Formuesskatt på unoterte aksjer: en analyse av ulikheter i verdsettelsesgrunnlaget til børsnoterte og unoterte aksjer

Vi ønsker i denne masterutredningen å bidra til den pågående debatten om formuesskattens ulike verdsettelsesregler for fastsettelse av formue. Gjennom empirisk analyse studerer vi verdsettelsesgrunnlaget for aksjer i unoterte og børsnoterte selskaper. Dette beregnes etter henholdsvis sær- og hovedregelen. I utredningen studerer vi 133 selskaper registrert på OTC-listen. Disse selskapene er blant de mest omsatte unoterte selskapene i Norge. I tillegg til å få fastsatt ligningsmessig formuesverdi som unotert aksjeselskap, har de også en offentlig markedsverdi. De er dermed svært aktuelle å studere i lys av formuesskatten, til tross for at de utgjør en liten del av unoterte selskaper. Vår analyse viser at aksjer i selskaper verdsatt etter særregelen har en gjennomsnittlig verdsettelsesrabatt på 68,1 %. Videre finner vi at verdsettelsesrabatten øker med blant annet gjeld, alder og noen typer eiendeler. Dette er typisk eiendeler som verdsettes til lavere enn omsetningsverdien, som eiendom og immaterielle eiendeler. På den andre siden finner vi at eiendeler som verdsettes til omsetningsverdi, som bankinnskudd og markedsbaserte investeringer, har negativ sammenheng med verdsettelsesrabatten. Videre analyserer vi 61 selskaper som nylig har blitt børsnotert i løpet av perioden. Vi finner gjennom tilsvarende analyser at verdsettelsesrabatten for aksjer i nylig børsnoterte selskaper ville vært 91,4 % dersom selskapene i stedet var verdsatt etter særregelen. Med dette kan vi derfor fastslå at de ulike verdsettelsesreglene gir svært forskjellig skattegrunnlag. Aksjer i unoterte selskaper favoriseres i stor grad sammenlignet med aksjer i børsnoterte selskaper ved formuesskatteligningen. Av OTC-selskapene er det 22 selskaper som børsnoteres i perioden. Gjennom vår analyse av disse selskapene finner vi at størrelsen på verdsettelsesrabatten ikke ser ut til å påvirke beslutningen om børsnotering. Med tanke på den store verdsettelsesrabatten, er dette resultatet noe overraskende. Det må altså være noen andre fordeler ved børsnotering, som for eksempel lettere kapitaltilgang, som veier opp for den betydelig høyere formuesskatten. Vår analyse viser dermed at det ikke er grunnlag for å hevde at formuesskatten påvirker insentiver til å gå på børs.nhhma

PENERAPAN METODE PERMAINAN KARTU KATA UNTUK MENINGKATKAN KEMAMPUAN MENULIS KALIMAT SEDERHANA SISWA KELAS II SEKOLAH DASAR

Penelitian ini meneliti tentang penerapan Metode Permainan Kartu Kata untuk meningkatkan kemampuan menulis kalimat sederhana siswa kelas II Sekolah Dasar. Penelitian ini bertujuan untuk mendeskripsikan pelaksanaan dalam penerapan Metode Permainan Kartu Kata untuk meningkatkan kemampuan menulis kalimat sederhana siswa kelas II Sekolah Dasar, dan untuk mengetahui seberapa besar peningkatan kemampuan menulis kalimat sederhana siswa dengan menerapkan Metode Permainan Kartu Kata. Penelitian ini dilatar belakangi oleh permasalahan rendahnya kemampuan menulis kalimat sederhana siswa, hal ini dibuktikan dengan hasil pretest. Hasil pretest siswa menunjukkan 72,42% siswa belum dapat menulis kalimat sederhana dengan baik dan benar, dan nilai siswa tidak mencapai nilai KKM yang ditetapkan sekolah yaitu 72, rata-rata nilai siswa pada hasil pretest yaitu 56,97. Penelitian ini menggunakan model penelitian Kemmis dan Taggart dengan langkah-langkah perencanaan, pelaksanaan, observasi, dan refleksi. Penelitian ini dilakukan dalam dua siklus. Pada siklus I nilai rata-rata kemampuan menulis kalimat sederhana siswa adalah 75,83 dengan presentase ketuntasan belajar 55,17%. Pada siklus II nilai rata-rata kemampuan menulis kalimat sederhana siswa adalah 86,9 dengan ketuntasan belajar 89,65%. Berdasarkan temuan dan pembahasan dapat disimpulkan bahwa dengan diterapkannya Metode Permainan Kartu Kata, dapat meningkatkan kemampuan menulis kalimat sederhana siswa. Berdasarkan hasil penelitian, penulis merekomendasikan untuk guru, Metode Permainan Kartu dapat dijadikan sebagai metode yang diterapkan oleh guru dalam upaya meningkatkan kemampuan menulis siswa. ; This study examines the Application Of Word Game Card Methods to Improve The Ability to Write Simple Sentence at Elementary School Second Grade Students. This study aims to describe the implementation in the application of word game card methods to improve the ability of students to write simple sentences and to know how big an increase in the ability to write simple sentences students by applying the word game card methods. This research is motivated by lack of writing skills students in the simple sentence, this is evidenced by the results of the pretest. The results showed 72.42% of students have not been able to write a sentence properly, and the value of students do not reach the KKM that prevail in school of 72, the average value of students is 56.97. This study uses Kemmis and Taggart research model. With the steps of planning, implementation, observation, and reflection. This research was conducted in two cycles. In first cycle, the average value of students' writing ability is 72.83 with the percentage of mastery learning is 55.17%. In the second cycle, the average value of students’ writing skills are 86.9 with mastery learning is 89.65%. Based on the findings and discussion can be concluded that with the implementation of word game card methods, can improve the ability of students to write simple sentences. Based on the results of research, researcher recommend to teachers, word game card methods can be used as the methods applied by teachers in an effort to improve students' writing skill

Is Interior Wood use Psychologically Beneficial? A Review of Psychological Responses Toward Wood

Over the past decades, a number of empirical studies have documented that nature or elements of nature in both outdoor and indoor settings can be beneficial for human health and well-being. Wood is a natural product and it is therefore relevant to investigate whether interior wood use might have some of the same beneficial effects. The aim of the present study is therefore to investigate whether interior wood use might be psychologically beneficial by reviewing studies that have investigated psychological responses toward wood. The study also provides a general introduction to theories that can help explain why wood might be psychologically beneficial. Studies related to psychological responses toward interior wood use have generally focused on three different outcomes: 1) perception of wood, including both visual perception and tactile sensation; 2) attitudes and preferences (aesthetic evaluation) of various wood products; and 3) psychophysiological responses toward wood. The review posits that there seem to be similarities in preferences for wood and that people prefer wood because it is natural. In addition, affective responses toward wood seem to be measurable, giving indications of psychological beneficial effects. However, caution should be made in concluding from the review that interior wood use is psychologically beneficial. Thus, theoretical, methodological, and practical implications are discussed and research needs identified

Reservoir characterization and modelling of the Louriñha Formation, Portugal : paralic sandstone bodies

The Lusitanian Basin in Portugal is an Atlantic margin rift basin on the western side of the Iberian plate positioned north of Lisbon. The basin contains, among several other formations, the Upper Jurassic Louriñha Formation which has been the object of this study. The Louriñha Formation consists of tidally influenced fluvial deposits formed in a paralic environment. The succession includes several thin shell banks interpreted to represent marine flooding surfaces of limited duration. A total of 14 facies have been recorded which are grouped into 5 facies associations of channel fill deposits, floodplain fines, overbank deposits, inclined heterolithic stratification (IHS) and marine deposits. Intertidal flats have not been identified. The paralic depositional environment is thought to be either an estuary or a tide-dominated delta, though due to little to no control in the third dimension within a rather small study area, a legitimate conclusion can not been drawn from the study. Mineral content and paleocurrent direction data indicate 1st order derived granitic detritus from the Hercynian Basement horsts in the northwest, which are areas presently exposed as the Berlengas and Ferilhões Islands. The burial depth of the Louriñha Formation does not exceed 3 km. The succession can be divided into 5 section (S0-S1) based on the characteristic architectural styles where lower and upper boundaries are set to either paleosols or flooding surfaces. The sand:gross ratio and connectedness of the sandstone bodies can be linked to base-level fluctuations as these have exerted a major control on the accommodation space created A stochastic object modelling is performed with the use of PetrelTM software where the studied stratigraphic succession is divided into 4 zones with different input parameters of channel-belt geometries, i.e. the fluvial deposits, in addition to the sedimentary logs. With the generated models it is possible to evaluate the properties of a theoretical reservoir with relevance to connectedness and heterogeneity on different levels. The models imply a possible stacked reservoir with high connectivity in Zone 1 and 3-4, though a possible thin barrier between Zone 3 and 4. Zone 2 composes a barrier between Zone 1 and 3. Thin sections from rock samples collected from the study area shows that the porosity, and likely also the permeability, in the sandstone bodies are generally poor and not of reservoir quality due to extensive carbonate cement and mud filled pore throats

Hygroscopic buffering effects in exposed cross-laminated timber surfaces and indoor climate in a Norwegian primary school

Laboratory studies have shown that wood has hygroscopic properties. When used as a construction material in buildings, it can thus influence indoor relative humidity and temperature. Ventilation can affect indoor climate if the temperature differ between indoor and outdoor air. The coating of indoor wood may also affect its hygroscopic properties. Few studies of wood in real buildings have been conducted. The main aim of this experimental study was to explore the association between moisture content in indoor air and wood in two classrooms. The floor plan of the two classrooms was identical. In one classroom, all wood surfaces were untreated, whereas, in the other, they were treated with a transparent varnish. Sensors measured indoor air relative humidity, moisture content in the wood, and temperature in the air and wood in both classrooms. Linear regression analysis was performed to explore possible associations. Strong positive associations between indoor air relative humidity and the moisture content in wood in the untreated classroom were found. Weak positive associations were evident in the classroom with treated wood. Ventilation reduced these associations.publishedVersio

Wood in psychiatric in-patient rooms may reduce the length of stay for patients

Objective – To outline a study of healthcare outcomes for psychiatric patients within an in-patient psychiatric ward. The planned study was initiated as a follow-up of the design process, where emphasis was made to use interior surfaces of wood in a new Swedish psychiatric building. Background –The influence of the physical environment for treatment outcomes within somatic care has been acknowledge for decades. Today there is also a growing amount of research within the field of psychiatric health facilities. View of, and access to, nature have shown to be of major importance. Recent research suggests that wood in patient rooms may have a healing effect. Research question – Does the use of wood in psychiatric in-patient rooms have positive health outcomes, such as reduced length of stay for patients and reduced stress levels? Method – The quantitative study will be executed in a new Swedish psychiatric building with 96 in-patient rooms in 4 wards. Each ward is divided into modules (6 patients/module). The study has a comparative approach: treatment outcomes in a module where patient rooms with wood covered facade-walls (n=2) will be compared to rooms with painted plaster façade-walls (n=2) and artificial wood panels (n=2). Patients in the module, intended for a special but general diagnosis, will be placed randomly in rooms with or without wood surfaces. All patient rooms are én-suite rooms. The staff is identical between rooms. All patient rooms have identical orientation. Results – An outline of a study in a psychiatric hospital is presented. This includes aspects related to research design, participation from patients, ethical considerations and statistical power of the planned experiment. Final outcomes from the study will be carried out after the new psychiatric building is inaugurated in 2020. Conclusion – Choice of building material can be an important measure to include in the design of health facilities. The study will provide new insights into what materials can be used and how they should be used to maximise possible beneficial health effects. Several aspects of architectural design can influence users in the built environment. Thus, there can be confounding factors influencing patients´ health and psychological well-being.publishedVersio

Hygroscopic buffering effects in exposed cross-laminated timber surfaces and indoor climate in a Norwegian primary school

Laboratory studies have shown that wood has hygroscopic properties. When used as a construction material in buildings, it can thus influence indoor relative humidity and temperature. Ventilation can affect indoor climate if the temperature differ between indoor and outdoor air. The coating of indoor wood may also affect its hygroscopic properties. Few studies of wood in real buildings have been conducted. The main aim of this experimental study was to explore the association between moisture content in indoor air and wood in two classrooms. The floor plan of the two classrooms was identical. In one classroom, all wood surfaces were untreated, whereas, in the other, they were treated with a transparent varnish. Sensors measured indoor air relative humidity, moisture content in the wood, and temperature in the air and wood in both classrooms. Linear regression analysis was performed to explore possible associations. Strong positive associations between indoor air relative humidity and the moisture content in wood in the untreated classroom were found. Weak positive associations were evident in the classroom with treated wood. Ventilation reduced these associations.publishedVersio

Improving Mental Wellbeing in Organizations with Targeted Psychosocial Interventions

Background: Mental wellbeing of employees is crucial for successful organizations. Psychosocial interventions that target highly contagious individuals (i.e., individuals that can ‘transmit’ their wellbeing to others) could efficiently improve overall wellbeing in the workplace. Objectives: Using the magnitudes of effects observed in existing studies on psychosocial interventions and the contagion of mental wellbeing, we aimed to examine how the wellbeing of a group (based on WHO-5 Well-Being Index scores) changes if interventions are provided to highly contagious people instead of randomly selected individuals. Methods/Approach: Based on the data on mental wellbeing of 414 nursing home employees, we created a social network that includes individual levels of wellbeing and the strength of the connection between people. Simulation-based influence-maximization was used on the network and interventions were interventions were provided to either contagious or randomly selected individuals. Results: Overall, mental wellbeing of the group increased slightly more when individuals had received a simulated psychosocial intervention in order of contagiousness compared to the cases in which interventions were provided to randomly selected individuals. Conclusions: Selectively targeting highly contagious individuals could be an efficient approach to improving wellbeing in organizations, especially in social contexts, where the contagion of mental wellbeing is likelier

PERCEPTION AND EVALUATION OF (MODIFIED) WOOD BY OLDER ADULTS FROM SLOVENIA AND NORWAY

Background. Many building users prefer wood over other building materials, but it is unclear how modified wood is perceived compared to the unmodified wood. Additionally, it is unclear which material properties play a role in the general preference for wood, how tactile and tactile-visual perceptions of materials affect user preference for wood, and whether human preference for wood is consistent across countries and cultures with different wood use practices. Method. 100 older adults from Slovenia and Norway rated and ranked wooden materials (i.e., handrails) made of either unmodified or modified wood and a stainless-steel control sample. The materials were rated on a semantic differential scale (capturing sensory and affective attributes) by each participant twice: first while only touching the materials and then while simultaneously touching and seeing the materials. Finally, each participant ranked the handrails in order of preference. Results. Wooden handrails were generally more preferred than the steel sample. Preference ratings and rankings of modified wood were comparable to those of unmodified wood. Results were relatively consistent across both countries. Materials rated as liked were perceived as somewhat less cold, less damp, more usual, less artificial, more expensive, and less unpleasant. The ratings were fairly consistent between the tactile and tactile-visual task. Conclusions. In at least some indoor applications, certain types of modified wood could be used in place of unmodified wood, while meeting human aesthetical preferences. Certain visual and tactile properties can predict material preference and could be considered in the material design phase. Tactile experience is important in overall material perception and should not be overlooked. These findings seem to be stable across countries with different wood use practices

Strukturendringer i kystflåten – hvordan, hvorfor og konsekvenser

Norske fangstreguleringer har lange tradisjoner for å dele fartøygruppene inn etter fartøystørrelse. Tidligere var dette først og fremst viktig for å unngå konflikter på fiskefeltet. Ved innføring av totalkvoter og fartøykvoter ble fartøyets lengde en viktig parameter for å fordele kvoter mellom fartøygrupper. Restriksjoner på fartøyets lengde begrenser imidlertid mulighetene for innovasjon og effektivitet i fiske. I denne artikkelen studeres hva som skjedde når myndighetene endret størrelsesmålet fra fartøylengde til lasteromsvolum blant de lengste fartøyene i kystfiskeflåten.Strukturendringer i kystflåten – hvordan, hvorfor og konsekvenserpublishedVersio