Fair value versus historic cost-valuation for biological assets: Implications for the quality of financial information

[spa] Este trabajo realiza un estudio empírico sobre los efectos, que se señalan en las discusiones teóricas, de la utilización del valor razonable (VR) frente al coste histórico (CH), utilizando dos muestras de explotaciones agrícolas, una de las cuales valora sus activos biológicos a CH y la otra a VR. No se encontraron diferencias significativas en los beneficios e ingresos entre ambas muestras, ni siquiera en sus volatilidades. Tampoco se encontraron diferencias significativas en rentabilidad, manipulación contable, ni en el poder de ambos criterios de valoración para predecir los flujos de tesorería. Por el contrario, la mayor parte de los tests realizados revelan un mayor poder de los beneficios calculados bajo el VR para la predicción de los beneficios futuros, respecto de cuando son calculados bajo el CH. El estudio proporciona también evidencia empírica de prácticas contables defectuosas de CH en el sector agrícola, concluyendo que el VR puede representar un criterio de valoración interesante para un sector, como el agrícola, caracterizado por el predominio de pequeñas explotaciones familiares.

Fair value versus historical cost-based valuation for biological assets: Predictability of financial information

There is an intense debate on the convenience of moving from historical cost (HC) toward the fair value (FV) principle. The debate and academic research is usually concerned with financial instruments, but the IAS 41 requirement of fair valuation for biological assets brings it into the agricultural domain. This paper performs an empirical study with a sample of Spanish farms valuing biological assets at HC and a sample applying FV, finding no significant differences between both valuation methods to assess future cash flows. However, most tests reveal more predictive power of future earnings under fair valuation of biological assets, which is not explained by differences in volatility of earnings and profitability. The study also evidences the existence of flawed HC accounting practices for biological assets in agriculture, which suggests scarce information content of this valuation method in the predominant small business units existing in the agricultural sector in advanced Western countries

Maritime transportation in the Gulf of Finland in 2007 and in 2015

The Gulf of Finland is said to be one of the densest operated sea areas in the world. It is a shallow and economically vulnerable sea area with dense passenger and cargo traffic of which petroleum transports have a share of over 50 %. The winter conditions add to the risks of maritime traffic in the Gulf of Finland. It is widely believed that the growth of maritime transportation will continue also in the future. The Gulf of Finland is surrounded by three very different national economies with, different maritime transportation structures. Finland is a country of high GDP/per capita with a diversified economic structure. The number of ports is large and the maritime transportation consists of many types of cargoes: raw materials, industrial products, consumer goods, coal and petroleum products, and the Russian transit traffic of e.g. new cars and consumer goods. Russia is a large country with huge growth potential; in recent years, the expansion of petroleum exports has lead to a strong economic growth, which is also apparent in the growth of maritime transports. Russia has been expanding its port activities in the Gulf of Finland and it is officially aiming to transport its own imports and exports through the Russian ports in the future; now they are being transported to great extend through the Finnish, Estonian and other Baltic ports. Russia has five ports in the Gulf of Finland. Estonia has also experienced fast economic growth, but the growth has been slowing down already during the past couples of years. The size of its economy is small compared to Russia, which means the transported tonnes cannot be very massive. However, relatively large amounts of the Russian petroleum exports have been transported through the Estonian ports. The future of the Russian transit traffic in Estonia looks nevertheless uncertain and it remains to be seen how it will develop and if Estonia is able to find replacing cargoes if the Russian transit traffic will come to an end in the Estonian ports. Estonia’s own import and export consists of forestry products, metals or other raw materials and consumer goods. Estonia has many ports on the shores of the Gulf of Finland, but the port of Tallinn dominates the cargo volumes. In 2007, 263 M tonnes of cargoes were transported in the maritime traffic in the Gulf of Finland, of which the share of petroleum products was 56 %. 23 % of the cargoes were loaded or unloaded in the Finnish ports, 60 % in the Russian ports and 17 % in the Estonian ports. The largest ports were Primorsk (74.2 M tonnes) St. Petersburg (59.5 M tonnes), Tallinn (35.9 M tonnes), Sköldvik (19.8 M tonnes), Vysotsk (16.5 M tonnes) and Helsinki (13.4 M) tonnes. Approximately 53 600 ship calls were made in the ports of the Gulf of Finland. The densest traffic was found in the ports of St. Petersburg (14 651 ship calls), Helsinki (11 727 ship calls) and Tallinn (10 614 ship calls) in 2007. The transportation scenarios are usually based on the assumption that the amount of transports follows the development of the economy, although also other factors influence the development of transportation, e.g. government policy, environmental aspects, and social and behavioural trends. The relationship between the development of transportation and the economy is usually analyzed in terms of the development of GDP and trade. When the GDP grows to a certain level, especially the international transports increase because countries of high GDP produce, consume and thus transport more. An effective transportation system is also a precondition for the economic development. In this study, the following factors were taken into consideration when formulating the future scenarios: maritime transportation in the Gulf of Finland 2007, economic development, development of key industries, development of infrastructure and environmental aspects in relation to maritime transportation. The basic starting points for the three alternative scenarios were: • the slow growth scenario: economic recession • the average growth scenario: economy will recover quickly from current instability • the strong growth scenario: the most optimistic views on development will realize According to the slow growth scenario, the total tonnes for the maritime transportation in the Gulf of Finland would be 322.4 M tonnes in 2015, which would mean a growth of 23 % compared to 2007. In the average growth scenario, the total tonnes were estimated to be 431.6 M tonnes – a growth of 64 %, and in the strong growth scenario 507.2 M tonnes – a growth of 93%. These tonnes were further divided into petroleum products and other cargoes by country, into export, import and domestic traffic by country, and between the ports. For petroleum products, the share of crude oil and oil products was estimated and the number of tanker calls in 2015 was calculated for each scenario. However, the future development of maritime transportation in the GoF is dependent on so many societal and economic variables that it is not realistic to predict one exact point estimate value for the cargo tonnes for a certain scenario. Plenty of uncertainty is related both to the degree in which the scenario will come true as well as to the cause-effect relations between the different variables. For these reasons, probability distributions for each scenario were formulated by an expert group. As a result, a range for the total tonnes of each scenario was formulated and they are as follows: the slow growth scenario: 280.8 – 363 M tonnes (expectation value 322.4 M tonnes)

Concerto for Violin and Orchestra No. 1 in A minor : Add-a-soloist ; you play the solo part

r1955.

Concerto for Violin and Orchestra No. 2 in E major : Add-a-soloist ; you play the solo part

r1955.

Banks, Lies and Bricks: The Determinants of Home Value Inflation in Spain during the Housing Boom

During the first decade of this century, Spain experienced the most important economic and housing boom in its recent history. This situation led the lending industry to dramatically expand through the mortgage market. The high competition among lenders caused a dramatic lowering of credit standards. During this period, lenders operating in the Spanish mortgage market artificially inflated appraised home values in order to draw larger mortgages. By doing this, lenders gave financially constrained households access to mortgage credit. In this paper, we analyze this phenomenon for this first time. To do so, we resort to a unique dataset of matched mortgage-dwelling-borrower characteristics covering the period 2004–2010. Our data allow us to construct an unbiased measure of property’s over-appraisal, since transaction prices in our data also includes any potential side payment in the transactions. Our findings indicate that i) in Spain, appraised home values were inflated on average by around 30% with respect to transaction prices; ii) creditconstrained households were more likely to be involved in mortgages with inflated house values; and iii) a regional indicator of competition in the lending market suggests that inflated appraisal values were also more likely to appear in more competitive regional mortgage markets. Keywords: Housing demand, appraisal values, house prices, housing bubble, credit constraints, mortgage market. JEL Classification: R21, R31

Parallel characterizations of a generalized shapley value and a generalized banzhaf value for cooperative games with level structure of cooperation

We present parallel characterizations of two different values in the framework of restricted cooperation games. The restrictions are introduced as a finite sequence of partitions defined on the player set, each of them being coarser than the previous one, hence forming a structure of different levels of a priori unions. On the one hand, we consider a value first introduced in Ref. [18], which extends the Shapley value to games with different levels of a priori unions. On the other hand, we introduce another solution for the same type of games, which extends the Banzhaf value in the same manner. We characterize these two values using logically comparable properties.

Role of references in international industrial marketing : a theory-building case study about supplier’s processes of utilizing references

Scientific studies regarding specifically references do not seem to exist. However, the utilization of references is an important practice for many companies involved in industrial marketing. The purpose of the study is to increase the understanding about the utilization of references in international industrial marketing in order to contribute to the development of a theory of reference behavior. Specifically, the modes of reference usage in industry, the factors affecting a supplier's reference behavior, and the question how references are actually utilized, are explored in the study. Due to the explorative nature of the study, a research design was followed where theory and empirical studies alternated. An Exploratory Framework was developed to guide a pilot case study that resulted in Framework 1. Results of the pilot study guided an expanded literature review that was used to develop first a Structural Framework and a Process Framework which were combined in Framework 2. Then, the second empirical phase of the case study was conducted in the same (pilot) case company. In this phase, Decision Systems Analysis (DSA) was used as the analysis method. The DSA procedure consists of three interviewing waves: initial interviews, reinterviews, and validating interviews. Four reference decision processes were identified, described and analyzed in the form of flowchart descriptions. The flowchart descriptions were used to explore new constructs and to develop new propositions to develop Framework 2 further. The quality of the study was ascertained by many actions in both empirical parts of the study. The construct validity of the study was ascertained by using multiple sources of evidence and by asking the key informant to review the pilot case report. The DSA method itself includes procedures assuring validity. Because of the choice to conduct a single case study, external validity was not even pursued. High reliability was pursued through detailed documentation and thorough reporting of evidence. It was concluded that the core of the concept of reference is a customer relationship regardless of the concrete forms a reference might take in its utilization. Depending on various contingencies, references might have various tasks inside the four roles of increasing 1) efficiency of sales and sales management, 2) efficiency of the business, 3) effectiveness of marketing activities, and 4) effectiveness in establishing, maintaining and enhancing customer relationships. Thus, references have not only external but internal tasks as well. A supplier's reference behavior might be affected by many hierarchical conditions. Additionally, the empirical study showed that the supplier can utilize its references as a continuous, all pervasive decision making process through various practices. The process includes both individual and unstructured decision making subprocesses. The proposed concept of reference can be used to guide a reference policy recommendable for companies for which the utilization of references is important. The significance of the study is threefold: proposing the concept of reference, developing a framework of a supplier's reference behavior and its short term process of utilizing references, and conceptual structuring of an unstructured and in industrial marketing important phenomenon to four roles.

A comparative study of difficulties in accounting preparation and judgement in agriculture using fair value and historical cost accounting for biological assets valuation

This paper presents empirical research comparing the accounting difficulties that arise from the use of two valuation methods for biological assets, fair value (FV) and historical cost (HC) accounting, in the agricultural sector. It also compares how reliable each valuation method is in the decision-making process of agents within the sector. By conducting an experiment with students, farmers, and accountants operating in the agricultural sector, we find that they have more difficulties, make larger miscalculations and make poorer judgements with HC accounting than with FV accounting. In-depth interviews uncover flawed accounting practices in the agricultural sector in Spain in order to meet HC accounting requirements. Given the complexities of cost calculation for biological assets and the predominance of small family business units in advanced Western countries, the study concludes that accounting can be more easily applied in the agricultural sector under FV than HC accounting, and that HC conveys a less accurate grasp of the real situation of a farm.

Utilización de software de corrección automática en el campo de las ciencias de la salud

We live in an era of profound changes in university education. The implementation of Bologna plan has led us to raise new teaching methodologies, to review the role of the student, competency assessment, the incorporation of ICT. Unthinkable acts, one or two decade ago. The TIC concept is very broad and is attributed to the media, processes and content usage. Inside the supports and platforms, we stress tools that allow automatic correction of exercises, because they are instruments of great educational value because instantly they assess students and provide instant feedback about the knowledge that they have either as message support or note. If the power of these tools, we add the Internet, using e-learning environment, the results allow us to work, edit, evaluate, resolve doubts, and so on, anywhere, anytime. We present part of a platform and the results of its use in the field of health sciences

Community-acquired pneumonia in adult patients with special reference to rapid methods for etiological diagnosis

Aikuispotilaan kotisyntyisen keuhkokuumeen etiologinen diagnostiikka mikrobiologisilla pikamenetelmillä Tausta. Keuhkokuume on vakava sairaus, johon sairastuu Suomessa vuosittain n. 60 000 aikuista. Huolimatta siitä, että taudin hoito on kehittynyt, siihen liittyy yhä merkittävä, 6-15%:n kuolleisuus. Alahengitystieinfektion aiheuttajamikrobien tunnistaminen on myös edelleen haasteellista. Tavoitteet. Tämän työn tavoitteena oli tutkia Turun yliopistollisessa keskussairaalassa hoidettujen aikuispotilaiden keuhkokuumeen etiologiaa sekä selvittää uusien mikrobiologisten pikamenetelmi¬en hyödyllisyyttä taudinaiheuttajan toteamisessa. Aineisto. Osatöiden I ja III aineisto koostui 384 Turun yliopistollisen keskussairaalaan infektio-osastolla hoidetusta keuhkokuumepotilaasta. Osatyössä I tutkittiin keuhkokuumeen aiheuttaja¬mikrobeja käyttämällä perinteisten menetelmien lisäksi antigeeniosoitukseen ja PCR-tekniikkaan perustuvia pikamenetelmiä. Osatyö II käsitti 231 potilaasta koostuvan alaryhmän, jossa tutkittiin potilaiden nielun limanäytteestä rinovirusten ja enterovirusten esiintyvyyttä. Osatyössä III potilailta tutkittiin plasman C-reaktiivisen proteiinin (CRP) pitoisuus ensimmäisten viiden sairaalahoitopäi¬vän aikana. Laajoja tilastotieteellisiä analyysejä käyttämällä selvitettiin CRP:n käyttökelpoisuutta sairauden vaikeusasteen arvioinnissa ja komplikaatioiden kehittymisen ennustamisessa. Osatyössä IV 68 keuhkokuumepotilaan sairaalaan tulovaiheessa otetuista näytteistä määritettiin neutrofiilien pintareseptorien ekspressio. Osatyössä V analysoitiin sisätautien vuodeosastoilla vuosina 1996-2000 keuhkokuumepotilaille tehtyjen keuhkohuuhtelunäytteiden laboratoriotutkimustulokset. Tulokset. Keuhkokuumeen aiheuttaja löytyi 209 potilaalta, aiheuttajamikrobeja löydettiin kaikkiaan 230. Näistä aiheuttajista 135 (58.7%) löydettiin antigeenin osoituksella tai PCR-menetelmillä. Suu¬rin osa, 95 (70.4%), todettiin pelkästään kyseisillä pikamenetelmillä. Respiratorinen virus todettiin antigeeniosoituksella 11.1% keuhkokuumepotilaalla. Eniten respiratorisia viruksia löytyi vakavaa keuhkokuumetta sairastavilta potilailta (20.3%). 231 keuhkokuumepotilaan alaryhmässä todettiin PCR-menetelmällä picornavirus 19 (8.2%) potilaalla. Respiratorinen virus löytyi tässä potilasryh¬mässä kaiken kaikkiaan 47 (20%) potilaalta. Näistä 17:llä (36%) löytyi samanaikaisesti bakteerin aiheuttama infektio. CRP-tasot olivat sairaalaan tulovaiheessa merkitsevästi korkeammat vakavaa keuhkokuumetta (PSI-luokat III-V) sairastavilla potilailla kuin lievää keuhkokuumetta (PSI-luokat I-II) sairastavilla potilailla (p <0.001). Yli 100 mg/l oleva CRP-taso neljän päivän kuluttua sairaa¬laan tulosta ennusti keuhkokuumeen komplikaatiota tai huonoa hoitovastetta. Neutrofiilien komple¬menttireseptorin ekspressio oli pneumokokin aiheuttamaa keuhkokuumetta sairastavilla merkitse¬västi korkeampi kuin influenssan aiheuttamaa keuhkokuumetta sairastavilla. BAL-näytteistä vain yhdessä 71:stä (1.3%) todettiin diagnostinen bakteerikasvu kvantitatiivisessa viljelyssä. Uusilla menetelmilläkin keuhkokuumeen aiheuttaja löytyi vain 9.8% BAL-näytteistä. Päätelmät. Uusilla antigeeniosoitus- ja PCR-menetelmillä keuhkokuumeen etiologia voidaan saada selvitettyä nopeasti. Lisäksi näitä menetelmiä käyttämällä taudin aiheuttajamikrobi löytyi huomattavasti suuremmalta osalta potilaista kuin pelkästään tavanomaisia menetelmiä käyttämällä. Pikamenetelmien hyödyllisyys vaihteli taudin vaikeusasteen mukaan. Respiratorinen virus löytyi huomattavan usein keuhkokuumetta sairastavilta potilailta, ja näiden potilaiden taudinkuva oli usein vaikea. Tulovaiheen korkeaa CRP-tasoa voidaan käyttää lisäkeinona arvioitaessa keuhkokuumeen vaikeutta. CRP on erityisen hyödyllinen arvioitaessa hoitovastetta ja riskiä komplikaatioiden ke¬hittymiseen. Neutrofiilien komplementtireseptorin ekspression tutkiminen näyttää lupaavalta pi¬kamenetelmältä erottamaan bakteerien ja virusten aiheuttamat taudit toisistaan. Antimikrobihoitoa saavilla potilailla BAL-tutkimuksen löydökset olivat vähäiset ja vaikuttivat hoitoon vain harvoin.

The economic value of reciprocal bilingualism

Some bilingual societies exhibit a distribution of language skills that can- not be explained by economic theories that portray languages as pure commu- nication devices. Such distribution of skills are typically the result of public policies that promote bilingualism among members of both speech commu- nities (reciprocal bilingualism). In this paper I argue that these policies are likely to increase social welfare by diminishing economic and social segmenta- tion between the two communities. However, these gains tend to be unequally distributed over the two communities. As a result, in a large range of circum- stances these policies might not draw su¢ cient support. The model is built upon the communicative value of languages, but also emphasizes the role of linguistic preferences in the behavior of bilingual individuals.

Teollisuuden suunnittelupalveluiden hankinta ja valintakriteerit sekä palvelutarjonnan suuntaaminen

Tavoitteena oli selvittää pohjoissuomalaisen teollisuuden suunnittelu- ja konsultointipalvelujen hankintaa ja valintaa ohjaavia kriteereitä. Kriteerien tunteminen antaa palveluntarjoajille paremmat lähtökohdat oman toiminnan ohjaamisessa. Samalla työssä tutkittiin palveluntarjoajien tietämystä asiakkaidensa hankintatoimen taustalla vaikuttavista seikoista. Työn tuloksia voidaan hyödyntää palvelun-tarjoajien, työn tilaajan ja teollisuuden asiakkaiden toiminnassa. Työ aloitettiin tutustumalla asiantuntijapalveluiden markkinoinnin ja hankinnan teoriaan. Teoriassa tutustuttiin myös teknisen suunnittelun- ja konsultoinnin toimi-alaan. Tämän jälkeen haastateltiin kymmenen teollisuuden asiakasyritystä ja viisi palveluntarjoajayritystä. Näiden haastatteluiden perusteella voitiin tarkentaa suunnittelu- ja konsultoinnin erikoispiirteitä ja asiantuntijapalveluiden markkinoinnin ja hankintatoimen teoriaa. Tulosten perusteella asiantuntijapalveluiden hankintatoimi on hyvin organisoitua isoimpien yritysten tai yksiköiden kohdalla. Pienempien yritysten resurssit, vuosittainen tarve ja kokemus ohjaavat hankintatoimintaa. Myös kriteerit ovat yrityksen kokoon nähden muuttuvat. Isommat hankkijat arvostavat henkilöstöä, heidän referenssejään ja osaamistaan. Pienemmät arvostavat edellisten lisäksi vastuunottoa, sitoutumista ja riskienhallintaa. Henkilökohtainen myyntityö nähtiin tärkeänä. Suunnittelutoimistojen tietämys hankintatoimesta ja valintakriteereistä oli vaihtelevaa, mutta pääasiassa keskinkertaista.

Osakeindeksiobligaation fair value Case: SHB Paras Kolmesta 5010

Tutkielmassa selvitetään monimutkaisen indeksiobligaation arvon määritystä obligaation juoksuaikana. Tutkittava indeksiobligaatio sijoittaa osakkeisiin, korkoon ja raaka aineisiin. Kyseisessä indeksi-obligaatiossa sijoitetaan korioptioihin ja ne ovat lisäksi niiltä osin kvantto optioita, kun positio on ollut tarpeen suojata valuutta kurssimuutoksia vastaan. Tämän lisäksi indeksiobligaatio sijoittaa nolla kuponkilainaan. Sijoittajalle on haastavaa ymmärtää oikein ja läpinäkyvästi monimutkaisen osakeindeksiobligaation arvonmääritystä sen juoksuaikana. Tässä tutkielmassa avataan monimutkaisen osakeindeksiobligaation arvonmäärityksen perusteet. Tutkielmassa huomataan, että sijoittajalla voi helposti olla vaara mielikuva siitä, miten arvo määrittyy. Tämä johtuu siitä, että arvonmääritys eroaa huomattavasti siitä mikä käy ilmi velkakirjan ehdoissa. Tutkielman keskeisin anti on se, että kyseinen osakeindeksiobligaatio antaa heikkoa tuottoa kesken juoksuajan, mikäli joko osakkeet, raaka-aineet tai korot kehittyvät negatiivisesti. Lisaksi raaka aineoptioiden hinnan määritys eroaa siitä, mitä sijoittaja olettaa sen olevan velkakirjan ehtoja lukiessaan. Raaka-aineiden hinnat määritellään forward hinnoista