Sustainability and property valuation: a risk-based approach

The proportion of sustainable property in the total building stock remains small. One reason is that the financial added value resulting from sustainability is not sufficiently taken into account in property valuation due to the tendency of valuations to lag behind market trends. Quantitative information is provided to integrate those aspects of sustainability relating to value into valuations and thereby contribute to the reduction of valuation lag. The Centre for Corporate Responsibility and Sustainability (CCRS) Economic Sustainability Indicator (ESI) measures the risk of property to lose value and the opportunity to gain value due to future developments (e.g. climate change or rising energy prices). Five groups of value-related sustainability features were identified: flexibility and polyvalence; energy and water dependency; accessibility and mobility; security; and health and comfort. By minimizing the risk of loss in value through future developments, those sustainability features contribute to the property value. Their effects on property value were quantified by risk modelling. As an indicator for future-oriented property risk, the ESI is integrated into the discount rate of discounted cash flow valuations. The approach was tested for plausibility and practicability on more than 200 properties.

La proportion de biens immobiliers durables dans le parc immobilier total demeure faible. L'explication tient pour une part au fait que la valeur ajoutée financière résultant de la durabilité n'est pas suffisamment prise en compte dans l'évaluation des biens immobiliers en raison du fait que les évaluations tendent à avoir du retard sur les tendances du marché. Des informations quantitatives sont fournies afin d'intégrer les aspects de la durabilité liés à la valeur dans les évaluations et de contribuer ainsi à la réduction du retard dans les évaluations. L'Indicateur de Durabilité Economique (ESI) du Centre pour la Responsabilité et la Durabilité en Entreprise (CCRS) mesure le risque de perte de valeur des biens immobiliers et la possibilité d'en accroître la valeur du fait des évolutions futures (par ex. changement climatique et hausse des prix énergétiques). Cinq groupes de fonctions de durabilité liées à la valeur ont été identifiés: flexibilité et polyvalence, dépendance vis-à-vis de l'énergie et de l'eau; accessibilité et mobilité; sécurité; santé et confort. En minimisant le risque d'une perte de valeur causée par les évolutions futures, ces fonctions de durabilité contribuent à la valeur des biens immobiliers. Leurs effets sur la valeur des biens immobiliers ont été quantifiés par une modélisation des risques. En tant qu'indicateur du risque prospectif pour les biens immobiliers, l'ESI est intégré au taux d'actualisation des flux de trésorerie actualisés. Cette approche a été testée quant à sa plausibilité et sa praticabilité sur plus de 200 biens immobiliers.

Mots clés: flux de trésorerie actualisés, indicateur de durabilité économique, évaluation des biens immobiliers, modèle de risque, fonctions de durabilité, durabilité, bâtiments durables     

Immune-Pineal Axis: Nuclear Factor κB (NF-κB) Mediates the Shift in the Melatonin Source from Pinealocytes to Immune Competent Cells

Pineal gland melatonin is the darkness hormone, while extra-pineal melatonin produced by the gonads, gut, retina, and immune competent cells acts as a paracrine or autocrine mediator. The well-known immunomodulatory effect of melatonin is observed either as an endocrine, a paracrine or an autocrine response. In mammals, nuclear translocation of nuclear factor κ-light-chain-enhancer of activated B cells (NF-κB) blocks noradrenaline-induced melatonin synthesis in pinealocytes, which induces melatonin synthesis in macrophages. In addition, melatonin reduces NF-κB activation in pinealocytes and immune competent cells. Therefore, pathogen- or danger-associated molecular patterns transiently switch the synthesis of melatonin from pinealocytes to immune competent cells, and as the response progresses melatonin inhibition of NF-κB activity leads these cells to a more quiescent state. The opposite effect of NF-κB in pinealocytes and immune competent cells is due to different NF-κB dimers recruited in each phase of the defense response. This coordinated shift of the source of melatonin driven by NF-κB is called the immune-pineal axis. Finally, we discuss how this concept might be relevant to a better understanding of pathological conditions with impaired melatonin rhythms and hope it opens new horizons for the research of side effects of melatonin-based therapies.     

Antioxidant synergy of α-tocopherol and phospholipids

The prevention of oxidation of a refined sardine oil by α-tocopherol at 0.04%, by several phospholipids [phosphatidylcholine (PC), phosphatidylethanolamine (PE), and cardiolipin (CL)] at 0.5%, as well as by combinations of α-tocopherol with each phospholipid, was investigated. The evolution of the oxidation process during 1 mon at 40±2°C was followed by a series of methods, measuring peroxide value (PV), diene, triene, and polyene index, and absorbance at 430 nm, while α-tocopherol and phospholipid content were being monitoried. Among these indices, PV was found to be the most adequate to follow the process. PC was the most effective individual antioxidant as shown by the PV values obtained at the end of the storage period, which were 54.0, 83.4, 87.9, and 97.7 meq O₂/kg for PC, CL, PE, and α-tocopherol, respectively. The highest synergistic effect was obtained with a mixture of α-tocopherol and PE, and the second and third best by mixtures made with PC and CL, respectively. The corresponding PV values recorded at the end of the period were 27.0, 35.0, and 58.0 meq O₂/kg. The high degree of synergy between PE and tocopherol is probably due to the occurrence of a simultaneous antioxidant mechanism involving Maillard compounds.     

Prior detection of genetic algorithm significant parameters: Coupling factorial design technique to genetic algorithm

This work presents an extension of a previous proposed procedure [Costa, C.B.B., Wolf Maciel, M.R., Maciel Filho, R., 2005. Factorial design technique applied to genetic algorithm parameters in a batch cooling crystallization optimization. Computers and Chemical Engineering 29, 2229-2241] to be adopted as a prior analysis in optimization problems to be solved using genetic algorithm (GA). Chemical engineering problems are commonly highly non-linear and possess a large number of variables, sometimes with significant interactions among them. Such characteristics make the optimization problems really difficult to be solved by deterministic methods. GA is an increasing tool for solving this sort of problems. However, no systematic approach to establish the best set of GA parameters for any problem was found in the literature and a relatively easy to use and meaningful approach is proposed and proved to be of general application. The proposed approach consists of applying factorial design, a well-established statistical technique to identify the most meaningful information about the influences of factors on a specific problem, as a support tool to identify the GA parameters with significant effect on the optimization problem. This approach is very useful in conducting further optimization works, since it discharges GA parameters that are not statistically significant for the evolutionary search for the optimum, saving time and computation burden in evolutionary optimization studies.     

Optimisation of the extraction of phenolic compounds and antioxidant activity from aerial parts of Bidens pilosa L. using response surface methodology

Response surface methodology was used to find the optimum ethanol concentration and temperature which maximises the antioxidant activity (AA) of hydroalcoholic extracts from aerial parts of Bidens pilosa L. A rotatable central composite design was used, and the extracts were characterised by the determination of solid concentration (SC), total flavonoid (TFC) and total polyphenol content (TPC). AA was determined through 2,2′‐azinobis (3‐ethylbenzothiazoline‐6‐sulphonic acid) diammonium salt (ABTS) and 2,2‐diphenyl‐1‐pycrylhydrazyl (DPPH) radical scavenging activity. Mathematical models showed the significant effects of each variable and allowed to select the optimum conditions of ethanol concentration (62.7%) and extraction temperature (66.2 °C). The optimised extract presented an AA of 804.9 ± 12.2 Trolox equivalent antioxidant capacity (TEAC) dry base (d.b.) for DPPH and 515.8 ± 31.8 TEAC d.b. for ABTS. It was observed that both TFC and TPC showed a good correlation with AA of the extracts.     

Effect of the root canal final rinse protocols on the debris and smear layer removal and on the push‐out strength of an epoxy‐based sealer

The aim of the present study was to evaluate the efficacy of QMiX, SmearClear, and 17% EDTA for the debris and smear layer removal from the root canal and its effects on the push‐out bond strength of an epoxy‐based sealer by scanning electron microscopy (SEM). Forty extracted human canines (n = 10) were assigned to the following final rinse protocols: G1‐distilled water (control), G2–17% EDTA, G3‐SmearClear, and G4‐QMiX. The specimens were submitted to a SEM analysis to evaluate the presence of debris and smear layer, respectively, in the apical or cervical segments. In sequence, forty extracted human maxillary canines with the root canals instrumented were divided into four groups (n = 10) similar to the SEM analysis study. After the filling with AH Plus, the roots were transversally sectioned to obtain dentinal slices. The specimens were submitted to a push‐out bond strength test using an electromechanical testing machine. The statistical analysis for the SEM and push‐out bond strength studies were performed using the Kruskal–Wallis and Dunn tests (α = 5%). There was no difference among the G2, G3, and G4 efficacy in removing the debris and smear layer (P > 0.05). The efficacy of these groups was superior to the control group. The push‐out bond strength values of G2, G3, and G4 were superior to the control group. The ability to remove the debris and smear layer by SmearClear and QMiX was as effective as the 17% EDTA. The final rinse with these solutions promoted similar push‐out bond strength values. Microsc. Res. Tech. 76:533–537, 2013. © 2013 Wiley Periodicals, Inc.     

Studies on electrodeposition and corrosion behaviour of a Ni–W–Co amorphous alloy

A ternary alloy Ni–W–Co was electrodeposited and operational parameters in relation to its corrosion resistance and deposition efficiency were optimized. A 2² full factorial design was successfully employed for experimental design analysis of the results. By means of response surface analysis, the statistical model identified the following operating conditions for obtaining corrosion resistant alloy: 60 mA/cm² current density, 70 °C temperature, 20 rpm cathode rotation and 8.0 pH. The alloy was deposited at 36% current efficiency, with an average composition of 70% Ni, 8% Co, 22% W and traces of boron and with E _corr −0.508 V and R _p 4.56 × 10⁴ Ohm. The deposit obtained under these conditions had an amorphous character and showed good adherence, high corrosion resistance and presence of nodules on its surface. Electrochemical corrosion tests verified that the Ni–W–Co alloy had better corrosion resistance than similarly electrodeposited Co–W amorphous alloy.