An agent-based model to assess the attractiveness of industrial estates

This article describes the main approaches adopted in a study focused on planning industrial estates on a sub-regional scale. The study was supported by an agent-based model, using firms as agents to assess the attractiveness of industrial estates. The simulation was made by the NetLogo toolkit and the environment represents a geographical space. Three scenarios and four hypotheses were used in the simulation to test the impact of different policies on the attractiveness of industrial estates. Policies were distinguished by the level of municipal coordination at which they were implemented and by the type of intervention. In the model, the attractiveness of industrial estates was based on the level of facilities, amenities, accessibility and on the price of land in each industrial estate. Firms are able to move and relocate whenever they find an attractive estate. The relocating firms were selected by their size, location and distance to an industrial estate. Results show that a coordinated policy among municipalities is the most efficient policy to promote advanced-qualified estates. In these scenarios, it was observed that more industrial estates became attractive, more firms were relocated and more vacant lots were occupied. Furthermore, the results also indicate that the promotion of widespread industrial estates with poor-quality infrastructures and amenities is an inefficient policy to attract firms.

Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.

Earnings management and stock price crashes post-crossdelisting

We test whether cross-delisted firms from the major U.S. stock exchanges experience an increase in crash risk associated with earnings management. Consistent with our prediction, we find that earnings management have a greater positive impact on stock price crash risk post-cross-delisting when compared to a sample of still cross-listed firms. Moreover, our results suggest that this effect is more pronounced for crossdelisted firms from countries with weaker investor protection and poorer quality of their information environment. We further examine whether managers’ ability to manipulate earnings increases post-cross-delisting around seasoned equity offerings. Our evidence shows that cross-delisted firms that engage in earnings management to inflate reported earnings prior to a seasoned equity offering are more likely to observe a subsequent stock price crash.

Smart interior design of buildings and its relationship to land use

Architectural design is often associated with aesthetics and style, but it is also very important to building performance and sustainability. There are some studies associating architectural design to the choice for materials from sustainable sources, to indoor air quality, to energy efficiency and productivity. This article takes a step further to analyse how the use of efficient interior design techniques can impact the habitable space in order to improve building sustainability in land use. Smart interior design, a current trend related to the use of efficient and flexible furniture and movable walls in tiny or compact apartments, is analysed. A building with a standard design is used as a case study reference building and compared to a proposed theoretical design alternative using smart interior design techniques. In order to correctly assess sustainability performance, a quantifiable and verified method is used. Results showed that the use of smart interior design techniques can greatly reduce buildingsâ impact on the environment.

Assessment of the effects of the expansion of the city of Estarreja on the rational land use

The management of urban environment, together with the preservation of the natural environment and the creation of a sustainable built environment, is a complex challenge for contemporary societies. In the name of progress, cities are contributing for the degradation of all surrounding ecosystems. Therefore there is an arising demand for developing new strategies and a new urban development paradigm settled in the search for the equilibrium between natural and built environments and efficient use of resources. The objective of this paper is to analyse how the urban expansion of the city of Estarreja took place in relation to the land use, based on the land capability classification maps of the area. Based in the results some sustainable development strategies that might be applied to the city are discussed. The obtained results demonstrate that the city has been growing faster then its population, consuming vast portions of land, since its growth as been occurring in a linear form. Despite this fact, results show that most of this expansion took place towards a territory of lower agricultural potential, when comparing to the location of its original settlement.

Study of the of the concept of community buildings and its importance for land use efficiency

Nowadays cities are facing several environmental problems due to the population migration to urban areas, which is causing urban sprawl. This way, it is very important to define solutions to improve Land Use Efficiency (LUE). This article proposes the use of community buildings features as a solution to increase land use efficiency. Community buildings consider the design of shared building spaces to reduce the floor area of buildings. This work tests the performance of some case-study buildings regarding LUE to analyse its possible pros and cons. A quantifiable method is used to assess buildingsâ LUE, which considers the number of occupants, the gross floor area, the functional area, the implantation area and the allotment area. Buildings with higher values for this index have reduced environmental impacts because they use less construction materials, produce less construction and demolition wastes and require less energy for building operation. The results showed that the use of community building features can increase Land Use Efficiency of buildings.

Behavior-based price discrimination in a multi-dimensional preferences market

NIPE WP 04/ 2016