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Telkom is a state-owned company engaged in telecommunications and network services in the territory of Indonesia. One of the products from Telkom is IndiHome. In IndiHome, the company's agreement system with consumers is to rent tools or devices for consumers to use to connect with IndiHome, then consumers pay monthly to extend the lease. Based on the basic provisions of the theory in Islam that leasing is a form of muamalah activity in meeting the needs of human life, in the sharia economic concept, leasing is called (al-ijarah), which has the pillars and conditions that become the legal provisions of the ijarah contract. The purpose of this study was to determine the practice of renting IndiHome at PT. Telkom Indonesia Kandatel Purwakarta and to find out an overview of the sharia economy in leasing indihome products at PT. Telkom Kandatel Purwakarta. The type of research used is field research, while the approach used in this research is a descriptive-qualitative approach. The mechanism used in leasing IndiHome has provisions according to company procedures. The transaction process is carried out with customer registration via offline, carried out directly and online through the My IndiHome application and Call Center to PT.Telkom and if viewed in the sharia economy, IndiHome leases are included in leases that are not in accordance with the provisions of the Fatwa of the National Sharia Council of the Ulama Council. Indonesia No. 112/DSN-MUI/IX/2017, including those related to mu'jir provisions that are not legally competent, provisions on benefits of objects that cannot be leased back and unclear rental times.

Sebuah perkembangan usaha binis sewa menyewa, seperti sewa menyewa mobil di CV Tunggal Perkasa yang bergerak pada jasa sewa menyewa mobil damp truck bidang ekspedisi, dalam sewa menyewa ini terjadi sebuah perjanjian dimana sewa menyewa ini menimbulkan hak dan kewajiban bagi para kedua pihak. Dalam Islam sewa menyewa diistilahkan dengan al-ijarah yaitu akad pemindahan hak guna atas barang atau jasa, melalui pembayaran upah sewa, tanpa diikuti dengan pemindahan kepemilikan (ownership/milkiyah) atas barang itu sendiri. Tujuan dari penelitian ini adalah untuk mengetahui praktik sewa menyewa mobil jasa angkut di CV. Tunggal Perkasa, dan untuk mengetahui tinjauan ekonomi syari’ah dalam sewa menyewa di CV. Tunggal Perkasa. Jenis penelitian yang digunakan adalah penelitian lapangan (field research), adapun pendekatan yang digunakan dalam penelitian ini adalah pendekatan deskriptif-kualitatif. Mekanisme yang dilakukan dalam praktik sewa menyewa mobil dump truck yaitu melakukan sebuah kontrak perjanjian dengan syarat dan ketentuan yang sudah ditetapkan, dan sistem sewa menyewa yang diterapkan pada kedua belah pihak tersebut yaitu terikat. Jika dilihat dari segi akad, rukun dan syarat sewa menyewa ditinjau menurut Fatwa Dewan Syariah Nasional-Majelis Ulama Indonesia NO: 112/DSN-MUI/IX/2017 akad sewa menyewa yang dilakukan oleh kedua belah pihak ini tidak sesuai dengan Fiqih Ijarah.

Servitisation, which occurs when products are offered with service components as product-service bundles, has increased rapidly in consumer markets during recent years because of digitalisation. Digital technologies have enabled the emergence of peer-to-peer marketplaces and made it possible for B2B lease and rental actors to push for B2C markets. Despite extensive research on servitisation, we know little of what kinds of companies can best exploit the opportunities created by it and how digitalisation affects inter-company relationships regarding these opportunities. This article addresses these research gaps by making a revelatory case study on the entry order and strategy of established B2B lease companies to enter the B2C private leasing and carsharing markets. We collect an interview-based dataset on key companies in the Dutch car lease market, that we analyse abductively. We find that knowledge of the opportunities, position in the value chain, and resources are focal elements that define which companies are pioneers, early followers, and late entrants. In contrast to former servitisation literature, manufacturing incumbent companies are not active in exploiting opportunities created by private leasing. Additionally, we discover that the leasing companies create capabilities for private leasing themselves whereas they partner to enable carsharing. We discuss the contribution of these findings to research on disruptive innovation, servitisation, and digital innovation.

Recently the definition and verification of taxable objects are associated with the so-called business loophole “commercial secret”. In these tough conditions, auditors and taxpayers should master the techniques of conducting separate tax accounting of taxable objects. Taxpayers are forced to make a choice: which side of the tax system is more preferable to this or that version of the proportional method? The purpose of the article is to recommend ways of applying the proportional method of determining the objects of taxation in the conditions of separate tax accounting. The data of the first two options show that renting out premises for an LLP is unprofitable. The authors believe that it is necessary to review the terms of lease agreements and reduce the cost of renting premises. The calculations in the third variant indicate a significant and significant impact of the specific weight of the average number of employees on financial and tax indicators. When applying the third option of calculations, the company will pay significantly less CIT with unchanged financial and tax results. The company will prefer to fix the application of the proportional method in the accounting policy according to the latter option. This calculation option, according to the authors, helps to clarify not only the size of total expenses by type of activity, but also helps to distribute and clarify in detail information about taxable income, retained earnings and the amount of CIT by type of activity. Detailed information about the main performance indicators of the company contributes to the real content of the financial and tax reporting forms.

The paper examines the current features of bank lending to agricultural enterprises in Ukraine and Kazakhstan. It is proved that the agricultural entrepreneurship of the compared countries’ economies increasingly needs the financial investments, necessary for the renewal and technological modernization of production. The purpose of the paper is to analyze the state of lending to agricultural enterprises in Ukraine and Kazakhstan, study its volume, identify the main directions of changes in its structure by type of credit services, as well as assess trends and prospects for its development. Section 1 of the article identifies the features of banks’ credit policy concerning lending to agricultural enterprises. It is presented the methodological approach to the comparative assessment of the development of the agro-industrial complex of Ukraine and Kazakhstan. It is identified the main provisions of strategies for the development of agricultural production in Ukraine and Kazakhstan. It is substantiated features of banks’ credit policy in lending to agricultural enterprises, which restrain the active growth of lending to the agro-industrial complex. Section 2 of the article provides a comparative description of Ukraine and Kazakhstan in terms of credit support to the industry. It is established that the most attractive for bank lending are large agricultural enterprises in terms of production and yield. It is proved the importance of direct state financial support for economic entities of the agro-industrial complex through the mechanisms of cheaper loans and compensation of lease payments. In the final section, the authors highlight the key priorities of accelerating the development of bank lending to agricultural enterprises in Ukraine and Kazakhstan by increasing budget support, rational use of budget funds, lower interest rates for agriculture, improving methods of assessing the creditworthiness of borrowers with concern of specific production.

In the past few years, the situation related to the exploration and use of space has changed dramatically. It has been proven that the extraction of space resources can be profitable; there is progress in the development of space technology; space has become an object of interest from private investors; there is a gap between the state of the space industry in the United States and in other countries. These changes resulted in a US-initiated reform aimed at legalizing the appropriation of extracted space resources, as well as, in the long term, at legalizing the appropriation of sites of celestial bodies and resources in situ by both individuals and states. Its instruments are proposals for the reinterpretation of key agreements, new US and Luxembourg law and the Artemis Accords signed on October 13, 2020 by eight states. The first part of the reform is almost complete: even now, we can talk about the emergence of an international custom that legalizes the appropriation of extracted resources. Some states and part of the doctrine, however, advocate the preservation of the regime of the common property and its strengthening through the creation of an international body authorized to issue permits for the extraction of resources and / or the lease of sites of celestial bodies. The reform of space law is important not only in itself, but also as a litmus of the development of general international law: it indicates that international law continues to develop; this process is carried out through the efforts of a narrow alliance of states outside the traditional convention mechanism. The diplomatic potential of Russia is very high: it could not only support a certain option for the development of space law, but also formulate its main parameters.

يتناول هذا البحث موضوعا من أهم موضوعات المعاملات المالية المعاصرة، وهو عقد التمويل التأجيري، والذي يعتبر من الطرق الحديثة لخدمة الاستثمار، والذي يتناسب مع کافة المشاريع الاقتصادية. وقد جاءت هذه الدراسة لتوضح حقيقة التمويل التأجيري، بما له من مميزات وخصائص تميزه عن غيره من العقود التي قد تتشابه معه، وکذلک حکم ما يشمله من وعد من قبل المؤجر (شرکة التمويل التأجيري) بتنفيذ ما يقع عليه اختيار المستأجر (المستثمر) في نهاية المدة المتعاقد عليها. کما أوضحت الدراسة حکم اشتمال العقد على عقدين في عقد واحد، وکذلک حکم عقد التمويل التأجيري، وأخيرا الضوابط الشرعية لهذا العقد. This research deals with one of the most important topics in contemporary financial transactions, which is the lease financing contract, that is considered one of the modern methods of investment service, which is compatible with all economic projects. This study came to clarify the reality of leasing financing, with its advantages and characteristics that distinguish it from other contracts that may be similar to the lessor, as well as the ruling on what it includes in terms of a promise by the lessor (the leasing finance company) to implement what falls on the choice of the lessee (the investor) at the end of the period Contracted. The study also clarified the ruling on the contract being included in two contracts in one contract, as well as the ruling on the lease financing contract, and finally the Sharia controls for this contract.

In most of Nigeria’s rural communities, land holdings are small and uneven; and this impacts significantly on their mechanisation potentials. This fragmented nature of the farmlands also inhibits the creation of an effective land market. This study utilised a digital orthomosaic generated from an Unmanned Aerial Vehicle (UAV) survey in evaluating the productivity levels of traditional and mechanised farmers in Okeho Community of Oyo State, South-Western Nigeria. The aerial survey was conducted with a DJI Phantom 4 Professional UAV covering 250 acres of traditional and mechanised farmlands to produce a very high resolution orthomosaic at 6 cm spatial resolution. Sixty-three respondents (61 traditional farmers and 2 mechanised farmers) were also interviewed using questionnaires. Their responses were keyed into a database with the Open Data Kit (ODK) data collector. The orthomosaic was classified into farmland units and a database of the farmers land holdings was created in ArcGIS software. Some parameters influencing their productivity were computed – Crop Field Fraction (CFF) and Crop Yield Index (CYI). The results showed that very few farmers had a shared equity on land (only 3%); most farms were acquired under freehold or lease. Also, only 1% of their farm sizes was larger than 5 acres. There was a sharp disparity in the crop field fraction (traditional farms – 32.2; mechanised farms – 68.8), and the productivity from the mechanised farmers surpasses that of the traditional farmers. It is recommended that the Government should support cluster farming systems among farmers to boost productivity.

The real estate sector is one of the most important sectors of the economy for developing countries. The housing market is directly related to the performance of economy. The impact of this market is measured through the volume of various transactions, such as real estate sales, lease contracts, construction contracts, import transactions, foreign exchange, transactions of financial intermediaries and real estate agencies, employment contracts, etc. The real estate market is directly influenced by housing policies, the level of financial system development, visible additional costs (tax rates and credit costs) and its invisible costs (which is informality and information asymmetry). Hypotheses: The housing market operates according the rules of the supply-demand and the factors that affect the fluctuation of housing prices. The purpose of the article is to evaluate the demand factors in the performance of house prices in Albania. Methodology: The study employs an exploratory analysis based on the literature review, the secondary data and empirical analysis. The authors make a comparison between the factors identified by the literature review, the analysis of the secondary data for the Albanian real estate market, and statistical relationships of individual factors as well: GDP/capita, Exchange rate, Interest rates in ALL, Interest rates EURO, Remittances and the level of mortgage loans in EURO. In the conclusions of the paper, some of the factors that have directly influenced the fluctuations in real estate prices in Albania are: the demand and the supply of real estate; the change in the value of the functional currency; state intervention through fiscal policies and urban planning; credit financing to businesses and individuals, etc.

The article discusses a series of conceptual and practical aspects related to the taxation of incomes obtained by natural persons from lease contracts in the year 2011. Under the provisions of Law No. 296/2020 amending and complementing Law No. 227/2015 on the Fiscal Code a new mechanism of determining and declaring annual income obtained from leasing out rooms situated in personal dwellings for touristic purposes has been approved. These incomes are determined based on the tax system’s annual income tax rules, without the possibility of opting for the system of determining the real income based on accounting data. As a novelty, from 2021 onwards, taxpayers who earn income from the transfer of the use of property under a lease contract, where the lease is the equivalent in lei of a currency, determine the gross annual income on the basis of the monthly lease valued at the average annual exchange rate of the foreign exchange market, communicated by the NBR, in the year in which the respective income was obtained.

Changes in the port sector over the last years lead to an increasing need for qualification and self-sustainability in Brazilian public ports and port pricing figures as an important element that must be addressed by Port Authorities. The present study aimed to analyze this issue, considering Companhia Docas do Rio de Janeiro (CDRJ) – the Rio de Janeiro Port Authority – and its managed ports as a case study. In order to do so, a comparative analysis was carried out, considering the two main ports managed by CDRJ (Rio de Janeiro and Itaguai) and its competitors. The study was based on secondary data from the sampled ports, as well as on-site analysis at CDRJ. Findings showed that ports differ both in terms of applied tariffs and charged units. Regarding revenues structures, CDRJ showed some differences compared to others PAs, with a greater concentration on lease agreement than port tariffs. This makes the occupation of port areas and their respective contracts crucial aspects to be considered by this Port Authority.

Arash Nemat,1,2 Nahid Raufi,3 Mohammad Yasir Essar,4 Qingchun Zeng2 1Department of Microbiology, Kabul University of Medical Sciences, Kabul, Afghanistan; 2Department of Cardiology, Nanfang Hospital, Southern Medical University, Guangzhou, 510515, People’s Republic of China; 3Department of Dermatology, Kabul University of Medical Sciences, Kabul, Afghanistan; 4Medical Research Center, Kateb University, Kabul, AfghanistanCorrespondence: Arash NematDepartment of Microbiology, Kabul University of Medical Sciences, 3rd District, Jamal Mina, Kabul, 1001, AfghanistanTel +93 706 717 987Email dr.arashnemat@yahoo.comPurpose: The worldwide spread of the coronavirus named SARS-CoV-2 has disrupted the world economy and the economy of Afghanistan as part of it. In addition, it has affected health and education in the country. The aim of this study is to highlight the damage the pandemic has done to private educational institutes in Afghanistan, in terms of finances, health and educational aspects. This is to draw attention to the setbacks the COVID-19 pandemic has caused to post-war (ie, post 2001) Afghan private education.Methods: A cross-sectional study was conducted with the help of Afghanistan’s Educational Centers Association (AECA) members to analyze the impact of the COVID-19-related lockdown. The questionnaire for the survey was distributed through SurveyMonkey to founders of educational institutes. It included basic demographics, perception of and exposure to COVID-19 by the participants and the educational and financial state of their institutions. Data analysis was conducted using SPSS software version 25.Results: Almost all participants who completed the questionnaire were male; 82% of them were under 35 years old, the others were older. Fifty-one percent obtained their COVID-19-related information through social media. Fifty-six percent confirmed that either they themselves or employees had tested positive with COVID-19. Eighty-seven percent of their educational institutes were not conducting any online classes. Only 2% received continued payment from their students. Five percent did not pay rent for their center’s lease. Regarding the economic damage during the lockdown period (March to July 2020) they encountered, 47% reported a loss of 2000– 5000$ with a decreasing amount of participants responding and an ascending amount of financial loss.Conclusion: COVID-19 pandemic caused a significant financial and educational loss to the private educational institutes in Afghanistan. The lockdown induced by it affected students’ fees transactions, induction of online classes, substantial financial loss, and it elevated the health crisis according to the founders of private educational institutes’ reports.Keywords: learning center, coronavirus, education crisis, survey, school, student

Bogor Agricultural University (IPB) Dramaga is one of the universities with the best agricultural background in Indonesia. Many people are willing to leave for education at IPB. However, many of the overseas students have problems regarding where to live. The purpose of this study (1) To identify the factors that influence the rental of temporary housing in the Bogor Agricultural University area. (2) Analyze the factors that influence the decision to lease a temporary residence while studying at the Dramaga Bogor Agricultural University. The type of data in this study is quantitative data, primary data is obtained through questionnaires and secondary data is obtained from the Bogor Agricultural University website, as well as various relevant literature and reports. The method used is descriptive analysis and factor analysis with the variables used in this study is the 7P Marketing Mix. Based on the results of the factor analysis, 20 new factors were formed that greatly influenced consumers in choosing a temporary residence. In addition, the alternative that can be given from this research is that the owner of the residence should be able to optimize the promotion in terms of advertising so that it is right on target.Keywords:IPB Students, Marketing Mix, Temporary Residence

The concept of “decolonising” has been inescapable for the past 5 years. There are “decolonising” conferences, working groups, reading lists and forums. This new lease of life given to decolonial t...

Many litigation cases for losses and damages, which are considered by the courts, include, among other things, challenging the amount of damage caused (loss, damage). In some cases, the calculation of losses is not just unreasonable, but absurd in nature, based on the substitution of economic concepts. An independent economic expert examination is solid evidence in loss cases. The article analyzes and outlines the difference in the economic concepts of «market value» and «redemption price»; it is concluded that these concepts are incomparable. The unreasonableness of calculating the damage to a leasing company under a transaction of early termination of a lease agreement is shown on the example of a real case.

The article is devoted to the consideration of the problem of proving of the property transfer fact under the contract of lease of a buildings and structures, in the absence of an act of acceptance and transfer. The purpose of the article is to determine the most effective strategy for proving the property transfer fact under the contract of lease of a buildings and structures. Achieving this purpose requires determining the essential features of specified contract, as well as identifying and analyzing the approaches, that have been established in law enforcement practice, regarding to admissible means of proving the property transfer fact. In the course of the research, analyzes the materials of the judicial practice of the arbitration courts of the Russian Federation for disputes arising from the contract of lease of a buildings and structures. Based on the analysis, the author of the article substantiates the conclusion that the act of acceptance and transfer is not the only evidence confirming the property transfer fact and also forms an approximate list of admissible evidence that can be used in court for proving this fact.

Land problems almost occur throughout Indonesia, without exception in Medan, North Sumatra Province. In Medan there is PTPN II land which, due to community needs, the government chose not to extend the HGU (Hak Guna Usaha) for the benefit of the community. The government considers that the people need this land more in order to meet the needs of life and the welfare of the entire community. The method used in this paper is juridical normative by adopting a legal synchronization approach, both vertically and horizontally, on land tenure conflicts after the expiration of the Legal Entity for Plantation Companies in Indonesia. Data obtained through literature search. The results show that the provisions regarding land tenure have been regulated in Law number 5 of 1960 concerning Basic Agrarian Principles or often referred to as UUPA. In article 16 paragraph 1 of Law Number 5 of 1960 UUPA, it is stated that land rights include ownership rights, land use rights, building use rights, usage rights, lease rights, land opening rights, rights to collect forest products, other rights that are not included in the rights mentioned above which will be stipulated by law as well as rights which are temporary as mentioned in Article 53 of Law Number 5 concerning UUPA. The existence of land rights that have been regulated in law often creates confusion and overlaps in the control of the land object. There is still a lack of and low understanding of the law by the majority of the community, are often used by irresponsible individuals with the intention of obtaining benefits in the form of land rights through control of the land. Then the role of the government has not run optimally in protecting the rights of land controlled by the community. The government has not been able to collect data and make complete registrations of land tenure in Indonesia. This is the cause of the frequent occurrence of land tenure conflicts so that the participation of all levels of society as well as the government is urgently needed..

This research investigates how entities address the absence of a definition for low-value assets in IFRS 16. We developed four strategies to collect and analyze data. First, we performed a content analysis on the comment letters (CL) to the IASB’s 2013 Exposure Draft (ED), aiming to find the origins of the exemption. Secondly, we applied a survey with jurisdictional authorities from countries that use IFRS, aiming to learn how they have regulated the low-value assets. Then, we performed a content analysis on the 2020 Financial Statements (FS) published by the Brazilian companies, aiming to identify how they implemented the exemption, and how auditors reacted. Finally, we applied a survey with Brazilian practitioners aiming to fulfill the gaps left by the notes. The main conclusion of our research shows that the IASB did not apply appropriate concepts to justify lease accounting requirements for the concept of the low-value asset. Especially its contradiction to the concept of Materiality, which is an entity-specific fundamental qualitative characteristic of relevance. On the other hand, the assessment of whether an underlying asset is of low value is not affected by the size, nature or circumstances of the lessee. The analysis of CL on the ED 2013 enabled the understanding of the concept. The content analysis of FS and survey shows that IFRS 16 - Leases were implemented by a large majority of the Brazilian companies. The results of both methodologies also show that 96% of lessees use a quantitative threshold to operationalize the concept, and 61% of archival analyzed companies used the exemption in December 2020. The majority of Companies in Brazil did not disclose the expense relating of low-value assets. This is the first study to approach the concept of low-value from IFRS16 and we expect that the knowledge gained from this research might be a relevant input to the IASB to the post-implementation review of the IFRS 16 and the revision of Practice Statement number 2 – Making Materiality Judgement. Esta pesquisa investiga como as entidades abordam a ausência de uma definição no CPC 06 - Arrendamento Mercantil sobre ativos de baixo valor. Desenvolvemos quatro estratégias para coletar e analisar dados. Primeiramente, realizamos uma análise de conteúdo das cartas-comentário enviadas ao IASB’s 2013 Exposure Draft, com o objetivo de encontrar a origem da isenção de reconhecimento. Em segundo lugar, aplicamos uma pesquisa com autoridades jurisdicionais de países que usam IFRS, com o objetivo de saber como eles têm regulamentado o tema. Em seguida, realizamos uma análise de conteúdo das notas às demonstrações financeiras de 2020 publicadas pelas companhias brasileiras, com o objetivo de identificar como implementaram a isenção e como os auditores reagiram. Por fim, aplicamos uma pesquisa com profissionais de Relações com Investidores. A principal conclusão de nossa pesquisa mostra que o IASB não aplicou conceitos apropriados para justificar os requisitos contábeis para os ativos de baixo valor. Especialmente sua contradição com o conceito de Materialidade, que é uma característica qualitativa fundamental de relevância e é específica para cada entidade. Por outro lado, a avaliação se um ativo é considerado de baixo valor não é afetada pelo tamanho, natureza ou circunstância do arrendatário. A análise das cartas comentário ao ED 2013 permitiunos compreender a concepção do conceito A análise de conteúdo das DFs e a pesquisa mostram que o CPC 06 foi implementado pela maioria das empresas brasileiras. Os resultados de ambas as metodologias também mostram que 96% das empresas pesquisadas usam um limite quantitativo para operacionalizar os ativos de baixo valor e 61% das empresas analisadas divulgaram em dezembro de 2020 o uso da isenção. A maioria das empresas no Brasil não divulgaram a despesa para arrendamentos de ativos de baixo valor. Este é o primeiro estudo a abordar o conceito de baixo valor do IFRS16 e esperamos que o conhecimento adquirido com esta pesquisa possa ser uma fonte relevante para o IASB quando se dedicar à revisão pós-implementação do IFRS 16 e de materialidade.

With a shift in the strategic direction of the Marine Corps due to the 38th Commandant’s Planning Guidance, should the Marine Corps shift the way it procures the systems necessary to execute Expeditionary Advanced Base Operations and Littoral Operations in a Contested Environment, namely in the procurement of a novel autonomous logistics system (ALS) that provides middle-mile logistics in a military environment? This thesis attempts to answer the following questions: Should the Marine Corps seek to procure commercial ALS via outright purchase, lease, or a hybrid of the two models? What is unique about commercial ALS that would bias a lease-versus-purchase decision one way or the other, and which aspects of such systems in the analysis could translate to similar analyses of other potential Department of Defense (DOD) systems? What are the likely challenges to a lease-based business model, and what drawbacks will need to be addressed or alleviated by the DOD and by private industry? The research includes literature and legal review, case study analysis, and comparative analysis of procurement methods. A fictional operational vignette is used to ground and explain the comparison. The recommended procurement course of action is a hybrid model, starting with a trial lease period in partnership with a manufacturer, that allows the Marine Corps to test, utilize, and analyze all aspects of a commercial ALS before deciding on a long-term business model to implement across the force. Captain, United States Marine Corps Approved for public release. Distribution is unlimited.

Motivation for leasing is often believed to be the tax rate difference between the lessee and the lessor, allowing both to save on taxes at the government's expense. These short notes challenge this conventional wisdom and demonstrate not only the tax rate difference but also other various leasing parameters that can have an impact on government tax revenue both analytically and numerically. This paper adds additional theoretical groundworks to the literature to support the claim that the positive-sum games do exist among the lessee, the lessor, and the government. JEL Classification Codes: C6, G3.

Among European countries, The Netherlands is boosting the transformation to a circular economy creating and deploying circular business models across different sectors, including the home appliances sector. Although in recent years shared access-based business models have attracted the attention of the scientific community from a sustainability perspective, a very different family of circular business models are in fact being deployed in other markets and have not yet been studied from a sustainability perspective. These circular business models are product lease and pay-per-use, which are now offered by more than ten companies in the Dutch market. However, whether these business models represent environmental and material benefits is still in question. In this article, we apply a dynamic life cycle assessment modelling framework to study the material use and climate change impact implications of the long-term and potentially large-scale adoption of these two circular business models in the Dutch market of washing machines towards 2050, considering the energy transition of three regions: The Dutch, European, and global regions. Of nine scenarios modelled, the large scale and quick adoption of product leasing will represent the largest material use benefits, followed by the pay-per-wash model, both comparable to the material benefits obtained by other well studied shared-access business models. In climate change impact mitigation, the benefits of the circular business models are dwarfed by the benefits of a decarbonized electricity. Yet, with a successful energy transition, we could expect a re-prioritization of the life cycle of energy intensive appliances regarding climate change impacts in the future, from the use phase to the use and production phase, equally.

Consider a lessor (service provider) offering a multi-period lease contract (LC) for remanufactured products. The LC proposed has two attributes –i.e. m periods, m ⩾ 1 and a usage threshold (a limitation of usage allowed). If the total usage of the product is below the usage threshold during the LC periods, then no extra charge is required. Otherwise the lessee needs to pay some extra charge. The lessor is responsible to carry out maintenance actions during the LC periods, and promises a high availability (or a low downtime). If the downtime is above the target then there will be a penalty cost to the lessor. The LC price for the remanufactured product is much cheaper, and hence it becomes attractive and needs to be considered when the lessee is looking for a better option of a LC. For the multi-period LC studied, the lessor will decide the maintenance policy and the price for the LC offered, whilst the lessee will find the rate of its usage and the LC periods suitable to its business. The numerical examples are presented to illustrate the optimal decision variables for each party.

The first part of this study presents historical reasons for introducing perpetual usufruct by the Management of Urban Areas Act 1961 and the Civil Code 1964. It begins with the general analysis that focuses on the changes of laws from the initial introducing development right and perpetual lease to ownership divided into periods and then usufruct of the state residential property. The author explains the mechanism of influence of the factors arising from communist ideology (Marxism-Leninism) on the proposed legal solutions particularly attributing a prominent role to socialist state property in the People’s Republic of Poland. Next, the official version of the perpetual usufruct’s role is also presented. The perpetual usufruct was introduced as a new real right which was to be attractive for citizens and enabled the state to administer areas in towns and settlements in accordance with a legal town development plan. The aim of the study is the explanation of the real function of the perpetual usufruct of residential lands in towns. The construction of perpetual usufruct was a result of referring to models of Soviet law. It was an instrument which was to protect socialist state property as well as to counteract a depletion of the accumulated state lands through a transfer of those lands for private persons. The perpetual usufruct also was to enable the socialist state to control how urban land was used. The perpetual usufruct was a result of the ideological and political principles of the socialist system in the People’s Republic of Poland, particularly strengthening socialist state property of lands. The perpetual usufruct was really a semblance of ownership of land. This was indirectly explained in the resolutions of the Supreme Court of 1968 and 1969. Therefore, in our times there are difficult legal problems also connected with the issue of granting property rights to perpetual usufructuary. The legal proposals of replacing perpetual usufruct with different rights still haven’t been introduced. The last part of this study expresses in a concise way the contemporary legal acts which were aimed at reducing the accumulation of lands which were let on a perpetual usufruct. Nevertheless, these acts weren’t always effective. The Act of 2018 on Transformation Perpetual Usufruct of Built-up Residential Lands into Ownership of those Lands is the last legal act concerning the discussed issues. In principle this act introduced the enfranchisement in accordance with the law for every perpetual usufructuary of built-up residential land. However, it didn’t eliminate the perpetual usufruct in Polish property law. The analysis in this paper proposes the thesis that the perpetual usufruct of residential lands (on a large scale) was never justified in an economy, but was only determined by ideological and political reasons in the People’s Republic of Poland.

Extant REIT research largely overlooks operating leases as an alternative source of financing. In this study, we hand-collect lease information of 334 unique REITs over the period of 1993 to 2018, and we document that an increasing number of REITs have been including operating leases in their capital structure to finance income-generating investment properties. We examine the determinants of the operating lease decision and find that REITs which adopt operating leases tend to be larger and have more growth opportunities as measured by Tobin’s Q. But they also have higher leverage, report lower funds from operations, and higher risk. We further find that operating lease intensity for REITs is negatively affected by credit ratings, but not by growth opportunities. Lastly, we examine the market effect related to operating lease decision and find that REITs with operating leases are associated with lower shareholder returns. Overall, our findings imply that operating leases are employed as an alternative financing source by REITs that are highly levered and cannot rely much on their internal funding. As a result, the market does not view the use of operating leases in the REIT sector favorably.

Improving the institution of stay of enforcement of obligations is one of the urgent problems in modern civil law. The need to reform this institution is relevant as in the context of the coronavirus pandemic and forced self-isolation many organizations of trade, public catering, provision of household services and others are forced to suspend their work in connection with the introduced regime of anti-epidemic measures. Due to the lack of income, these organizations often find themselves in a situation where they cannot fulfill a number of obligations, primarily obligations arising from the lease agreement. The purpose of the study is to consider the features of theinstitution of stay of enforcement of obligations, to analyze the adequacy of this institution in the new conditions and to suggest ways to improve it. To achieve this goal, the author uses the following methods: analysis, synthesis, induction, deduction, formal-legal approach. In the course of the study, it was found that in the new conditions, in particular in connection with the spread of coronavirus infection, it is necessary to reform the institution of stay of enforcement of obligations. The reform of this institution should be aimed at expanding the grounds for stay of enforcement of obligations, including by introducing such grounds as suspending the activities of an organization based on a decision of state authorities or local self-government bodies. In this case, the obligations of the specified organization are considered suspended until the resumption of its activities. It seems that this institution of stay of enforcement of obligations makes it possible to account the interests of both the creditor and the debtor, and therefore, in our opinion, is an effective institution for regulating private relations.

This paper examines how a concentrated tenant base affects the operating performance and market valuations of US REITs. We observe that REITs adopting a concentrated tenant base present higher corporate cash flows and lower expenses. However, we identify a concentration discount effect that REITs with a more concentrated tenant base experience lower market valuations. We argue that this concentration discount is a result of the trade-offs between the impacts of the tenant base on the operating performance, risk levels and growth potentials. We find that a concentrated tenant base is associated with higher liquidity risk and lower dividend growth, resulting in an inflated discount factor. Our findings are not subject to sub-samples of focused or diversified REITs and stay robust after correcting for the selection bias as well as controlling for the lease structure, tenant quality and anchor tenant effect.r

The author examines the grounds and procedure for changing and terminating the commercial lease agreement for residential premises. The article describes in detail the individual grounds for termination of the commercial lease agreement for residential

En este trabajo intentamos brindar una visión panorámica, aunque con abundancia de detalles, sobre el complejo mecanismo y las estructuras cerebrales que conforman un proceso decisional -jurídicamente relevante- donde el sujeto manifiesta su intención de comprar, vender, donar, renunciar, afianzar, arrendar o garantizar. Se trata de un primer abordaje al problema desde una cátedra universitaria de grado, considerando que en los códigos de derecho privado sólo cuenta la exterioridad de la declaración de voluntad y el sistema judicial raramente se aboca a investigar qué ocurre adentro del cerebro del sujeto declarante: sus angustias, sus miedos, sus recuerdos profundos o sus lesiones cerebrales no aparentes. Esos estados interiores que preceden y afectan las decisiones, sólo afloran cuando se invocan en juicio y la mayoría de las veces su prueba resulta bastante dificultosa. Sin embargo los avances médico-psicobiológicos y la ayuda de las nuevas tecnologías nos presentan un nuevo escenario que facilita la superación de esos escollos, aunque no de modo absoluto. La investigación se inicia con dos preguntas básicas, que se van desarrollando y explicando a medida que se avanza en la descripción topográfica del cerebro. Una vez pasada esa fase se repara en las sustancias y compuestos químicos que actúan en el cerebro y sobre todo en los circuitos cerebrales. Finalmente se extraen conclusiones que, por supuesto, no son definitivas, sino que constituyen una invitación a seguir estudiando y profundizando esta más que interesante área de las ciencias en su convergencia con el derecho.

Em julho de 2006, o FASB e o IASB iniciaram um projeto conjunto a fim de desenvolver um padrao comum para registrar todas as operacoes de leasing no Balanco Patrimonial e reduzir as divergencias que afetavam a qualidade da informacao contabil. A nova forma de contabilizacao do leasing entrou em vigor em 1o de janeiro de 2019, por meio das normas: IFRS 16, emitida pelo IASB, e ASU 2016-02 “ Leases ” (Topic 842), emitida pelo FASB. Este trabalho buscou analisar como a American Airlines tratou a adocao antecipada do novo metodo de contabilizacao do leasing em suas demonstracoes contabeis. A referida empresa e considerada a maior companhia aerea do mundo por numero de frota, receita e passageiros. A analise descritiva dos formularios 10-K de 2016 e 2017 demonstrou que a American Airlines apenas mencionou a existencia de uma nova norma de leasing . Ao analisar as demonstracoes contabeis em 2018, notou-se um impacto de USD 10 bilhoes em passivos de arrendamentos e ativo de direito de uso no Balanco Patrimonial, USD 197 milhoes de credito de ajuste com efeito acumulado na DMPL e USD 16 milhoes a menos na receita antes dos impostos. Alem disso, verificou-se que, em 2018, com a contabilizacao do leasing operacional no balanco, as obrigacoes da empresa aumentaram 34% aproximadamente. Palavras-chave : Topic 842. FASB; Leases. Leasing operacional. Leasing financeiro. ABSTRACT In July 2006, the FASB and IASB initiated a joint project in order to develop a commom standard for the register of all leasing operations in the balance sheet and reduce divergences that affect the quality of accounting information. A new form of lease accounting came into effective on January 1, 2019, through IFRS 16, approved by IASB and ASU 2016-02 “Leases” (Topic 842), as issued by FASB. A report released by IFRS Foundation in 2016 verified the effects of the standard on various sectors and identified that the companies with the most impact will be the airlines companies. Thus, this paper sought to analyze how American Airlines tried to anticipate the new leasing accounting method in its financials reports. This company is considered the largest airline in the world by fleet number, revenue and passengers. A descriptive analysis of the 2016 and 2017 10-K forms showed that American Airlines only mentioned the presence of a new leasing standard. Looking at accounting statistics in 2018, there is a $ 10 billion impact on lease liabilities and right-of-use assets on the Balance Sheet, $ 197 million in cumulative DMPL adjustment credit, and $ 16 million less in revenue. before tax. In addition, it was found that in 2018, with operating lease accounting being register on the balance sheet, the company's obligations increased by approximately 34%. Keywords : Topic 842; FASB. Leases. Operating leasing. Finance leasing.

The article analyzes the legal problems of renting property for state and municipal needs. The authors analyze the wording of the legal definition of the state contract, in particular, the mention in it, as a subject, of property lease. Conclusions are drawn about the need to amend the regulations governing the purchase of goods, works and services for state and municipal needs.

Purpose Why building out a fleet of freelance talent could be the reason some companies survive to see 2021, while their competitors do not. Design/methodology/approach Authors drew upon their experience as cofounders of 10x Management and their experience in the talent management field. Findings If you are not so sure if freelance talent could be game changing for your company, consider that experimentation is a key element of staying nimble. Companies tend to layoff staff, pause raises and scale back the office lease as initial reactions to reduce costs and stay lean. But the ones that do it the best go the extra mile. It is not just about cutting costs – rather, it is about doubling down on new (and old) ways to achieve peak performance in the face of uncertainty. Using freelancers can do just that. Research limitations/implications There are five number of ways in which freelance workers benefit a company, including speed, adaptability, cost, low commitment and remote expertise. Originality/value The findings will help companies stay nimble in the midst of crises such as the current pandemic.

An efficient market implies that potential gains from trade are fully captured. Achieving this requires a well-functioning market where prices reflect all available information. In the case of water rights markets, this implies that the permanent water rights transfer price reflects the sum of discounted returns to this asset (i.e., the lease price), the market interest rate, and a risk premium that reflects potential future water scarcity. The purpose of this study is to assess the efficiency of western U.S. water markets by using the asset pricing model to measure how well prices reflect long-run returns to permanent water rights.

The two major multiple aircraft asset financing structures—(1) aircraft lease asset-backed securitizations (ABS) and (2) enhanced equipment trust certificates (EETCs)—have been heavily impacted by the coronavirus disease 2019 epidemic. This article provides a brief explanation of aircraft ABS and EETCs. It also explains the conflicts of interest among investors, servicers, trustees, and other entities within aircraft ABS and EETCs. Several likely scenarios are examined regarding how aircraft ABS and EETCs will be affected by a continued economic downtown in the aircraft leasing industry. The expectation is an initial period of restructurings and workouts followed by insolvencies and bankruptcies. The various options open to investors are discussed including repossession of the aircraft. Finally, some practical steps are analyzed that stakeholders in aircraft ABS and EETCs can take to maximize their aircraft asset recovery and pricing during these challenging times. TOPICS:Asset-backed securities (ABS), credit risk management, financial crises and financial market history Key Findings ▪ This article provides a description of ABS and EETCs and the inherent conflicts of interests among stakeholders. ▪ The study discusses the effect of the COVID-19 epidemic on aircraft ABS and EETCs, including the likely scenarios that investors and airlines will face in the coming months. ▪ The article presents practical steps that stakeholders can take to maximize their aircraft asset recovery and pricing during these challenging times.

The hotel and retail sectors have been at the forefront of COVID-19-related investor concerns in commercial real estate. The office sector is the single largest property sector across commercial mortgage-backed securities with $149bn of outstanding balances across conduit and single asset, single borrower. Office sector delinquencies have remained relatively low through the COVID-19 crisis; however, COVID shutdowns have forced many corporations to shift to work from home (WFH) situations across the US. The success of WFH and the potential to reduce corporate occupancy costs may have longer term implications on office demand beyond the pandemic. This article reviews the health of the office sector, looks at office performance during the Great Financial Crisis, and considers the impact of wider acceptance of WFH policies on future office demand. TOPICS:CMBS and commercial mortgage loans, credit risk management, financial crises and financial market history Key Findings ▪ Office commercial mortgage-backed securities (CMBS) delinquencies to date have remained relatively low compared with the hotel and retail sectors. ▪ The office sector does not face significant near-term deadlines. Office debt maturities and lease rolls in CMBS are back-ended. Only 10% of office debt maturities (conduit) and 18% of reported lease rolls in CMBS are due in the next 2 years. The duration of office leases provides a longer runway for problems to be worked out. ▪ During the Great Financial Crisis (GFC), office revenues declined by roughly −17% and did not bottom for about 2½ years. Milder recession than the GFC; WFH acceptance has dented office demand, but this will be partly offset by higher square footage per employee needs once offices can reopen normally. Longer term office demand will return.

A Companhia de Jesus destacou-se durante o período colonial com uma atuação não apenas no campo espiritual, mas também nas esferas político-econômicas. Acumulou poder local e um patrimônio significativo resultado da habilidade administrativa, de doações de particulares e da Coroa. Não há um inventário suficiente desse conjunto patrimonial, mas seguramente era um dos maiores para a época. Com as reformas pombalinas, os jesuítas acabaram por serem expulsos e seus bens confiscados pela Coroa portuguesa. Faziam parte do patrimônio jesuítico imóveis, escravizados e gado, entre outros, além da administração de aldeamentos, e distribuíam-se por toda a colônia. Com o confisco, o direcionamento desses bens foi variado; alguns foram utilizados pela administração colonial; outros resultaram em receita, por venda e arrendamento, à exceção dos que continuaram com a Igreja por meio de outras ordens religiosas. Esse direcionamento variado e o encaminhamento administrativo com relação a esses bens resultaram numa confusão administrativa e numa tentativa de reforma ilustrada empreendida pelo pombalismo. Portanto, esta pesquisa corresponde ao período entre o confisco dos bens e o último administrador do período pombalino. A análise de diversos documentos dos administradores após o confisco permitiu algumas conclusões, em síntese, das dificuldades de administração, como a má administração por meio de desvios, corrupção e disputas locais. Como fonte foram utilizados os documentos oficiais da Biblioteca Digital Luso-brasileira e da publicação Documentos Interessantes para a História e Costume de São Paulo, disponível na Biblioteca Digital UNESP. Essas fontes compreendem relatórios oficiais, correspondências e procedimentos administrativos e permitiram apontar os debates e decisões em torno desse patrimônio. The Society of Jesus stood out during the colonial period with an action not only in the spiritual field, but also in the political and economic spheres. It has accumulated local power and a significant wealth resulting from administrative skill, donations from individuals and the Crown. There is not enough inventory of this heritage set, but it was certainly one of the largest for the time. With the Pombaline reforms, the Jesuits were eventually expelled and their assets confiscated by the Portuguese Crown. They were part of the Jesuit property, enslaved and cattle, among others, in addition to the administration of villages, and were distributed throughout the colony. With confiscation, the direction of these assets was varied; some were used by the colonial administration; others resulted in revenue, by sale and lease, with the exception of those who continued with the Church through other religious orders. This varied direction and administrative referral in relation to these assets resulted in administrative confusion and an attempt at illustrated reform undertaken by pombalism. Therefore, this research corresponds to the period between the confiscation of the assets and the last administrator of the Pombaline period. The analysis of several documents of the administrators after the confiscation allowed some conclusions, in summary, of the difficulties of administration, such as maladministration through deviations, corruption and local disputes. As a source, the official documents of the Portuguese-Brazilian Digital Library and the publication Documents Interesting for the History and Custom of São Paulo, available at the Unesp Digital Library, were used. These sources include official reports, correspondence and administrative procedures and allowed to point out the debates and decisions around this heritage.