Green noise or green value? Measuring the effects of environmental certification on office values

This study investigates the price effects of environmental certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and noncertified buildings. These are additional occupier benefits, lower holding costs for investors and a lower risk premium. Drawing upon the CoStar database of U.S. commercial real estate assets, hedonic regression analysis is used to measure the effect of certification on both rent and price. The results suggest that, compared to buildings in the same submarkets, eco-certified buildings have both a rental and sale price premium.

Sustainable building certification and the rent premium: a panel data approach

This paper investigates whether obtaining sustainable building certification entails a rental premium for commercial office buildings and tracks its development over time. To this aim, both a difference-in-differences and a fixed-effects model approach are applied to a large panel dataset of office buildings in the United States in the 2000–2010 period. The results indicate a significant rental premium for both ENERGY STAR and LEED certified buildings. Controlling for confounding factors, this premium is shown to have increased steadily from 2006 to 2008, followed by a moderate decline in the subsequent periods. The results also show a significant positive relationship between ENERGY STAR labeling and building occupancy rates.

Green noise or green value? Measuring the price effects of environmental certification in commercial buildings

This paper investigates the price effects of environmental certification on commercial real estate assets. It is argued that there are likely to be three main drivers of price differences between certified and non-certified buildings. First, certified buildings offer a bundle of benefits to occupiers relating to business productivity, image and occupancy costs. Second, due to these occupier benefits, certified buildings can result in higher rents and lower holding costs for investors. Third, certified buildings may require a lower risk premium. Drawing upon the CoStar database of US commercial real estate assets, hedonic regression analysis is used to measure the effect of certification on both rent and price. We first estimate the rental regression for a sample of 110 LEED and 433 Energy Star as well as several thousand benchmark buildings to compare the sample to. The results suggest that, compared to buildings in the same metropolitan region, certified buildings have a rental premium and that the more highly rated that buildings are in terms of their environmental impact, the greater the rental premium. Furthermore, based on a sample of transaction prices for 292 Energy Star and 30 LEED-certified buildings, we find price premia of 10% and 31% respectively compared to non-certified buildings in the same metropolitan area

Organic certification, export market access and the impacts of policy: Bayesian estimation of avocado smallholder “times-to-organic certification” in Michoacán Mexico

This study analyzes organic adoption decisions using a rich set of time-to-organic durations collected from avocado small-holders in Michoacán Mexico. We derive robust, intrasample predictions about the profiles of entry and exit within the conventional-versus-organic complex and we explore the sensitivity of these predictions to choice of functional form. The dynamic nature of the sample allows us to make retrospective predictions and we establish, precisely, the profile of organic entry had the respondents been availed optimal amounts of adoption-restraining resources. A fundamental problem in the dynamic adoption literature, hitherto unrecognized, is discussed and consequent extensions are suggested.

Étude des méthodes d'enseignement utilisées dans la classe de Français Langue Étrangère en Suède

Ce mémoire traite des méthodologies générales et systématisées de la didactique des langues étrangères développées à différentes périodes, ainsi que des méthodes d’enseignement (techniques, outils, matériels, exercices, activités et tâches etc.) et des théories autour de celles-ci. En utilisant une enquête, remplie par des professeurs travaillant dans certaines écoles suédoises, cette étude lie les méthodologies, les méthodes d’enseignement et les théories avec les pratiques de classe. L’étude montre quelles méthodes d’enseignement sont utilisées et la fréquence de leur utilisation, ainsi que les liens avec les méthodologies. Elle montre aussi que l’enseignement des professeurs de l’étude est principalement représentatif d’une seule méthodologie (la méthodologie cognitiviste – l’approche communicative).

Supporting user evaluation of IT security certification schemes

IT Security Certification is an increasingly important qualification for information technology (IT) professionals seeking employment in IT security. Yet currently there is a lack of rigorously developed approaches to support the evaluation and selection by key stakeholders of the most appropriate IT security certification scheme from among hundreds of vendor-neutral and vendor-specific schemes. This paper develops a framework based on categories, characteristics and criteria to support user evaluation and selection of an (IT) Security Certification scheme that satisfies user priorities and requirements. The paper illustrates the use of the framework to support an experienced IT Professional’s evaluation. Theoretical and practical implications of the framework and trial evaluation are discussed.

Adaptations architecturales du tissu osseux en réponse à l'exercice physique : intérêts et limites des méthodes non invasives utilisées chez l'homme

Aim
The purpose of this paper is to give an overview of the imaging techniques that are currently used to study the effects of exercise on bone architecture.

Current knowledge
It is now widely accepted that the prevention of osteoporosis must be initiated in childhood, because the immature skeleton is more responsive to physical loading. Exercise recommendations for bone health promotion must consider the effects of loading not only on the more traditional measures of bone mineral content and macroarchitecture, but also on the microarchitecture and structural properties of the skeleton. The latter requires high precision 3D methods like quantitative computed tomography and magnetic resonance imaging.

Prospects
Imaging resolutions used most commonly in exercise studies of children have sufficient precision to assess bone density and gross geometry. However, they remain insufficient to clearly depict and quantify the trabecular bone microarchitecture in vivo in humans.

Conceptualising a voluntary certification system for highly accomplished teachers

In this paper I argue that a voluntary certification system for highly accomplished teachers must be part of a coherent system of professional accountability which is developed, implemented and managed by the profession. This would be a system that engages professional judgement of evidence provided by teachers in relation to their professional knowledge and practice, and professional standards for teaching would provide the organising framework for that judgment. It would be a system incorporating and aligning all forms of professional licensure, including entry into the profession and subsequent professional milestones. It would be a system that all partners in the profession across Australia—employers, professional associations, and registration authorities—endorse, participate in and align with.

The profession can take the lead in developing and implementing such a coherent and coordinated national approach by carefully developing a system to recognise and reward highly accomplished teaching. Such a system should aim to recognise and build teacher quality by defining what it is highly accomplished teachers know and are able to do. Moreover, such a system must fi nd ways of making teaching public and acknowledging teaching as intellectual work which involves professional judgment that draws on a recognised professional knowledge base and contextualised knowledge about students and their learning.

The paper is presented in two main sections. First, a proposed conceptual framework for the professional recognition and certification of highly accomplished teachers is outlined. Then, the argument for this proposed conceptual framework is presented drawing on learnings from relevant research and professional activity in both Australia and the USA.

A framework for assessing certification schemes for IT security professionals

This research develops a framework which allows the many IT security certifications to be compared by stakeholders, such as IT security professionals, employers, universities and governments. The framework employs a novel approach which allow users to tailor the comparison based on their own weightings, whilst taking advantage of standardised research.

Toward sustainable forest management : the potential contribution of timber certification and product labelling in Victoria

Sustainable forest management has emerged as a major international forestry issue. This research assessed the potential contribution of certification and labelling to sustainable forest management in Victoria. The results indicate a potential demand for certified forest products and a consumer willingness to pay to ensure forests are managed sustainably.

Incorporating carbon footprints into seafood sustainability certification and eco-labels

The seafood industry has become increasingly interconnected at a global scale, with fish the most traded commodity worldwide. Travel to the farthest reaches of the oceans for capture is now common practice, and subsequent transport to market can require hundreds to thousands of miles of travel by sea and air. Refrigeration of seafood products is generally required at all stages of the journey from ocean to dinner plate, resulting in substantial energy expenditure. Energy input for aquaculture (including mariculture) products can also be high, namely due to the large amounts of feed required to support fish growth. As a result of these factors, the seafood industry has a substantial carbon footprint. Surprisingly, however, carbon footprints of seafood products are rarely integrated into assessments of their sustainability by eco-labels, sustainability certification, or consumer seafood sustainability guides. Suggestions are provided here for how carbon footprints could be incorporated within seafood sustainability schemes.

The certification role of venture capitalists, top underwriters and big-n auditors in ipos

Esta tese avalia o impacto dos principais atores recorrentes durante o processo de IPO, em particular, o venture capitalist, o underwriter, e o auditor, sobre as condições de comercialização das ações da empresa, capturado pelo bid-ask spread, a fração de investidores institucionais que investem na empresa, a dispersão de capital, entre outros. Além disso, este estudo também analisa alguns benefícios que os fundos de Venture Capital (VCs) fornecem às empresas que eles investem. Ele investiga o papel dos VCs em dificultar o gerenciamento de resultados em IPOs e quantifica o papel desempenhado por eles no desempenho operacional das empresas após sua oferta inicial de ações. No primeiro capítulo, os resultados indicam que as empresas inflam seus resultados principalmente nos períodos pré-IPO e do IPO. Quando nós controlamos para os quatro períodos diferentes do IPO, observamos que IPOs de empresas investidas por VCs apresentam significativamente menos gerenciamento de resultados no IPO e em períodos seguintes à orfeta inicial das ações, exatamente quando as empresas tendem a inflar mais seus lucros. Este resultado é robusto a diferentes métodos estatísticos e diferentes metodologias usadas para avaliar o gerenciamento de resultados. Além disso, ao dividir a amostra entre IPOs de empresas investidas e não investidas por VCs, observa-se que ambos os grupos apresentam gerenciamento de resultados. Ambas as subamostras apresentam níveis de gerenciamento de resultados de forma mais intensa em diferentes fases ao redor do IPO. Finalmente, observamos também que top underwriters apresentam menores níveis de gerenciamento de resultados na subamostra das empresas investidas por VCs. No segundo capítulo, verificou-se que a escolha do auditor, dos VCs, e underwriter pode indicar escolhas de longo prazo da empresa. Nós apresentamos evidências que as características do underwriter, auditor, e VC têm um impacto sobre as características das empresas e seu desempenho no mercado. Além disso, estes efeitos são persistentes por quase uma década. As empresas que têm um top underwriter e um auditor big-N no momento do IPO têm características de mercado que permanecem ao longo dos próximos 8 anos. Essas características são representadas por um número maior de analistas seguindo a empresa, uma grande dispersão da propriedade através de investidores institucionais, e maior liquidez através um bid-ask spread menor. Elas também são menos propensas a saírem do mercado, bem como mais propensas à emissão de uma orferta secundária. Finalmente, empresas investidas por VCs são positivamente afetadas, quando consideramos todas as medidas de liquidez de mercado, desde a abertura de capital até quase uma década depois. Tais efeitos não são devido ao viés de sobrevivência. Estes resultados não dependem da bolha dot-com, ou seja, os nossos resultados são qualitativamente similares, uma vez que excluímos o período da bolha de 1999-2000. No último capítulo foi evidenciado que empresas investidas por VCs incorrem em um nível mais elevado de saldo em tesouraria do que as empresas não investidas. Este efeito é persistente por pelo menos 8 anos após o IPO. Mostramos também que empresas investidas por VCs estão associadas a um nível menor de alavancagem e cobertura de juros ao longo dos primeiros oito anos após o IPO. Finalmente, não temos evidências estatisticamente significantes entre VCs e a razão dividendo lucro. Estes resultados também são robustos a diversos métodos estatísticos e diferentes metodologias.