The appraisal of data centres: deconstructing the cash flow

This paper analyses the appraisal of a specialized form of real estate - data centres - that has a unique blend of locational, physical and technological characteristics that differentiate it from conventional real estate assets. Market immaturity, limited trading and a lack of pricing signals enhance levels of appraisal uncertainty and disagreement relative to conventional real estate assets. Given the problems of applying standard discounted cash flow, an approach to appraisal is proposed that uses pricing signals from traded cash flows that are similar to the cash flows generated from data centres. Based upon ‘the law of one price’, it is assumed that two assets that are expected to generate identical cash flows in the future must have the same value now. It is suggested that the expected cash flow of assets should be analysed over the life cycle of the building. Corporate bond yields are used to provide a proxy for the appropriate discount rates for lease income. Since liabilities are quite diverse, a number of proxies are suggested as discount and capitalisation rates including indexed-linked, fixed interest and zero-coupon bonds.

Dynamic analysis of house price diffusion across Asian financial centres

The aim of this paper is to explore effects of macroeconomic variables on house prices and also, the lead-lag relationships of real estate markets to examine house price diffusion across Asian financial centres. The analysis is based on the Global Vector Auto-Regression (GVAR) model estimated using quarterly data for six Asian financial centres (Hong Kong, Tokyo, Seoul, Singapore, Taipei and Bangkok) from 1991Q1 to 2011Q2. The empirical results indicate that the global economic conditions play significant roles in shaping house price movements across Asian financial centres. In particular, a small open economy that heavily relies on international trade such as – Singapore and Tokyo - shows positive correlations between economy’s openness and house prices, consistent with the Balassa-Samuelson hypothesis in international trade. However, region-specific conditions do play important roles as determinants of house prices, partly due to restrictive housing policies and demand-supply imbalances, as found in Singapore and Bangkok.

Processes controlling atmospheric dispersion through city centres

We develop a process-based model for the dispersion of a passive scalar in the turbulent flow around the buildings of a city centre. The street network model is based on dividing the airspace of the streets and intersections into boxes, within which the turbulence renders the air well mixed. Mean flow advection through the network of street and intersection boxes then mediates further lateral dispersion. At the same time turbulent mixing in the vertical detrains scalar from the streets and intersections into the turbulent boundary layer above the buildings. When the geometry is regular, the street network model has an analytical solution that describes the variation in concentration in a near-field downwind of a single source, where the majority of scalar lies below roof level. The power of the analytical solution is that it demonstrates how the concentration is determined by only three parameters. The plume direction parameter describes the branching of scalar at the street intersections and hence determines the direction of the plume centreline, which may be very different from the above-roof wind direction. The transmission parameter determines the distance travelled before the majority of scalar is detrained into the atmospheric boundary layer above roof level and conventional atmospheric turbulence takes over as the dominant mixing process. Finally, a normalised source strength multiplies this pattern of concentration. This analytical solution converges to a Gaussian plume after a large number of intersections have been traversed, providing theoretical justification for previous studies that have developed empirical fits to Gaussian plume models. The analytical solution is shown to compare well with very high-resolution simulations and with wind tunnel experiments, although re-entrainment of scalar previously detrained into the boundary layer above roofs, which is not accounted for in the analytical solution, is shown to become an important process further downwind from the source.

Operations research/management science tools for integrating people with disabilities into employment. A study on Valencia`s Sheltered Work Centres for Disabled

People with disabilities have a right to a full life in every sense and one of those fundamental rights is the possibility to work. In this paper, the importance of social employment integration of disabled people is highlighted as one of the stakeholders to be satisfied by companies in the new framework that corporate social responsibility is constructing. The objective of the paper is to revise the benefits of some well-known operations research/management science tools that, if applied correctly, have a double positive impact on work accessibility and improved productivity. The responses collected from managers of Valencia`s ShelteredWork Centres for Disabled by means of a structured questionnaire are used to analyse the level of implementation of these tools and their impact depending on the type of centre, the kind of disability and other structural variables.

Synthesis, Characterization, Luminescence and Defect Centres in CaYAl(3)O(7):Eu(3+) Red Phosphor

CaYAl(3)O(7):Eu(3+) phosphor was prepared at furnace temperatures as low as 550A degrees C by a solution combustion method. The formation of crystalline CaYAl(3)O(7):Eu(3+) was confirmed by powder X-Ray diffraction pattern. The prepared phosphor was characterized by SEM, FT-IR and photoluminescence techniques. Photoluminescence measurements indicated that emission spectrum is dominated by the red peak located at 618 nm due to the (5)D(0)-(7)F(2) electric dipole transition of Eu(3+) ions. Electron Spin Resonance (ESR) studies were carried out to identify the centres responsible for the thermoluminescence (TL) peaks. Room temperature ESR spectrum of irradiated phosphor appears to be a superposition of two distinct centres. One of the centres (centre I) with principal g-value 2.0126 is identified as an O(-) ion while centre II with an isotropic g-factor 2.0060 is assigned to an F(+) centre (singly ionized oxygen vacancy). An additional defect centre is observed during thermal annealing experiments and this centre (assigned to F(+) centre) seems to originate from an F centre (oxygen vacancy with two electrons). The F(+) centre appears to correlate with the observed high temperature TL peak in CaYAl(3)O(7):Eu(3+) phosphor.

Luminescence and defect centres in Tb(3+) doped LaMgAl(11)O(19) phosphors

Terbium (Tb) doped LaMgAl(11)O(19) phosphors have been prepared by the combustion of corresponding metal nitrates (oxidizer) and urea (fuel) at furnace temperature as low as 500 C Combustion synthesized powder phosphor was characterized by X-ray diffraction and field emission scanning electron microscopy techniques LaMgAl(11)O(19) doped with trivalent terbium ions emit weakly in blue and orange light region and strongly in green light region when excited by the ultraviolet light of 261 nm Electron Spin Resonance (ESR) studies were carried out to study the defect centres Induced in the phosphor by gamma irradiation and also to identify the defect centres responsible for the thermally stimulated luminescence (TSL) process Room temperature ESR spectrum of irradiated phosphor appears to be a superposition of at least two defect centres One of the centres (centre I) with principal g-values g(parallel to) = 2 0417 and g(perpendicular to) = 2 0041 is identified as O(2)(-) ion while centre II with an axially symmetric g-tensor with principal values g(parallel to) = 19698 and g(perpendicular to) = 1 9653 is assigned to an F(+) centre (singly ionized oxygen vacancy) An additional defect centre is observed during thermal annealing experiments and this centre (assigned to F(+) centre) seems to originate from an F centre (oxygen vacancy with two electrons) The F centre and also the F+ centre appear to correlate with the observed high temperature TSL peak in LaMgAl(11)O(19) Tb phosphor (C) 2010 Elsevier Masson SAS All rights reserved

Infrared emissions, visible up-conversion, thermoluminescence and defect centres in Er(3)Al(5)O(12) phosphor obtained by solution combustion reaction

The Er(3)Al(5)O(12) phosphor powders were prepared using the solution combustion method. Formation and homogeneity of the Er(3)Al(5)O(12) phosphor powders have been verified by X-ray diffraction and energy-dispersive X-ray analysis respectively. The frequency up-conversion from Er(3)Al(5)O(12) phosphor powder corresponding to the (2)H(9/2) -> (4)I(15/2), (2)H(11/2) -> (4)I(15/2), (4)S(3/2) -> (4)I(15/2), (4)F(9/2) -> (4)I(15/2) and the infrared emission (IR) due to the (4)I(13/2) -> (4)I(15/2) transitions lying at similar to 410, similar to 524, similar to 556, 645-680 nm and at similar to 1.53 mu m respectively upon excitation with a Ti-Sapphire pulsed/CW laser have been reported. The mechanism responsible for the frequency up-conversion and IR emission is discussed in detail. Defect centres induced by radiation were studied using the techniques of thermoluminescence and electron spin resonance. A single glow peak at 430A degrees C is observed and the thermoluminescence results show the presence of a defect center which decays at high temperature. Electron spin resonance studies indicate a center characterized by a g-factor equal to 2.0056 and it is observed that this center is not related to the thermoluminescence peak. A negligibly small concentration of cation and anion vacancies appears to be present in the phosphor in accordance with the earlier theoretical predictions.

Infrared emission and defect centres in Er and Yb codoped Y(3)Al(5)O(12) phosphors

YAG phosphor powders doped/codoped with Er(3+)/(Er(3+) + Yb(3+)) have been synthesised by using the solution combustion method. The effect of direct pumping into the (4)I(11/2) level under 980 nm excitation of doped/codoped Er(3+)/Yb(3+)-Er(3+) in Y(3)Al(5)O(12) (YAG) phosphor responsible for an infrared (IR) emission peaking at similar to 1.53 mu m corresponding to the (4)I(13/2)->(4)I(15/2) transition has been studied. YAG exhibits three thermally-stimulated luminescence (TSL) peaks at around 140A degrees C, 210A degrees C and 445A degrees C. Electron spin resonance (ESR) studies were carried out to identify the centres responsible for the TSL peaks. The room temperature ESR spectrum of irradiated phosphor appears to be a superposition of two distinct centres. One of the centres (centre I) with principal g-value 2.0176 is identified as O(-) ion, while centre II with an isotropic g-factor 2.0020 is assigned to an F(+) centre (singly ionised oxygen vacancy). An additional defect centre is observed during thermal-annealing experiments and this centre (assigned to F(+) centre) seems to originate from an F-centre (oxygen vacancy with two electrons) and these two centres appear to correlate with the observed high-temperature TSL peak in YAG phosphor.

Luminescence and defect centres in MgSrAl(10)O(17):Sm(3+) phosphor

An efficient reddish orange emission MgSrAl(10)O(17):Sm(3+) phosphor was prepared by the combustion method. The phosphor has been characterized by X-ray diffraction, scanning electron microscopy, thermogravimetric analysis measurements. Photoluminescence spectrum revealed that samarium ions are present in trivalent oxidation states. The phosphor exhibits two thermally stimulated luminescence (TSL) peaks at 210 degrees C and 450 degrees C. Electron spin resonance studies were carried out to identify the defect centres responsible for the TSL process in MgSrAl(10)O(17):Sm(3+) phosphor. Three defect centres have been identified in irradiated phosphor and these centres are tentatively assigned to an O(-) ion and F(+) centres. O(-) ion (hole centre) correlates with the 210 degrees C TSL peak while one of the F+ centres (electron centre) appears to relate to the 450 degrees C TSL peak. (C) 2010 Elsevier B.V. All rights reserved.

Infrared luminescence, thermoluminescence and defect centres in Er and Yb co-doped ZnAl(2)O(4) phosphor

Er and Yb co-doped ZnAl(2)O(4) phosphors were prepared by solution combustion synthesis and the identification of Er and Yb were done by energy-dispersive X-ray analysis (EDX) studies. A luminescence at 1.5 mu m, due to the (4)I(13/2) ->(4)I(15/2) transition, has been studied in the NIR region in Er and Yb co-doped ZnAl(2)O(4) phosphors upon 980 nm CW pumping. Er-doped ZnAl(2)O(4) exhibits two thermally stimulated luminescence (TSL) peaks around 174A degrees C and 483A degrees C, while Yb co-doped ZnAl(2)O(4) exhibits TSL peaks around 170A degrees C and 423A degrees C. Electron spin resonance (ESR) studies were carried out to identify defect centres responsible for TSL peaks observed in the phosphors. Room temperature ESR spectrum appears to be a superposition of two distinct centres. These centres are assigned to an O(-) ion and F(+) centre. O(-) ion appears to correlate with the 174A degrees C TSL peak and F(+) centre appears to relate with the high temperature TSL peak at 483A degrees C in ZnAl(2)O(4):Er phosphor.

NIR to visible up-conversion, infrared luminescence, thermoluminescence and defect centres in Y(2)O(3) : Er phosphor

Er(3+) doped Y(2)O(3) phosphor was prepared by the solution combustion method and characterized using powder x-ray diffraction and energy-dispersive analysis of x-ray mapping studies. Room temperature near infrared (NIR) to green up-conversion (UC) emissions in the region 520-580 nm {((2)H(11/2), (4)S(3/2)) -> (4)I(15/2)} and red UC emissions in the region 650-700 nm ((4)F(9/2) -> (4)I(15/2)) of Er(3+) ions have been observed upon direct excitation to the (4)I(11/2) level using similar to 972 nm laser radiation of nanosecond pulses. The possible mechanisms for the UC processes have been discussed on the basis of the energy level scheme, the pump power dependence as well as based on the temporal evolution. The excited state absorption is observed to be the dominant mechanism for the UC process. Y(2)O(3) : Er exhibits one thermally stimulated luminescence (TSL) peak around 367 degrees C. Electron spin resonance (ESR) studies were carried out to study the defect centres induced in the phosphor by gamma irradiation and also to identify the centres responsible for the TSL peak. Room temperature ESR spectrum of irradiated phosphor appears to be a superposition of at least three distinct centres. One of them (centre I) with principal g-values g(parallel to) = 2.0415 and g(perpendicular to) = 2.0056 is identified as O(2)(-) centre while centre II with an isotropic g-factor 2.0096 is assigned to an F(+)-centre (singly ionized oxygen vacancy). Centre III is also assigned to an F(+)-centre with a small g-factor anisotropy (g(parallel to) = 1.974 and g(perpendicular to) = 1.967). Additional defect centres are observed during thermal annealing experiments and one of them appearing around 330 degrees C grows with the annealing temperature. This centre (assigned to an F(+)-centre) seems to originate from an F-centre (oxygen vacancy with two electrons) and the F-centre appears to correlate with the observed TSL peak in Y2O3 : Er phosphor. The trap depth for this peak has been determined to be 0.97 eV from TSL data.

Fluoride Intake from Meals Served in Daycare Centres in Municipalities with Different Fluoride Concentrations in the Water Supply

Purpose: The aim of this study was (1) to determine the fluoride content in the meals served to children aged up to 36 months in daycare centres of two municipalities with different levels of fluoride in the water supply, (2) to calculate the mean fluoride ingested daily by the children when consuming those meals and (3) to analyse the contribution of this consumption to the development of dental fluorosisMaterials and Methods: Samples of the meals served to the children were collected during a whole week. The fluoride content of the samples of solid foods and milk was analysed using an ion-specific electrode combined with reference electrode after diffusion facilitated by hexamethyldisiloxane Samples of beverages were buffered with an equal volume of total ionic strength adjustment buffer and analysed using a combined electrode. The results were compared using the Mann Whitney testResults: Mean fluoride contents of the meals were of 0.204 +/- 0 179 and 0.322 +/- 0.242 mu g F/mL (P < 0.05), respectively, in the municipalities with low and adequate fluoride content. Daily fluoride intake in the former was 0.013 +/- 0.003 mg/kg body weight/day and in the latter was 0.012 +/- 0 001 mg/kg body weight/day (P > 0 05)Conclusions: The children were not exposed to dental fluorosis in the daycare centres However, the risk cannot be ignored, considering the meals and the use of fluoridated dentifrices at home may also contribute to fluoride intake.

Business development service centres in Italy. An empirical analysis of three regional experiences: Emilia Romagna, Lombardia y Veneto

Includes bibliography