V članku je opisana raziskava o obravnavi lastnine velikih lastnikov v projektu obveščanja. Oblikovan je bil vzorec sedmih lastnikov, ki jih lahko opredelimo kot reprezentativne predstavnike glede na ...lastnosti nepremičnin v njihovi lasti in »vrsto« lastništva. Na vzorcu teh sedmih lastnikov so bila obravnavana razmerja med njihovimi internimi evidencami in podatki registra nepremičnin ter opredeljene težave, s katerimi so se srečevali med obveščanjem o poskusnem izračunu vrednosti nepremičnin. V vzorec je bilo uvrščenih 26.792 sestavin nepremičnin, kar pomeni 0,4 % vseh sestavin nepremičnin v registru nepremičnin. Neskladja so bila uvrščena v štiri sklope, podane so značilnosti teh sklopov. V članku je predstavljena tudi vključitev zasebnega sektorja v projekt obveščanja. Rezultati analiz kažejo, da je vzrok za večino zaznanih neskladij odnos do lastnine, in sicer odnos do lastnine vsakega posameznika in naše družbe kot celote ; This article describes an examination of the property of large real estate owners in the Information of Test Property Value Calculation project. A pattern of seven owners has been made, which can be considered representatives of property, considering the characteristics of their property and the type of ownership. Based on this pattern, the relationships between their internal records and the real estate registry database have been analysed, and problems that occurred during the informing of the test property value calculation have also been noted. The pattern consisted of 26,792 constituent parts of real estate, which represents 0.4% of all the real estate parts noted in the real estate registry. Discrepancies have been divided into four sets, and characteristics of these sets have also been given. The article also presents the inclusion of the private sector in to the information process. Analysis results show that the cause of most of the detected discrepancies is the lack of responsibility of owners towards their property.
During the last few decades there has been an increase in the use of methods of real estate investment and other investment analyses based on discounted cash flow. Despite the relatively wide use of ...discounted cash flow methods, project managers believe their own knowledge of these methods is insufficient even to the extent where this could lead to incorrect decisions (e.g. conflicting indications of the net present value method and the internal rate of return method). One of major drawbacks in the use of investment analysis methods that are based on discounted cash flow is unsatisfactory precision in the determination of the discount or the capitalization rate. Methods based on discounted cash flow are not only intended for project feasibility analysis; discounted cashflow serves as a basis for assessing special real estate within the mass real estate appraisal system in Slovenia. The article studies the importance of the discount rate when analysing and assessing real estate projects. The theoretical part presents the basis of discounted cash flow methods and composition of the discount rate or capitalisation rate and presents a simulation of the impact of the discount rate and capitalisation rate on investment evaluation and assessment results. The empirical part is based on a survey conducted among certified real estate appraisers in Slovenia. The survey was conducted in the second half of February and beginning of March 2011. The response rate was 32.9 percent, indicating that almost one-third of all certified appraisers in Slovenia participated. Survey data were statistically analysed and the results provide us with the discount rate and calculated risk premium and capital recovery premium for various type of real estate. A statistical analysis of the survey data provides insights into the risk premium and capital recovery premium used for real estate appraisal and investment purposes.
During the last few decades there has been an increase in the use of methods of real estate investment and other investment analyses based on discounted cash flow. Despite the relatively wide use of ...discounted cash flow methods, project managers believe their own knowledge of these methods is insufficient even to the extent where this could lead to incorrect decisions (e.g. conflicting indications of the net present value method and the internal rate of return method). One of major drawbacks in the use of investment analysis methods that are based on discounted cash flow is unsatisfactory precision in the determination of the discount or the capitalization rate. Methods based on discounted cash flow are not only intended for project feasibility analysis; discounted cashflow serves as a basis for assessing special real estate within the mass real estate appraisal system in Slovenia. The article studies the importance of the discount rate when analysing and assessing real estate projects. The theoretical part presents the basis of discounted cash flow methods and composition of the discount rate or capitalisation rate and presents a simulation of the impact of the discount rate and capitalisation rate on investment evaluation and assessment results. The empirical part is based on a survey conducted among certified real estate appraisers in Slovenia. The survey was conducted in the second half of February and beginning of March 201 1. The response rate was 32.9 percent, indicating that almost one-third of all certified appraisers in Slovenia participated. Survey data were statistically analysed and the results provide us with the discount rate and calculated risk premium and capital recovery premium for various type of real estate. A statistical analysis of the survey data provides insights into the risk premium and capital recovery premium used for real estate appraisal and investment purposes.
Risk stratification and decision making are particularly complex in
asymptomatic patients with moderate or severe aortic stenosis (AS). When to
intervene in these patients is still matter of ...controversy, and
misinterpreting the findings might lead to an unnecessary delay of aortic
valve replacement. The risk of sudden death without preceding symptoms
remains a concern, as well as the risk of irreversible myocardial damage due
to the high global afterload. These factors may also be responsible for an
impairment of coronary flow reserve (CFR) and microvascular coronary
dysfunction, which has been observed in patients with AS and without
obstructive epicardial coronary artery disease. Therefore, valve replacement
prior to the onset of symptoms and LV dysfunction may be recommended;
however, data in patients with purely asymptomatic AS are lacking. The most
frequently used parameters such as mean pressure gradient (Pmean) and maximal
jet velocity (Vmax) are necessary in determining the AS severity, but less
useful in predicting the outcome and when to intervene in asymptomatic
patients. The dobutamine testing (DT) in asymptomatic AS is promising having
in mind that most of the Doppler-echocardiographic indices used for
evaluation of AS is flow-dependent. The pharmacologic increase of flow could
help to correctly assess disease severity, discover the existence of latent
symptoms, assess the LV systolic function and, therefore, to guide clinical
decisions. The new hemodynamic measurements of severity such as valve
resistance (Zva) and the energy-loss index (ELI) have been proposed, however,
a common limitation of most of these new indices, as well of the usefulness
of DT, is that longitudinal follow-up data from prospective studies are
lacking. The aim of this study was to assess which echocardiographic
parameter(s) can identify subset of asymptomatic AS patients who are at high
risk of short to mid-term cardiac events and to analyze the value of LV
systolic and diastolic parameters change during low-dose DT in asymptomatic
patients with moderate or severe AS and preserved EF at rest. Moreover, we
analyzed different echocardiographic parameters to see which of these
contributes the most to impairment of CFR in subgroup of AS patients with
nonobstructive coronary arteries. Method: A total of 126 asymptomatic
patients with aortic valve area (AVA) _ 1.5cm2 and EF > 50% were enrolled in
this prospective study. The follow-up period was 14 months. Clinical data at
follow-up were obtained in all patients by direct patient examination or
telephone interview. The composite outcome endpoint (MACE) was defined as
cardiac death, aortic valve replacement and hospitalization caused by AS
symptoms. For patients that had adverse cardiovascular events the
documentation was asked. The decision for aortic valve replacement was made
by the referring physician. After the baseline study, a low-dose dobutamine
infusion protocol was begun at 5 μgr/kg/min up to 20 μgr/kg/min, titrated
upward at steps of 5 μgr/kg every 3 minutes. The dobutamine infusion was
ended when the maximal dose or 85% of the maximal theoretic heart rate was
achieved, or when the patients developed symptoms. All standard
echocardiographic measures were recorded during last minute of each level and
analyzed off-line. A subgroup of patients that had no obstructive coronary
disease (defined as having no stenosis greater than 50% in diameter) on the
coronary angiogram taken within 1 year, had undergone adenosine stress
transthoracic Doppler-echo for a CFR measurement. Results: The study
population included 52 women and 74 men (58.73% males), mean age was
66.47±10.53; with no difference (p > 0.05) among them (men 66.52 ± 8.86
years, women 66.43 ± 11.67 years). Mean pressure gradient (Pmean) was 41,94 ±
11,22mmHg, mean AVA 0,82 ± 0,22cm2, and mean Vmax was 4,20 ± 0,49m/s. No
patient experienced a serious adverse event during or after DT. Eleven out of
126 patients (8.73%) developed symptoms during test. In addition, patients
who had an increase in AVA during DT _ 0.2cm2 and/or final AVA _ 1cm2 after
DT had significantly more often aortic valve replacement during follow-up
chi-square=9.5311, df=1, p=0.00202; OR =4.604 (95%CI= 1.7826-11.8915).
Thirty six patients (28.57%) had low (or no) contractile reserve LV, defined
as a decrease in SVi or EF during DT. A total of 70 patients had composite
MACE (55,55%), of which 9 patients (7,14%) have died during follow-up. Out of
70 patients, 56 patients (80%) had an aortic valve replacement during
follow-up period. Univariate analysis showed that resting mean values of
Vmax, Pmean, AVA, Zva, ELI, AVR (aortic valve resistance) and S’ were
associated (p<0.05) with MACE. Although 28.57% patients had a decrease in SVi
and EF during DT, this was not significant in terms of predicting MACE
(p>0.05). The multivariate analysis revealed that AVR (p=0.007; HR=1,004;
CI=1.001-1.006) was independently associated with MACE. The cut-off value of
172.27 dynes•s•cm-5 had a sensitivity of 99% and specificity of 30% to
predict MACE. However, regarding death only, Zva was independent predictor
according to multivariate analysis (p=0.017; HR=3.244; CI=1.669-6.309), with
Zva value of 5,5 mmHg•ml/m2 having sensitivity and specificity (67% and 72%,
respectively). Patients who have experienced symptoms during DT had more
often MACE comparing to patients who were asymptomatic during DT (hi =
6,7408; p < 0,001; df = 1), while AVR, SWL and Pmean had higher prognostic
significance in predicting MACE than echocardiographic parameters analyzed at
rest (p < 0.05). Results of univariate regression analysis showed AVA, Vmax,
Pmean, Pmax, ELI, AVR and SWL were associated (p<0.05) with impaired CFR.
Multivariate analysis showed that AVR was the best predictor of impaired CFVR
(RR 0.900, CI: 0.983-0.997, p=0.007). Using ROC analysis, the AVR value of
211.22 dynes•s•cm-5 had the highest accuracy in predicting the impaired CFVR
(area under the curve 0.681, p=0.007, sensitivity 72%, specificity 52%, CI:
0,561-0.800). Discussion: To the best of the author’s knowledge, this
doctoral thesis is the first to compare clinical efficacy of different
indices of AS, including new-mathematically derived parameters, at rest and
after low-dose DT. The results of this study point out the high risk of MACE,
including death, in even relatively short follow-up period. In addition, our
results show that ’wait and follow’ strategy could be risky in these patients
and that there are parameters who can with high certainity establish the risk
of future MACE in asymptomatic patients with hemodinamically significant AS.
In other words, for accurate estimation of AS severity and patients’s
prognosis, it is crucial to analyze not only aortic valve, but peripheral
system and its physiological consequences to LV function. This doctoral
thesis is showing, for the first time, that asymptomatic patients with
hemodinamically significant AS and preserved EF can actually have a decrease
in systolic function during DT. This clearly shows that these patients have
structural myocardial changes and that for them LV EF is not the best
parameter for assessing systolic function. Low-dose DT is safe to perform in
asymptomatic patients with moderate or severe AS and preserved EF. Together
with the fact that measuring AVA during DT can be helpful in suggesting when
to intervene in this group of patients, the results of this study suggest
that DT has a place in assessment of asymptomatic patients with moderate and
severe AS and preserved EF, as better management decisions can be made on the
result of a dobutamine echocardiogram. In addition, patients with
moderate/severe AS can have an impaired coronary microvascular function. The
hemodynamic indexes of AS severity are main determinants of CFR. Among all
parameters, AVR is the strongest predictor of CFR in patients with moderate
or severe AS and nonobstructive coronary arteries. Conclusion: The present
doctoral dissertation demonstrates that AVR and Zva, as well as flow-mediated
changes in AVA during dobutamine infusion, can provide new, clinically
relevant information in terms of outcome and timing of valve replacement in
asymptomatic patients with moderate and severe AS and preserved EF. Thus,
these indices, as well as low-dose DT, should be incorporated in clinical
assessment of AS and used to aid patient management in unclear situations.
Procena rizika i donošenje odluka su posebno teški u grupi asimptomatskih
pacijenata sa umerenom i tesnom aortnom stenozom (AS). Kada izvršiti hiruršku
intervenciju kod ovih pacijenata još uvek je nejasno, iako kasna hirurška
intervencija i zamena aortnog zaliska može dovesti do suboptimalnog rezultata
operacije. Opasnost od nagle srčane smrti kod asimptomatskih AS pacijenata
postoji, kao i rizik od ireverzibilnog oštećenja miokarda zbog visokog
naknadnog opterećenja leve komore (LK). Takođe, pokazano je da visoko
naknadno opterećenje LK uzrokuje i disfunkciju koronarne mikrocirkulacije, to
jest smanjenje rezerve koronarnog protoka (CFR) kod asimptomatskih pacijenata
sa AS i neopstruktivnim koronarnim angiogramom. Zbog toga, za očekivati je da
bi zamena aortnog zaliska pre pojave simptoma i disfunkcije LK bila od
koristi, ali još uvek nema dovoljno urađenih prospektivnih studija koje bi
ovu pretpostavku i potvrdile. Najčešće korišćeni Doppler-ehokardiografski
parametri, poput srednjeg gradijenta pritiska (Psrednje) i maksimalne brzine
protoka (Vmax) su neophodni u određivanju težine AS, ali su manje korisni u
predikciji ishoda, pojave simptoma i određivanju optimalnog vremena za zamenu
zaliska kod asimptomatskih pacijenata. Novi ehokardiografski parametri, poput
valvulo-arterijalne impedance (Zva), i indeksa gubitka energije (ELI) su
predloženi kao alternativa, ali još uvek nema dovoljno
longitudinalnih-prospektivnih studija koje bi potvrdile njihovu korisnost.
Primena dobutaminskog testa (DSE) u asimptomatskoj AS je obećavajuća
Intensive competition in the market and changing business conditions make companies continuously search for new sources of competitive advantage. The market globalization has united consumers in ...setting their requirements before the companies and contributed to development of new marketing strategies which enable the growth of satisfaction and loyalty of consumers toward a brand, directly implying the improvment of financial performances in business. Creation and development of a brand represents a long-term investment of a company. In this doctorial dissertation, we have tried to point out that the implementation of the brand management concept contributes to the brand's market performance and overall financial performance. Orientation towards the company brand is a starting determinant of the strategic brand management. In order to measure the SBM's contribution to business results,we have conducted an empirical research in 300 companies ranked first in 2010, according to the criteria – turnover in 2009. Finaly, 66 questionnaires were collected, out of which 63 valid ones, based on which we conducted an analysis and presented our results. The results have shown that the correlation is statistically significant and positive between innovation, information technology, orientation towards a brand, brand uniqueness, brand performance and financial performance, while there is a negative correlation between the brand barrier and financial performance, fully justified. Special subject of the analysis is the comparison of the results of the implementation of brand management in domestic and foreign companies in the Republic of Serbia, where significant values point out to important difference in strategic brand management treatment in domestic and foreign companies, in the favor of foreign companies. Limitations to the conducted field research cannot be ignored, however, the results are very significant for understanding the contribution of brand management to business, both for scientific and professional public and for businesses.
Intenzivna konkurencija na tržištu i promenljivi uslovi poslovanja navode kompanije da kontinuirano tragaju za novim izvorima konkurentne prednosti. Globalizacija tržišta ujedinila je potrošače u zahtevima koje postavljaju pred kompanije i doprinela je razvoju novih marketing strategija koje omogućavaju porast satisfakcije i lojalnosti potrošača prema brendu, direktno implicirajući i poboljšanje finansijskih perfomansi u poslovanju. Kreiranje i razvoj brenda predstavlja dugoročnu investiciju kompanije. U doktorskoj disertaciji pokušali smo da ukažemo da primena koncepta brend menadžmenta doprinosi celokupnom učinku brenda na tržištu i ukupnim finansijskim rezultatima. Orijentacija prema brendu kompanije jeste polazna determinanta strategijskog brend menadžmenta. U cilju merenja doprinosa SBM-a poslovnim rezultatima sproveli smo empirijsko istraživanje u 300 prvorangiranih kompanija u 2010. godini, prema kriterijumu - obim prometa u 2009. godini. Prikupljeno je 66 upitnika, od toga 63 validna upitnika, na osnovu kojih smo smo izvršili analizu i izneli rezultate. Rezultati su pokazali da je korelacija statistički značajna i pozitivna između inovacije, informacione tehnologije, orijentacije prema brendu, jedinstvenosti brenda, učinka brenda i finansijskih rezultata, dok između brend barijere i finansijskog rezultata postoji negativna korelacija, potpuno opravdano. Poseban predmet analize je poređenje rezultata implementacije brend menadžmenta u domaćim i inostranim kompanijama na teritoriji Republike Srbije, gde signifikantne vrednosti ukazuju na značajnu razliku tretmana strategijskog brend menadžmenta u domaćim i inostranim kompanijama, u korist inostranih kompanija. Ograničenja sprovedenog terenskog istraživanja ne mogu se ignorisati, međutim rezultati se veoma značajni za sagledavanje doprinosa brend menadžmenta u poslovanju kako za naučnu i stručnu javnost, tako i za privredne subjekte.
Helianthus tuberosus (Jerusalem artichoke) is a low - caloric source of inulin, minerals and low level of fat. It is not sufficiently present in the human diet, although it can serve as a good ...starting material for functional food products. The aim of this research was to formulate and produce innovative products containing different amount of Jerusalem artichoke as the main component, and buckwheat flour as a bulking agent. There have not been data on the processing Helianthus tuberosus by extrusion technology. This is the first time Jerusalem artichoke undergoes extrusion technology in order to produce test products which were characterised by nutritional value, glycemic index (GI) and glycemic load (GL). Four types of extruded products were prepared by extrusion technology - three types of test product containing 30 %, 60 % and 80 % of Jerusalem artichoke and control product with no Jerusalem artichoke. Nutritional composition of the test products was characterized by content of water, dry matter, fat, proteins, sugars, total carbohydrates, dietary fiber and inulin. Glycemic index values for test and control products were obtained in prospective, clinical study on healthy volunteers, using the reference methodology of glycemic index determination. Glycemic load values for test and control products were calculated based on obtained values of glycemic index. The study results showed favorable nutritional properties of obtained extruded products with Jerusalem artichoke content – high content of inulin and low content of fat. Consumption of fresh Jerusalem artichoke is limited by its organoleptic properties, which was improved by extrusion processing. Increasing content of Jerusalem artichoke in test products caused significant decrease of glycemic index and glycemic load values, as well as in control products. According to Brand-Miller's classification test product containing 30 % of Jerusalem artichoke was classified as medium GI and medium GL, test product containing 60 % of Jerusalem artichoke was classified as medium GI and low GL, test product containing 80 % of Jerusalem artichoke was classified as low GI and low GL products, while control product with no content of Jerusalem artichoke showed a high GI and medium GL value. Consuming food with high glycemic index and glycemic load influences development of chronic diseases, which justifies consumption of food with low glycemic index and glycemic load in order to promote health. Results of this study shows that Jerusalem artichoke is possible to use in extrusion technology in such manner so that test products containing 60 % and 80 % of Jerusalem artichoke have favorable values of GI and GL for promoting health.
Helianthus tuberosus (čičoka), biljni nisko-kalorični izvor energije, inulina, minerala i neznatne količine masti je malo zastupljena u ishrani, a predstavlja dobar polazni materijal za proizvodnju funkcionalnih proizvoda. Cilj ovog istraživanja je formulacija i proizvodnja inovativnih prizvoda sa različitim sadržajem čičoke kao glavne komponente i heljdinim brašnom kao sredstvom za dopunjavanje. Do sada nisu zabeleženi podaci o obradi vrste Helianthus tuberosus tehnologijom ekstruzije. Prvi put je tehnologija ekstruzije primenjena na biljnu sirovinu čičoku i dobijeni proizvodi su okarakterisani nutritivnom vrednošću, glikemijskim indeksom (GI) i glikemijskim opterećenjem (GO). Primenom specifičnih uslova ekstruzije za svaki proces ponaosob, dobijene su tri vrste test proizvoda koji sadrže 30 %, 60 % i 80 % čičoke i kontrolni proizvod bez sadržaja čičoke. Nutritivni sastav test proizvoda okarakterisan je sadržajem vode, suve materije, masti, proteina, šećera, ukupnih ugljenih hidrata, inulina i dijetnih vlakana. Vrednosti glikemijskog indeksa test i kontrolnih proizvoda dobijene su primenom referentne metodologije i smernica za standardno određivanje glikemijskog indeksa, u prospektivnoj, kliničkoj studiji izvršenoj na grupi zdravih ispitanika. Glikemijsko opterećenje je određeno na osnovu dobijenih vrednosti glikemijskog indeksa. Rezultati istraživanja su pokazali povoljne nutritivne osobine dobijenih ekstrudovanih proizvoda sa sadržajem čičoke - visok sadržaj inulina i nizak sadržaj masti. Metodom ekstruzije korigovane su organoleptičke osobine svežih krtola čičoke koje ograničavaju njihovo konzumiranje. Sa povećanjem sadržaja čičoke u test proizvodima uočeno je značajno opadanje GI i GO vrednosti. Prema Brand-Miller-ovoj klasifikaciji test proizvodi koji sadrže 30 % čičoke se svrstavaju u kategoriju srednjih vrednosti GI i GO, test proizvodi koji sadrže 60 % čičoke se svrstavaju u kategoriju srednje vrednosti GI i niske vrednosti GO, test proizvodi koji sadrže 80 % čičoke pripadaju kategoriji niskih vrednosti GI i GO, dok kontrolni proizvodi, bez sadržaja čičoke, imaju visoku vrednost GI i srednju vrednost GO. Konzumiranje namirnica sa visokim vrednostima GI i GO utiče na razvoj hroničnih bolesti zbog čega je opravdana upotreba namirnica sa niskim GI i GO u cilju očuvanja zdravlja. Rezultati ovog istraživanja pokazuju da se na čičoku može primeniti proces ekstruzije tako da dobijeni test proizvodi koji sadrže 60 % i 80 % čičoke imaju povoljne vrednosti GI i GO za očuvanje zdravlja.
Predlog modela je računalniško podprt sistem za ocenjevanje vrednosti prostorske lokacije nepremičnin, tako zdajšnjih razmerij kot tudi simuliranje prihodnjih na osnovi domnevnih smeri razvoja, ...strateških ali konkretnih prostorskih odločitev. Model izhaja iz klasičnih metod množičnega vrednotenja nepremičnin, podprtega z geografskim informacijskim modelom. Uvaja pa precejšnjo novost na tem področju: uporabo metode analitičnega hierarhičnega procesiranja za določitev tehničnih koeficientov ugodnosti lokacije. Model je bil razvit v raziskavi Razvoj in implementacija regionalnega simulacijskega modela za ljubljansko urbano regijo, ki jo je financirala Mestna občina Ljubljana.
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