10 The ... equal to the origination costs (2.5% ofthe Begining Loan Balance % $60,000) by increasing the amount ofthe loan The seller will pay for all costs of documentation In the foregoing paragraph there...
... that way the Remainderman really is providing financing, creative or not, for he takes the place ofthe lender His net investment is the amount ofthe loan The payoff is the sale price ofthe property, ... Estate Investment reassess on transfer of title Estate tax questions hinge on the size ofthe estate, the size ofthe exemption, and other factors Finally, the capital gains taxes must not be ignored ... realities of (a) the income the retiree has during his lifetime to make payments and/or (b) the liquidation value ofthe property needed to retire any balance remaining at the retiree’s death The Remainderman...
... system of work and meritocracy CHAPTER TWO The Sources ofthe Problem 23 The “Star” CEO Another fundamental underpinning of American culture at work is the near deification ofthe “star” CEO Their ... demonstrated instead of as a perk that comes with the job? This then leads to the ultimate question: what is the purpose ofthe corporation and how is its success measured? Is the end goal ofthe corporation ... through a process of economic survival ofthe fittest.” Neither Weber, nor Franklin whom he quotes, had any trouble with the idea ofthe capitalistic nature of humankind In their eyes we were...
... outlet temperature ofthe hot fluid is cooled below the outlet temperature ofthe other fluid (known as the “extent ofthe temperature cross”) The “cross” determines the value of F,, the temperature ... Increasing the number of shells permits increasing the extent ofthe cross andor the value of F, The total number of shells also depends on the total surface area since the size ofthe individual ... 4.19 times the outside diameter - The bufle cut is the portion ofthe baffle “cut” away to provide for fluid flow past the chord ofthe baffle For segmental baffles, this is the ratio ofthe chord...
... -du d Y (2) The p above is often called the absolute or dynamic viscosity There is another form ofthe viscosity coefficient called the kinematic viscosity v, that is, the ratio of viscosity ... pressure, the resultant force passes through the centroid ofthe area If the Plane is h A k d at an angle 0, then the local Pressure Will V W linearly with the depth- The average Pressure occurs at the ... RulesofThumb for Mechanical Engineers Weber Number Weber number is the ratio of inertial forces t surface teno sion forces where c is the speed of sound in the fluid medium, k is the mtio of...
... apart from the course as well These interactions are all an integral part ofthe game, but they aren’t codified in the USGA’s TheRulesof Golf In other sports, the focus is clearly on the competition—not ... Amazingly, once the laughter on the green subsided, everyone in the group calmly made their putts .The men, of course, teased me about the incident for the rest ofthe round Fortunately, no other foursomes ... As they walk up to the eighteenth green on Sunday, they acknowledge the gallery’s applause with a gracious tip ofthe hat When the match is over, they never fail to take off their hats as they...
... outlet temperature ofthe hot fluid is cooled below the outlet temperature ofthe other fluid (known as the “extent ofthe temperature cross”) The “cross” determines the value of F,, the temperature ... Increasing the number of shells permits increasing the extent ofthe cross andor the value of F, The total number of shells also depends on the total surface area since the size ofthe individual ... 4.19 times the outside diameter - The bufle cut is the portion ofthe baffle “cut” away to provide for fluid flow past the chord ofthe baffle For segmental baffles, this is the ratio ofthe chord...