Resident-funded retirement village valuations : complications with the application of the DCF

Retirement village assets are different from traditional residential assets due to their operation in accordance with statutory legislation. Designed for independent living, retirement villages provide either detached or semi-detached residential dwellings with car parking and small private yards with community facilities providing a shared congregational area for village activities and socialising. In essence, the village operator provides the land and buildings to the residents who pay an amount on entry for the right of occupation. On departure from the units an agreed proportion of either the original purchase price or the sale price is paid to the outgoing resident. As ongoing levies are typically offset by ongoing operational expenses the market value of the operator's interest in the retirement village is therefore predominantly based upon the estimated future income from deferred management fees and capital gain upon roll-over receivable by the operator in accordance with the respective residency agreements. Given the lumpiness of these payments, there is general acceptance that the most appropriate approach to valuation is through discounted cash flow (DCF) analysis. There is however inconsistency between valuers across Australia in how they undertake their DCF analysis, leading to differences in reported values and subsequent confusion among users of valuation services. To give guidance to valuers and enhance confidence from users of valuation services this paper investigates the five major elements of DCF methodology, namely cash flows, escalation factors, holding period, terminal value and discount rate.

Response of Materials during sliding on various surface textures

In the present investigation, basic studies were conducted using Inclined pin-on-plate sliding Tester to understand the role of surface texture of hard material against soft materials during sliding. Soft materials such as Al-Mg alloy, pure Al and pure Mg were used as pins and 080 M40 steel was used as plate in the tests. Two surface parameters of steel plates — roughness and texture — were varied in tests. It was observed that the transfer layer formation and the coefficient of friction which has two components, namely adhesion and plowing component, are controlled by the surface texture of harder material. For the case of Al-Mg alloy, stick-slip phenomenon was absent under both dry and lubricated conditions. However, for the case of Al, it was observed only under lubricated conditions while for the case of Mg, it was observed under both dry and lubricated conditions. Further, it was observed that the amplitude of stick-slip motion primarily depends on plowing component of friction. The plowing component of friction was highest for the surface that promotes plane strain conditions near the surface and was lowest for the surface that promotes plane stress conditions near the surface.

铁基合金激光熔覆组织及其冲击磨损性能

结果表明熔覆组织为过共晶组织,凝固领先相为M_7C_3碳化物,枝晶间共晶为γ-奥氏体M_7C_3,γ为具有较高合金元素过饱和含量的亚稳相,M_7C_3(M=Cr,Fe,W等)为六方结构的Cr基合金碳化物.高温时效过程中熔覆组织存在M_7C_3+γ→M_(23)C_6及M_7C_3+γ→M_6C的原位转变,同时在非平衡γ中析出M_(23)C_6、M_2C与MC碳化物.熔覆组织具有较高的显微硬度(HV920_(0.2)并存在显著的二次硬化特征,二次硬化峰值温度及峰值硬度分别为700℃及HV1160_(0.2).此外,熔覆组织还具有较高的冲击磨损性能.

外来入侵种紫茎泽兰竞争策略与扩散动态

紫茎泽兰（Eupatorium adenophorum Spreng.）作为重要的外来入侵种之一，已严重破坏了入侵地生态系统的结构与功能，同时使当地农林业生产蒙受巨大的损失。因此，明确紫茎泽兰的竞争策略与扩散潜力，对制定合理的控制措施具有重要意义。 土壤氮素增加常常有助于外来种的入侵，那么降氮能否抵制入侵呢？向土壤中添加碳素，增强微生物对氮素的吸收，从而降低土壤中可被植物吸收的氮素是目前常用的降氮方法。为检验这一假说对入侵种紫茎泽兰的适用性，选取入侵种紫茎泽兰和本地种禾本科雀麦（Bromus japonicus）、菊科鱼眼草（Dichrocephala integrifolia），分别单栽或与紫茎泽兰混栽，向各植物组合中添加碳素（按1650克有机质/平方米计）或氮素（按30克氮素/平方米计），并设立对照进行盆栽实验。在碳素添加条件下，紫茎泽兰地上与地下生物量分别比对照降低了71.9% 和 74.9%，而本地种的生物量却没有受到显著影响。同时，碳素添加导致紫茎泽兰对本地种的竞争强度（RII）明显下降。氮素添加则减弱或逆转了上述碳素的作用。因此，向土壤中添加碳素有助于抵抗氮沉降对外来种入侵的促进作用，特别对抵御那些与氮素有亲和力的入侵种更为有效。在不同氮素条件下，紫茎泽兰对本地种竞争中，资源竞争强度均明显大于化感作用。尽管在紫茎泽兰发育早期化感作用较小，但是，碳素添加使紫茎泽兰可利用氮素减少，激发了化感作用在竞争中占有更大的比例，说明资源竞争与化感是相互结合、共同发挥作用的。 去叶作为模拟采食方法之一，至少可以通过两种方式影响植物竞争。一是去叶对目标种生长产生负面影响，二是邻种去叶有利于目标种生长，进而改变种间竞争关系。基于以上假定，对紫茎泽兰与相邻本地种分别单栽、同种合栽和异种混栽，进行去叶处理。结果恰与假定相悖：在整个生长季内，去叶增加目标株生物量的1.0 – 198.9%。对于入侵种而言，当邻居本地种去叶时，紫茎泽兰能完全弥补竞争产生的负面效应，即它与未去叶的单栽紫茎泽兰生长无显著差异;而紫茎泽兰去叶降低了相邻本地种的生长，加剧了原本由于竞争给对本地种带来的负面影响。因此，去叶效应与邻种的存在与否及邻种的类型均有关。在应用生物控制对目标株采食时，特别是在没有造成严重伤害或致死情况下，可以使本来具有竞争优势的入侵种变得更具强势。竞争与去叶之间存在复杂的相互作用，采食带来的间接效应可能比预想的更为复杂。因此，在生物控制措施实施之前，充分地估计生物控制的间接作用至关重要。 为检验反应—扩散模型（reaction–diffusion model）能否正确模拟紫茎泽兰小尺度扩散速率，本研究调查了四川攀枝花山区5个不同的生境的紫茎泽兰群落。对各样地内紫茎泽兰定位和年龄确定，基于克里金插值法做出其入侵格局的等年线图，通过等年线之间的垂直距离即可得到紫茎泽兰扩散速率的经验值。同时，计算内禀增长率和扩散系数，根据模型计算得到扩散速率的预测值。结果表明：紫茎泽兰扩散速率经验值明显小于模型预测值。因此，尽管反应—扩散模型已在大尺度扩散预测方面得到广泛的应用和验证，但在小尺度上，由于没有借助于复杂的生活史模型和分层模型，单凭反应—扩散模型不足以得到准确的预测。另外，在没有遭受干扰的生境中，可以发现紫茎泽兰扩散早期存在明显的时滞期。倘若这种时滞效应在入侵扩散中是频繁发生的，那么在判定物种是否具有入侵性时，很可能由于物种处于时滞期而被误认为非入侵种。 基于紫茎泽兰入侵至中国60年来所收集到的441已知分布记录和23个环境变量，采用GARP模型对其潜在分布范围做出了预测，并通过Kappa和ROC（receiver–operator characteristic）对预测结果进行检验。结果表明紫茎泽兰目前分布以云贵高原为主体，逐渐向四川盆地东部、山东半岛、东南沿海、台湾沿海以及海南岛等地扩散。冷季降水量、年极端低温和年均最高温对分布影响较大。RDA（Redundancy Analysis）分析结果显示温度和降水是限制紫茎泽兰扩散的重要因素。在过去的20年里，紫茎泽兰已经从温度较高、天气波动较小的亚热带气候逐渐向气候温凉、降水减少的高海拔地区扩散。紫茎泽兰可以适应相对较宽的温度和降水梯度，年均温度在10—22 ˚C，年降水量在800—2000 mm区间均有分布。本研究结果为发展早期预警工作、防止紫茎泽兰在中国进一步入侵提供了科学依据。

Estudio de la reacción valorativa frente a la actividad, el arte, y la técnica.

Estudio de la reacción valorativa de estudiantes de ambos sexos, entre 13 y 21 años, desde octavo de EGB a tercer curso universitario, frente a tres realidades concretas: actividad, técnica y arte. Comprobar la consistencia de los tres códigos: actividad, técnica y arte. Población: alumnos de ambos sexos, entre 13 y 21 años de octavo de EGB, BUP, COU y primer ciclo universitario de centros públicos del distrito universitario de Oviedo. Muestra: 2003 sujetos -783 varones y 1220 mujeres-. Tipo muestreo: estratificado por niveles educativos. Modelo de tipo cuasi experimental. Variables independientes: nivel educativo -de octavo de EGB a tercer curso universitario-, edad -de 13 a 21 años-, sexo -hombre, mujer-. Variables dependientes: intensidad en la actividad, intensidad técnica, intensidad artística, sentido de la actividad, sentido de la técnica, sentido en el arte. Test de Reacción Valorativa (TRV) de García Hoz del cual sólo se utilizan los códigos o áreas de: actividad, técnica y arte. Análisis estadístico: medidas de tendencia central y de variabilidad entre medias, comparando estas dos a dos -edad y sexo. Nivel educativo y sexo-. Representación gráfica de éstas medidas. Análisis de varianza obtenido en los códigos: actividad, técnica y arte en las mujeres y en los hombres, atendiendo a las variables edad y nivel educativo para conocer si había diferencias significativas. Correlaciones entre intensidad y sentido de la reacción valorativa de los codigos estudiados controlando las variables: sexo, edad y nivel educativo. Correlación de cada palabra con el código al que pertenece. Correlación de las palabras entre sí. Las mujeres estiman más que los hombres los valores artísticos. Las mujeres y los hombres estiman por igual los valores del código actividad. Los hombres estiman más los valores técnicos entre 13 y 15 años, de 15 a 21 años no se aprecian diferencias. En las mujeres no influye ni la edad ni el nivel educativo en la valoración del código: técnica. Lo mismo ocurre en los hombres en el código: actividad. El nivel educativo influye más, tanto en los hombres como en las mujeres, en el campo de los valores artísticos. Se comprueba la consistencia de los códigos. El Test de Reacción Valorativa (TRV) sirve para una orientación, tanto escolar como profesional ya que posee un gran potencial como medio para ensanchar los horizontes profesionales.

The application of a domains based analysis to family processes: implications for assessment and therapy

Social domains are classes of interpersonal processes each with distinct procedural rules underpinning mutual understanding, emotion regulation and action. We describe the features of three domains of family life – safety, attachment and discipline/expectation – and contrast them with exploratory processes in terms of the emotions expressed, the role of certainty versus uncertainty, and the degree of hierarchy in an interaction. We argue that everything that people say and do in family life carries information about the type of interaction they are engaged in – that is, the domain. However, sometimes what they say or how they behave does not make the domain clear, or participants in the social interactions are not in the same domain (there is a domain mismatch). This may result in misunderstandings, irresolvable arguments or distress. We describe how it is possible to identify domains and judge whether they are clear and unclear, and matched and mismatched, in observed family interactions and in accounts of family processes. This then provides a focus for treatment and helps to define criteria for evaluating outcomes.

Utilização de polímero hidroabsorvente no meloeiro (Cucumis melon L.) sob diferentes lâminas de irrigação

This work was carried out to evaluate the use of a hydrogel polymer in melon crop under different irrigation depths, with the objective of improve water retention, and efficiency of water and nutrient utilization by plants. One trial consisted of two treatments with four replications: a treatment with irrigation depth corresponding to 75% of gross depth and 27g of the soil conditioner per plant; the control with irrigation depth equal to the gross depth and without conditioner. The following characteristics were evaluated: root length, yield and quality of melon fruits. Root growth was bigger in the plants where soil conditioner was used. Use of soil conditioner provided an increase on melon yield and number of fruits per linear meter. Mean fruit weight and total soluble solids were not influenced by soil conditioner application and irrigation depth reduction.

Atopic dermatitis: correlation between non-damaged skin barrier function and disease activity

Background Atopic dermatitis (AD) is a chronic dermatosis, predominant in childhood, characterized by pruritus and eczematous-type lesions with xerosis as the prominent clinical sign. Objectives To analyze the correlation between biophysical measurements of skin barrier function and other assessment criteria of clinical severity according to Rajka and Langelands criteria. Methods Biophysical measurements [transepidermal water loss (TEWL) and corneometry] were obtained from 120 patients with the diagnosis of AD. Serum levels of IgE were also evaluated. Results A significant correlation between corneometry, TEWL, and clinical severity of AD was found. Data showed an inverse correlation between corneometry, TEWL, and AD severity, and a significant difference (P < 0.001) between mean of corneometry and TEWL and AD severity (mild, moderate, and severe). As for IgE levels, corneometry had significant negative correlation, in contrast with TEWL, which showed a significant positive correlation (P < 0.001). Conclusion Biophysical measurements of skin barrier in non-lesional skin of AD may work as an evaluation factor for AD severity.

Identification and expression of different dehydrin subclasses involved in the drought response of Trifolium repens

Reverse transcribed RNAs coding for YnKn, YnSKn, SKn, and KS dehydrin types in drought-stressed white clover (Trifolium repens) were identified and characterized. The nucleotide analyses revealed the complex nature of dehydrin-coding sequences, often featured with alternative start and stop codons within the open reading frames, which could be a prerequisite for high variability among the transcripts originating from a single gene. For some dehydrin sequences, the existence of natural antisense transcripts was predicted. The differential distribution of dehydrin homologues in roots and leaves from a single white clover stolon under normal and drought conditions was evaluated by semi-quantitative RT-PCR and immunoblots with antibodies against the conserved K-, Y- and S-segments. The data suggest that different dehydrin classes have distinct roles in the drought stress response and vegetative development, demonstrating some specific characteristic features. Substantial levels of YSK-type proteins with different molecular weights were immunodetected in the non-stressed developing leaves. The acidic SK2 and KS dehydrin transcripts exhibited some developmental gradient in leaves. A strong increase of YK transcripts was documented in the fully expanded leaves and roots of drought-stressed individuals. The immunodetected drought-induced signals imply that Y- and K-segment containing dehydrins could be the major inducible Late Embryogenesis Abundant class 2 proteins (LEA 2) that accumulate predominantly under drought.