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.
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.
V prispevku je obravnavano gospodarno upravljanje nepremičnin s strani državnih, občinskih ter drugih javnih organov in organizacij, ki temelji na ekonomskih podatkih in kazalnikih. Predstavljeno je, ...na katerih vsebinskih področjih v Sloveniji je sistem množičnegavrednotenja nepremičnin s področnim predpisom že predviden za uporabo, kje se predvideva uporaba ter kje bi bilo smiselno in stroškovno učinkovito predvideti uporabo sistema množičnega vrednotenja nepremičnin. This article discusses the concept of real estate management by state, municipal and other public authorities and organisations on the basis of realestate economic data and economic indicators. Realestate mass-valuation system applications already defined by regulations in Slovenia are described. Further proposals as well as possible and cost-effective applications of a real estate mass-valuation system are presented.
Na podlagi mednarodne raziskave (Možina, 2000) o funkcionalni pismenosti iz leta 1998 je možno sklepati, da je funkcionalna nepismenost Slovencev zaskrbljujoča. Raziskava je pokazala, da zgolj trije ...odstotki ljudi dosegajo 4. in 5. raven pri besedilni pismenosti, pet odstotkov jih to dosega pri dokumentacijski in slabih 10 odstotkov pri računski pismenosti. Minimalno raven, ki omogoča delovanje v sodobni tehnološki družbi, dosega še nadaljnjih 20 odstotkov, kar pomeni, da je 70 odstotkov slovenskega prebivalstva nezmožnega, da bi se primerno odzivalo na razmere okolja in samostojno reševalo probleme na osnovi razumevanja osnovnih vsakodnevnih življenjskih situacij. Nekateri pokazatelji funkcionalne nepismenosti ljudi se pojavijo npr. pri razumevanju voznega reda, tvorjenju krajših ali daljših besedil (dopisi, pisma, prošnje, sporočila), upoštevanju navodil ali branju lekarniških pojasnil, razumevanju svojih bolezni, odločanju o načinu zdravljenja, uporabi medijev, sodobne tehnologije itd. Reševanje problema funkcionalne nepismenosti se dotika dviga ravni splošne izobrazbe, socializacije posameznika in širjenja socialne mreže, kar omogoča posamezniku socialno in akcijsko kompetenco, po drugi strani pa sledi trendom v novih oblikah dela in preživetja pod vplivom globalizacije, ki terja od posameznika vseživljenjsko izobraževanje in dvigovanje dodane vrednosti delovnega mesta. Funkcionalno nepismene osebe so zaostale v osebnostnem razvoju in niso sposobne, da prevzamejo odgovornost za svoje vseživljenjsko izobraževanje. Zato se same ne morejo izkopati iz stanja, v katerem je njihov razvoj obstal.
In early 2004, the finance ministers of Bavaria and Rhineland-Palatinate put forward a new model for assessing land tax. The model envisages the abolition of the current Land Tax A (tax on ...agricultural and forestry enterprises); Land Tax B (developed/ developable real estate) is in future to comprise a flatrate tax on the buildings and a more up-to-date and realistic taxation of the land value based on the standard land value. Nevertheless, the question still remains: Why not go one step further and replace this ‘combined tax on land and buildings’ with a simple ‘land value tax’?
Provider: - Institution: - Data provided by Europeana Collections- 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.
Z namenom proučevanja možnosti vključitve klavnih lastnosti v napoved plemenske vrednosti pri prašičih smo ocenili komponente variance za lastnosti, ki se za ocenitev odstotka mesa v prašičjem trupu ...merijo na klavni liniji ter za lastnosti šunke. V analizo smo zajeli 2167 pitancev (1046 kastratov in 1121 svinjk) z znanim poreklom. Pitanci so bili skupinsko vhlevljeni s krmljenjem po volji v proizvodnih razmerah na farmi Nemščak. Zaklani so bili med aprilom 1999 in decembrom 2000. Komponente variance smo ocenili z enolastnostnimi modeli po metodi omejene največje zanesljivosti (REML). V sistematski del modelov smo vključili vpliv spola, genotipa in sezone (leto-mesec) kot vplive z nivoji ter maso toplih polovic ali starost ob zakolu kot linearni regresiji, v naključni del pa vpliv živali. Ocene heritabilitet so bile srednje do visoke; za maso toplih polovic (0,32), za meritev M (0,41), ki je najkrajša razdalja med prednjim koncem m. gluteus medius in zgornjim robom hrbteničnega kanala, za meritev S (0,45), ki je najtanjša debelina podkožnega maščobnega tkiva s kožo nad m. gluteus medius, za odstotek mesa (0,46), za maso mesa (0,38), za maso šunke (0,32), za maso kože s podkožno maščobo šunke (0,47), za maso mesa in kosti šunke (0,41), ter dnevni prirast mase toplih polovic (0,32) in dnevni prirast mase mesa (0,38). Poleg heritabilitet so bile velike tudi aditivne genetske variance. Za vključitev v selekcijski program bi na podlagi ocen predlagali odstotek mesa in maso kože s podkožno maščobo šunke.
Provider: - Institution: - Data provided by Europeana Collections- 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.- All metadata published by Europeana are available free of restriction under the Creative Commons CC0 1.0 Universal Public Domain Dedication. However, Europeana requests that you actively acknowledge and give attribution to all metadata sources including Europeana
Na M-Kmetijskem gospodarstvu Kočevje smo spremljali kemično sestavo, hranilno in energijsko vrednost koruzne silaže. V letu 1993 je silažno koruzo prizadela suša, zato smo za to leto določili še in ...vitro prebavljivost suhe in organske snovi dveh vzorcev od suše različno prizadete koruze ter dveh vzorcev silaže z različno vsebnostjo suhe snovi. Vsebnost suhe snovi analiziranih vzorcev silažne koruze je bila 275,8 in 362,4 g kg-1, v njej je bilo 252,0 in 254,7 g kg-1 surove vlaknine ter 6,38 in 6,41 MJ NEL. Prebavljivost suhe snovi je bila 0,664 in 0,660, prebavljivost organske snovi pa 0,657 in 0,652. Povprečje suhe snovi 6 vzorcev analiziranih silaž pridelka 1993 je bilo 312,9 ± 19,9 g kg-1, v njej je bilo 228,3 ± 13,1 g kg-1 surove vlaknine in 6,54 ± 0,12 MJ NEL. In vitro prebavljivost suhe snovi koruzne silaže s 311,1 g kg-1 suhe snovi je bila 0,665, organske snovi pa 0,657; v silaži s 347,2 g kg-1 suhe snovi pa je bila prebavljivost suhe snovi 0,666, organske snovi pa 0,660. V silaži pridelka 1994 (n=8) je bila povprečna vsebnost suhe snovi 362,9 ± 50,6 g kg-1, v njej je bilo 231,5 ± 18,6 g kg-1 surove vlaknine in 6,4 ± 0,2 MJ NEL. Analizirana silaža pridelka 1995 (n=5) je vsebovala 307,9 ± 26,3 g kg-1 suhe snovi, v kateri je bilo 238,1 ± 11,3 g kg-1 surove vlaknine, in 6,3 ± 0,12 MJ NEL. Menimo, da sta energijska in hranilna vrednost silaže iz leta 1993, ko je koruzo prizadela suša, realno nižji, kot kaže izračun na osnovi kemične analize.
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