As sociedades de capital de risco em Portugal: Critérios adoptados no processo de tomada de decisão de investimento

Este estudo procura compreender a importância atribuída aos critérios utilizados pelas SCR portuguesas, na seleção e avaliação de projetos do tipo early-stage. Os dados utilizados foram recolhidos com recurso a questionário aplicado a 22 SCR portuguesas. Foram utilizadas técnicas de estatística descritiva, testes não paramétricos e análise de clusters. Concluiu-se que a personalidade e experiência do empreendedor e equipa de gestão são os critérios mais valorizados. As SCR com capital maioritariamente privado consideram mais importante o grupo de critérios relativo à personalidade do empreendedor e equipa de gestão do que as de capital maioritariamente público; e, as SCR que ainda não se internacionalizaram, consideram mais importantes o grupo de critérios relativos à personalidade do empreendedor e equipa de gestão e o grupo de critérios relativo aos aspetos financeiros, do que as SCR que se internacionalizaram. Na análise de clusters identificaram-se três grupos de SCR: Criadores de riqueza de forma sustentada; Monopolistas Impacientes; e, Ciumento. ABSTRACT: This study seeks to understand the relevance of the criteria used by the Portuguese VCs to select and assess early stage type projects. The data used for the study was collected through a questionnaire answered by 22 Portuguese VCs. We employed descriptive statistic techniques, non-parametric tests and cluster analysis. The conclusion of the study was that the personality and experience of an entrepreneur and of the management team are the most valued criteria. VCs with a majority of private share capital found the group of criteria related to the personality of the entrepreneur and of the management team to be more important than the companies with a majority of public share capital; additionally, the VCs that have not yet expanded internationally, consider the personality of the entrepreneur and management team and the group of criteria associated to financial aspects, to be more important than the VCs that have already expanded abroad. Throughout the study of the clusters we were able to identify three VCs groups: Creators of sustained wealth; Impatient Monopolists and Jealous.

LOOKING INTO CALIPSO CLIMATOLOGICAL PRODUCTS: EVALUATION AND SUGGESTIONS FROM EARLINET

CALIPSO (Cloud-Aerosol Lidar and Pathfinder Satellite Observations) Level 3 (CL3) data were compared against EARLINET (European Aerosol Research Lidar Network) monthly averages obtained by profiles during satellite overpasses. Data from EARLINET stations of Évora, Granada, Leipzig, Naples and Potenza, equipped with advanced multi-wavelength Raman lidars were used for this study. Owing to spatial and temporal differences, we reproduced the CL3 filtering rubric onto the CALIPSO Level 2 data. The CALIPSO monthly mean profiles following this approach are called CALIPSO Level 3*, CL3*. This offers the possibility to achieve direct comparable datasets. In respect to CL3 data, the agreement typically improved, in particular above the areas directly affected by the anthropogenic activities within the planetary boundary layer. However in most of the cases a subtle CALIPSO underestimation was observed with an average bias of 0.03 km-1. We investigated the backscatter coefficient applying the same screening criteria, where the mean relative difference in respect to the extinction comparison improved from 15.2% to 11.4%. Lastly, the typing capabilities of CALIPSO were assessed outlining the importance of the correct aerosol type (and associated lidar ratio value) assessment to the CALIPSO aerosol properties retrieval.