Kiinteistön elinkaarihankkeen rahoitus ja riskit

Julkisen sektorin kiinteistötuotannossa toteutetaan kasvavassa määrin julkisen ja yksityisen sektorin yhteistyötä, jossa yksityinen yritys ottaa vastuun kiinteistöön liittyvistä suunnittelu-, rakentamis- ja ylläpitotoimista pitkäksi ajanjaksoksi. Työn tavoitteena on arvioida elinkaarimallilla toteuttavien kiinteistöhankkeiden toteutusvaihtoehdot, sekä kartoittaa elinkaarihankkeen sisältämiä riskejä hankkeen suunnitteluvaiheessa. Tutkimus suoritetaan kvalitatiivisena tutkimuksena, jota tuetaan tarvittavilla kvantitatiivista tietoa hyödyntävillä laskelmilla. Tutkimusaineistona käytetään aihepiiriin liittyviä akateemisia julkaisuja ja oppikirjoja. Työn toimeksiantajan YIT:n kautta tutkimukseen on saatu arvokasta asiantuntemusta ja materiaalia. Elinkaarihankkeiden hankintamenettelyksi suositellaan kilpailullista neuvottelumenettelyä. Kilpailullinen neuvottelumenettely mahdollistaa tilaajan ja palveluntuottajien välisen dialogin hankintamenettelyn aikana, jolloin osapuolet voivat yhteistyössä valita sopivimman toteutusmallin. Hankkeiden rahoitus voidaan toteuttaa tilaajan rahoituksella tai yksityisrahoituksella. Rahoituksen näkökulmasta tilaajan oma rahoitus on edullisin, mikä ei kuitenkaan vähennä elinkaarimallista saatavia etuja perinteiseen urakointiin verrattuna. Laskelman perusteella tilaajan rahoituksen ja yksityisrahoituksen keskimääräisessä korkotasossa (WACC) on eroa 2,8 %. Projektiyhtiön perustaminen tekee rahoituksesta entistä kalliimpaa, koska taseeseen kohdistuviin kustannuksiin lisätään projektiyhtiön oman pääoman tuottovaatimusta vastaava korko. Palveluntuottajan kannalta olennaiset riskit ovat rakennusvaiheen viivästyminen, kiinteistön käytettävyyden ja soveltuvuuden puutteista aiheutuvat muutostyöt. Palvelumaksun sitominen huonosti ylläpidon todellista kulurakennetta kuvaavaan elinkustannusindeksiin tulee pitkällä sopimuskaudella vähentämään palveluntuottajan toiminnan kannattavuutta. Kiinteistön ylläpidon kustannusindeksi on vuosina 2005–2011 noussut 2,3 % nopeammin vuodessa kuin elinkustannusindeksi.

Diversification benefits for a Finnish non-industrial private forest investor: Real Estate Investment Trusts in the USA

This thesis examined both domestic and international forest investment options for a Finnish non-industrial private forest investor. The focus was on forest-based investment instruments. The influence of movements of currency exchange rates on foreign returns were also taken into account. Annual data from 1995 to 2011 was used. The main portfolio optimization model in this study was the Mean-Variance model but the results were also validated by using the Value at Risk and Expected Shortfall models. In addition, the exchange rate risk hedging was established by using one-week-maturity forward contracts. The results suggested that 75 % of the total wealth should be invested in Finnish private forests and the rest, 25 %, to a US REIT, in this case Rayonier. With hedging, the total return on the portfolio was 7.21 % (NIPF 5.3%) with the volatility of 6.63 % (NIPF 7.9%). Taxation supported US investments in this case. As a conclusion, a Finnish private forest investor may, as evidenced, benefit in diversifying a portfolio using REITs in the US.

Creating an open-books implementation framework for a maintenance-related value-based life-cycle model

This study is a qualitative action research by its nature with elements of personal design in the form of a tangible model implementation framework construction. Utilized empirical data has been gathered via two questionnaires in relation to the arranged four workshop events with twelve individual participants. Five of them represented maintenance customers, three maintenance service providers and four equipment providers respectively. Further, there are two main research objectives in proportion to the two complementary focusing areas of this thesis. Firstly, the value-based life-cycle model, which first version has already been developed prior to this thesis, requires updating in order to increase its real-life applicability as an inter-firm decision-making tool in industrial maintenance. This first research objective is fulfilled by improving appearance, intelligibility and usability of the above-mentioned model. In addition, certain new features are also added. The workshop participants from the collaborating companies were reasonably pleased with made changes, although further attention will be required in future on the model’s intelligibility in particular as main results, charts and values were all reckoned as slightly hard to understand. Moreover, upgraded model’s appearance and added new features satisfied them the most. Secondly and more importantly, the premises of the model’s possible inter-firm implementation process need to be considered. This second research objective is delivered in two consecutive steps. At first, a bipartite open-books supported implementation framework is created and its different characteristics discussed in theory. Afterwards, the prerequisites and the pitfalls of increasing inter-organizational information transparency are studied in empirical context. One of the main findings was that the organizations are not yet prepared for network-wide information disclosure as dyadic collaboration was favored instead. However, they would be willing to share information bilaterally at least. Another major result was that the present state of companies’ cost accounting systems will definitely need implementation-wise enhancing in future since accurate and sufficiently detailed maintenance data is not available. Further, it will also be crucial to create supporting and mutually agreed network infrastructure. There are hardly any collaborative models, methods or tools currently in usage. Lastly, the essential questions about mutual trust and predominant purchasing strategies are cooperation-wise important. If inter-organizational activities are expanded, a more relational approach should be favored in this regard. Mutual trust was also recognized as a significant cooperation factor, but it is hard to measure in reality.

Co-creating value with customers as a new approach of entering new market

Global trends associated with development of information technology, globalization, industrial and economic changes are influencing on company and customer domains and thus transforming company-customer relationship. The company centric paradigm with a strong product focus shifts to a customer oriented one with a strong emphasis on customer collaboration. As a result, the customer role changes from a passive observer to an active player. Moreover, global trends contribute to transformation of competitive environment making it tougher and simplifying an access to resources previously considered as unique. All that factors push the companies towards cooperation with customers in order to identify unarticulated needs and finding the best possible solution to existing customer problems. The Master’s Thesis is done for Outotec (Lappeenranta) which considers extension of dewatering business in Russian coal market. Research aims to identify key features of coal preparation and dewatering of fine coal and tailings in Russian preparation plants; analyze the state of Russian coal market and evaluate market potential for Outotec dewatering solutions. The study has a qualitative nature and implements an action research methodology that involves both creation of knowledge and introduction of changes into the system. The base for taking actions is formed by theoretical framework that targets on describing company - customer interaction and has selected co-creation as the most appropriate method of customer involvement. The integration of co-creation approach into an action research cycle allows not only fulfilling the research objectives but also facilitates organizational learning and intraorganizational collaboration, assists in establishing customer contacts and making the first steps into the market, bringing new joint projects to the company and opening real business opportunities.

Detection and quantification of Roundup Ready® soybean residues in sausage samples by conventional and real-time PCR

The increasing presence of products derived from genetically modified (GM) plants in human and animal diets has led to the development of detection methods to distinguish biotechnology-derived foods from conventional ones. The conventional and real-time PCR have been used, respectively, to detect and quantify GM residues in highly processed foods. DNA extraction is a critical step during the analysis process. Some factors such as DNA degradation, matrix effects, and the presence of PCR inhibitors imply that a detection or quantification limit, established for a given method, is restricted to a matrix used during validation and cannot be projected to any other matrix outside the scope of the method. In Brazil, sausage samples were the main class of processed products in which Roundup Ready® (RR) soybean residues were detected. Thus, the validation of methodologies for the detection and quantification of those residues is absolutely necessary. Sausage samples were submitted to two different methods of DNA extraction: modified Wizard and the CTAB method. The yield and quality were compared for both methods. DNA samples were analyzed by conventional and real-time PCR for the detection and quantification of Roundup Ready® soybean in the samples. At least 200 ng of total sausage DNA was necessary for a reliable quantification. Reactions containing DNA amounts below this value led to large variations on the expected GM percentage value. In conventional PCR, the detection limit varied from 1.0 to 500 ng, depending on the GM soybean content in the sample. The precision, performance, and linearity were relatively high indicating that the method used for analysis was satisfactory.

Effect of incorporation of amaranth on the physical properties and nutritional value of cheese bread

At the present celiac disease has no known cure, and its only treatment is a strict lifelong adherence to a gluten-free diet. Cheese bread is a traditional Brazilian product and a safe option for celiacs. However, like other gluten-free breads, it has inherent low levels of fibers and minerals. The objective of this study was to evaluate the effect of incorporation of whole amaranth flour on the physical properties and nutritional value of cheese bread. Amaranth flour was incorporated at 10, 15, and 20% proportions in different formulations. The increasing amaranth levels darkened the product, reduced specific volume, and increased compression force. Ten percent amaranth-content cheese breads exhibited slight differences in physical properties compared with the controls. These results demonstrated the possibility of incorporating 10% of whole amaranth flour in the formulation of cheese bread resulting in a product with higher dietary fiber and iron contents and the same level of acceptance as that of the conventional formulation. The aim of this approach is to increase the availability of gluten-free bakery products with added nutritional value contributing to increase the variety of the diet of celiac patients.

Value Creation Through Sustainability Within The Housing Industry - A Company’s View

The economy, under the condition of scarcity is meanwhile aiming at more rational economic activities that are efficient and effective. Companies need to know how to make use of new possibilities towards a more sustainable business. The right balance between risk and opportunity implies a sustainable growth and competitive advantage. Managers need to navigate companies across the globalization, as the global economy is constantly in motion. Further, companies have to face trends since the business world is changing radically. In order to keep up with those changes, companies have to recognize new trends early and respond quickly, efficiently and smart. To gain a competitive edge is without a doubt a critical aspect of a comprehensive value creation economy that withstands the demand for value capture and sustainability. Expectations towards a responsible economy are growing steadily. Therefore, companies have increasingly an obligation to economize more sustainable and to communicate their social and environmental commitment externally. Sustainability can live through the entire structure of value creation of a company. By reducing environmental and social risks companies can create values. This value creation thus represents a proper performance of a company and the accomplished added value through companies’ activities.

Taxa real de câmbio, desalinhamento cambial e crescimento econômico no Brasil (1994-2007)

Real exchange rate, exchange rate misalignment and economic growth in Brazil: 1994-2007. In this article we argue that the Brazilian economy presented in the period 1994-2007 a tendency of real exchange rate appreciation with respect to its equilibrium value, mainly from 2005. This exchange rate misalignment has worked to reduce the growth of Brazilian economy and is the root of the re-emergence of current account deficits.

Empirical Assessment of an Intertemporal Option Pricing Model with Latent variables

This paper assesses the empirical performance of an intertemporal option pricing model with latent variables which generalizes the Hull-White stochastic volatility formula. Using this generalized formula in an ad-hoc fashion to extract two implicit parameters and forecast next day S&P 500 option prices, we obtain similar pricing errors than with implied volatility alone as in the Hull-White case. When we specialize this model to an equilibrium recursive utility model, we show through simulations that option prices are more informative than stock prices about the structural parameters of the model. We also show that a simple method of moments with a panel of option prices provides good estimates of the parameters of the model. This lays the ground for an empirical assessment of this equilibrium model with S&P 500 option prices in terms of pricing errors.

Vers le haut : la valeur d’usage du toit vert privé : le point de vue de professionnels de l’immobilier œuvrant sur le Plateau Mont-Royal

Cette recherche s’intéresse à la valeur d’usage du toit vert dans l’arrondissement du Plateau Mont-Royal, de la Ville de Montréal. Spécifiquement, elle s’intéresse à l’état problématique qu’est l’étalement urbain en tentant l’estimation de la valeur d’usage du toit vert, de la cour arrière et du balcon-terrasse soutenue par le dispositif argumentaire immobilier propre à chacun des aménagements. L’étalement urbain est la source de graves problèmes et la résorption de ses effets néfastes est devenue une priorité dans l’aménagement du territoire. L’une des principales raisons sousjacentes à l’exode urbain est la valeur d’usage accordée à la parcelle extérieure qu’offre l’habitat unifamilial pavillonnaire. Dans cette situation, la question est de savoir si l’insertion d’espaces verts privés en milieu urbain peut participer à la résorption de l’exode urbain. Or, dans l’agglomération, le sol manque. Le toit vert privé apparaît comme une alternative astucieuse, bien que limitée, au terrain entourant la maison. Reste à savoir si les gens le valorisent tel un espace vert privé d’extrême proximité, à même le sol. À la lueur de l’analyse, il advient que le toit vert ne présente pas de valeur d’usage comparable à celle de la cour arrière dans le contexte observé, précisément parce que leurs publics cibles s’opposent d’emblée. En revanche, le balcon-terrasse et le toit vert semblent être, en fonction des données construites, des aménagements à valeur d’usage comparable.

Discours des plaignantes/victimes : distinction et caractérisation entre les fausses et les vraies allégations de crimes violents

Rapport de stage présenté à la Faculté des arts et des sciences en vue de l’obtention du grade de Maîtrise en criminologie option analyse

Permutation entropy based real-time chatter detection using audio signal in turning process

Machine tool chatter is an unfavorable phenomenon during metal cutting, which results in heavy vibration of cutting tool. With increase in depth of cut, the cutting regime changes from chatter-free cutting to one with chatter. In this paper, we propose the use of permutation entropy (PE), a conceptually simple and computationally fast measurement to detect the onset of chatter from the time series using sound signal recorded with a unidirectional microphone. PE can efficiently distinguish the regular and complex nature of any signal and extract information about the dynamics of the process by indicating sudden change in its value. Under situations where the data sets are huge and there is no time for preprocessing and fine-tuning, PE can effectively detect dynamical changes of the system. This makes PE an ideal choice for online detection of chatter, which is not possible with other conventional nonlinear methods. In the present study, the variation of PE under two cutting conditions is analyzed. Abrupt variation in the value of PE with increase in depth of cut indicates the onset of chatter vibrations. The results are verified using frequency spectra of the signals and the nonlinear measure, normalized coarse-grained information rate (NCIR).

Evaluation Of A Novel Method Of Real Time Computer Assisted Spine Surgery

In this paper the effectiveness of a novel method of computer assisted pedicle screw insertion was studied using testing of hypothesis procedure with a sample size of 48. Pattern recognition based on geometric features of markers on the drill has been performed on real time optical video obtained from orthogonally placed CCD cameras. The study reveals the exactness of the calculated position of the drill using navigation based on CT image of the vertebra and real time optical video of the drill. The significance value is 0.424 at 95% confidence level which indicates good precision with a standard mean error of only 0.00724. The virtual vision method is less hazardous to both patient and the surgeon

Real Estate Development In India And The Behavior of Investors to Invest In The Real Estate Market: An Empirical Investigation

This study examines the behavioral factors that influence the Indian Investors to invest in the Real Estate Market. Among the various factors that affect the tendency of investors to invest in the real market, certain factors are greatly influenced the investors at greatest extend while others at least level. From this study it is revealed that motivation from the real estate developers and brokers (mean value- 3.46) is most influencing factor and happening of uncertain events (mean value- 1.75) is the least factor that influences the investors’ investment behavior. In this study, the behavioral factor like over confidence and the hypotheses regarding education, religion were analyzed and found that religious factor influences the Indian investors to invest in the real estate

SHGs and Cooperatives in the Fishing Sector: An Inclusive Development Option for the Fisher folk of Kerala

The Kerala model of development mostly bypassed the fishing community, as the fishers form the main miserable groups with respect to many of the socio-economic and quality of life indicators. Modernization drive in the fishing sector paradoxically turns to marginalization drives as far as the traditional fishers in Kerala are concerned. Subsequent management and resource recuperation drives too seemed to be detrimental to the local fishing community. Though SHGs and cooperatives had helped in overcoming many of the maladies in most of the sectors in Kerala in terms of livelihood and employment in the 1980s, the fishing sector by that time had been moving ahead with mechanization and export euphoria and hence it bypassed the fishing sector. Though it has not helped the fishing sector in the initial stages, but because of necessity, it soon has become a vibrant livelihood and employment force in the coastal economy of Kerala. Initial success made it to link this with the governmental cooperative set up and soon SHGs and Cooperatives become reinforcing forces for the inclusive development of the real fishers.The fisheries sector in Kerala has undergone drastic changes with the advent of globalised economy. The traditional fisher folk are one of the most marginalized communities in the state and are left out of the overall development process mainly due to the marginalization of this community both in the sea and in the market due to modernization and mechanization of the sector. Mechanization opened up the sector a great deal as it began to attract people belonging to non-fishing community as moneylenders, boat owners, employers and middle men which often resulted in conflicts between traditional and mechanized fishermen. These factors, together with resource depletion resulted in the backwardness experienced by the traditional fishermen compared to other communities who were reaping the benefits of the overall development scenario.The studies detailing the activities and achievements of fisher folks via Self Help Groups (SHGs) and the cooperative movement in coastal Kerala are scant. The SHGs through cooperatives have been effective in livelihood security, poverty alleviation and inclusive development of the fisher folk (Rajasenan and Rajeev, 2012). The SHGs have a greater role to play as estimated fall in demand for marine products in international markets, which may result in reduction of employment opportunities in fish processing, peeling, etc. Also, technological advancement has made them unskilled to work in this sector making them outliers in the overall development process resulting in poor quality of physical and social infrastructure. Hence, it is all the more important to derive a strategy and best practice methods for the effective functioning of these SHGs so that the