Exploring the economic value of personal information from firms' financial statements

Currently personal data gathering in online markets is done on a far larger scale and much cheaper and faster than ever before. Within this scenario, a number of highly relevant companies for whom personal data is the key factor of production have emerged. However, up to now, the corresponding economic analysis has been restricted primarily to a qualitative perspective linked to privacy issues. Precisely, this paper seeks to shed light on the quantitative perspective, approximating the value of personal information for those companies that base their business model on this new type of asset. In the absence of any systematic research or methodology on the subject, an ad hoc procedure is developed in this paper. It starts with the examination of the accounts of a number of key players in online markets. This inspection first aims to determine whether the value of personal information databases is somehow reflected in the firms’ books, and second to define performance measures able to capture this value. After discussing the strengths and weaknesses of possible approaches, the method that performs best under several criteria (revenue per data record) is selected. From here, an estimation of the net present value of personal data is derived, as well as a slight digression into regional differences in the economic value of personal information.

The Economic Value of Residential Land in Historical Areas: An Application of the Residual Method to the Secondary Market

Land value bears significant weight in house prices in historical town centers. An essential aim for regulating the mortgage market, particularly in the financial and property crisis that countries such as Spain are undergoing, is to have at hand objective procedures for its valuation, whatever the conditions (location, construction, planning). Of all the factors contributing to house price make-up, the land is the only one whose value does not depend on acquisition cost, but rather on the location-time binomial. That is to say, the specific circumstances at that point and at the exact moment of valuation. For this reason, the most commonly applied procedure for land valuation in town centers is the use of the residual method: once the selling price of new housing in a district is known, the other necessary costs and expenses of development are deducted, including those of building and the developer’s profit. The value left is that of the land. To apply these procedures it is vital to have figures such as building costs, technical fees, tax costs, etc. But, above all, it is essential to obtain the selling price of the new housing. This is not always feasible, on account of the lack of newbuild development in this location. This shortage of information occurs in historical town cities, where urban renewal is slight due to the heritage-protection policies, and where, nevertheless there is substantial activity in the secondary market. In these circumstances, as an alternative for land valuation in consolidated urban areas, we have the adaptation of the residual method to the particular characteristics of the secondary market. To these ends, there is the proposal for the appreciation of the dwelling which follows, in a backwards direction, the application of traditional depreciation methods proposed by the various valuation manuals and guidelines. The reliability of the results obtained is analyzed by contrasting it with published figures for newly-built properties, according to different rules applied in administrative appraisals in Spain and the incidence of an eventual correction due to conservation state.

Composition, potential emissions and agricultural value of pig slurry from Spanish commercial farms

Pig slurry is a valuable fertilizer for crop production but at the same time its management may pose environmental risks. Slurry samples were collected from 77 commercial farms of four animal categories (gestating and lactating sows, nursery piglets and growing pigs) and analyzed for macronutrients, micronutrients, heavy metals and volatile fatty acids. Emissions of ammonia (NH3) and biochemical methane potential (BMP) were quantified. Slurry electrical conductivity, pH, dry matter content and ash content were also determined. Data analysis included an analysis of correlations among variables, the development of prediction models for gaseous emissions and the analysis of nutritional content of slurries for crop production. Descriptive information is provided in this work and shows a wide range of variability in all studied variables. Animal category affected some physicochemical parameters, probably as a consequence of different slurry management and use of cleaning water. Slurries from gestating sows and growing pigs tended to be more concentrated in nutrients, whereas the slurry from lactating sows and nursery piglets tended to be more diluted. Relevant relationships were found among slurry characteristics expressed in fresh basis and gas emissions. Predictive models using on-farm measurable parameters were obtained for NH3 (R2 = 0.51) and CH4

The value of cultural assets. Maintenance Costs and economic sustainability at heritage

Under the 12th International Conference on Building Materials and Components is inserted this communication related to the field of management of those assets that constitute the Spanish Cultural Heritage and maintenance. This work is related to the field of management of those assets that constitute the Spanish Cultural Heritage which share an artistic or historical background. The conservation and maintenance become a social demand necessary for the preservation of public values, requiring the investment of necessary resources. The legal protection involves a number of obligations and rights to ensure the conservation and heritage protection. The duty of maintenance and upkeep exceeds the useful life the property that must endure more for their cultural value for its usability. The establishment of the necessary conditions to prevent deterioration and precise in order to fulfill its social function, seeking to prolong the life of the asset, preserving their physical integrity and its ability to convey the values protected. This obligation implies a substantial financial effort to the holder of the property, either public or private entity, addressing a problem of economic sustainability. Economic exploitation, with the aim of contributing to their well-maintained, is sometimes the best way to get resources. The work will include different lines of research with the following objectives. - Establishment of processes for assessing total costs over the building life cycle (LCC), during the planning stages or maintenance budgets to determine the most advantageous operating system. - Relationship between the value of property and maintenance costs, and establishing a sensitivity analysis.

Nutritive value of palm kernel meal in diets for growing rabbits

The aim of this work was to determine the nutritive value of palm kernel meal (PKM) in diets for growing rabbits. In Experiment 1, 20 New Zealand × Californian growing rabbits 50 d-old were used to determine energy, crude protein, fibre and fat digestibility of PKM. The nutritive value was estimated by the difference method using a basal diet and another diet made by substituting 200 g/kg of basal diet with PKM. Energy, crude protein, ether extract and neutral detergent fibre of PKM digestibilities were, respectively, 0.549 (±0.056, SE), 0.541 (±0.069), 0.850 (±0.048) and 0.430 (±0.101), and the digestible energy concentration was 10.9 MJ/kg (±1.03) DM. In Experiment 2, 412 rabbits were allocated at random to the two experimental diets to measure growing performance. Inclusion of 200 g PKM/kg in the diet did not affect feed or digestible energy intake but decreased slightly (by around 5%) average daily gain (P = 0.003) and feed efficiency (P < 0.001). Neither mortality nor Clostridium perfringens counts in soft faeces were affected by type of diet. Palm kernel meal can be considered a palatable source of fibre, protein and fat for rabbits and can substitute significant amounts of other fibrous ingredients in the diet without adverse effects on growth performance.

The dicode workbench: A flexible framework for the integration of information and web services

Aiming to address requirements concerning integration of services in the context of ?big data?, this paper presents an innovative approach that (i) ensures a flexible, adaptable and scalable information and computation infrastructure, and (ii) exploits the competences of stakeholders and information workers to meaningfully confront information management issues such as information characterization, classification and interpretation, thus incorporating the underlying collective intelligence. Our approach pays much attention to the issues of usability and ease-of-use, not requiring any particular programming expertise from the end users. We report on a series of technical issues concerning the desired flexibility of the proposed integration framework and we provide related recommendations to developers of such solutions. Evaluation results are also discussed.

Assessing the landscape value of public works: validation of the method in the lowlands of the middle section of the Tajo river (Spain)

This paper proposes a method of landscape characterisation and assessment of public works associated with fluvial landscapes, which is validated in the middle section of the Tajo River. In this method, a set of criteria is identified that unifies various characteristics of the landscape associated to the infrastructures. A specific weight is then assigned to each criterion in such a way as to produce a semi-quantitative value ranging from a minimum value of 0 to a maximum value of 10. Taken together, these criteria enable us to describe and assess the value of the public works selected for study, in this case helping us to evaluate the sections of the River Tajo analysed in our study area. Accordingly, the value of all the infrastructures associated to a stretch of the river covering several hundred kilometres was determined and after dividing this stretch into sections, they were compared under equivalent conditions to provide a hierarchal ranking.

Towards a conceptual remodeling of information technologies based on a broad consideration of complexity

Actas.

Secure transmission of information by digital chaotic signals

Protecting signals is one of the main tasks in information transmission. A large number of different methods have been employed since many centuries ago. Most of them have been based on the use of certain signal added to the original one. When the composed signal is received, if the added signal is known, the initial information may be obtained. The main problem is the type of masking signal employed. One possibility is the use of chaotic signals, but they have a first strong limitation: the need to synchronize emitter and receiver. Optical communications systems, based on chaotic signals, have been proposed in a large number of papers. Moreover, because most of the communication systems are digital and conventional chaos generators are analogue, a conversion analogue-digital is needed. In this paper we will report a new system where the digital chaos is obtained from an optically programmable logic structure. This structure has been employed by the authors in optical computing and some previous results in chaotic signals have been reported. The main advantage of this new system is that an analogue-digital conversion is not needed. Previous works by the authors employed Self-Electrooptical Effect Devices but in this case more conventional structures, as semiconductor laser amplifiers, have been employed. The way to analyze the characteristics of digital chaotic signals will be reported as well as the method to synchronize the chaos generators located in the emitter and in the receiver.

Influence of origin of the beans on protein quality and nutritive value of commercial soybean meals.

Chemical composition and correlations between chemical analyses and protein quality of 454 batches of SBM of 3 different origins (USA, n=168; Brazil (BRA), n=139, and Argentine (ARG), n=147) were studied. Samples were collected during a 6-yr period. SBM from USA had more CP, sucrose and stachyose and less NDF (P<0.001) than SBM from ARG and BRA. CP content was negatively related (P<0.001) with sucrose for USA meals and with NDF for ARG and BRA meals. Also, P content was positively related (P<0.01) with CP content of the meals. PDI and KOH solubility were higher (P<0.001) for USA than for ARG or BRA SBM, values that were positively related (P<0.001) with trypsin inhibitor activity of the meals. In addition, USA meals had more lys, met+cys, thr, and trp than BRA and ARG meals (P < 0.001). Per unit of CP, lys content was negatively related (P<0.001) with CP content for USA, positively for BRA, and no relations was found for ARG meals. It is concluded that nutritive values and protein quality of the meals varied widely among soybean origins. Consequently, the origin of the beans should be considered in the evaluation of the nutritive value of commercial SBM for non-ruminant animals.

In vitro evaluation of commercial fibrolytic enzymes for improving the nutritive value of low-quality forages.

The aim of this work was to assess the effects of four doses of three commercial fibrolytic enzymes on ruminal fermentation of rice straw, maize stover and Pennisetum purpureum clon Cuba CT115 hay in batch cultures of ruminal micro-organisms from sheep. One enzyme was produced by Penicillium funiculosum (PEN) and two were from Trichoderma longibrachiatum (TL1 and TL2). Each liquid enzyme was diluted 200 (D1), 100 (D2), 50 (D3) and 10 (D4) - fold and applied to each substrate in quadruplicate over time and incubated for 120 h in rumen fluid. The D4 dose of each enzyme increased (P<0.05) the fractional rate of gas production and organic matter effective degradability for all substrates, and TL2 had similar effects when applied at D3. In 9 h incubations, PEN at D4, TL1 at all tested doses, and TL2 at D2, D3 and D4 increased (P<0.05) volatile fatty acid production and dry matter degradability for all substrates. The commercial enzymes tested were effective at increasing in vitro ruminal fermentation of low-quality forages, although effective doses varied with the enzyme.

Influence of origin of the beans on protein quality and nutritive value of commercial soybean meals

Estudio sobre la influencia del origen de los granos en la calidad de proteínas y el valor nutritivo de las harinas de soja comerciales

Analysis of alternative tendering mechanisms for transportation Public-Private Partnerships

This paper describes a theoretical model based primarily on transaction costs, for comparing the various tendering mechanisms used for transportation Public-Private Partnership (PPP) projects. In particular, the model contrasts negotiated procedures with the open procedure, as defined by the current European Union legislation on public tendering. The model includes both ex ante transaction costs (borne during the tendering stage) and ex post transaction costs (such as enforcement costs, re-negotiation costs, and costs arising from litigation between partners), explaining the trade-off between them. Generally speaking, it is assumed that the open procedure implies lower transaction costs ex ante, while the negotiated procedure reduces the probability of the appearance of new contingencies not foreseen in the contract, hence diminishing the expected value of transaction costs ex post. Therefore, the balance between ex ante and ex post transaction costs is the main criterion for deciding whether the open or negotiated procedure would be optimal. Notwithstanding, empirical evidence currently exists only on ex ante transaction costs in transportation infrastructure projects. This evidence has shown a relevant difference between the two procedures as far as ex ante costs are concerned, favouring the open procedure. The model developed in this paper also demonstrates that a larger degree of complexity in a contract does not unequivocally favour the use of a negotiated procedure. Only in those cases dealing with very innovative projects, where important dimensions of the quality of the asset or service are not verifiable, may we observe an advantage in favour of the negotiated procedure. The bottom line is that we find it difficult to justify the employment of negotiated procedures in most transportation PPP contracts, especially in the field of roads. Nevertheless, the field remains open for future empirical work and research on the levels of transaction costs borne ex post in PPP contracts, as well as on the probabilities of such costs appearing under any of the procurement procedures.

Marco de Gobernanza de TI para empresas PyMEs – SMEsITGF

La tecnología de la información y su utilización en las empresas ha sido y es un elemento de debate ya que las organizaciones cuentan con grandes éxitos y grandes fracasos. Gran parte de estos últimos asociados a una falta de visión estratégica integral en relación a la utilización de TI en la organización lo que ha dado lugar al área del conocimiento llamada Gobernanza de TI y a la publicación de numerosos marcos y estándares. Un campo sensible y económicamente muy importante tanto para Uruguay como a nivel mundial son las empresas medianas y pequeñas (PyMEs), las que no logran aplicar de manera efectiva los marcos y estándares, es por esta razón que el objetivo final de esta tesis es el de construir un marco que permita a las PyMEs incorporar un marco efectivo para gobernar y gestionar TI adecuadamente obteniendo el valor esperado de las inversiones realizadas. Para alcanzar este objetivo general se ha realizado un estudio de campo que permita conocer la situación de la gobernanza y la gestión de TI en PyMEs del Uruguay; a partir de este estudio se pudo analizar cuáles son los factores más significativos que no permiten la correcta aplicación de buenas prácticas de gobernanza de TI en éstas empresas. Los resultados encontrados llevaron a la construcción de un marco de gobernanza de TI con foco en PyMEs, a la definición de un modelo de madurez asociado al marco y a una guía de implantación. En el marco de gobernanza propuesto, compatible con el estándar ISO/IEC 38500:2008, se han fortalecido los procesos que, por las características propias de las PyMEs presentan debilidades estructurales y se han reducido o eliminado aquellos que por las mismas razones no son aplicables a este tipo de organización. Finalmente se validaron los resultados en un entorno empresarial definiendo un estudio de caso. Los resultados obtenidos con una mejora porcentual consolidada del 46% en el conjunto de indicadores definidos llevan a considerar que la aplicación del marco fue exitosa. Por ser un estudio de caso único, los resultados no deben ser generalizados y una oportunidad de trabajo futuro es replicar el mismo estudio en otras empresas. ABSTRACT Information technology (IT) and its use in the enterprise context is a discussion element because organizations have numerous successes and failures using it. Most of the IT failed projects have a lack of integral strategic vision in relation with IT use in the organization. This fact has resulted in the IT Governance (ITG) area of knowledge. A large number of standards and frameworks have been published in relation with it. Small and medium enterprises (SMEs) are an important and sensible field in all economies around the world, particularly in Uruguay, an underdeveloped country of South America. Commonly, SMEs cannot apply successfully ITG frameworks because of the intrinsic complexity or because a lack of knowledge and culture respect this field, so the objective of this thesis is build a framework that allows SMEs to incorporate an effective framework to govern and manage IT properly, helping enterprises get the expected value of its IT investments. In a first place, has been conducted a field study to know the quality of actual practices relatively to the ITG and IG management in Uruguayan SMEs. With the obtained results in the study we can make a diagnostic of the most significant factors that prevent the proper application of good IT governance practices in these companies. The obtained results were the inputs to the definition of a IT governance framework with focus in SMEs, a maturity model associated with it and a implementation guide. The proposed framework is ISO/IEC 38500 standard compatible always with an SME vision so, sensible and weak processes have been strengthened and other ones have been eliminated because have no application in these type of organization. Finally the results were validated in a business environment by defining a case study. The results obtained with a consolidated percentage improvement of 46% in the defined set of indicators suggest that the implementation of the framework was successful. As a single case study, the results should not be generalized and an opportunity for future work is to replicate the same study in other companies.

Efficiency analysis of information technology and online social networks management : an integrated DEA-Model assessment

This paper analyses the relationship between productive efficiency and online-social-networks (OSN) in Spanish telecommunications firms. A data-envelopment-analysis (DEA) is used and several indicators of business ?social Media? activities are incorporated. A super-efficiency analysis and bootstrapping techniques are performed to increase the model?s robustness and accuracy. Then, a logistic regression model is applied to characterise factors and drivers of good performance in OSN. Results reveal the company?s ability to absorb and utilise OSNs as a key factor in improving the productive efficiency. This paper presents a model for assessing the strategic performance of the presence and activity in OSN.