The real economic effects of cross-delistingfrom the united states: evidence on post-operating performance, financial constraints and stock crash risk

Tese de Doutoramento em Ciências Empresariais.

Development of benchmarks for operating costs and resources consumption to be used in healthcare building sustainability assessment methods

Since the last decade of the twentieth century, the healthcare industry is paying attention to the environmental impact of their buildings and therefore new regulations, policy goals and Buildings Sustainability Assessment (HBSA) methods are being developed and implemented. At the present, healthcare is one of the most regulated industries and it is also one of the largest consumers of energy per net floor area. To assess the sustainability of healthcare buildings it is necessary to establish a set of benchmarks related with their life-cycle performance. They are both essential to rate the sustainability of a project and to support designers and other stakeholders in the process of designing and operating a sustainable building, by allowing the comparison to be made between a project and the conventional and best market practices. This research is focused on the methodology to set the benchmarks for resources consumption, waste production, operation costs and potential environmental impacts related to the operational phase of healthcare buildings. It aims at contributing to the reduction of the subjectivity found in the definition of the benchmarks used in Building Sustainability Assessment (BSA) methods, and it is applied in the Portuguese context. These benchmarks will be used in the development of a Portuguese HBSA method.

Post-operating performance of cross-delisted firms from U.S. stock exchanges

We investigate the long-term performance of cross-delisted firms from U.S. stock markets. Using a sample of foreign firms listed and delisted from U.S. stock exchange markets over 2000-2012, we examine the operating performance and the long-run stock returns performance of firms post-cross-delisting. Our results suggest that cross-delisted firms have less growth opportunities than matched cross-listed firms in the long run. Moreover, firms that cross-delist after the passage of Rule 12h-6 of 2007 exhibit a significant decline in operating performance. In contrast, before the adoption of the Rule 12h-6, cross-delisted firms seem to be affected by the cost of a U.S. listing in the precross -delisting period. In addition, we provide evidence that cross-delisted firms underperform their cross-listed peers; cross-delisted firms experience negative average abnormal returns, especially in the post-delisting period.

Integrated management systems as complex adaptive systems

It is a difficult task to avoid the “smart systems” topic when discussing smart prevention and, similarly, it is a difficult task to address smart systems without focusing their ability to learn. Following the same line of thought, in the current reality, it seems a Herculean task (or an irreparable omission) to approach the topic of certified occupational health and safety management systems (OHSMS) without discussing the integrated management systems (IMSs). The available data suggest that seldom are the OHSMS operating as the single management system (MS) in a company so, any statement concerning OHSMS should mainly be interpreted from an integrated perspective. A major distinction between generic systems can be drawn between those that learn, i.e., those systems that have “memory” and those that have not. These former systems are often depicted as adaptive since they take into account past events to deal with novel, similar and future events modifying their structure to enable success in its environment. Often, these systems, present a nonlinear behavior and a huge uncertainty related to the forecasting of some events. This paper seeks to portray, for the first time as we were able to find out, the IMSs as complex adaptive systems (CASs) by listing their properties and dissecting the features that enable them to evolve and self-organize in order to, holistically, fulfil the requirements from different stakeholders and thus thrive by assuring the successful sustainability of a company. Based on the revision of literature carried out, this is the first time that IMSs are pointed out as CASs which may develop fruitful synergies both for the MSs and for CASs communities. By performing a thorough revision of literature and based on some concepts embedded in the “DNA” of the subsystems implementation standards it is intended, specifically, to identify, determine and discuss the properties of a generic IMS that should be considered to classify it as a CAS.

Dynamic group formation in mobile computer supported collaborative learning environment

Forming suitable learning groups is one of the factors that determine the efficiency of collaborative learning activities. However, only a few studies were carried out to address this problem in the mobile learning environments. In this paper, we propose a new approach for an automatic, customized, and dynamic group formation in Mobile Computer Supported Collaborative Learning (MCSCL) contexts. The proposed solution is based on the combination of three types of grouping criteria: learner’s personal characteristics, learner’s behaviours, and context information. The instructors can freely select the type, the number, and the weight of grouping criteria, together with other settings such as the number, the size, and the type of learning groups (homogeneous or heterogeneous). Apart from a grouping mechanism, the proposed approach represents a flexible tool to control each learner, and to manage the learning processes from the beginning to the end of collaborative learning activities. In order to evaluate the quality of the implemented group formation algorithm, we compare its Average Intra-cluster Distance (AID) with the one of a random group formation method. The results show a higher effectiveness of the proposed algorithm in forming homogenous and heterogeneous groups compared to the random method.

A trust model for cloud computing environment

This paper presents a proposal for a management model based on reliability requirements concerning Cloud Computing (CC). The proposal was based on a literature review focused on the problems, challenges and underway studies related to the safety and reliability of Information Systems (IS) in this technological environment. This literature review examined the existing obstacles and challenges from the point of view of respected authors on the subject. The main issues are addressed and structured as a model, called "Trust Model for Cloud Computing environment". This is a proactive proposal that purposes to organize and discuss management solutions for the CC environment, aiming improved reliability of the IS applications operation, for both providers and their customers. On the other hand and central to trust, one of the CC challenges is the development of models for mutual audit management agreements, so that a formal relationship can be established involving the relevant legal responsibilities. To establish and control the appropriate contractual requirements, it is necessary to adopt technologies that can collect the data needed to inform risk decisions, such as access usage, security controls, location and other references related to the use of the service. In this process, the cloud service providers and consumers themselves must have metrics and controls to support cloud-use management in compliance with the SLAs agreed between the parties. The organization of these studies and its dissemination in the market as a conceptual model that is able to establish parameters to regulate a reliable relation between provider and user of IT services in CC environment is an interesting instrument to guide providers, developers and users in order to provide services and secure and reliable applications.

Avaliação do desempenho de indicadores com base na metodologia ROC (Receiver Operating Characteristic)

Dissertação de mestrado em Bioinformática

Environment, health and safety policy in small construction sites: an analysis of the situation in Brazil

This paper analyzes the safety, environmental and occupational health of workers in the small construction industry in Brazil. In this sector there are still many unsafe practices, which are very common in small work sites. We used a qualitative approach to understand these problems by long interviews with people who work directly in small construction sites, including occupational physicians, civil engineers, safety engineers, safety technicians, general foremen, construction workers, labor unionists and auditors. This paper aims to demonstrate that the "invisibility" of the small sites workers makes them less safe and therefore more prone to accidents, also weakening their health. The results show that small constructions workers are less visible to society and supervision because of their short periods of work. Therefore, they are also uncovered to the rigorous applicability of principles of safety and accident prevention. Thus, it has been seen in this field of work a precarious application of NR - 18, which was specifically made for the construction sites and it needs simplification to meet normative characteristics of small construction sites. In the State of Rio de Janeiro, some laws on small sites were recently created and implemented. This study concludes that the rules to work are not being taken as seriously as the legislation determinates, remaining practically unknown by many professionals, from the plot command, supervisors, engineers, architects and technicians who work on construction sites. This ignorance creates space for the lack of safety and consequently to accidents, leading to by weakness in the workers health. Therefore, the work process needs to be modified, the safety regulation must be disseminated through safer practices, promoting employee health and ensure that the work of small sites can be visible, especially ensuring the construction workers health and safety.

Impact performance prediction of injection-molded talc-filled polypropylene through thermomechanical environment assessment

Due to the fact that different injection molding conditions tailor the mechanical response of the thermoplastic material, such effect must be considered earlier in the product development process. The existing approaches implemented in different commercial software solutions are very limited in their capabilities to estimate the influence of processing conditions on the mechanical properties. Thus, the accuracy of predictive simulations could be improved. In this study, we demonstrate how to establish straightforward processing-impact property relationships of talc-filled injection-molded polypropylene disc-shaped parts by assessing the thermomechanical environment (TME). To investigate the relationship between impact properties and the key operative variables (flow rate, melt and mold temperature, and holding pressure), the design of experiments approach was applied to systematically vary the TME of molded samples. The TME is characterized on computer flow simulation outputsanddefined bytwo thermomechanical indices (TMI): the cooling index (CI; associated to the core features) and the thermo-stress index (TSI; related to the skin features). The TMI methodology coupled to an integrated simulation program has been developed as a tool to predict the impact response. The dynamic impact properties (peak force, peak energy, and puncture energy) were evaluated using instrumented falling weight impact tests and were all found to be similarly affected by the imposed TME. The most important molding parameters affecting the impact properties were found to be the processing temperatures (melt andmold). CI revealed greater importance for the impact response than TSI. The developed integrative tool provided truthful predictions for the envisaged impact properties.

Effect of the acoustic impedance in ultrasonic emitter transducers using digital modulations

In an underwater environment it is difficult to implement solutions for wireless communications. The existing technologies using electromagnetic waves or lasers are not very efficient due to the large attenuation in the aquatic environment. Ultrasound reveals a lower attenuation, and thus has been used in underwater long-distance communications. The much slower speed of acoustic propagation in water (about 1500 m/s) compared with that of electromagnetic and optical waves, is another limiting factor for efficient communication and networking. For high data-rates and real-time applications it is necessary to use frequencies in the MHz range, allowing communication distances of hundreds of meters with a delay of milliseconds. To achieve this goal, it is necessary to develop ultrasound transducers able to work at high frequencies and wideband, with suitable responses to digital modulations. This work shows how the acoustic impedance influences the performance of an ultrasonic emitter transducer when digital modulations are used and operating at frequencies between 100 kHz and 1 MHz. The study includes a Finite Element Method (FEM) and a MATLAB/Simulink simulation with an experimental validation to evaluate two types of piezoelectric materials: one based on ceramics (high acoustic impedance) with a resonance design and the other based in polymer (low acoustic impedance) designed to optimize the performance when digital modulations are used. The transducers performance for Binary Amplitude Shift Keying (BASK), On-Off Keying (OOK), Binary Phase Shift Keying (BPSK) and Binary Frequency Shift Keying (BFSK) modulations with a 1 MHz carrier at 125 kbps baud rate are compared.

Aspergilli and Penicillia related to the surface of ripening italian grana type cheese and its ripening environment

Information available on the mycoflora associated to ripening Italian “grana type” cheese is very poor. Recently, ochratoxin A (OTA) was detected in samples of packed grated cheese [1]; therefore, the need of information to perform a risk management was highlighted. Moreover, sterigmatocystin (STC) has been reported in cheese and it is considered an emerging problem. Despite the fact that both of them are mycotoxins included in group 2B by IARC [2,3], no European regulation exists. So, the main goal of this work is to give for the first time a general overview about Penicillia and Aspergilli growing on the surface of ripening “grana type” cheese, with particular attention on mycotoxigenic species. To perform this, in 2013 and 2014 crust samples were scratched from ripening grana cheese wheels and also Potato Dextrose Agar plates were exposed to monitor ripening house air. Then, 140 fungal isolates were randomly chosen, purified and monosporic colonies were obtained for their identification at specie level. A polyphasic approach is followed, based on morphological characterisation, toxic extrolites profiling and gene sequencing. The identification is still in progress, but the first results based on the morphological approach showed the presence of mycotoxigenic Aspergilli (Aspergillus flavus and A. versicolor) and various Penicillium species; among them Penicillium chrysogenum, P. implicatum and P. solitum were identified. Only P. chrysogenum was reported to produce the mycotoxins cyclopiazonic acid (CPA) and roquefortine-C (ROQ-C) [4]. These results will be presented and discussed. [1] A. Biancardi, R. Piro, G. Galaverna, C. Dall’Asta, "A simple and reliable liquid chromatography–tandem mass spectrometry method for determination of ochratoxin A in hard cheese" International Journal of Food Sciences and Nutrition 64 (5), 2013, 632 – 640. [2] International Agency for Research on Cancer (IARC) “IARC Monographs on the Evaluation of Carcinogenic Risks to Humans” 31, 1983, 191 – 199. [3] International Agency for Research on Cancer (IARC) “IARC Monographs on the Evaluation of carcinogenic Risks to Humans”, suppl. 7, 1987, 72. [4] J. I. Pitt, D. A. Hocking, “Fungi and Food Spoilage” 1997, 291.

Light-distortion analysis as a possible indicator of visual quality after refractive lens exchange with diffractive multifocal intraocular lenses

METHODS: Refractive lens exchange was performed with implantation of an AT Lisa 839M (trifocal) or 909MP (bifocal toric) IOL, the latter if corneal astigmatism was more than 0.75 diopter (D). The postoperative visual and refractive outcomes were evaluated. A prototype light-distortion analyzer was used to quantify the postoperative light-distortion indices. A control group of eyes in which a Tecnis ZCB00 1-piece monofocal IOL was implanted had the same examinations. RESULTS: A trifocal or bifocal toric IOL was implanted in 66 eyes. The control IOL was implanted in 18 eyes. All 3 groups obtained a significant improvement in uncorrected distance visual acuity (UDVA) (P < .001) and corrected distance visual acuity (CDVA) (P Z .001). The mean uncorrected near visual acuity (UNVA) was 0.123 logMAR with the trifocal IOL and 0.130 logMAR with the bifocal toric IOL. The residual refractive cylinder was less than 1.00 D in 86.7% of cases with the toric IOL. The mean light-distortion index was significantly higher in the multifocal IOL groups than in the monofocal group (P < .001), although no correlation was found between the light-distortion index and CDVA. CONCLUSIONS: The multifocal IOLs provided excellent UDVA and functional UNVA despite increased light-distortion indices. The light-distortion analyzer reliably quantified a subjective component of vision distinct from visual acuity; it may become a useful adjunct in the evaluation of visual quality obtained with multifocal IOLs.

An alternative educational indicator for classifying secondary schools in Portugal

The purpose of this paper aims at carrying out a study in the area of Statistics for classifying Portuguese Secondary Schools (both mainland and islands: “Azores” and “Madeira”), taking into account the results achieved by their students in both national examinations and internal assessment. The main according consists of identifying groups of schools with different performance levels by considering the sub-national public and private education systems’ as well as their respective geographic location. For this, we developed an alternative educational indicator for the so-called Secondary Education indicator rankings released since 2001 by the Portuguese media.

Numerical modeling and assessment of the thermal environment in an industrial premise of automotive components

Dissertação de mestrado em Engenharia Industrial

Social entrepreneurship: does institutional environment make a difference?

The purpose of this paper is to contribute to a better understanding of the link between social entrepreneurs and institutional environment in Portugal. A quantitative approach is used in the study, and primary data were collected through an online survey. A questionnaire was emailed to, both, Portuguese Non-Governmental organizations and projects available on the Portuguese social stock exchange. In the analysis of the data were used descriptive statistics, factorial analysis and t-student tests to validate (or not) the research hypotheses. The results show that a favorable institutional environment has a low importance in the decision to develop social initiatives. This conclusion supports the idea that many social entrepreneurs can emerge even in developing regions where the institutional environment is weak. Therefore, social entrepreneurship could be an instrument of regional development and contribute to attenuate the social and economic differences among Portuguese regions.