Energy Audit for an Old Industrial Building in Gävle

(English)The Swedish industrial sector has overcome the oil crisis and has maintained the energy use constant even though the production has grown. This has been achieved thanks to the development of several energy policies, by the Swedish government, towards the 2020 goals. This thesis carries on this path and performs an energy audit for an old industrial building in Gävle (Sweden) in order to propose different energy efficiency measures to use less energy while maintaining the thermal comfort. The building is in quite a bad shape and some of the areas are unused making them a waste of money. By means of the invoices provided by different companies, the information from the staff and some measures that have been carried out in-situ, the energy balance has been calculated from where conclusions have been drawn. Although it is an industrial building, the study is not going to be focused in the industrial process but in the building’s envelope and support processes, since the unit combines both production and office areas. Therefore, the energy balance is divided in energy supplies (district heating, free heating and sun irradiation) and energy losses (transmission, ventilation hot tap water and infiltrations). The results show that the most important supply is that of the DH whereas the most important losses are the transmission and infiltration. Thus, the measures proposed are focused on the reduction of this relevant parameters. The most important measures are the renovation of the windows, heating systems valves and the ventilation. The glazing of the dwelling is old and some of it is broken accounting for quite a large amount of the losses. The radiator valves are not properly working and there does not exist any temperature control. Therefore the installation of thermostatic valves turns out to be a must. Moreover, some part of the building has no mechanical ventilation but conserves the ducts. These could be utilized if they are connected to the workshop’s ventilation which is capable of generating sufficient flow for the entire building. Finally, although other measures could also be carried out, the ones proposed appear to be the essential ones. A further analysis should be carried out in order to analyze the payback time or investment capability of the company so as to decide between one measure or another. A market study for possible new tenants for the unused parts of the building is also advisable.

Discounting the value of natural resources in costbenefit analysis: a case study for policy making

4 p.

Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Analysis of the housing market in the autonomous community of the Basque country: the adjustment after the burst of the housing bubble

In this project study the characteristic and dynamics of the residential housing market in the Basque country. When strong expansion and colapsing emerged in 2007,studied the differents adjustment.

The labour market in the Basque Country: University Employment Centers

This project is a study of the Labour Market in the Basque Country. First of all, we have analysed the position of the Basque Country in the European Union employment situation by gender and age. Secondly, we have studied the educational level of the Basque Country from the European Union perspective. Thirdly, we have showed the importance of labour orientation in educational level, especially in higher education. Finally, the design of new employment policies to promote the creation of jobs and stability of the labour market depends on: new industries and university employment policies.