Yes / The concept of waste and how it can be reduced, recycled, refurbished or reused in its current form has been widely discussed in industry. The importance of waste reduction from an environmental and economic perspective has also heightened in both industry and within the research arena. Thus said, stringent steps have been taken to facilitate the collection of and capture residual value in waste items. This article explores this premise in relation to medicines waste as part of the wider medicines optimisation agenda.

Residual value is defined as the price for which a used piece of equipment can be sold in the market at a particular time. It is an important element of the owning costs of equipment and needs to be estimated by equipment managers for making investment decisions. The purpose of this study is to gain insights into the residual value of selected groups of heavy construction equipment and to develop a mathematical model for its prediction. Auction sales data were collected from two online databases. Manufacturer publications and an online source provided size parameters and manufacturers suggested retail prices matching the auction records. Macroeconomic indicator values were collected from a variety of sources, including government agencies. The data were brought into the same electronic format and were matched by model name and calendar date, respectively. Data from auctions in the U.S. and in Canada were considered for this study. Equipment from four principal manufacturers of up to 15 years of age at the time of sale was included. A total of 35,542 entries were grouped into 11 different equipment types and 28 categories by size as measured by horse power, standard operating weight, or bucket volume. Equipment types considered were track and wheel excavators, wheel and track loaders, backhoe loaders, integrated toolcarriers, rigid frame and articulated trucks, track dozers, motor graders, and wheel tractor scrapers. Multiple linear regression analyses of the 28 datasets were carried out after outliers had been deleted. Explanatory variables for the regression model were age in years, the indicator variables manufacturer, condition rating, and geographic region, and selected macroeconomic indicators. The response variable was residual value percent, defined as auction price divided by manufacturers suggested retail price. Different first, second, and third-order polynomial models and exponential and logarithmic models of age were examined. A second-order polynomial was selected from these functional forms based on the adjusted coefficient of determination. Coefficients for the 28 models and related statistics were tabulated. A spreadsheet tool incorporating the final regression model and its coefficients was developed. It allows performing the residual value prediction in an interactive and intuitive manner. / Ph. D.

Previous academic literature examining the performance of private equity funds has documented that the average private equity fund has failed to outperform public equity markets. This underperformance coupled with a greater risk-return trade-off has failed to discourage investment in private equity markets. In fact, private equity firms have enjoyed record amounts of fund raising over the past several years. This phenomenon has been characterized as a puzzle and its investigation within the academic literature has only just begun. Using a unique and current data set covering private equity returns and their underlying cash flows, we examine performance measurements of private equity funds in the context of their relationships with one another and with public markets; as well as, examine the characteristics of the funds and their managers that drive these relationships. Our findings suggest that private equity investors are partially motivated by misinterpreted performance measurements and that this misinterpretation is compounded by fund reported residual values. These findings have important policy implications for both private equity fund managers and investors.

The aim of this thesis is to analyse the long-term relationship between the value of the fixed assets and the output of the selected economic activities for the period of the years 1995 and 2009. All economic activities except the industrial ones were selected for the analysis. The thesis contains also evaluation of the assumption of the parametric and Gordon formula for the calculation of the residual value. The output of the thesis is the recommendation of the estimating the investments and alternative practice for the calculation of the residual value. The thesis is also focused on evaluation of the sensitivity of the selected economic activities on the economic conjuncture taking into consideration that economic growth is considered as decisive when planning the future growth rate g of businesses and economic activities.

The main objective of the study was to estimate non-market value of irrigation water as an input in sugar cane production in the Lowveld of Swaziland. This study used two independent approaches to non-market valuation, the residual value and production function approaches, to calculate the value that sugar cane farmers in the Lowveld region of Swaziland attach to irrigation water. The former estimated the average value of water, while the latter estimated the marginal value. The study also estimated the output elasticity of irrigation water, identified factors determining irrigation water values, and used stochastic frontier analysis to estimate farmers’ technical efficiency (TE) scores, and investigated the relationship hypothesised between irrigation water values and TE. Irrigated sugar cane production was specifically selected for this study on account of its socio-economic importance in Swaziland. Using data obtained from 78 sugar cane farms, the mean estimated value of irrigation water, measured in Emalangeni per metre cubed, was E1.60/m3 using the residual value approach, and E1.51/m3 using the production function approach. A t-test showed that the observed differences between the values estimated from the two independent approaches were not statistically significant, suggesting that either method can be used to value irrigation water employed in sugar cane production in Swaziland. The results from the t-test, in conjunction with the economic theory of duality, also allow us to conclude that the production technology employed by irrigation sugar cane farmers exhibits constant returns to scale. Irrigation water was output inelastic (0.711), lending additional credence to the constant returns technology conclusion. The value calculated for irrigation water was negatively related to irrigation water quantity, suggesting that price can be used as an instrument to directly regulate the quantity of irrigation water the farmer employs. The value calculated for irrigation water was negatively related to quantities of labour, quantity of irrigation water used, fertilizer and chemicals employed, suggesting that price can be used as an instrument to indirectly regulate the quantity of irrigation water the farmer employs. The value imputed for irrigation water was positively related to farm size and total revenue, suggesting that the more resourceendowed farmers can potentially pay higher for irrigation water. It is thus conceivable to design irrigation water pricing policies with equity considerations. TE scores ranged from 0.397 to 0.955, with a mean of 0.840. Farmers with higher TE scores also had higher implicit values for irrigation water, suggesting that irrigation water pricing can be used as a tool for motivating resource use efficiency. The key policy implication derived from this study is that price-based instruments have a potential in the management of scarce irrigation water resources in Swaziland. / Dissertation (MSc)--University of Pretoria, 2013. / gm2014 / Agricultural Economics, Extension and Rural Development / unrestricted

Vi undersöker tillgångsrecognition vid återköpsavtal med garanterade restvärden, och hur köpare kan redovisa transaktionen för en materiell anläggningstillgång när avtalet innehåller en återköpsoption. Studien behandlar frågan om kontroll över tillgångar, konsekvenser av koherens respektive inkoherens för finansiella rapporters användbarhet, samt huruvida redovisningen reflekterar återköpsavtals ekonomiska substans. Vi genomför en innehållsanalys för att systematiskt kartlägga köparens olika redovisningsalternativ. Vidare används typfall för att möjliggöra analys av identifierade standarder och riktlinjers tillämpning. Vi finner att IFRS saknar transaktionsspecifika riktlinjer som riktar sig mot köparen. De standarder och riktlinjer som i det principbaserade redovisningssystemet finns tillgängliga för tolkning är vaga, i den bemärkelse att de lämnar utrymme för olikheter i bedömningar, vilket i sin tur har en negativ effekt på finansiella rapporter jämförbarhet och användbarhet. Vidare identifierar studien bristen på tydliga riktlinjer som en risk för medveten manipulation och förekomst av earnings management. / We examine asset recognition for repurchase agreements with guaranteed residual values, and how buyers can account for the transaction for a tangible fixed asset when the contract contains a repurchase option. The study deals with the issue of control over the asset, the consequences of symmetry and asymmetry for the usefulness of financial reports and whether the accounting reflects the financial substance of repurchase agreements. We conduct a content analysis to systematically map out the buyer's different accounting options. Furthermore, typical cases are used to enable analysis of identified standards and guidelines. We find that IFRS lacks transaction-specific guidelines that target the buyer. The standards and guidelines that are available for interpretation in the principle-based accounting system are vague in that they leave room for differences in assessments, which in turn have a negative effect on comparability and usefulness in financial reports. Furthermore, the study identifies the lack of clear guidelines as a risk of deliberate manipulation and the occurrence of earnings management.This paper is written in Swedish.

This case study investigated profitability of a small stand of fast-grown Eucalyptus nitens in Canterbury for sawn timber production. This stand was pruned and thinned and then harvested at 15 years old. An estimate of per-hectare log yields and diameters was made from the stand. Sample logs were sawn, dried and profiled, then products quantified. Log prices were estimated using the residual value method. Prices were summed for sawn products from each log, from which processing expenses and sawmill profit were deducted for an estimate of log value. In the absence of market prices for sawn E. nitens products empirical estimates of price were derived from market survey data. Predictive models were produced from estimated stand log yields along with predicted product revenues and processing costs from sample logs. These were used for estimating per-hectare log residual values from the case study stand trees. Financial returns to the grower were then calculated as discounted cash flows from the estimated log residual values per hectare, taking into account grower costs along with harvesting and transport costs. Best-practice processing methods were identified from the literature and applied as a productivity benchmark. Methods were developed with the view to standardising data across research efforts that seek to improve grade recoveries for E. nitens. A range of factors were investigated that potentially influenced E. nitens log residual value in this case study, including log diameter and log position. Outcomes included a reasonably favourable return on investment for the grower. However, this depended on a number of factors such as land price, distance from processor, product prices, grading methods, drying methods and level of sawmill profit. The application of contemporary best practice small-scale processing methods indicates that E. nitens has potential as a profitable plantation species for solid timber production.

The aim of this masters thesis, based on discourse analysis and organization theory, is to study how individuals in different Swedish cultural organizations- and agencys are working with disaster preparedness. The purpose of this is to examine whether organizational structures affect different persons work, cooperation and practical application concerning disaster preparedness in collaboration with both external and internal organizations. The research shows that disaster preparedness are affected by priority issues as well as financial resources causing consequences for future work concerning this kind of issues. Another problem which is also examined and discussed in this thesis are the problematic approach to personal initiative which today is the leading operation for the organizations to deal with disaster preparedness instead of creating professional titles for the persons handles these complex issues.

I marknadsrapporter går att läsa att samhällsfastigheter är en lågriskplacering där investerare söker säker hamn när det börjar blåsa. I Catella Property Forecast (2019) bedöms samhällsfastigheter som låg risk med medel-till-hög avkastning. Den underliggande efterfrågan på samhällsfastigheter i Sverige drivs av den demografiska utvecklingen och framgent behövs stora investeringar för att möta behovet bland landets kommuner och landsting. Hos investerarkollegiet har samhällsfastigheter seglat upp som ett alltmer populärt segment och i en marknadsrapport från Pangea Property Partners kommuniceras att samhällsfastigheter är den mest eftertraktade produkten bland institutionella investerare på fastighetsmarknaden i Sverige (Pangea Institutional Outlook, 2019). På grund av dess beskaffenhet bedöms risk och osäkerhet för investeringar i samhällsfastigheter som relativt låg under kontraktsperioden där ekonomiskt stabila hyresgäster säkerställer ett kassaflöde under långa hyresförhållanden. Hyresgästrisken och vakansrisken är i princip obefintlig under de långa hyreskontraktens löptid. Dock behäftas fastigheterna alltid, likt alla fastigheter, med en viss risk som kan härledas till exempelvis teknisk risk och miljörisk. Utöver dessa tillkommer även politisk risk samt juridiska risker. Specifikt för samhällsfastigheter är att de, per definition, är specialanpassade för verksamheten vilket kraftigt begränsar dess alternativa användning. Alla ovan nämnda parametrar ska speglas i en marknadsvärdesbedömning utförd av en registrerad värderare. Marknadsvärdesbedömningar är centrala i beslutsfattandet vilket föranleder att det är av största vikt att de är rättvisande. Då investerare känner komfort för de förhållanden som råder under löptiden för de långa avtalen är det intressant att granska synen på dessa fastigheter då kontrakten har löpt ut. Syftet med denna fallstudie är att genomlysa hur restvärdet för samhällsfastigheter bedöms av värderare med hänsyn till osäkerhet och risk. Värdering av fastigheter sker vanligen med kassaflödesmetoden som bygger på att framtida driftnetton under en given kalkylperiod diskonteras. Till detta värde adderas ett diskonterat restvärde som ska motsvara fastighetens värde vid slutet av kalkylperioden vilket ofta sammanfaller med att hyreskontraktet löper ut. Metoden bygger till stor del på prognostisering av framtiden. Följaktligen är värderingar behäftade med osäkerhet. Hur riskerna och osäkerheterna behandlas i värderingen kommer att framgå av resultatet. Studien visar att värderanas syn på restvärdesrisken för samhällsfastigheter är nästintill enhetlig och bygger ur teoretisk synvinkel på en objektiv bedömning av värderingsobjektets egenskaper och förutsättningar vid kalkylperiodens slut. Här bedöms ingående parametrar så som geografiskt läge, fastighetens kvalitet och standard men även politisk risk och vad byggnaden är anpassad till i dagsläget. Det framkommer även hur centralt sambandet mellan initial direktavkastning, exit yield och marknadens avkastningskrav är i bedömningen. Studien visar även att värderare bedömer att investerare inte fullt ut tar hänsyn till restvärdesrisken på de nivåer som transaktioner sker till i dagsläget. / Currently, there is strong investor demand for public property in Sweden with yields declining for both prime and secondary segments of the market. The underlying demand for properties relating to education and elderly care is expected to be high for years to come as a result of a growing population and other demographic changes. Investments in public property is considered low risk due to the long-term leases with financially strong and stable tenants. The occupancy rate for public property is high, partly due to the fact that single tenant properties are a regular occurrence and partly because the high demand. All investments are associated with risk, the character of which varies depending on the type of property and various other factors. Technical risk, political risk and environmental risks to name a few. Public properties are, per definition, properties that primarily houses tax-financed operators and that is customized for public services. Because of the specialized nature of these assets and the fact that they are difficult to convert to other uses the question of risk and uncertainty arise at the end of the lease period. When valuing a property using the discounted cash flow method this moment in time in when the terminal value is evaluated. The aim of this case study is to examine how valuers assess the risk and uncertainty associated with the terminal value of public property in Sweden. Through analysis of the external valuations that have been undertaken at one of Sweden’s largest owner of public properties for the end of year 2018 the objective is to find factors related to the terminal value that differ between properties intended for educational purposes and those for elderly care. By conducting interviews with external valuers, the report will outline what aspects of a property valuers examine in determining the terminal value. Information gathered in the interviews will be used to analyze the valuations that were carried out for the end of year reporting of Sweden’s largest owner of public property. The report starts with a review of the fundamentals of valuation which later in the report will be applied to the empirical data to create a framework from which determination of the risk associated with the terminal value of public property can be judged. Furthermore, the report will seek to understand the bridge between theory and practice in the subject.

Рассмотрено влияние продуктивности земли в зависимости от использования объекта культурного наследия, при соблюдении ФЗ-73 и охранных обязательств. Проведенные расчеты позволили провести сравнение остаточной стоимости с кадастровой и отметить методологические недостатки в методике оценки кадастровой стоимости земли с позиций экономики городского землепользования. А также в рамка работы предложена модель управления ОКН, включающей проведения аудита с использованием due diligence, и разработку мастер-планов. / The influence of the productivity of the land depending on the use of the object of cultural heritage, in compliance with ФЗ-73 and security obligations, is considered. The calculations made it possible to compare the residual value with the cadastral value and to note methodological shortcomings in the methodology for assessing the cadastral value of land from the standpoint of urban land economics. And also a model of management of cultural heritage objects is proposed, including conducting an audit using due diligence, and creating master plans.