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Record W2905380738 · doi:10.4324/9781315093284-35

Applying the Bierman Technique: Municipal Bond Bid Valuation

2017· book-chapter· en· W2905380738 on OpenAlexaboutno aff
Robert W. Zinn

Bibliographic record

Venuenot available
Typebook-chapter
Languageen
FieldBusiness, Management and Accounting
TopicFinancial Reporting and Valuation Research
Canadian institutionsnot available
Fundersnot available
KeywordsValuation (finance)Municipal bondBondBusinessActuarial scienceFinance

Abstract

fetched live from OpenAlex

In the fall 1985 issue of Municipal Finance Journal, Professor Harold Bierman, Jr., analyzed and rejected the three commonly used methods for the valuation of competitively bid bond issues, putting forth instead a fourth technique of his own, the innovative none of the above (NOTA), or Bierman technique. In October 1991, Pinellas County successfully applied the Bierman technique to an actual bond issue, despite Daniel Anderson and the resistance of various underwriters, financial advisors, and bond counsels. The Bierman article defined four evaluational techniques, net interest cost (NIC), Canadian interest cost (CIC), present value, and NOTA. Florida municipal issuers generally award competitively bid bonds according to the true interest cost (TIC) method. TIC is defined as a discounted cash flow analysis, which is used by selecting a discount rate and applying it to a known future series of payments to calculate their present value.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

How this classification was reachedexpand

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.003
metaresearch head score (Gemma)0.001
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesInsufficient payload (model declined to judge)
Consensus categoriesInsufficient payload (model declined to judge)
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Not applicable · Consensus signal: none
GenreCandidate signal: Other · Consensus signal: Other
Teacher disagreement score0.858
Threshold uncertainty score1.000

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0030.001
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0000.000
Science and technology studies0.0010.000
Scholarly communication0.0010.000
Open science0.0010.000
Research integrity0.0000.001
Insufficient payload (model declined to judge)0.0010.001

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.132
GPT teacher head0.343
Teacher spread0.212 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Classification

machine, unvalidated

Machine predicted; both teacher heads agree on what is shown here.

Study designNot applicable
Domainnot available
GenreOther

How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".

Quick stats

Citations0
Published2017
Admission routes1
Has abstractyes

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