Bakgrund: Revision har en framstående roll ur ett samhällsekonomiskt perspektiv, och har under sin framväxt möjliggjort samhällets ekonomiska framfart. Men i samband med denna framväxt har ett gap uppstått mellan klienters förväntningar och upplevt värde med en revision. Tidigare litteratur belyser inte vad som föranleder dessa förväntningar, eller vems förväntningar revisorn ska utgå ifrån. Författarna ämnar således att bidra med en ökad förståelse inom forskningsområdet. Syfte: Syftet med denna uppsats är att öka förståelsen för gapet mellan klientens förväntningar och upplevt värde med en revision. Metod: Denna kvalitativa uppsats karaktäriseras med en deduktiv forskningsansats, där semistrukturerade intervjuer med tio chefer för ekonomiavdelningen (finansdirektör), en VD samt en pilotstudie utgjorde det empiriska materialet. För att analysera detta material har en tematisk analys nyttjats. Slutsats: Av uppsatsens rön framgår det att det föreligger ett gap mellan klienters förväntningar och upplevelser i samband med en revision. Detta gap manifesterar sig främst i revisorers tillkortakommanden gällande deras förståelse för verksamheten, som följd av revisionsbranschens upplevda överflöd av oerfarna juniorer. Klienters utbildning och erfarenhet visar sig, tillsammans med det reviderade bolagets storlek och bransch, föranleda deras förväntningar. Uppsatsen visar även att det kan föreligga skillnader mellan vad en VD och finansdirektör förväntar sig av en revision, beroende på hur företagsstrukturen ser ut. Således kan det vara nödvändigt att göra en distinktion av vem som utgör klienten inom företagsledningen. Uppsatsen bidrar med att visa nödvändigheten av en distinktion av vem som utgör klienten inom företagsledningen och vad som kan föranleda förväntningar. / Background: Auditing has a prominent role from a socio-economic perspective, and during its rise has made society's economic progress possible. But in connection with this growth, a gap has emerged between clients' expectations and perceived value of an audit. Previous literature does not shed light on what prompts these expectations, or whose expectations theauditor should assume. The authors thus intend to contribute with an increased understanding within the research area. Purpose: The purpose of this essay is to increase understanding of the gap between clientexpectations and perceived value with an audit. Method: This qualitative essay is characterized by a deductive research approach, wheresemi-structured interviews with ten CFO:s, a CEO and a pilot study constituted the empirical material. To analyze this material, a thematic analysis has been used. Conclusion: From the essay's findings, it appears that there is a gap between clients' expectations and perceived value in connection with an audit. This gap manifests itself mainly in auditors' shortcomings regarding their understanding of the business, as a result of the audit industry's perceived abundance of inexperienced juniors. Clients' education and experience, along with the audited company's size and industry, appear to drive their expectations. The essay also shows that there can be differences between what a CEO and CFO expect from an audit, depending on how the company structure looks. Thus, it may be necessary to make a distinction of who constitutes the client within the company management. The essay contributes by showing the necessity of a distinction of who constitutes the client within the top management team and what can cause expectations.

[pt] Investigamos fatores associados ao valor agregado de proficiência em Língua Portuguesa e Matemática, a alunos do Ensino Médio de escolas estaduais do estado do Rio de Janeiro. A escolha pelo Ensino Médio é justificada pela importância desta etapa para a concretização plena do direito à Educação Básica, pelos baixos índices de desempenho e rendimento evidenciados nas avaliações nacionais e pela carência de estudos, no Brasil, sobre fatores associados ao desempenho dos alunos nesse nível de ensino. Seguindo apontamentos da literatura sobre as escolas eficazes e estudos baseados na análise de valor agregado, investigamos a variação dos ganhos de proficiência em Língua Portuguesa e Matemática entre os alunos de diferentes escolas da rede e sua associação com um conjunto de fatores internos e externos à escola, por meio do uso de dados do Sistema de Avaliação da Educação do Estado do Rio de Janeiro – SAERJ. Utilizando uma abordagem longitudinal, a obtenção dos valores agregados ao longo do Ensino Médio se deu pela comparação entre as proficiências prévias dos alunos, no SAERJ 2010, quando cursavam o nono ano do Ensino Fundamental, e as proficiências de saída desses mesmos alunos, quando foram avaliados no terceiro ano do Ensino Médio, em 2013. A análise dos dados compreendeu três etapas principais. Na primeira, tendo em vista que o nosso grupo de interesse estava constituído por alunos sem reprovações, comparamos características desse grupo com o restante dos alunos avaliados pelo SAERJ em 2013, de maneira a verificar o quanto nossa amostra se aproximava da realidade do restante do estado em termos das características sociodemográficas e socioeconômicas dos alunos, bem como das características do sistema de ensino (turno, modalidade de Ensino Médio, distribuição geográfica etc.). Os resultados dessa comparação evidenciaram que a amostra de alunos apresenta grandes semelhanças com o universo de alunos avaliados. Na segunda etapa, mapeamos a distribuição dos valores agregados de proficiência entre as escolas da rede estadual, buscando identificar variâncias significativas nos valores agregados, bem como escolas que tivessem se destacado positiva ou negativamente. A conclusão dessa segunda etapa nos permitiu categorizar as escolas da amostra, tendo em vista tanto suas médias de desempenho quanto sua localização na escala de padrões de desempenho do SAERJ. Os resultados mostram que há grandes desafios no Ensino Médio, referentes aos dois componentes curriculares avaliados, sobretudo em Matemática, disciplina na qual uma pequena minoria dos alunos se encontra nos níveis adequado ou avançado de proficiência. Na última etapa, através do uso de modelagem linear hierárquica, foram feitas análises dos fatores associados aos valores agregados de proficiência. Os principais resultados apontam que o porte da escola importa tanto para a eficácia como para a equidade escolar; que a reprovação está associada a desempenhos mais baixos dos alunos especialmente em Matemática; e que políticas e práticas mais democráticas de gestão escolar estão associadas a melhores proficiências em Língua Portuguesa e, principalmente, em Matemática. A tese também traz evidências de escolas em que há associação significativa entre eficácia e equidade, especialmente em Língua Portuguesa. / [en] We investigated factors associated with proficiency value-added in Portuguese and Mathematics to high school students in the state of Rio de Janeiro. The relevance of this work is based on the importance of this level of education for the full realization of the right to education, the low levels of performance evidenced by national educational evaluation systems and the lack of studies in Brazil on factors associated with student performance at this level of education. Following notes of the literature on effective schools and studies based on value-added analysis, we investigated the variation of proficiency gains in Portuguese Language and Mathematics among students from different schools of the network and its association with a set of internal and external factors to school. Data were obtained through the Evaluation System of education in the state of Rio de Janeiro - SAERJ. From a longitudinal approach, added-values over the high school was given by comparing the previous proficiencies students in SAERJ 2010, when they were attending the 9th grade of elementary school, and the output proficiencies of these same students, when evaluated in the 3rd year of high school, in 2013. Data analysis was developed in three stages. At first, given that our interest group was made up of students without reproaches, we compare characteristics of this group with the rest of the students evaluated by SAERJ in 2013, in order to check how much our sample approached the state of the rest, in terms of sociodemographic and socioeconomic characteristics of students as well as the characteristics of the education system (shift, high school mode, geographical distribution etc.). The results of this comparison showed that the sample of students is very similar to the universe of evaluated students. In the second step, we map the distribution of proficiency added-values between schools of the state, seeking to identify significant variances in the aggregate figures and schools that had stood out positively or negatively. The completion of this second stage allowed us to categorize the schools in the sample, with a view both their average performance and its location on the scale of SAERJ performance standards. The results show that there are major challenges in high school, for the two curriculum components evaluated, especially in Mathematics, in which a small minority of students is in the appropriate level or advanced level of proficiency. In the last step, through the use of hierarchical linear modeling, analysis of factors associated with proficiency added-values was made. The main results show that school size matters both for effectiveness and for school equity; that school failure is associated with lower performance of the students especially in mathematics; and more democratic policies and practices of school management are associated with better proficiency in Portuguese and, especially, in mathematics. The thesis also provides evidences of schools where there is a significant association between efficiency and equity, especially in Portuguese.

[ES] La participación de las micro, pequeñas y medianas empresas (MiPymes), es vital para el crecimiento y desarrollo sostenido de la economía de un país, en el Ecuador representan el 99,51% del total de empresas, por lo que se busca entender y difundir la importancia que tiene la integración del diseño en la estructura empresarial ecuatoriana para generar productos con valor agregado, que puedan llegar a mercados internacionales, ya que, a pesar de ser una actividad reconocida por muchas Pyme, todavía existe desconocimiento de lo que es, significa y aporta realmente el diseño ya que constituye un campo poco explorado y difundido en el contexto ecuatoriano. La investigación tiene un enfoque cualitativo. Los datos secundarios corresponden a un análisis bibliográfico referente al Diseño, la Gestión y la Innovación. Mientras que, los datos primarios se recolectaron en primera instancia a través de una encuesta realizada a 14 MiPymes del sector manufacturero de alimentos y bebidas de la Zona 9 - Distrito Metropolitano de Quito, que se encuentran exportando en la actualidad entre una y cuatro líneas de productos de manera permanente, con el objetivo de entender la perspectiva de la empresa frente al diseño y su nivel de integración; posterior a ello se hizo un acercamiento mediante una entrevista en profundidad que permitió conocer datos particulares respecto de las líneas de productos que se desarrollan, los productos que se exportan y las modificaciones que se implementan a fin de llegar a los diferentes lugares de destino. De igual manera se contó con la colaboración de la Subsecretaría de MiPymes y Artesanías del Ministerio de Producción Comercio Exterior Inversiones y Pesca, quienes asesoran a las MiPymes en su proceso de internacionalización y facilitaron datos técnicos respecto a las normativas alimentarias vigentes es los diferentes países. La presente tesis propone una lista de factores que se consideran idóneos para implementarse en los productos alimenticios que buscan ser exportados, a fin de generar valor agregado y favorecer la competitividad en el mercado. Es vital el conocimiento y aplicación de las normativas de etiquetado, así como la vinculación permanente del diseño en la estructura de la empresa ya que en la actualidad no se considera una actividad primordial dentro de la organización, y sólo se emplea al final del proceso productivo para la resolución de la parte estética del producto. / [CA] La participació de les micro, petites i mitjanes empreses (MiPymes), és vital per al creixement i desenvolupament sostingut de l'economia d'un país, a l'Equador representen el 99,51% del total d'empreses, per la qual cosa es busca entendre i difondre la importància que té la integració del disseny en l'estructura empresarial equatoriana per a generar productes amb valor agregat, que puguen arribar a mercats internacionals, ja que, malgrat ser una activitat reconeguda per moltes Pime, encara existeix desconeixement del que és, significa i aporta realment el disseny ja que constitueix un camp poc explorat i difós en el context equatorià. La investigació té un enfocament qualitatiu. Les dades secundàries corresponen a una anàlisi bibliogràfica referent al Disseny, la Gestió i la Innovació. Mentre que, les dades primàries es van recol·lectar en primera instància a través d'una enquesta realitzada a 14 MiPymes del sector manufacturer d'aliments i begudes de la Zona 9 - Districte Metropolità de Quito, que es troben exportant en l'actualitat entre una i quatre línies de productes de manera permanent, amb l'objectiu d'entendre la perspectiva de l'empresa enfront del disseny i el seu nivell d'integració; posterior a això es va fer un acostament mitjançant una entrevista en profunditat que va permetre conéixer dades particulars respecte de les línies de productes que es desenvolupen, els productes que s'exporten i les modificacions que s'implementen a fi d'arribar als diferents llocs de destinació. D'igual manera es va comptar amb la col·laboració de la Sotssecretaria de MiPymes i Artesanies del Ministeri de Producció Comerç Exterior Inversions i Pesca, els qui assessoren les MiPymes en el seu procés d'internacionalització i van facilitar dades tècniques respecte a les normatives alimentàries vigents és els diferents països. La present tesi proposa una llista de factors que es consideren idonis per a implementar-se en els productes alimentosos que busquen ser exportats, a fi de generar valor agregat i afavorir la competitivitat en el mercat. És vital el coneixement i aplicació de les normatives d'etiquetatge, així com la vinculació permanent del disseny en l'estructura de l'empresa ja que en l'actualitat no es considera una activitat primordial dins de l'organització, i només s'empra al final del procés productiu per a la resolució de la part estètica del producte. / [EN] The participation of micro, small and medium-sized enterprises (MSMEs) is vital for the sustained growth and development of a country's economy. In Ecuador they represent 99.51% of the total number of companies, so we seek to understand and disseminate the importance of integrating design in the Ecuadorian business structure to generate value-added products, Despite being an activity recognized by many SMEs, there is still a lack of knowledge about what design is, what it means and what it really contributes, since it is a field that has been little explored and disseminated in the Ecuadorian context. The research has a qualitative approach. The secondary data corresponds to a bibliographic analysis on Design, Management and Innovation. While, the primary data were collected in the first instance through a survey of 14 MSMEs in the food and beverage manufacturing sector of Zone 9 - Metropolitan District of Quito, which are currently exporting between one and four product lines on a permanent basis, in order to understand the company's perspective on design and its level of integration; after that, an in-depth interview was carried out in order to know particular data regarding the product lines that are developed, the products that are exported and the modifications that are implemented in order to reach the different destinations. The Undersecretariat of MSMEs and Handicrafts of the Ministry of Production, Foreign Trade, Investment and Fishing also collaborated with the company, advising MSMEs in their internationalization process and providing technical data on the food regulations in force in the different countries. This thesis proposes a list of factors that are considered ideal to be implemented in food products that seek to be exported, in order to generate added value and promote competitiveness in the market. It is vital the knowledge and application of labeling regulations, as well as the permanent linking of design in the structure of the company since at present it is not considered a primary activity within the organization, and it is only used at the final of the productive process for the resolution of the aesthetic part of the product. / Bravo Donoso, D. (2022). La importancia del diseño en el desarrollo de productos con valor agregado para su internacionalización, en el sector manufacturero - alimentos y bebidas - de la Zona 9 del distrito metropolitano de Quito (Ecuador) [Tesis doctoral]. Universitat Politècnica de València. https://doi.org/10.4995/Thesis/10251/186302 / TESIS

Introduction is focused on analyze green roof like a part of buiding construction, when thesis assembly principles of right proposal green roof layers. Main part describes characteristic properties green roofs at global impact. We get some added values after comparison with classic roof types. Master thesis consists of survey of added values of green roofs in these categories: life cycle assessment, microclima, outdoor climate, water retention. End of thesis devote to psychological effect of green roofs include questionnare about relationship between czech society and green roofs.

Cette thèse se propose d’étudier les déterminants des prix des médicaments innovants de l’oncologie, en s’interrogeant à la fois sur le rôle des caractéristiques propres à chaque produit, en particulier sa valeur thérapeutique ajoutée, et sur l’influence d’éléments structurels, notamment les modalités des politiques de fixation des prix appliqués par les Etats.Une revue de la littérature nous permet tout d’abord de spécifier les modalités de fixation des prix ainsi que les nouveaux instruments mis en place par les décideurs pour réguler leur montant. Nous montrons que la détermination des prix des traitements innovants passe par l’évaluation de la valeur ajoutée et donc la mise en place de politiques d’évaluation de type Health Technology Assessment (HTA). Toutefois, nous mettons en lumière que les politiques de prix se réfèrent à des doctrines différentes tant dans les démarches évaluatives que dans la fixation des prix. Dès lors, nous proposons un cadre théorique de détermination des prix qui permet de prendre en compte ces différences. En complément, la constitution d’une base de données incluant les caractéristiques des anticancéreux et leurs prix fixés dans huit pays de l’OCDE, nous permet d’entreprendre différentes analyses statistiques.A partir des études empiriques, nous examinons dans un premier temps la relation entre les prix et le caractère innovant des anticancéreux. Nous commençons pour cela par nous intéresser à l’accès au marché de ces produits dans les pays retenus avant d’examiner les disparités de prix entres les pays.Si l’on constate qu’une majorité des médicaments de notre échantillon étaient bien disponibles dans ces pays, il apparaît néanmoins des différences en matière réglementaire, notamment concernant l’octroi du statut de médicament orphelin ou encore en matière de délais d’enregistrement. Une étude comparative plus fine des évaluations faites par le NICE et la HAS confirme l’existence de divergences sur les décisions et/ou recommandations de prise en charge malgré une appréciation similaire de la valeur ajoutée. Enfin lorsqu’on procède à la comparaison des prix, on constate un écart de prix considérable selon les modalités de fixation des prix appliqués par les Etats.Ce dernier constat nous conduit ensuite à rechercher des éléments d’explication à partir d’une approche économétrique permettant de mesurer l’effet de la valeur ajoutée, définie par la survie incrémentale, sur le prix des anticancéreux. De façon complémentaire, nous montrons que cette influence se manifeste même lorsque l’estimation de cette valeur ajoutée reste incertaine au regard du niveau de preuve obtenu.De façon complémentaire, les analyses économétriques confirment que les écarts de prix entre pays reflètent les différences internationales sur les choix de politique de prix. En effet, nous montrons que les prix les plus élevés sont relevés dans les pays exerçant une politique de prix libres. A l’inverse, les prix les plus bas sont retrouvés dans les pays pratiquant une évaluation économique. Et l’on retrouve à un niveau intermédiaire les pays ayant recours à la négociation et au référencement international. / This PhD thesis focused on the regulation and the determinants of innovative drugs prices in oncology. First, with a literature review we provided a comprehensive description examining the pricing mechanisms of innovative drugs in OECD countries. This approach shows us that most of the countries determine their prices according the assessment of the added value of the pharmaceutical product, and use HTA policies in their decisions making. Based on that conclusions and regarding the differences observed between the policies’ countries we assumed a framework to describe the pricing mechanism.In addition, we developed an original database which contains the anticancer drugs characteristics and their prices in 8 OECD countries. From empirical studies, we examined the relationship between the prices and the drugs characteristics. Before assessing prices disparities between the selected countries, we focused on the market approval of these medicines in each country. Nevertheless, even if most of the products were available in all studied countries, we observed differences between their regulations notably concerning the orphan status designation as well as for the time to market authorization.Thereafter, we achieved a comparative study to assess the discordance between the NICE and HAS. This analysis shows that despite a similar estimation of the added value, there is divergences between these HTA bodies in term of decisions making. Then, when we investigated the trends in prices across the selected countries, the level of pricing disparities observed, in most cases, seems to reflect the differences in pricing regulations.Finally, in order to highlight the determinants of these disparities between countries with respect to anticancer drug prices, we used the econometric approaches, we assessed both the effects on the prices of the added value (the incremental survival) and the pharmaceutical policy: It appears that the incremental survival impacts on the prices, independently of its uncertainties and its level of evidence provided in the clinical trials. In addition, the analysis confirms that the prices disparities reflect the pricing policy applied. Indeed, the countries using a free pricing policy have the highest-level prices, followed by the countries using the pricing negotiation and external reference pricing. Lastly, the countries using economic evaluation have the lowest prices.

Examensarbetet utgörs av en sammanfattning av tre genomförda nybyggnadsprojekt. Foton, ritningar och skisser visar hur arkitektoniska koncept omsatts från vision till verklighet. Gemensamt för projekten är att målbilden varit inriktad på nytta, identitet och mervärde.   Kanal 5 i Stockholm är en mindre glasbyggnad som blivit en symbol för omvandlingen av ett helt innerstadskvarter, där verksamheterna ändrats från industri och hantverk till arbetsplats för idéprojekt och mediaproduktion. Byggnaden fungerar som huvudentré till äldre lokaler som renoverats. Stadsutveckling. Kommunikation. Landmärke.   Canon i Solna är ett medelstort kontorshus som i sitt utförande förenar en värdeneutral prefabriceringsestetik med det globala hightech-företagets krav på attraktiv arbetsmiljö, representativitet och profilering. Kontakt, öppenhet och överblick präglar byggnadens inre organisation. Effektivitet. Varumärke. Gränssnitt.   Swedbank Stadion i Malmö är resultatet av en hel regions långsiktiga uppslutning kring det lokala fotbollslaget, Malmö FF. Ett renodlat fotbollsstadion, en teaterscen för utpräglad fankultur, en intäktsmaskin för klubben i dess strävan mot etablering i det internationella finrummet. Interaktivitet. Historia. Intäkter. / The thesis consists of a summary of three completed projects. Photographs, drawings and sketches demonstrate how architectural concepts have been carried through into real buildings. Common to these projects is the clear focus on utility, identity and added value.   Kanal 5 in Stockholm is a small glass building. It has become a symbol of the transformation of an entire city block, where operations have changed from industry and crafts to work on conceptual content and media production. The building serves as the main entrance to the older renovated premises. Urban development. Communications. Landmark.   Canon in Solna is a medium-sized office building. Its design combines the anonymous aesthetics of prefabrication with the global high-tech company's requirement for an attractive working environment, hospitality and profiling. Connection, transparency and visibility characterize the building's interior organization. Efficiency. Branding. Interface.   Swedbank Stadion in Malmö is the result of an entire region's long-term commitment to the local football team, Malmö FF. A genuine football stadium, a theatre for a devoted fan culture, a cash machine for the club in its ambition to establish itself in the international community. Interactivity. History. Revenue.

L'elemento che distingue un'operazione di cartolarizzazione consiste, secondo la definizione espressa nell'accordo di Basilea2, nell'identificazione di almeno due differenti posizioni di rischio (tranche), stratificate e subordinate, emesse a fronte di uno specifico portafoglio di attività. Nonostante il ricorso al tranching sia ampiamente diffuso e standardizzato le determinanti che giustificano il ricorso all'emissione multi-tranche sono ad oggi poco approfondite. Inoltre, i titoli emessi a fronte di operazioni di cartolarizzazione (CDO) possiedono profili di esposizione al rischio di credito differenziati, in termini di incidenza delle perdite attese ed inattese, ed in termini di correlazione con altri fattori di rischio: la valutazione del profilo di rischio è condizione necessaria per l'attribuzione di un giudizio di rating e per la definizione di un appropriato premio al rischio (pricing). Si rivela necessaria tanto la stima della distribuzione delle perdite del portafoglio (credit risk modelling) quanto l'analisi strutturale dei flussi di cassa generati e l'allocazione degli stessi alle tranche (cash flow modelling). Sulla base della letteratura di security design la tesi intende valutare l'efficienza del processo di intermediazione basato sulla cartolarizzazione multi-tranche rispetto all'intermediazione bancaria tradizionale e a forme di asset-backed security con unica tranche e focalizza l'analisi attraverso una verifica empirica delle teorie economiche a supporto del tranching, con particolare riferimento alla cartolarizzazione dei prestiti concessi ad imprese di piccola e media dimensione, oggetto di analisi specifica condotta nell'ambito di un'esperienza di stage presso il Fondo europeo degli investimenti. Quindi, grazie alla realizzazione di un modello computazionale sviluppato con un software di pianificazione finanziaria multidimensionale (Quantrix), la tesi presenta un approfondimento delle technicalities, mediante una modellizzazione dei flussi e della loro allocazione (Waterfall Payment Order), allo scopo di apprezzare il valore aggiunto di queste strutture di intermediazione. Aspetto, questo, non sviluppato nella letteratura accademica. L'analisi si rivolge alle operazioni realizzate nell'ambito dei due principali programmi di cartolarizzazione dei prestiti alle PMI attuati in Europa (Ftpyme e Promise). / Securitisation is a structured finance instrument which involves pooling of financial assets (such as loans and bonds) and creating multiple tranched liabilities, collateralized debt obligation (CDO), of a single issuer with different risk-return characteristics, which are sold as separate securities. According to the New Basel Capital Accord, tranching is the key feature that distinguishes securitisation transactions; although commonly applied, the factors that determine the extent and the nature of tranching remain largely unknown. Moreover, because tranching allows the risk characteristics of the collateral pool to be transformed, it contributes to transaction complexity in assessing the risk properties of such structured instruments: the risk profile that can be generated through tranched exposure, in terms both of expected/unexpected incidence losses and correlated default of pool assets, can lead to substantial differences among tranches, depending on the level of subordination below a certain tranche. Key to the reliability of structured finance pricing and ratings is the accuracy in assessing the credit risk in the underlying portfolio (credit risk modelling), as well as the accurate modelling of the distribution of cash flows to different classes of CDO (cash flow modelling). By analyzing the finance literature relating to security design and securitization this thesis provides an analysis of the efficiency of financial intermediation model based on securitisation and an empirical test of theories supporting the economic added value of tranching, with regard to SMEs loan securitisation, which topic was specifically investigated during a stage at the European Investment Fund. By realization of a computational model, performed using a multidimensional modelling software (Quantrix), the thesis closely examines securitisation transaction's technicalities, by modelling both portfolio cash flows and funds allocation (Waterfall Payment Order), in order to asses the ability of the structure to withstand various stressed scenarios. This analysis offers an analytical and micro-approach to securitisation transactions, which has not deeply investigated in academic literature yet. The model applies to SMEs loan securitisation transactions, concluded within specific securitisation European Programme (Ftpyme in Spain and Promise in Germany).

In dieser Dissertation wird der Einfluss von Transaktionen zur Wiederverwendung von Nährstoffen und gereinigtem kommunalen Abwasser auf die Wertschöpfungsketten der Abwasserbehandlung und Pflanzenproduktion untersucht. Ziel ist es, Kosten und Nutzen sowie die Wertschöpfung von Transaktionen in verknüpften Wertschöpfungsketten der Abwasserbehandlung und Pflanzenproduktion zu analysieren. Darüber hinaus wird untersucht, wie Transaktionen und Interdependenzen zwischen Akteuren in verknüpften Wertschöpfungsketten die lokalen Governance-Strukturen für die Wiederverwendung von Abwasser beeinflussen. Die Analyse wird hauptsächlich durch das Wertschöpfungskettenkonzept, das Konzept der Kreislaufwirtschaft und die Theorie der Transaktionskostenökonomie geleitet. Mit verschiedenen Methoden, wie der Kosten-Nutzen-Analyse, der Wertschöpfungskettenanalyse und der Transaktionskostenanalyse, werden zwei Fallstudien in Deutschland untersucht: (1) die Fällung von Struvit (Magnesium-Ammonium-Phosphat) und dessen Verwendung als Dünger in Berlin-Brandenburg und (2) das Modell der landwirtschaftlichen Abwasserwiederverwendung in Braunschweig. Die Ergebnisse zeigen, dass die Wiederverwendung von Nährstoffen und Abwasser zu geringeren Kosten für die Abwasserbehandlung, höherer Rentabilität und Wertschöpfung in der Pflanzenproduktion und zu einem hohen Anteil an regionaler Wertschöpfung führen. Die Ergebnisse verdeutlichen aber auch, dass die Wiederverwendung von Abwasser zu Einschränkungen, Verdrängungseffekten und Veränderungen in der Verteilung der Wertschöpfung führen kann. Des Weiteren zeigen die Ergebnisse, dass differenzierte Governance-Strukturen erforderlich sind, um den unterschiedlichen Eigenschaften der Transaktionen zwischen Abwasserbehandlung und der Pflanzenproduktion gerecht zu werden. Interdependenzen zwischen Abwasseranbietern und Landwirten erhöhen den Bedarf an hybriden und hierarchischen Elementen in den Governance-Strukuren für die Wiederverwendung von Abwasser. / This dissertation explores the impact of transactions for reusing nutrients and treated municipal wastewater on the value chains of wastewater treatment and crop production. It aims to analyze what costs and benefits and what added-value can result from transactions in linked value chains of wastewater treatment and crop production. Furthermore, it aims to analyze how transactions and interdependences between actors in linked value chains shape the governance structures for reusing wastewater at the local level. The analysis is mainly guided by the value chain concept, the concept of the circular economy and the theory of transaction costs economics. Different methods including cost-benefit analysis, value chain analysis and transaction cost analysis are used to investigate two case studies located in Germany: (1) the precipitation of struvite (magnesium ammonium phosphate) in the wastewater treatment plant in Waßmannsdorf and its application as fertilizer in Berlin-Brandenburg, and (2) the agricultural wastewater reuse scheme of the Wastewater Association Braunschweig. The results show that transactions for reusing nutrients and wastewater result in the development of linked regional value chains with lower costs of wastewater treatment, higher profitability and added-value in crop production, and a high share of regional added-value. However, the results also highlight that the reuse of wastewater can lead to restrictions (e.g., cultivation bans on certain crops), crowding out effects and changes in the distribution of the added-value. Furthermore, the findings suggest that different governance structures are needed to match the different properties of the transactions between wastewater treatment and crop production. Interdependences resulting from transactions between wastewater providers and farmers increase the need for hybrid and hierarchical elements in the governance structures for reusing wastewater.