The Transactional Asset Pricing Approach(TAPA): Incorporation of Leverage and Derivation of Extended Ellwood Formula with Fixed Leverage Benefits

Abstract

The Paper discusses the derivation of the Ellwood formula on the basis of the Transactional Asset Pricing approach to valuation (TAPA) and proceeding from the dynamic principle of transactional equity-in-exchange.

Keywords

• ellwood formula
• transactional asset pricing approach (tapa)
• leverage benefits
• property valuation
• the principle of transactional equity-in exchange
• d46
• g12