Flower abscission and fruit set on table grapes (Vitis vinifera L.): unraveling physiological and molecular mechanisms

Doutoramento em Engenharia Agronómica - Instituto Superior de Agronomia - UL

Red wine sweetness preference according to consumer segmentation

The present work aims to evaluate the acceptance and preference for sweet taste in red wine, according to consumer segmentation in age, gender, personality type, tasting sensitivity and consumer experience in wine. A hundred and fourteen wine tasters were invited to the wine tasting, and the average age was 27 years. An addition of sugar was made with equal concentrations of glucose and fructose to the wine at 2g/L, 4g/L, 8g/L, 16g/L and 32g/L. Five pairs of glasses were presented for the subjects to taste containing each a control wine and a spiked sample. Pairs were presented in order of concentration, from 2g/L to 32g/l. The subjects were also asked to answer two online questionnaires at the end of the tasting, on the personality types and vinotype, which is related to mouth sensitivity. ISO-5495 paired comparison tests were used for sensorial analysis. The objective was to assess if any of the nine segmentation factors had influence on preference or rejection for spiked samples and to establish whether this preference was statistically significant. We concluded that it would be important to have subjects with an age average higher than 27 years and more experienced in wine drinking, mostly because the data relative to preferences in novices shows some dispersion and lack of attention. A panel of older and more experienced wine tasters is likely to be more attentive and focused and therefore yield differentiated results. It was also concluded that more research is required to extend this investigation to other wine styles because the differences in preferences can depend on other reasons, such as preferring a wine with more or less sugar according to the type of wine. Finally it was concluded also that some variables influence preference for sweet taste in red wine, such as gender, vinotype and category of experience

Governed by the cycle : direct and inverted interest-rate sensitivity of emerging market corporate debt

An innovative approach to quantify interest rate sensitivities of emerging market corporates is proposed. Our focus is centered at price sensitivity of modeled investment grade and high yield portfolios to changes in the present value of modeled portfolios composed of safe-haven assets, which define risk-free interest rates. Our methodology is based on blended yield indexes. Modeled investment horizons are always kept above one year thus allowing to derive empirical implications for practical strategies of interest rate risk management in the banking book. As our study spans over the period 2002 – 2015, it covers interest rate sensitivity of assets under the pre-crisis, crisis, and post-crisis phases of the economic cycles. We demonstrate that the emerging market corporate bonds both, investment grade and high yield types, depending on the phase of a business cycle exhibit diverse regimes of sensitivity to interest rate changes. We observe switching from a direct positive sensitivity under the normal pre-crisis market conditions to an inverted negative sensitivity during distressed turmoil of the recent financial crisis, and than back to direct positive but weaker sensitivity under new normal post-crisis conjuncture. Our unusual blended yield-based approach allows us to present theoretical explanations of such phenomena from economics point of view and helps us to solve an old controversy regarding positive or negative responses of credit spreads to interest rates. We present numerical quantification of sensitivities, which corroborate with our conclusion that hedging of interest rate risk ought to be a dynamic process linked to the phases of business cycles as we evidence a binary-like behavior of interest rate sensitivities along the economic time. Our findings allow banks and financial institutions for approaching downside risk management and optimizing economic capital under Basel III regulatory capital rules.