91 research outputs found
Financial strategies for growth within the public property segment
No full textIntresset för samhällsfastighetssegmentet har ökat kraftigt de senaste åren. På grund av den demografiska utvecklingen i Sverige har behovet av bland annat äldreboenden, skolor och vårdfastigheter blivit allt större. Samtidigt har landets kommuner inte råd att bekosta behoven själva, vilket medför att denna typ av fastigheter säljs av till privata aktörer. Till följd av detta ges samhällsfastighetsbolagen stora expansionsmöjligheter och allt fler aktörer söker sig till segmentet. Samhällsfastigheter karaktäriseras av låg risk och stabila kassaflöden. Detta beror främst på långa hyreskontrakt och säkrade hyresgäster i form av kommun, stat och landsting. Fastighetsbolag och långivare ser fastigheterna som en trygg investering vilket medfört att aktörerna i segmentet haft en god tillgång på kapital. Fastighetssektorn är en kapitalintensiv bransch och samhällsfastigheter lämpar sig väl för högre skuldsättning eftersom tillgångarna är trygga och mindre konjunkturkänsliga. De allra största aktörerna med hög rating finansierar sig främst via kapitalmarknaden eftersom prissättningen på sådana skuldinstrument varit mer fördelaktig. Mindre bolag har inte samma tillgång till kapitalmarknaden och finansierar sig därför huvudsakligen med bankskuld. Rating har blivit allt viktigare för bolagen och de som hamnar inom Investment Grade tardel av mycket låga räntekostnader på sina skuldbärande kapitalmarknadsinstrument. Hybridobligationer har använts som ett medel för att uppnå en högre rating. Då hybriden kan räknas som eget kapital stärks balansräkningen och nyckeltalen. Många år av låg ränta har skapat gynnsamma marknadsförhållanden. Överskottet på kapital har gjort att investerarna jagar avkastning och företagen vänder sig i allt högregrad till obligationsmarknaden för finansiering. Skärpta kapitaltäckningskrav på bankerna gör samtidigt att banklån blir dyrare, vilket ytterligare bidrar till kapitalmarknadens tillväxt. De största bolagen besitter stordriftsfördelar och premieras av investerare, vilket leder till att dessa aktörer fortsätter dominera segmentet framöver.The interest for the public property segment has increased substantially in recent years. Due to the demographic development in Sweden, the need for retirement homes, schools and nursing homes among others, has grown bigger. At the same time the country’s municipalities can’t afford to fund the needs themselves, which means that these properties are sold out to private companies. As a result, the public property companies are given great opportunities for expansion and even more companies are looking to invest in the segment. Public properties are characterized by low risk and stable cash flows. This is mainly because of long leases and secured tenants in the form of municipalities, state and county. Real estate companies and lenders see the properties as a safe investment, which has resulted in good access to capital for the operators in the segment. Real estate is a capitalintensive sector and public properties are suitable for higher indebtedness since the assets are secure and less sensitive to economic cycles. The very largest real estate companies with a higher rating are financed mainly through the capital market since pricing on such debt instruments have been more favorable. Smaller companies don’t have the same access to the capital market and are therefore mostly financed by bankloans. Rating has become increasingly important to the real estate companies and those within Investment Grade utilize very low interest rate costs on their debt bearing instruments from capital markets. Hybrid bonds have been used as a means to gain a higher rating. Ast he hybrid can be counted as equity, the balance sheets and key performance indicators are strengthened. Many years of low interest rates have created favorable market conditions. The excess of capital has made the investors chasing yield and the companies are turning to the bond markets for financing to greater extent. At the same time, stricter capital adequacy requirements for banks have made bank loans more expensive, which further contributes to the capital markets growing. The largest companies benefit from economies of scaleand are rewarded by investors. This leads to the companies remaining to dominate the segment ahead
SOURCE OF BOOKING DI PANAHOUSE SURABAYA
No full textThe purpose of writing this final project is to find out the source of
booking reservations at PanaHouse Surabaya is. The author made
observations at the Front Office Department of PanaHouse Surabaya.
From the discussion, it can be concluded that the source of booking at
PanaHouse Surabaya consists of Free Individual Travelers (FIT),
Companies, Government, Online Travel Agents. The biggest source of
bookings for the period January – March 2022 at PanaHouse Surabaya is
from Online Travel Agents
Motiv för M&A inom fastighetssektorn : En studie av den svenska fastighetsmarknaden
No full textIn the aftermath of the Covid-19 pandemic, the economy has been in a state of recovery. A far-reaching recovery could be observed in 2021, as economic activities, financial markets and industries showed positive growth throughout the year. The real estate sector in Sweden reached historically high volumes in the transactions market, with a heavy investor demand which also resulted in a record year for M&A. This master thesis aims to examine the motives behind M&A transactions in the Swedish sector, and the role of macroeconomic fundamentals and corporate key figures. The purpose of the study is to explore the M&A activity in the Swedish real estate market and what underlying conditions that may contribute to the rise of such transactions. Previous research within the field has primarily been focused on the occurrence, triggers and effects of M&A in general. This paper is limited to real estate M&A in the Swedish market, where no earlier studies have been found. The study combines a quantitative analysis and a qualitative research method, with the objective of uncovering motives of takeover companies, alongside a nuanced explanation of influencing variables. An initial collection of transactions data and key figures was executed to analyse the relations and developments.The thesis progressed with an empirical study through semi-structured interviews with takeover companies of recent M&A transactions. Results showed that low interest rates, an overall strong economy and stock market has stimulated the M&A activity. Further, the results of the qualitative study presented takeover motives comprising of synergy effects, financial advantages, and the interest to acquire attractive portfolios. It can be concluded that growth ambitions and lowered capital costs have influenced M&A as well, and the consolidation of assets has increased due to a high amount of listed small-sized companies, creating firm-matching opportunities.I efterdyningarna av Covid-19 pandemin har ekonomin varit i ett tillstånd av återhämtning. Under 2021 kunde en långtgående återhämtning observeras då ekonomiska aktiviteter, finansiella marknader och industrier påvisade positiv tillväxt genom hela året. Fastighetssektorn i Sverige nådde historiskt höga volymer på transaktionsmarknaden med en stark efterfrågan från investerare, vilket också resulterade i ett rekordår för strukturaffärer. Denna masteruppsats mål är att undersöka motiven bakom M&A-affärer i den svenska fastighetsbranschen, samt rollen av makroekonomiska variabler och nyckeltal. Uppsatsens syfte är att utforska aktiviteten kring denna typ av transaktioner i Sverige, och vilka underliggande förhållanden som kan ha bidragit till uppgången av M&A-affärer. Tidigare forskning inom ämnet har främst fokuserat på förekomsten, utlösande faktorer och effekter av M&A i ett generellt perspektiv. Denna studie är begränsad till M&A i fastighetssektorn på den svenska marknaden, där inga tidigare arbeten har hittats. Studien kombinerar en kvantitativ analys och en kvalitativ forskningsmetod, med avsikt att påvisa de köpande bolagens motiv, tillsammans med en nyanserad förklaring av påverkande variabler. En inledande insamling av transaktionsdata och nyckeltal genomfördes för att analysera förhållanden och utveckling. Arbetet fortlöpte med en empirisk studie av semistrukturerade intervjuer som genomfördes med köpande bolag, nyligen aktiva i M&A. Resultatet visade att M&A aktiviteten har stimulerats av låga räntor, samt en generellt stark ekonomi och aktiemarknad. Vidare påvisade resultatet från den kvalitativa studien att de köpande bolagens motiv omfattar synergieffekter, finansiella fördelar och en vilja att förvärva attraktiva portföljer. Författarna drar vidare slutsatsen att tillväxtambitioner och lägre kapitalkostnader har influerat M&A-utvecklingen. Konsolideringen av tillgångar har ökat till följd av att många små fastighetsbolag noterats på börsen, vilket skapat möjligheter för bolagsmatchning
Measurement of the Reynolds Stresses in a Circular Pipe as a Means of Testing a DISA Constant-Temperature Hot-Wire Anemometer
No full textMeasurements of the turbulent stresses in fully-developed pipe flow have been made as an overall test of the DISA constant-temperature hot-wire anemometer. The measurements were made with single slanting wires and a normal wire. The shearing stress was measured at two Reynolds numbers and compared with values computed from the pressure drop down the pipe: an accuracy of 10% or better was achieved. The computed longitudinal and transverse normal stresses were in good agreement with the measurements of Laufer. It was confirmed that the heat loss from the wire varied linearly with U^0.45 (Collis' law) rather than U^0.50 (King's law)
Disa personalitete shqiptare të shekullit 15 në' veprën e Nahravalit
No full textThe Arab author, Muhammed lbn Ahmed al-Nahravali has left some works in manuscript. In on of those pieces of work titled ""Al a'lam bi alemi-l-bajti-l-lahi-1-haram"" which he concluded on May 26 1577 he describes some Albanian personalities which he personally knew. These people held superior state functions during the Osman Kingdom.Nahravali tallkas about Ajas Pasha ( 1536-1539), Lutfi Pasha (1539-1541) and Sulejman Pasha (1541-1544) etc., for which thecutural and scientific Albanian opinion have little information.Muhammed Ibn Ahmad al-Nahravali është një prej figurave shumë të njohura të Arabisë në shekullin 16. Ishte mufti dhe kadl në Mekke, në vendin më të shenjt Islam. Aty ai bëri emër si diplomat, historian, poet e përkthyes. Me një fjalë ishte autor i shumë veprave nga disa lëmenj dhe falë kësaj kishte lidhje me shumë figura të njohura të kohës se tij. Prandaj është me interes të shikohet vepra e tij mbi historinë e Mekkes në të cilën ai bën fjalë
Detection and quantification of acute reperfused myocardial infarction in rabbits using DISA-SPECT/CT and 3.0 T cardiac MRI
No full textNecrosis avid tracer (123)I-hypericin ((123)I-HYP) enables hot-spot imaging on acute myocardial infarction (MI). We explored dual-isotope simultaneous acquisition single photon emission computed tomography/computed tomography (DISA-SPECT/CT) by using (123)I-HYP and standard (99m)Tc-sestamibi ((99m)Tc-MIBI), in comparison with cardiac magnetic resonance imaging (cMRI), autoradiography (AutoRx) and histomorphometry.sponsorship: This study was partially supported by the grants awarded by an EU project Asia-Link CfP 2006-EuropeAid/123738/C/ACT/Multi-Proposal No. 128-498/111, the KU Leuven Molecular Small Animal Imaging Center MoSAIC (KUL EF/05/08) and KU Leuven the center of excellence In vivo Molecular Imaging Research (IMIR). The corresponding author Ni Y is currently a Bayer Lecture Chair holder. (EU|128-498/111, KU Leuven Molecular Small Animal Imaging Center MoSAIC|KUL EF/05/08, KU Leuven the center of excellence In vivo Molecular Imaging Research (IMIR))status: Publishe
Humanitarian Action and Military Intervention: Temptations and Possibilities.
No full textAlthough the war in Liberia in July 2003 claimed hundreds of lives, the international community was reluctant to intervene. In this article, the author debates the question: does international military intervention equal protection of populations? The role of humanitarian organisations in military intervention is considered. Aid organisations cannot call for deployment of a protection force without renouncing their autonomy or appealing to references outside their own practices. Such organisations provide victims with vital assistance and contribute to ensuring that their fate becomes a stake in political debate by exposing the violence that engulfs them, without substituting their own voices for those of the victims. The political content of humanitarian action is also outlined and military intervention in the context of genocide is discussed. The author concludes that the latter is one of the rare situations in which humanitarian actors can consider calling for an armed intervention without renouncing their own logic
Questionable Accountability: MSF and Sphere in 2003.
No full textThis article examines the relationship between Médecins Sans Frontières (MSF) and the Sphere Project. Prior to revisiting the concerns MSF had with the project, it looks at factors that give rise to differences between NGOs and cites some reasons for why an organisation such as MSF would not embrace such a project and clarifies some key elements of MSF-style humanitarianism. The author revisits the original concerns and arguments presented by MSF when it decided not to participate beyond assisting with the establishment of technical standards and key indicators for the handbook. This is followed by a critical discussion examining these concerns and counter-criticism with reference to experiences a few years after the inception of Sphere. It concludes with MSF's perceptions and stance regarding Sphere and accountability in 2003
An Evaluation of The Implementation of Shari'ah Law of Malaysia in Protecting the Rights of a Child
No full textAbstract
This research is an observation of the implementation of Islamic law (Sharī‘ah) among the Malay Muslim in the Islamic courts (Mahkamah Syariah) of Malaysia. The author emphasizes on the roles of Islamic law that are related to the protection of the right of children especially those who were born out of wedlock among Malaysian Muslims. By employing the qualitative methodology, the author critically analyses some issues of right of children in Islam, comparing them with acts and provisions of laws and their relation to the implementation in Islamic court of Malaysia. Findings indicate that the right of children born out of wedlock is covered under the Islamic laws of Malaysia. However, the implementation of Islamic laws pertaining to rights of children in Malaysia draws criticisms from many groups that include local and international.
Keywords: Sharī‘ah, Children Rights, Islamic courts, Muslim, MalaysiaAbstract
This research is an observation of the implementation of Islamic law (Sharī‘ah) among the Malay Muslim in the Islamic courts (Mahkamah Syariah) of Malaysia. The author emphasizes on the roles of Islamic law that are related to the protection of the right of children especially those who were born out of wedlock among Malaysian Muslims. By employing the qualitative methodology, the author critically analyses some issues of right of children in Islam, comparing them with acts and provisions of laws and their relation to the implementation in Sharī‘ah court of Malaysia. Findings indicate that the right of children born out of wedlock is covered under the Sharī‘ah laws of Malaysia. However, the implementation of Islamic laws pertaining to rights of children in Malaysia draws criticisms from many groups that include local and international.
Keywords: Sharī‘ah, Children Rights, Islamic courts, Muslim, Malaysi
An Evaluation of the Implementation of Sharī‘ah Law in Malaysia in Protecting the Rights of Children
No full textThis research is an observation of the implementation of Islamic law (Sharī‘ah) among the Malay Muslims in the Sharī‘ah courts (Mahkamah Syariah) of Malaysia. The author emphasizes on the roles of Islamic law that are related to the protection of the rights of children, especially those who were born out of wedlock among Malaysian Muslims. By employing the qualitative methodology, the author critically analyses some issues on the rights of children in Islam, comparing them with other acts and provisions of laws and their relation to the implementation in Islamic courts of Malaysia. The findings indicate that the rights of children born out of wedlock are covered under the Islamic laws of Malaysia. However, the implementation of Islamic laws pertaining to rights of children in Malaysia draws criticisms from many groups that include local and international ones
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