A Valuation of SAREB, the Spanish “Bad Bank”, Upside Using the Real Options Methodology

This paper develops a model to analyze the upside potential of profitability of the SAREB (“Asset Management Company for Assets Arising from Bank Restructuring”), the Spanish “Bad Bank”. The model is based in the Real Options methodology, that is especially adequate due to the convergence of two elements, (i) depreciated assets with a high upside potential, and (ii) a highly volatile market as it has shown to be the real estate Spanish market. Our results suggest that the SAREB has a higher than expected profitability potentialthat would be dedicated to increase the return to its shareholders, mainly private banks. Consequently we also show that after the financial crisis are emerging two types of banks in Spain, in one hand the losers who are transferring their real estate assets at a deep discount, and in the other hand the winners, capturing the upside potential of those assets as shareholders of SAREB, and consequently consolidating their strength in the Spanish Real Estate Industry. It is worth to mention that Governments should make an effort in properly redistribute the wealth generated by the real Estate industry.

Valor inmobiliario y estructura urbana: el análisis del tipo edificatorio como estrategia para la valoración territorial

La valoración de inmuebles urbanos y más cuando se afronta desde un punto de vista masivo, no es una actividad sencilla. Tanto la legislación vigente en España como los estándares de valoración internacionales establecen que los valores deben de estar referenciados al valor de mercado, pero el mercado inmobiliario se caracteriza por su limitada transparencia y porque el producto es relativamente ilíquido. En este contexto, parece necesario acometer el estudio de nuevas herramientas que faciliten el establecer con mayor seguridad el valor de los inmuebles. El análisis de los factores que determinan el precio de los inmuebles permite identificar aquellas características que más inciden en el mismo, como son su tamaño, uso, tipología, calidad, antigüedad y localización. A partir de ellas y a través del estudio de la estructura urbana, localizando las zonas homogéneas y analizando las variables de su producto inmobiliario, se ha desarrollado una nueva metodología basada en el tipo edificatorio como estrategia para la valoración territorial. A lo largo de este trabajo, cuyo ámbito de análisis se ha centrado en los municipios de la Comunidad de Madrid, mediante el análisis comparado de sus características, se va a exponer cómo el tipo de estructura urbana influye significativamente en la calidad de los resultados que se obtienen. También se va a incidir en la sensibilidad de los mismos a los diferentes métodos de tratamiento de datos y de análisis matemático y estadístico. Con todo, se puede afirmar que la utilización de la metodología que se propone facilita, mejora y apoya la valoración de inmuebles, siendo posible su aplicación directa tanto para la valoración masiva de inmuebles como en la individualizada. ABSTRACT The valuation of urban property and more so when one is confronted with it from a massive point of view, is not an easy task. Taking into consideration Spain‟s current regulations as well as the international valuation standards, they establish that the values must be referred to the market value, but the real-estate market is characterised by its limited transparency and because the product is relatively illiquid. Under these circumstances, it seems necessary to undertake the study of new tools that facilitate the obtention of more accurate and secure valuation of real estate assets. The analysis of the factors that determine the price of property allow us to identify those characteristics that influence it most, such as size, use, typology, quality, age and location. Taking these points into consideration and through the study of urban structure, localising the homogeneous areas and analysing the variables of its real-estate product, a new methodology has been developed based on the type of building as well as on the local valuation strategy. Throughout this work, whose scope of analysis has been focussed on the municipalities of the Autonomous Region of Madrid through a comparative analysis of its characteristics, it will be shown how the type of urban structure can significantly influence the quality of the results that are obtained. It will also affect their sensitivity to the different methods of data processing, and of mathematical and statistical analysis. In all, one can confirm that using the methodology that is being proposed facilitates, improves and supports the valuation of properties, enabling its direct application for the mass valuation of property as well as for the individual one.

GESTÃO DO CONHECIMENTO: UM ESTUDO SOBRE A RELAÇÃO ENTRE A LIDERANÇA TRANSFORMACIONAL, A CONVERSÃO DO CONHECIMENTO E A EFICÁCIA ORGANIZACIONAL

Este estudo teve como objetivo principal analisar a relação entre a Liderança Transformacional, a Conversão do Conhecimento e a Eficácia Organizacional. Foram considerados como pressupostos teóricos conceitos consolidados sobre os temas desta relação, além de recentes pesquisas já realizadas em outros países e contextos organizacionais. Com base nisto identificou-se potencial estudo de um modelo que relacionasse estes três conceitos. Para tal considera-se que as organizações que buscam atingir Vantagem Competitiva e incorporam a Knowledge-Based View possam conquistar diferenciação frente a seus concorrentes. Nesse contexto o conhecimento ganha maior destaque e papel protagonista nestas organizações. Dessa forma criar conhecimento através de seus colaboradores, passa a ser um dos desafios dessas organizações ao passo que sugere melhoria de seus indicadores Econômicos, Sociais, Sistêmicos e Políticos, o que se define por Eficácia Organizacional. Portanto os modos de conversão do conhecimento nas organizações, demonstram relevância, uma vez que se cria e se converte conhecimentos através da interação entre o conhecimento existente de seus colaboradores. Essa conversão do conhecimento ou modelo SECI possui quatro modos que são a Socialização, Externalização, Combinação e Internalização. Nessa perspectiva a liderança nas organizações apresenta-se como um elemento capaz de influenciar seus colaboradores, propiciando maior dinâmica ao modelo SECI de conversão do conhecimento. Se identifica então na liderança do tipo Transformacional, características que possam influenciar colaboradores e entende-se que esta relação entre a Liderança Transformacional e a Conversão do Conhecimento possa ter influência positiva nos indicadores da Eficácia Organizacional. Dessa forma esta pesquisa buscou analisar um modelo que explorasse essa relação entre a liderança do tipo Transformacional, a Conversão do Conhecimento (SECI) e a Eficácia Organizacional. Esta pesquisa teve o caráter quantitativo com coleta de dados através do método survey, obtendo um total de 230 respondentes válidos de diferentes organizações. O instrumento de coleta de dados foi composto por afirmativas relativas ao modelo de relação pesquisado com um total de 44 itens. O perfil de respondentes concentrou-se entre 30 e 39 anos de idade, com a predominância de organizações privadas e de departamentos de TI/Telecom, Docência e Recursos Humanos respectivamente. O tratamento dos dados foi através da Análise Fatorial Exploratória e Modelagem de Equações Estruturais via Partial Least Square Path Modeling (PLS-PM). Como resultado da análise desta pesquisa, as hipóteses puderam ser confirmadas, concluindo que a Liderança Transformacional apresenta influência positiva nos modos de Conversão do Conhecimento e que; a Conversão do Conhecimento influencia positivamente na Eficácia Organizacional. Ainda, concluiu-se que a percepção entre os respondentes não apresenta resultado diferente sobre o modelo desta pesquisa entre quem possui ou não função de liderança.

Women and Performance in Corporate America

Women and Performance in Corporate America The glass ceiling has been shattered. Women like Indra Nooyi, the CEO of PepsiCo.; Angela Braly, the CEO of Wellpoint; and Patricia Woertz, the CEO of Archer Daniels Midland, are proof that women can achieve top leadership positions in corporate America. However, the scarcity of female leaders occupying the top ranks of corporate America, and the significant wage gap between men and women, suggest that there are significant complications along the path toward success for women in the corporate world.The data show that a disproportionately small number of women are making it to top leadership positions in corporate America. According to the US Department of Labor, in 2007 women accounted for 46% of the total work force, and 51 % of all workers in management, professional, and related occupations. Women outnumbered men in occupations including financial managers, human resource managers, education administrators, medical and health service managers, accountants and auditors, budget analysts, and property, real estate, and social and community association managers (US Department of Labor, 2007). However, women hold only 15.2% of board director positions, 15.7% of corporate officer positions, and 6.2% of top earner positions (Catalyst, 2009b). Additionally, according to a 2008 Corporate Library survey, only 2.6% of Fortune 500 companies currently have female CEOs (as cited in Jones, 2009).The data also show that women earn less than men in the work force. The US Department of Labor found that women working full time in 2007 made only 80% of the salaries of men (US Department of Labor, 2008). Studies designed to control for factors other than gender have not been able to account for the wage gap between men and women (Eagly & Carli, 2007, US Government Accountability Office, 2003). Even among CEO's of fortune 500 companies, female CEO's make only 85% of the salaries of male CEO's (Jones, 2009).

Integration of Building into Nature for the Valles Caldera National Preserve Visitor Center

Valles Caldera National Preserve, located in northern New Mexico, has an opportunity to implement sustainable design concepts while demonstrating long-term financial sustainability in the design of its new visitor center. This building can be designed to use natural systems to provide energy and water, and to blend in with the setting‰Ûªs unique historical and natural landscape. Structures can be integrated into nature by incorporating common techniques, features, and materials of a particular period, area, or people. This analysis identified capital costs for both traditional and sustainable construction techniques, as well as long-term operational costs. The results demonstrate that capital costs of sustainable design that is integrated into the landscape can be comparable to conventional costs and provide long-term operational costs savings.

Green Animal Shelter Design for the Stokes County Humane Society of North Carolina

The Stokes County Humane Society has the opportunity to implement sustainable design concepts and demonstrate long-term fiscal savings in the design of an animal shelter for Stokes County, North Carolina. The proposed renovated structure takes advantage of passive design strategies that convert a cold, steel structure into one with warmth, light, and functionality. Proposed design techniques include an interior courtyard, geothermal heating and cooling, solar panels, a green roof, rainwater harvesting, sustainable landscaping, and clever materials selection. A cost analysis identifies capital costs and long term operational costs for both traditional and sustainable construction techniques. The results are capital costs of a sustainable design that are comparable to a traditional build, with long-term operational cost savings and generated revenue.

Primeras políticas de vivienda en España y su influencia en la evolución de la tipología residencial: el caso de Benalúa (1883-1956)

El estudio del proceso de adaptación tipológica de las arquitecturas residenciales del barrio de Benalúa, una de las áreas consolidadas más singulares de la ciudad de Alicante (España), constituye un ejemplo clave para entender el alcance que tuvieron las primeras políticas de vivienda aplicadas en ese país, con anterioridad a la redacción de los Planes Generales que, en el transcurso del siglo XX, fueron ordenando las ciudades españolas y que en el caso de Alicante coincidió con la aprobación de la primera Ley del Suelo estatal (1956). De su análisis se obtienen las conclusiones que identifican los procedimientos que, por cambios sociales, políticos, de normativa o presión del mercado inmobiliario, condicionaron la evolución de la vivienda durante siete décadas, huellas que en la actualidad vienen desapareciendo a un ritmo vertiginoso, constatando el grado de intervención del Estado y de los municipios, así como su influencia y responsabilidad en la determinación de los tipos edificatorios.

No. 1 Acct. of Estate belonging to Harvard College January 1799

Two folio-sized leaves containing a one-page handwritten list and description of the College real estate.

An inventory of all of the estate of Caleb Gannett late of Cambridge in the county of Middlesex, Esquire, deceased, appraised upon oath by us the subscribers, duly appointed to that service by the Hon. James Prescott Esq. Judge of Probate & wills, in said county of Middlesex, viz., 1818 May 21

Eight-page handwritten inventory and appraisal of Caleb Gannett's real estate and personal estate by William Hilliard, James R. Chaplin, and Royal Morse with an attached certification of the Middlesex County Court of Probate signed May 26, 1818.

A Multiplex Real-Time PCR with High Resolution Melting Analysis for the Characterization of Antimicrobial Resistance in Neisseria gonorrhoeae.

Resistance to antibiotics used against Neisseria gonorrhoeae infections is a major public health concern. Antimicrobial resistance (AMR) testing relies on time-consuming culture-based methods. Development of rapid molecular tests for detecting AMR determinants could provide valuable tools for surveillance, epidemiological studies and to inform individual case management. We developed a fast (<1.5 hrs) SYBR-green based real-time PCR method with high resolution melting (HRM) analysis. One triplex and three duplex reactions included two sequences for N. gonorrhoeae identification and seven determinants of resistance to extended-spectrum cephalosporins (ESCs), azithromycin, ciprofloxacin, and spectinomycin. The method was validated by testing 39 previously fully-characterized N. gonorrhoeae strains, 19 commensal Neisseria spp., and an additional panel of 193 gonococcal isolates. Results were compared with culture-based AMR determination. The assay correctly identified N. gonorrhoeae and the presence or absence of the seven AMR determinants. There was some cross-reactivity with non-gonococcal Neisseria species and the detection limit was 10(3)-10(4) gDNA copies/reaction. Overall, the platform accurately detected resistance to ciprofloxacin (sensitivity and specificity, 100%), ceftriaxone (sensitivity 100%, specificity 90%), cefixime (sensitivity 92%, specificity 94%), azithromycin and spectinomycin (both sensitivity and specificity, 100%). In conclusion, our methodology accurately detects mutations generating resistance to antibiotics used to treat gonorrhea. Low assay sensitivity prevents direct diagnostic testing of clinical specimens but this method can be used to screen collections of gonococcal isolates for AMR more quickly than with current culture-based AMR testing.

Demonstration appraisal reports.

Sect. 1. Single-family dwellings, with critical comments by E.B. Horton, Jr.--Sect. 2. Apartment building properties, with critical comments by D.L. Montonna.--Sect. 3. Retail store properties, with critical comments by H.R. Bowes.

Report of the Green Government Coordinating Council.

The Illinois Green Government Coordinating Council promotes the incorporation of pollution prevention and resource conservation practices into government management and operations. The Council fosters a strong environmental quality for Illinois by: 1. Increasing green purchasing; 2. Reducing pollution and waste; 3. Facilitating green building practices; 4. Promoting green policies.

Report of the Illinois Green Government Coordinating Council.

The Illinois Green Government Coordinating Council promotes the incorporation of pollution prevention and resource conservation practices into government management and operations. The Council works with state agencies to reduce waste, improve energy efficiency, conserve water, increase recycling and reuse of materials, incorporate green building principles into new construction and renovation projects, and acquire and use environmentally friendly products.

Moody's manual of investments : American and foreign.

1911 not published.

The Shape of Global Wealth: Slender Towers from New York to Seattle

Thesis (Master's)--University of Washington, 2016-06