The Effect of the Tax Reform Act of 1986 and Regional Economies on Apartment Values

The theoretical effects of the Tax Reform Act of 1986 on commercial real estate have been widely written about; however, little empirical work has been done that actually measures the hypothesized effects. We find that, after controlling for general national economic conditions and regional effects, the effect of the Tax Act of 1986 was negatively related to apartment values. The magnitude of the effect was a function of the local vacancy rates and economic growth where those regions with slow economic growth and high vacancy rates were strongly affected.

Protection for whom? creditor conflicts in bankruptcy

Revised. In this article we provide a rationale for bankruptcy law that is based on the conflicts among creditors that occur when a debtor’s liabilities exceed its assets. In the absence of a bankruptcy law, the private debt-collection remedies that creditors pursue when a debtor is insolvent result in an ad hoc disposal of the debtor’s assets, thereby reducing the aggregate value of creditors’ claims. We show that coordination clauses can be used by creditors in their loan agreements that will result in coordination, ex post. Although all creditors would benefit from including these clauses in their contracts, they nevertheless choose not to in precisely those circumstances in which it is desirable to coordinate. This is an important insight because previous theories supporting a role for bankruptcy law are based on the notion that creditors want to contract about bankruptcy, but cannot. In contract, we demonstrate that creditors will choose not to coordinate ex ante, even though it is in their best interest ex post. ; We also examine a variety of other contractual mechanisms, including covenants and seniority, and show that although including these terms in loan contracts can improve creditors’ incentives to write coordination clauses, they do so only in special circumstances. Our analysis of creditor conflicts and the potential for private contracting remedies provides an economic rationale for the existence of a bankruptcy law that mandates ex post coordination among the creditors of an insolvent debtor.Bankruptcy

ANALYSIS OF VARIATIONS IN FARM REAL ESTATE PRICES OVER HOMOGENEOUS MARKET AREAS IN THE SOUTHEAST

Land Economics/Use,

The NASA cryogenic fluid management technology program plan

During the past three decades, NASA has been designing and using large quantities of cryogenic fluids for propulsion system propellants, coolants for experiments, and for environmental control systems. As a consequence, an erroneous conclusion has been drawn that the technology exists for using large quantities of cryogens in space for long periods of time. The attempt here is to dispel that myth and to present the technology needs that require development in order to support the NASA programs of the future. A NASA program, developed through the impetus of the Marshall Space Flight Center and the Lewis Research Center and supported by all NASA centers is outlined. The current state of the art is discussed along with specific needs for near future missions. Then, using the Space Exploration Initiative mission set, cost/benefit projections are made for the development of advanced cryogenic fluid management techniques. Earth based and space based test programs are discussed relative to the technology requirements for liquid storage, supply, and transfer for fluid transfer and advanced instrumentation

Statistical analysis of a planetary radar altimeter measuring unit

Statistical analysis of altitude measuring unit of lightweight continuous wave radar altimete

Self-selection and discrimination in credit markets

This paper increases understanding of the causes and consequences of discrimination in credit markets. It develops an underwriting model in which lenders use a simple Bayesian updating process to evaluate applicant creditworthiness. It also models individuals' self-selection behavior to show how market frictions can affect application decisions.Mortgages ; Discrimination in consumer credit

Beneath the rhetoric: clarifying the debate on mortgage lending discrimination

The authors' simple model of the mortgage underwriting process provides a framework within which to define discrimination and various notions of the default rate. By providing those with differing views a common framework for discussing their positions, the model clarifies and reconciles some of the most controversial issues in the debate over mortgage discrimination. It also shows how this theoretical framework can help in the design of practical policy responses to this vexing social problem.Discrimination in mortgage loans ; Mortgages

Tables of square-law signal detection statistics for Hann spectra with 50 percent overlap

The Search for Extraterrestrial Intelligence, currently being planned by NASA, will require that an enormous amount of data be analyzed in real time by special purpose hardware. It is expected that overlapped Hann data windows will play an important role in this analysis. In order to understand the statistical implication of this approach, it has been necessary to compute detection statistics for overlapped Hann spectra. Tables of signal detection statistics are given for false alarm rates from 10(exp -14) to 10(exp -1) and signal detection probabilities from 0.50 to 0.99; the number of computed spectra ranges from 4 to 2000

EFFICIENCY AND EQUITY ASPECTS OF NONPOINT SOURCE POLLUTION CONTROLS

Environmental Economics and Policy,