Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

Assessment of the efficiency of prefabricated hybrid composite plates (HCPs) for retrofitting of damaged interior RC beam–column joints

The effectiveness of prefabricated hybrid composite plates (HCPs) as a seismic retrofitting solution for damaged interior RC beam-column joints is experimentally studied. HCP is composed of a thin plate made of strain hardening cementitious composite (SHCC) reinforced with CFRP sheets/laminates. Two full-scale severely damaged interior beam-column joints are retrofitted using two different configurations of HCPs. The effectiveness of these retrofitting solutions mainly in terms of hysteretic response, dissipated energy, degradation of secant stiffness, displacement ductility and failure modes are compared to their virgin states. According to these criteria, both solutions resulted in superior responses regarding the ones registered in their virgin states.

Evaluation of foamed bitumen efficiency in warm asphalt mixtures recycling

The recycling of pavements is nowadays a very important question to the road paving industry. With the objective of incorporating higher percentages of reclaimed asphalt (RA) materials in recycled asphalt mixtures, new techniques have been developed in the last years. The use of foamed bitumen is normally associated with the production of cold asphalt mixtures, which usually show lower quality standards. However, the objective of the work presented in this paper is to assess the use of foamed bitumen as the binder of warm asphalt mixtures incorporating 30% RA, which have quality standards similar to those of conventional mixtures. Thus, five mixtures have been produced with 30% RA, one of them with a conventional bitumen (control mix) and the others with foamed bitumen at different production temperatures. The mixtures were tested for compactability and water sensitivity and the results show a possible reduction of 25 ºC in the production temperatures, while the water sensitivity test results were kept close to 90 %.

Melhoria da eficiência energética em edifícios dos anos 70: implementação de soluções sustentáveis low-tech e low-cost

Dissertação de mestrado em Construção e Reabilitação Sustentáveis

The importance of the category of consciousness and education for sustainability in methodologies for eco‐efficiency in school buildings

This document reports the importance of the category of consciousness and education for sustainability in the school environment. Education in school has a potential to make the benefits of the building construction visible for society and media, showing to the students, parents and communities how sustainability in built environment could improve the people life in economic, social and environment aspects. Thus, this paper addresses the main events related to sustainability, such as the Stockholm Conference, the Brundtland report, United Nations Conference on Environment and Development (UNCED) and Agenda 21, until reaching the necessity of the elaboration of Methodologies for environmental assessment of building, and later, the development of the specific methodologies according to the buildings. It is also described some examples of sustainability in schools in Germany, Finland and Italy and what kind of sustainable systems those countries are currently using.

Improving buildings energy performance: comparison between simple payback period and life cycle costs analysis

The building sector is one of the Europeâ s main energy consumer, making buildings an important target for a wiser energy use, improving indoor comfort conditions and reducing the energy consumption. To achieve the European Union targets for energy consumption and carbon reductions it is crucial to act in new, but also in existing buildings, which constitute the majority of the building stock. In existing buildings, the significant improvement of their efficiency requires important investments. Therefore, costs are a major concern in the decision making process and the analysis of the cost effectiveness of the interventions is an important path in the guidance for the selection of the different renovation scenarios. The Portuguese thermal legislation considers the simple payback method for the calculations of the time for the return of the investment. However, this method does not take into consideration inflation, cash flows and cost of capital, as well as the future costs of energy and the building elements lifetime as it happens in a life cycle cost analysis. In order to understand the impact of the economic analysis method used in the choice of the renovation measures, a case study has been analysed using simple payback calculations and life cycle costs analysis. Overall results show that less far-reaching renovation measures are indicated when using the simple payback calculations which may be leading to solutions less cost-effective in a long run perspective.

Benefits from energy related building renovation beyond costs, energy and emissions

The relevance of the building sector in the global energy use as well as in the global carbon emissions, both in the developed and developing countries, makes the improvement of the overall energy performance of existing buildings an important part of the actions to mitigate climate changes. Regardless of this potential for energy and emissions saving, large scale building renovation has been found hard to trigger, mainly because present standards are mainly focused on new buildings, not responding effectively to the numerous technical, functional and economic constraints of the existing ones. One of the common problems in the assessment of building renovation scenarios is that only energy savings and costs are normally considered, despite the fact that it has been long recognized that investment on energy efficiency and low carbon technologies yield several benefits beyond the value of saved energy which can be as important as the energy cost savings process. Based on the analysis of significant literature and several case studies, the relevance of co-benefits achieved in the renovation process is highlighted. These benefits can be felt at the building level by the owner or user (like increased user comfort, fewer problems with building physics, improved aesthetics) and should therefore be considered in the definition of the renovation measures, but also at the level of the society as a whole (like health effects, job creation, energy security, impact on climate change), and from this perspective, policy makers must be aware of the possible crossed impacts among different areas of the society for the development of public policies.

The importance of risk assessment in the context of investment project management: a case study

Risk management is an important component of project management. Nevertheless, such process begins with risk assessment and evaluation. In this research project, a detailed analysis of the methodologies used to treat risks in investment projects adopted by the Banco da Amazonia S.A. was made. Investment projects submitted to the FNO (Constitutional Fund for Financing the North) during 2011 and 2012 were considered for that purpose. It was found that the evaluators of this credit institution use multiple indicators for risk assessment which assume a central role in terms of decision-making and contribute for the approval or the rejection of the submitted projects; namely, the proven ability to pay, the financial records of project promotors, several financial restrictions, level of equity, level of financial indebtedness, evidence of the existence of a consumer market, the proven experience of the partners/owners in the business, environmental aspects, etc. Furthermore, the bank has technological systems to support the risk assessment process, an internal communication system and a unique system for the management of operational risk.

Discussing Chevalier’s data on the efficiency of tariffs for american and french canals in the 1830s

This article revisits Michel Chevalier’s work and discussions of tariffs. Chevalier shifted from Saint-Simonism to economic liberalism during his life in the 19th century. His influence was soon perceived in the political world and economic debates, mainly because of his discussion of tariffs as instruments of efficient transport policies. This work discusses Chevalier’s thoughts on tariffs by revisiting his masterpiece, Le Cours d’Économie Politique. Data Envelopment Analysis (DEA) was conducted to test Chevalier’s hypothesis on the inefficiency of French tariffs. This work showed that Chevalier’s claims on French tariffs are not validated by DEA.

Implementação de um sistema de gestão e monitorização de embalagens retornáveis em ambiente industrial

Dissertação de mestrado em Engenharia de Sistemas

Cohesion policy in the European Union: a brief critical review

Over the past four decades the EU cohesion policy’s focus, objectives and content have experienced significant changes as a result of successive reforms aiming at adapting it to a Union in constant evolution. In the early stages, cohesion policy had eminently redistributive goals and it assumed an explicit spatial dimension. In the late nineties, the possibility of an extension towards Eastern European countries and the limited willingness of net contributors to increase funding led to a turning point in cohesion policy. The increased importance of economic growth and job creation in the 2000’s, within the cohesion policy’s context, has led to a misrepresentation of its essence and motivations. Cohesion was losing importance towards competitiveness and regional equity towards national efficiency. Today, cohesion policy is for many EU countries the main mean for mobilising investment in a context of budgetary constraints and credit rationing. In light of the available evidence, it is likely that the overall design and priorities of the current cohesion policy have a limited impact in terms of convergence in many EU regions, especially in the less developed regions. This paper’s main objectives are to analyse the evolution of European cohesion policy throughout its history, to present a picture of cohesion policy in the 2014-2020 programming period and to discuss the main problems associated with its design, priorities and programming model.

Hot-dip galvanized steel dip-coatedwith ureasilicate hybrid in simulated concrete pore solution: Assessment of coating morphology and corrosion protection efficiency

The barrier effect and the performance of an organic–inorganic hybrid (OIH) sol–gel coating are highlydependent on the coating deposition method as well as processing conditions. In this work, studies onthe influence of experimental parameters using the dip coating method were performed. Factors suchas residence time (Rt), a curing step between each dip step and the number of layers of sol–gel OIHfilms deposited on HDGS to prevent corrosion in highly alkaline environments were studied. These OIHcoatings were obtained using a functionalized siloxane, 3-isociantepropyltriethoxysilane that reactedwith a diamino-functionalized oligopolymer (Jeffamine®D-230). The barrier efficiency of OIH coatings insimulated concrete pore solutions (SCPS) was assessed in the first moments of contact, by electrochemicalimpedance spectroscopy and potentiodynamic methods. The durability and stability of the OIH coatings inSCPS was monitored during eight days by macrocell current density. The morphological characterizationof the surface was performed by scanning electronic microscopy before and after exposure to SCPS.Glow discharge optical emission spectroscopy was used to obtain quantitative composition profiles toinvestigate the thickness of the OIH coatings as a function of the number of layers deposited and theinfluence of the Rt in the coating thickness.

Cost efficiency and resistance to chemical attack of a fly ash geopolymeric mortar versus epoxy resin and acrylic paint coatings

This article presents results of an experimental investigation on the resistance to chemical attack (with sulphuric, hydrochloric and nitric acid) of several materials: OPC concrete, high-performance concrete, epoxy resin, acrylic painting and a fly ash-based geopolymeric mortar). Three types of acids with three high concentrations (10, 20 and 30%) were used to simulate long-term degradation. A cost analysis was also performed. The results show that the epoxy resin has the best resistance to chemical attack independently of the acid type and the acid concentration. However, the cost analysis shows that the epoxy resin-based solution is the least cost-efficient solution being 70% above the cost efficiency of the fly ash-based geopolymeric mortar.

Study of the of the concept of community buildings and its importance for land use efficiency

Nowadays cities are facing several environmental problems due to the population migration to urban areas, which is causing urban sprawl. This way, it is very important to define solutions to improve Land Use Efficiency (LUE). This article proposes the use of community buildings features as a solution to increase land use efficiency. Community buildings consider the design of shared building spaces to reduce the floor area of buildings. This work tests the performance of some case-study buildings regarding LUE to analyse its possible pros and cons. A quantifiable method is used to assess buildingsâ LUE, which considers the number of occupants, the gross floor area, the functional area, the implantation area and the allotment area. Buildings with higher values for this index have reduced environmental impacts because they use less construction materials, produce less construction and demolition wastes and require less energy for building operation. The results showed that the use of community building features can increase Land Use Efficiency of buildings.