Contextualized property market models vs. Generalized mass appraisals: An innovative approach

The present research takes into account the current and widespread need for rational valuation methodologies, able to correctly interpret the available market data. An innovative automated valuation model has been simultaneously implemented to three Italian study samples, each one constituted by two-hundred residential units sold in the years 2016-2017. The ability to generate a "unique" functional form for the three different territorial contexts considered, in which the relationships between the influencing factors and the selling prices are specified by different multiplicative coefficients that appropriately represent the market phenomena of each case study analyzed, is the main contribution of the proposed methodology. The method can provide support for private operators in the assessment of the territorial investment conveniences and for the public entities in the decisional phases regarding future tax and urban planning policies

An application of Real Option Analysis for the assessment of operative flexibility in the urban redevelopment

The high variability of market prices and the uncertainty that, even in restrained timeframes, is characterizing the general economic situation, have led real estate operators to a prudent attitude, who tend to postpone or at least stagger the start of the initiatives on hold of more stable conditions. In this context it is appropriate to use evaluation tools enable to enhance the investment capacity to be adapted to possible changes of the conditions initially hypothesized. In the present research Real Options Analysis (ROA) is applied to the evaluation of an investment in urban redevelopment of a former industrial complex. The result obtained shows the efficacy of the instrument. Assuming that the entrepreneur considers affordable the implementation of the initiative if the outcome of the discounted cash flow analysis is at least equal to a threshold value calculated as a percentage of revenues, the application of ROA returns an extended NPV that meets this constraint, whereas the use of traditional NPV suggest to abandon the project idea. The binomial approach used also allows to accurately monitor the project's development, correlating it to the evolution of the market

Real estate appraisals with Bayesian approach and Markov Chain Hybrid Monte Carlo Method: An application to a central urban area of Naples

This paper experiments an artificial neural networks model with Bayesian approach on a small real estate sample. The output distribution has been calculated operating a numerical integration on the weights space with the Markov Chain Hybrid Monte Carlo Method (MCHMCM). On the same real estate sample, MCHMCM has been compared with a neural networks model (NNs), traditional multiple regression analysis (MRA) and the Penalized Spline Semiparametric Method (PSSM). All four methods have been developed for testing the forecasting capacity and reliability of MCHMCM in the real estate field. The Markov Chain Hybrid Monte Carlo Method has proved to be the best model with an absolute average percentage error of 6.61%

NOVEL MODELS AND TOOLS TO EVALUATE THE ECONOMIC FEASIBILITY OF RETROFITTING INTERVENTION

In order to mitigate the seismic risk, politician decision-makers, insurance companies, banks, professional engineers, private owners, (despite operating at different territorial scale and with different aims) need of accurate tools able to highlight the negative economic effects of an earthquake in terms of reduction of building economic value and earning power effective time. In this way, accurate seismic direct economic losses scenarios have a key role. In this paper, a new procedure for probabilistic, analytical seismic direct economic losses scenarios has been discussed and applied. Economic fragility curves for different existing building types (RC-MRF) have been defined. The economic feasibility of different form of retrofit interventions strongly depends by the entity of negative seismic damage economic effects, in terms of reduction of building economic value and earning power effective time. In this paper, a first attempt in estimation of building residual economic life after an earthquake has been performed. An innovative tool based on the integration of seismic direct losses models in building life-cycle cost value models has been presented and applied. This tool plays a fundamental role in promotion of a private seismic risk mitigation strategies, highlighted as accurate retrofitting intervention in peacetime could be able to minimize the negative seismic financial effects that is a primary objectives of owners-investors

Combined Collection and Analysis of Inorganic and Organic Gunshot Residues.

Gunshot residue (GSR) analysis and their interpretation provide crucial information on a criminal investigation involving the use of firearms. To date, several approaches have been proposed for the implementation of a combined sampling and analysis of inorganic (IGSR) and organic GSR (OGSR). However, it is not clear at this stage if concurrent analyses of both types of residue might be detrimental to the analysis of IGSR currently applied in forensic laboratories. Thus, this work aims to compare and evaluate three different protocols for the combined collection and analysis of IGSR and OGSR. These methods, respectively, involve the use of a modified stub (with two halves, one for the detection of IGSR and the other for the analysis of OGSR); the sequential recovery of GSR with two stubs mounted with different adhesives (double-sided carbon tape and Tesa® TACK) and the sequential analysis of IGSR and OGSR from a single carbon stub following carbon deposition. The detection of IGSR was carried out using SEM-EDX, while OGSR analysis was performed using ultra-high-performance liquid chromatography-tandem mass spectrometry (UHPLC-MS/MS). Obtained results for experiments performed using Geco Sinoxid <sup>®</sup> ammunition indicated that sequential analysis was the most suitable protocol for the combined collection and analysis of both IGSR and OGSR. A higher number of inorganic (characteristic and consistent) particles and higher concentrations of ethylcentralite, N-nitrosodiphenylamine, diphenylamine, and nitroglycerin were recovered with this method

Estimating the concession fee for the use of a football stadium

The concession for the use of real estate intended to provide public services is the tool often used by the public administration to obtain, with the recourse to private investment, the valorisation of the asset and a more efficient management of the service. A typical case is that of football stadiums, the management of which is normally entrusted in concession to companies that assume the burden of guaranteeing the safety and functionality of the facility to provide a satisfactory experience for the spectator. When the management of the asset entails profit margins for the concessionary company, the public service concession must provide for the payment of a fee as consideration for the use of the asset. This work deals with the issue of estimating the concession fee for football stadiums granted to clubs with teams playing in professional leagues. The issue is addressed through the implementation of a direct probabilistic and multi-parametric approach, which attempts to overcome the limitations of the procedures normally used in these cases, based on cost value or income analysis, resulting from the subjective nature that often characterises the choice of fundamental parameters. Specifically, a multiple regression analysis is developed on the basis of information and data from the examination of existing concession contracts for similar properties. The results show that the variance of the fees is explained by the level of the football league in which the concessionaire's team plays, the capacity of the stadium, the year of construction of the stadium, and the year of the last major renovation on the building structure

Integrated transcriptomic and proteomic analysis of pathogenic mycobacteria and their esx-1 mutants reveal secretion-dependent regulation of ESX-1 substrates and WhiB6 as a transcriptional regulator

The mycobacterial type VII secretion system ESX-1 is responsible for the secretion of a number of proteins that play important roles during host infection. The regulation of the expression of secreted proteins is often essential to establish successful infection. Using transcriptome sequencing, we found that the abrogation of ESX-1 function in Mycobacterium marinum leads to a pronounced increase in gene expression levels of the espA operon during the infection of macrophages. In addition, the disruption of ESX-1-mediated protein secretion also leads to a specific down-regulation of the ESX-1 substrates, but not of the structural components of this system, during growth in culture medium. This effect is observed in both M. marinum and M. tuberculosis. We established that down-regulation of ESX-1 substrates is the result of a regulatory process that is influenced by the putative transcriptional regulator whib6, which is located adjacent to the esx-1 locus. In addition, the overexpression of the ESX-1-associated PE35/PPE68 protein pair resulted in a significantly increased secretion of the ESX-1 substrate EsxA, demonstrating a functional link between these proteins. Taken together, these data show that WhiB6 is required for the secretion-dependent regulation of ESX-1 substrates and that ESX-1 substrates are regulated independently from the structural components, both during infection and as a result of active secretion

Poliomyelitis surveillance report number 18, May 20, 1955

Dr. Edwin Lennette, Virus Laboratory, California Department of Public Health, reports isolation of type 1 virus from the stool of case PSU No. Cal-21. He also reports isolation of type 1 virus from the stool of a third \uc2\ub0th contact of non-paralytic case PSU No. Cal-14. Isolations from 2 other contacts of this case were previously reported.Dr. Werner Henle, Children\ue2\u20ac\u2122s Hospital, Philadelphia, reports isolation of type 1 poliomyelitis virus from Case PSU No. Pa-2. This is the first isolation from a case receiving Wyeth Vaccine. This case had first paralysis at the same site as inoculation.One new case was accepted today from West Virginia. This seven-year-old female developed bulbar signs 26 days after inoculation with Lilly Vaccine. Vaccinated cases total 79 at 12:00 noon 5-20-55 (Table l)