bluuebunny/crossref_metadata_2025_split huggingface dataset:
Financing corporate real estate: the impact of corporate real estate in the shareholder value equation
Authors: Hill Matthew 
Published: July 2006

AbstractThis paper aims to bring together the principles of shareholder value added (SVA) and the impact of operational real estate on the corporate occupier's financial management. As an introductory piece, it sets out to bridge the gap in understanding that often exists, either in the corporate finance department about the mechanics of real estate finance, or in the corporate real estate profession about the impact on corporate finance of real estate ownership and funding decisions. From this paper the reader should gain a better understanding of the mechanistic links between delivering shareholder value and the options and potential decisions in respect of a corporate occupier's real estate ownership and funding strategy. This paper demonstrates the theory by considering a number of relevant transactions carried out by corporate occupiers with their operational real estate in the ultimate pursuit of increasing shareholder value. Copyright © 2003 Henry Stewart Publications
Best practices in commercial real estate financing a guide to commercial mortgage transactions in the USA
Authors: Chadakoff Richard L. , Fischer Michael R. , Stein Joshua 
Published: July 2006

AbstractFor any commercial real estate loan in the USA, the closing and documentation process combines traditional principles and practices of US real estate law — some dating back centuries to English common law — with the global capital markets, a fast‐moving marketplace, and painful lessons learned in the USA's real estate depression of the early 1990s. Against that backdrop, lenders and borrowers must bring together dozens of processes, participants and other pieces to document and close any commercial mortgage loan. This paper focuses on all those elements, for comparison against commercial mortgage lending procedures in other countries and as a reminder of basic principles for commercial mortgage lenders and their advisors in the USA. Copyright © 2003 Henry Stewart Publications
US property market outlook for 2003
Authors: Louargand Marc , Gately Michael 
Published: July 2006

AbstractUS real estate professionals are adrift in a quandary on a sea of uncertainty. At the beginning of 2003 there are weak fundamental conditions in the space markets for all property types, while capital continues to pour into the asset class. Transactions in 2002 would seem to indicate that real estate has become more valuable as the result of the recession of 2001 and the ensuing weakness in the US economy that has shown itself as an utter lack of demand for office space and weak conditions in the other property sectors.The winds of uncertainty have not blown in this fashion since 1986 when office market fundamentals began to deteriorate while institutional funds poured into the transactions market. What should the investor believe? The poor conditions faced every day in the space market, or the ebullience found in the transactions market? Copyright © 2003 Henry Stewart Publications
The pitfalls of property valuation for commercial real estate lenders: using a comparative income approach to improve accuracy
Authors: Payne Thomas H. , Redman Arnold L. 
Published: July 2006

AbstractThis paper assesses valuation methods of income producing real estate used by real estate appraisers from the perspective of commercial property lenders. Imbedded in any valuation are assumptions made about income growth and property price appreciation. These assumptions are evaluated highlighting models most frequently used by appraisers. When using appraisals, commercial lenders should be particularly aware of growth‐related assumptions as they significantly impact the estimated value of any property. This paper provides a method of evaluating the sensitivity of a property's value to differing income growth scenarios using a perpetuity model. The comparative income growth (CIG) technique can improve lenders' risk analysis and loan decision making by building on information provided in property appraisal reports. Copyright © 2003 Henry Stewart Publications
Equity vs debt financing of REITs: a survey of determinants of the security issue decision
Authors: Howton Shawn D. , Howton Shelly W. , McWilliams Victoria 
Published: July 2006

AbstractThis study examines the determinants of the security issue decision for Real Estate Investment Trusts (REITs) for a sample of 664 REIT security issuances in the 1993–2001 period. REITs differ from industrial companies because they are sheltered from paying corporate income taxes if they pay out 95 per cent of income as dividends. This restriction forces REITs to use the external markets to raise capital more often than their industrial counterparts. For these reasons, REITs might have different incentives to issue debt versus equity than has been previously found for industrials. The results of the study find that the decision to issue equity is directly related to the expected cost of issuing debt and inversely related to the costs of issuing equity. Investment opportunities are not related to the security issue decision. These results are consistent with the pecking order hypothesis, which differs from previously examined industrial companies where the security issue decision was driven by agency costs. Copyright © 2003 Henry Stewart Publications
Property investment and development finance in Italy
Authors: Murray Neil 
Published: July 2006

AbstractThis paper looks at legal and practical issues which may arise for prospective lenders in relation to property investment and development loans concerning property in Italy. Whilst the issues discussed are necessarily subjective – and appropriate legal advice should be taken in all cases – it is hoped that the paper will provide a good overview from the perspective of the typical expectations of a UK lender, by reference to a UK deal, and the extent to which these can be met in Italy. Copyright © 2003 Henry Stewart Publications
Best practices in commercial real estate financing: the borrower's agenda in negotiating loan documents part 2
Authors: Stein Joshua 
Published: July 2006

AbstractHow should a borrower respond to a draft set of commercial mortgage loan documents? This paper, consisting of four quarterly instalments appearing in the 2003/2004 volume of this publication, seeks to answer that question. The author discusses business and legal issues that mortgage loan documents typically raise for a borrower; some structural variations and the special concerns they might create; the closing process; and some issues that a borrower may want to raise on its own initiative. Copyright © 2003 Henry Stewart Publications
The US economy and real estate outlook, June 2003
Authors: Gately Michael , Louargand Marc 
Published: July 2006

AbstractThe slumbering US job market has cooled hopes for significant improvement in the real estate markets and even the most optimistic are now pinning their hopes on next year. There is however a distinction among the major American markets as to which will lead the recovery, and which will be laggards. This distinction is based upon current market dynamics and regional economic growth engines and presents opportunities for those recognising such differences. The supply spigot for most commercial construction has thankfully been tightened and vacancy rates are generally at or near their peaks for this cycle. Underlying the ‘top‐line’ employment data, specific pockets of strength are evident. This article provides an overview of the American economy and real estate markets, and explores a strategy to capitalise on the improving market fundamentals. Copyright © 2003 Henry Stewart Publications
Corporate intentions to participate in emission trading
Authors: Pinkse Jonatan 
Published: July 2006

AbstractThe adoption of the Kyoto Protocol in 1997 has led to increasing business interest in the issue of climate change. It has also created much uncertainty for companies, particularly about the role of trading in realizing emission reductions. This paper investigates what drives multinational corporations to show interest in emission trading and carbon offset projects to deal with climate change. On the basis of an analysis of data of 136 companies derived from a questionnaire, it also examines the role that country of origin, industry affiliation and companies' environmental strategy play in this regard. Findings show that industry pressure and product and process innovations are the main determinants for multinational corporations to participate in the emission market. It appears that climate policy particularly induces energy‐related industries to reduce emissions, which puts them ahead of other industries with regard to their interest in emission trading. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
ISO 14001 – experiences, effects and future challenges: a national study in Austria
Authors: Schylander Elisabeth , Martinuzzi André 
Published: July 2006

AbstractMore than 60000 organizations worldwide have implemented environmental management systems (EMSs). About 800 of them are located in Austria. As Austria was one of the leading countries in promoting the EU scheme EMAS, and as there has been no specific study on Austrian experiences with ISO 14001, the purpose of this study is to describe the experiences with and effects of ISO 14001 in Austria. The results show that ISO 14001 often leads to reduced environmental impact, especially in the area of waste. A strong driving force behind implementation is the expected improvement of an organization's image. The average repayment time on an investment in an EMS is less than two years. Legal compliance tends to be difficult to implement, but on the other hand it works well in daily practice. To develop an EMS into a sustainability management system, the two most important challenges are to improve coordination between the EMS and the organization's strategies and to synchronize the EMS with central value chains. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Why SMEs invest in environmental measures: sustainability evidence from small and medium‐sized printing firms
Authors: Masurel Enno 
Published: July 2006

AbstractWhy do SMEs invest in environmental measures? From the literature we know that most SMEs are rather slow in adopting these sustainable measures, but then the following question arises: why are other SMEs fast in this respect? From our research, it becomes clear that improving the working conditions is the most important reason why these fast‐going SMEs invest in environmental measures, as this probably improves their employees' motivation and performance. This explanation connects ‘planet’ and ‘people’ with each other, and does not exclude ‘profit’, which completes the traditional sustainability circle. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Time horizons of environmental versus non‐environmental costs: evidence from US tort lawsuits
Authors: Regnier Eva , Tovey Craig 
Published: July 2006

AbstractOne explanation for a positive correlation between environmental and financial performance at the firm level is a bias in firms' investment evaluation processes caused by systematic differences between environmental and other investment opportunities. One of these systematic differences, often hypothesized but still unverified, is that environmental costs occur farther in the future than other costs. We empirically test this hypothesis, and find statistically significant support for it. In our data set the mean time lag for environmental costs was more than ten years, compared with five years for the control set costs. Such a difference could induce managers to accept too much environmental liability if they evaluate investments using discounted cash flow methods with a discount rate based on the firm‐wide cost of capital. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Corporate discourse and environmental performance in Argentina
Authors: Vazquez Diego A. , Liston‐Heyes Catherine 
Published: July 2006

AbstractThere is substantial research and policy interest in the relationship between firms and the natural environment, including how this relationship is influenced by regulators, international pressures, rival firms and stakeholder demands. With some exceptions, the ‘softer’ dimensions of environmental aspect management – how attitudes, beliefs and perceptions and the human factors drive corporate behaviour – have been understudied. The work that exists tends to be informal, and allows little scope for the statistical validation that is required for robust inference. This paper examines whether corporate values towards the environment affect a firm's environmental performance. It uses survey methods as well as content and discourse analyses of interview text and corporate reports and web sites to explore the links between managerial ‘mindsets’ and the environmental performance of the firms of which they are a part. Though the application is Argentina, the lessons learned can be generalized to other developing and industrialized countries. Copyright © 2006 John Wiley & Sons, Ltd and ERP Environment.
Modeling of Droplet Separation Kinetics in Granular Bed Filters Based on MRI Measurements
Authors: van Buren V. , von Garnier A. , Reimert R. 
Published: July 2006

AbstractIn droplet separation by granular bed filters, the transient loading regime plays an important role because, for gases with low droplet concentrations, steady state will be reached only after a long time. A mathematical model describing this transient loading regime as well as steady state was developed. It is based on differential balances for the dispersed droplets and for the separated liquid. The time‐dependent and spatially resolved liquid loading is calculated and compared with data obtained by magnetic resonance imaging (MRI), a noninvasive measuring technique. The good agreement between simulated and measured loading curves proves the general applicability of the model.
Combination of Time‐Dependent Self‐Diffusion Measurements (Dynamic Imaging) with Magnetic Resonance Imaging
Authors: Tillich J. E. , Guthausen G. , Holz M. 
Published: July 2006

AbstractThe new NMR method, demonstrated in the present work, allows within local small volumes the determination of integral structural parameters like the surface‐to‐pore volume ratio or the tortuosity of a fluid‐filled porous medium. A combination of conventional imaging (MRI) with measurements of observation‐time dependent self‐diffusion (dynamic imaging) was used.
Microwave Heating: A New Approach of Simulation and Validation
Authors: Knoerzer K. , Regier M. , Schubert H. 
Published: July 2006

AbstractCurrently the distribution of microwave processes in industrial applications is sparsely spread. Reasons for this are, in particular, the inhomogeneous heating patterns and the lack of optimization potential, due to the lack of possibilities for simulation of coupled electromagnetic and thermal processes. In this work two commercial software packages have therefore been coupled to simulate local and time specified temperature distributions of microwave treated samples. The results are validated by the sophisticated magnetic resonance imaging (MRI) technique, in order to avoid the problems of measuring temperature distributions in microwave fields. This method of measurement is non‐invasive, shows high 3D spatial and time resolutions, and does not influence the electromagnetic field.
Structure Characterization of Filled Polymers by Means of MRI
Authors: Eisenreich N. , Geißler A. , Geißler E. , Götz J. 
Published: July 2006

AbstractThe structure of foams and filled polymers can be analyzed by means of Magnetic Resonance Imaging (MRI). It is also possible to observe the deformation behavior of the structure of foams and filled polymers in situ. A displacement experiment was performed in a magnet and observed by MRI. The NMR images are analyzed by image processing. Average distances between particles are estimated by the use of the autocorrelation function and the spectrum of the autocorrelation function. The spectrum shows the spatial frequency of the distances. The displacement field was calculated by the cross‐correlation function. Thus, information concerning the particle distances and micromechanical deformation can be obtained by NMR imaging methods by combining autocorrelation and cross‐correlation. Such data are important for the evaluation of the mechanical strength of filled polymers.
Magnetic Resonance Imaging in Chemical Engineering: Basics and Practical Aspects
Authors: Hardy E. H. 
Published: July 2006

AbstractThe huge potential of nuclear magnetic resonance imaging is increasingly exploited in chemical engineering. However, optimal use of this rather complex method requires some background knowledge. In this paper, first the basic principles are presented in a form dedicated to readers with an engineering formation. Subsequently, practical aspects such as resolution in space and time are discussed. Emphasis is put on established methods implemented on standard magnetic resonance imaging (MRI) hardware, as mainly used in the research presented in this issue.
Filtration of Colloidal Suspensions – MRI Investigation and Numerical Simulation
Authors: Erk A. , Hardy E. H. , Althaus T. , Stahl W. 
Published: July 2006

AbstractThe principle mechanisms of solid‐liquid separation processes are sedimentation and filtration, both including the formation and compression of a liquid‐saturated bulk. The compressive properties of the bulk determine the operating parameters of solid‐liquid separation devices and the achievable separation results. Information about the solids volume fraction of the bulk is essential for a better understanding of the physical mechanisms and precise modeling. A numerical model for the calculation of the local solids volume fraction during formation and compression of filter cakes and sediments was developed. The calculated results are compared with experimental NMR data.
Application of Magnetic Resonance Imaging (MRI) to Determine the Influence of Fluid Dynamics on Desulfurization in Bench Scale Reactors
Authors: Nguyen N. L. , Reimert R. , Hardy E. H. 
Published: July 2006

AbstractThe influence of fluid dynamics on the hydrodesulfurization (HDS) reactions of a diesel oil in bench‐scale reactors was evaluated. The porosities and liquid saturations of catalyst beds were quantified by using the MRI technique. The gas‐liquid systems used in the experiments were nitrogen diesel and hydrogen diesel. An apparatus was especially constructed, allowing in situ measurements of gas and liquid distributions in packed beds at elevated pressure and temperature up to 20 bar and 200 °C, respectively. The reactor itself had a length of 500 mm and an internal diameter of 19 mm. The packed beds used in this MRI study consisted of: (1) 2 mm diameter nonporous spherical glass beads and (2) 1.3 mm diameter porous Al2O3 trilobes having the same size as the original trilobe catalyst used in HDS bench‐scale experiments. The superficial gas and liquid velocities were set within the range of trickle flow, e.g., u0G = 20–500 mm/s and u0L = 0.1–6 mm/s. In parallel with the MRI experiments, the hydrodesulfurization of a gas oil was investigated in a bench‐scale plant. Its reactor had the same dimensions of the trickle‐bed column used in the MRI experiments and was filled with original trilobe catalyst. These catalytic experiments were carried out at a wide range of operating conditions (p = 30–80 bar, T = 300–380 °C, LHSV = 1–4 h–1). The results of both fluid dynamic and catalytic reaction experiments were then combined for developing a simulation model to predict the HDS performance by accounting for fluid dynamic nonidealities.
Powder Structure Transition under the Recrystallization Conditions in the RESS Process
Authors: Ksibi H. , Ben Moussa A. , Baccar M. 
Published: July 2006

AbstractA variety of organic substances used in pharmaceutical and agro‐alimentary industries are often required as fine powders with a controlled size. The RESS process (rapid expansion of supercritical solution) allows the micronization of thermally labile materials and the formation of small particles with a similar morphology and a narrow size distribution. The goal of this study is to improve the description of the jet/particle system in the RESS process. An experimental investigation shows that the particle structure of processed caffeine could be enormously altered when recrystallization chamber conditions were varied. Indeed, long needles, yarns, or fibers of the material could be obtained by changing the operating pressure and temperature. Numerical simulations were performed to describe the effects of hydrodynamic parameters upon the developed jet and the recrystallized particles. These calculations showed isovalues and profiles of velocity, density, and temperature of the carbon dioxide jet by which recrystallized particles were transported and deposited on the flat plate.
NMR Methods Investigating the Mobility of Partly Fluorinated Hydrocarbons in Polymers
Authors: Neutzler S. , Oellrich L. R. 
Published: July 2006

AbstractBy applying different NMR methods, the penetration of polymers (FPM, EPDM, HNBR) by partly fluorinated hydrocarbons (HFC) has been investigated and characterized. NMR proved to be capable in delivering qualitative as well as quantitative information about the fluid in the polymer sample. The concentration, as well as the diffusion coefficient of the HFC in the polymer, has been determined. Localized methods furthermore allow a characterization of the swelling of the polymer on the macroscopic scale. The penetration and swelling kinetics can be determined. Probe molecules help to obtain information on the microscopic scale.
Catecholase Activity of a Copper(II) Complex with a Macrocyclic Ligand: Unraveling Catalytic Mechanisms
Authors: Koval Iryna A. , Selmeczi Katalin , Belle Catherine , Philouze Christian , Saint‐Aman Eric , Gautier‐Luneau Isabelle , Schuitema Anna Maria , van Vliet Marcel , Gamez Patrick , Roubeau Olivier , Lüken Matthias , Krebs Bernt , Lutz Martin , Spek Anthony L. , Pierre Jean‐Louis , Reedijk Jan 
Published: July 2006

AbstractWe report the structure, properties and a mechanism for the catecholase activity of a tetranuclear carbonato‐bridged copper(II) cluster with the macrocyclic ligand [22]pr4pz (9,22‐dipropyl‐1,4,9,14,17,22,27,28,29, 30‐decaazapentacyclo[22.2.1.14,7.111,14. 117,20]triacontane‐5,7(28),11(29),12,18, 20(30),24(27),25‐octaene). In this complex, two copper ions within a macrocyclic unit are bridged by a carbonate anion, which further connects two macrocyclic units together. Magnetic susceptibility studies have shown the existence of a ferromagnetic interaction between the two copper ions within one macrocyclic ring, and a weak antiferromagnetic interaction between the two neighboring copper ions of two different macrocyclic units. The tetranuclear complex was found to be the major compound present in solution at high concentration levels, but its dissociation into two dinuclear units occurs upon dilution. The dinuclear complex catalyzes the oxidation of 3,5‐di‐tert‐butylcatechol to the respective quinone in methanol by two different pathways, one proceeding via the formation of semiquinone species with the subsequent production of dihydrogen peroxide as a byproduct, and another proceeding via the two‐electron reduction of the dicopper(II) center by the substrate, with two molecules of quinone and one molecule of water generated per one catalytic cycle. The occurrence of the first pathway was, however, found to cease shortly after the beginning of the catalytic reaction. The influence of hydrogen peroxide and di‐tert‐butyl‐o‐benzoquinone on the catalytic mechanism has been investigated. The crystal structures of the free ligand and the reduced dicopper(I) complex, as well as the electrochemical properties of both the CuII and the CuI complexes are also reported.