Custo do financiamento bancário e qualidade da informação financeira: estudos para empresas sem valores cotados em Bolsa

A Tese é constituída por três estudos distintos mas ligados pela temática do custo do financiamento bancário e da qualidade da informação financeira, em empresas sem valores cotados em bolsa. No primeiro estudo analisa-se a relação entre o custo do financiamento bancário e a qualidade da informação financeira nas empresas portuguesas. A qualidade da informação financeira é entendida como sinónimo de qualidade dos resultados e é medida através do valor absoluto dos accruals anormais. Os resultados obtidos demonstram a existência de uma relação negativa entre o custo do financiamento bancário e a qualidade da informação financeira nas empresas portuguesas sem valores cotados em bolsa. No segundo estudo alarga-se a análise anterior a empresas sem valores cotados em bolsa do Reino Unido, Alemanha, França e Espanha, realizandose também uma comparação entre esses países e Portugal. A evidência empírica deste estudo permite concluir que existe uma relação negativa entre o custo do financiamento bancário e a qualidade da informação financeira em todos os países, com exceção do Reino Unido. Este país apresenta-se como um caso particular entre os países analisados, onde a qualidade da informação financeira parece apenas influenciar o custo de determinados tipos de empréstimos. No terceiro estudo analisa-se o efeito que a deterioração da qualidade da informação financeira, consubstanciada na apresentação de resultados negativos, tem no custo do financiamento bancário das empresas portuguesas. A evidência obtida demonstra que as empresas que verificam tal deterioração suportam um aumento do custo do financiamento bancário.

A intencionalidade educativa do educador de infância num contexto de pedagogia-em-participação: avaliação e qualidade da intervenção educativa na educação de infância

A presente investigação enquadra-se na avaliação e qualidade da intervenção educativa na Educação de Infância, assumindo neste estudo um relevante enfoque as questões da intencionalidade educativa. Tendo como suporte um estudo de caso qualitativo, realizado num contexto de Jardim de Infância que desenvolve a Pedagogia-em-Participação enquanto perspetiva educacional sustentadora da intervenção educativa, procurou-se compreender quais eram as intencionalidades que os educadores de infância detinham e de que forma é que estas se manifestavam, a três níveis: i) o que o profissional pensava relativamente à sua intervenção educativa; ii) como é que organizava a sua intervenção e como intervinha no contexto onde estava inserido; iii) o que procurava observar, registar e documentar, enquanto forma de dar visibilidade às aprendizagens das crianças e às suas próprias intencionalidades. Enquanto forma de atribuição de uma sustentação teórica a esta investigação e enquanto estratégia de definição dos procedimentos do traçado investigativo, procedeu-se ao estudo do pensamento de alguns pedagogos e à sua relação com a questão da intencionalidade educativa. Realizou-se, equitativamente, um aprofundamento de compreensões em torno de modelos pedagógicos de cariz participativo. Procedeu-se à análise e compreensão teórica e empírica do objeto de estudo, tendo subjacente dimensões da pedagogia da infância referenciadas no quadro teórico desta investigação, a saber: tempo pedagógico, espaços e materiais pedagógicos, interações, atividades e projetos, observação, planificação e registo, avaliação e documentação pedagógica. A fase de investigação empírica desenvolveu-se entre setembro de 2010 e julho de 2012 e considerou quatro subfases: subfase 0 – Negociação do estudo e acesso ao campo; subfase I – Familiarização com o contexto; subfase II – Observação sistemática e registo de notas de campo; subfase III – Análise dos portefólios de aprendizagem das crianças; subfase IV – Inquérito por entrevista aos educadores de infância.Os resultados do estudo apontam para a expressão da intencionalidade a diversos níveis. A intencionalidade evidenciou-se tanto nas ações e pensamentos dos intervenientes no processo educativo, como no ambiente educativo e na documentação pedagógica. Tanto as crianças como os educadores foram protagonistas da ação e participaram na definição, concretização e avaliação de intencionalidades. Apesar de emergirem de sujeitos diversos e em circunstâncias diferentes do quotidiano educativo, as intencionalidades dos sujeitos harmonizaram-se com os propósitos pedagógicos delineados pela Pedagogia-em-Participação para os tempos da rotina educativa, que tanto as crianças como os educadores conheciam. Os resultados do estudo clarificam que, para se identificar e interpretar a intencionalidade educativa do educador de infância, há necessidade de se atentar para a organização do ambiente educativo (espaços e materiais), para a sua dinâmica (tempo pedagógico) e para os propósitos subjacentes a esta mesma dinâmica. Para além disso, o ambiente educativo materializa e facilita a emergência das intencionalidades tanto do educador como das crianças. Os resultados do estudo revelam que a documentação assume-se um espelho de evidências dos propósitos dos sujeitos: espelho da forma como pensam, observam, sentem, valorizam e representam a realidade experienciada. Uma visão integradora e holística em torno dos resultados permite, por fim, evidenciar a necessidade de se proceder a mais estudos no âmbito desta temática, nomeadamente, no domínio das pedagogias participativas.

Seamless integration of heterogeneous networks in multicast environments

Nowadays, communication environments are already characterized by a myriad of competing and complementary technologies that aim to provide an ubiquitous connectivity service. Next Generation Networks need to hide this heterogeneity by providing a new abstraction level, while simultaneously be aware of the underlying technologies to deliver richer service experiences to the end-user. Moreover, the increasing interest for group-based multimedia services followed by their ever growing resource demands and network dynamics, has been boosting the research towards more scalable and exible network control approaches. The work developed in this Thesis enables such abstraction and exploits the prevailing heterogeneity in favor of a context-aware network management and adaptation. In this scope, we introduce a novel hierarchical control framework with self-management capabilities that enables the concept of Abstract Multiparty Trees (AMTs) to ease the control of multiparty content distribution throughout heterogeneous networks. A thorough evaluation of the proposed multiparty transport control framework was performed in the scope of this Thesis, assessing its bene ts in terms of network selection, delivery tree recon guration and resource savings. Moreover, we developed an analytical study to highlight the scalability of the AMT concept as well as its exibility in large scale networks and group sizes. To prove the feasibility and easy deployment characteristic of the proposed control framework, we implemented a proof-of-concept demonstrator that comprehends the main control procedures conceptually introduced. Its outcomes highlight a good performance of the multiparty content distribution tree control, including its local and global recon guration. In order to endow the AMT concept with the ability to guarantee the best service experience by the end-user, we integrate in the control framework two additional QoE enhancement approaches. The rst employs the concept of Network Coding to improve the robustness of the multiparty content delivery, aiming at mitigating the impact of possible packet losses in the end-user service perception. The second approach relies on a machine learning scheme to autonomously determine at each node the expected QoE towards a certain destination. This knowledge is then used by di erent QoE-aware network management schemes that, jointly, maximize the overall users' QoE. The performance and scalability of the control procedures developed, aided by the context and QoE-aware mechanisms, show the advantages of the AMT concept and the proposed hierarchical control strategy for the multiparty content distribution with enhanced service experience. Moreover we also prove the feasibility of the solution in a practical environment, and provide future research directions that bene t the evolved control framework and make it commercially feasible.

Ecological quality assessment in transitional systems

Estuaries are poles of attraction for human settlement which is a source of pressures to surface water bodies. The implementation of the European Water Framework Directive (WDF, 2000/60/EC) has increased the investigation in order to develop methodologies to assess the Ecological Quality Status (EQS) of aquatic ecosystems. Transitional systems are naturally stressed and characterized by highly dynamic physical, chemical and hydro-morphologic conditions and by species with a higher level of tolerance to change, being more difficult to develop suitable quality indicators for these systems. The general purpose of this study is to test the ability of synthesis descriptors, including primary (S, taxa richness) and derived biological variable (H’, Shannon-Wiener diversity), biotic indices (AMBI and M-AMBI), body size properties (abundance distribution by body size classes, length, weight and length-weight relationships) and non-taxonomic indices (ISS), as well as functional indicators related to the decomposition rates of various experimental substrates, a macrophyte (Phragmites australis) and an alga (Fucus vesiculosus), to evaluate the environmental quality in transitional systems. This study was carried out in one of the most pristine channels of the Ria the Aveiro, Mira Channel, along a full salinity gradient and in a metals and metalloid sediment contamination area, the Estarreja Channel, and two reference channels (Canelas and Salreu). In this study were used different sampling techniques, the leaf-bag technique and a hand-held corer. In Mira Channel, the alga and the macrophyte presented an opposite trend in the decomposition rate along the salinity gradient, with the decomposition rates of the alga always higher than those of the macrophyte. The decomposition rates of the macrophyte and the alga were higher in the mid estuary and in higher salinity areas, respectively, corresponding to the preferencial distribution areas of each species. The macrobenthic fauna associated with the decaying and an artificial substrate (control) showed equally well the benthic succession from the marine to the freshwater areas and, despite the strong differences in the decay rates, no significant differences were found between the benthic communities associated with the alga and the macrophyte. The body size properties of the macrobenthic fauna associated with the P. australis leaf-bag (1mm and 5mm) and corer samples were studied along the full salinity gradient. The dominant species of the sub-set of measured specimens were not the same of the original macrobenthic fauna sampled but, despite that, the sub-set of measured specimens was also able to show the benthic succession from the marine to the freshwater areas. The body size abundance distribution of the benthic macroinvertebrates according to the ISS size classes did not show a particular trend in any sampler along the salinity gradient. Significant differences were found in the length, weight and length-weight relationships of Annelids, , Molluscs and even some species along the salinity gradient. No significant differences were found in the AMBI, M-AMBI and ISS values along the salinity gradient for all the samplers. The EQS of the corer samples obtained using the M-AMBI was lower than that of the leaf-bags. The EQS obtained with the ISS was higher than that obtained with the M-AMBI in the leaf-bags but not in the corer samples. The ecological effects of contaminated sediments associated with the industrial chemical effluents discharged in the Estarreja Channel were studied a decade after ceasing the emissions, using the Sediment Quality Triad approach and two reference channels. The results showed that despite the emissions ceased in 2004, the sediment remains polluted with high levels of metals and metalloid, available to bioaccumulation and with severe consequences at the community level. The sediment contamination problem was also studied using the leaf-bag technique with a macrophyte, an alga and a control substrate. The results showed that the decay rates, the associated macrofauna and the application of the AMBI, M-AMBI and ISS indices to the mesh-bag samples were not able to identify the sediment contamination. Contrarily to the AMBI, the M-AMBI and the ISS showed significant differences between the contaminated and the reference channels for the corer samples. Although such statistical significance, the interest of using these complex biotic indices could be questioned, when much simple ones, like the S and H’ allow to reach the same conclusions.

Acompanhamento da construção de um pavilhão desportivo

O presente relatório descreve o estágio realizado na empresa António Lopes Pina Unipessoal, Lda., na empreitada referente à edificação do Pavilhão Desportivo de Febres. O estágio fomentou a oportunidade de uma participação ativa em obra, considerando que estive integrado numa equipa de trabalho com um vasta experiência na área, na qual foi desempenhada a função de diretor de obra adjunto. Este documento tem como finalidade apresentar a obra em estudo e traduzir os conhecimentos adquiridos no âmbito da direção de obra, nomeadamente no que concerne ao controlo de prazos e custos, gestão de recursos, controlo da qualidade e da segurança, e garantir o respeito pelo ambiente. Por último, são retratados os problemas intrínsecos à empreitada.

Structural analysis of glycans and development of microarrays from Helcobacter pylori cell surface glycome

Helicobacter pylori is a bacterial pathogen that affects more than half of the world’s population with gastro-intestinal diseases and is associated with gastric cancer. The cell surface of H. pylori is decorated with lipopolysaccharides (LPSs) composed of three distinct regions: a variable polysaccharide moiety (O-chain), a structurally conserved core oligosaccharide, and a lipid A region that anchors the LPS to the cell membrane. The O-chain of H. pylori LPS, exhibits unique oligosaccharide structures, such as Lewis (Le) antigens, similar to those present in the gastric mucosa and are involved in interactions with the host. Glucan, heptoglycan, and riban domains are present in the outer core region of some H. pylori LPSs. Amylose-like glycans and mannans are also constituents of some H. pylori strains, possibly co-expressed with LPSs. The complexity of H. pylori LPSs has hampered the establishment of accurate structure-function relationships in interactions with the host, and the design of carbohydrate-based therapeutics, such as vaccines. Carbohydrate microarrays are recent powerful and sensitive tools for studying carbohydrate antigens and, since their emergence, are providing insights into the function of carbohydrates and their involvement in pathogen-host interactions. The major goals of this thesis were the structural analysis of LPSs from H. pylori strains isolated from gastric biopsies of symptomatic Portuguese patients and the construction of a novel pathogen carbohydrate microarray of these LPSs (H. pylori LPS microarray) for interaction studies with proteins. LPSs were extracted from the cell surface of five H. pylori clinical isolates and one NCTC strain (26695) by phenol/water method, fractionated by size exclusion chromatography and analysed by gas chromatography coupled to mass spectrometry. The oligosaccharides released after mild acid treatment of the LPS were analysed by electrospray mass spectrometry. In addition to the conserved core oligosaccharide moieties, structural analyses revealed the presence of type-2 Lex and Ley antigens and N-acetyllactosamine (LacNAc) sequences, typically found in H. pylori strains. Also, the presence of O-6 linked glucose residues, particularly in LPSs from strains 2191 and NCTC 26695, pointed out to the expression of a 6-glucan. Other structural domains, namely ribans, composed of O-2 linked ribofuranose residues were observed in the LPS of most of H. pylori clinical isolates. For the LPS from strain 14382, large amounts of O-3 linked galactose units, pointing to the occurrence of a galactan, a domain recently identified in the LPS of another H. pylori strain. A particular feature to the LPSs from strains 2191 and CI-117 was the detection of large amounts of O-4 linked N-acetylglucosamine (GlcNAc) residues, suggesting the presence of chitin-like glycans, which to our knowledge have not been described for H. pylori strains. For the construction of the H. pylori LPS microarray, the structurally analysed LPSs, as well as LPS-derived oligosaccharide fractions, prepared as neoglycolipid (NGL) probes were noncovalently immobilized onto nitrocellulosecoated glass slides. These were printed together with NGLs of selected sequence defined oligosaccharides, bacterial LPSs and polysaccharides. The H. pylori LPS microarray was probed for recognition with carbohydratebinding proteins (CBPs) of known specificity. These included Le and blood group-related monoclonal antibodies (mAbs), plant lectins, a carbohydratebinding module (CBM) and the mammalian immune receptors DC-SIGN and Dectin-1. The analysis of these CBPs provided new information that complemented the structural analyses and was valuable in the quality control of the constructed microarray. Microarray analysis revealed the occurrence of type-2 Lex and Ley, but not type-1 Lea or Leb antigens, supporting the results obtained in the structural analysis. Furthermore, the H. pylori LPSs were recognised by DC-SIGN, a mammalian lectin known to interact with this bacterium through fucosylated Le epitopes expressed in its LPSs. The -fucose-specific lectin UEA-I, showed restricted binding to probes containing type-2 blood group H sequence and to the LPSs from strains CI-117 and 14382. The presence of H-type-2, as well Htype- 1 in the LPSs from these strains, was confirmed using specific mAbs. Although H-type-1 determinant has been reported for H. pylori LPSs, this is the first report of the presence of H-type-2 determinant. Microarray analysis also revealed that plant lectins known to bind 4-linked GlcNAc chitin oligosaccharide sequences bound H. pylori LPSs. STL, which exhibited restricted and strong binding to 4GlcNAc tri- and pentasaccharides, differentially recognised the LPS from the strain CI-117. The chitin sequences recognised in the LPS could be internal, as no binding was detected to this LPS with WGA, known to be specific for nonreducing terminal of 4GlcNAc sequence. Analyses of the H. pylori LPSs by SDS-PAGE and Western blot with STL provided further evidence for the presence of these novel domains in the O-chain region of this LPS. H. pylori LPS microarray was also applied to analysis of two human sera. The first was from a case infected with H. pylori (H. pylori+ CI-5) and the second was from a non-infected control.The analysis revealed a higher IgG-reactivity towards H. pylori LPSs in the H. pylori+ serum, than the control serum. A specific IgG response was observed to the LPS isolated from the CI-5 strain, which caused the infection. The present thesis has contributed to extension of current knowledge on chemical structures of LPS from H. pylori clinical isolates. Furthermore, the H. pylori LPS microarray constructed enabled the study of interactions with host proteins and showed promise as a tool in serological studies of H. pyloriinfected individuals. Thus, it is anticipated that the use of these complementary approaches may contribute to a better understanding of the molecular complexity of the LPSs and their role in pathogenesis.