Desempenho empresarial e o valor da empresa no mercado de capitais: evidência empírica para o mercado de capitais português

The main objective of this paper is to analyse the effect of firms’ performance indicators in explaining the price of stocks in the Portuguese capital market, using a fundamental analysis. In the empirical setting, firms’ performance indicators are gathered into two groups: (1) economic and financial indicators and (2) stock market indicators. Using a sample of 38 firms quoted at Euronext Lisbon, estimates are obtained trough an Ordinary Least Squares (OLS) model and report to December, 31 2007. Results suggest that performance indicators are able to explain the firms’ stock market price. There is a significant positive impact of sales growth and of payout ratio, while we find a statistically significant negative effect of the firm’s financial autonomy on the stock market price for the majority of firms quoted at Euronext Lisbon.

Pectus Excavatum postsurgical outcome based on preoperative soft body dynamics simulation

Pectus excavatum is the most common congenital deformity of the anterior chest wall, in which an abnormal formation of the rib cage gives the chest a caved-in or sunken appearance. Today, the surgical correction of this deformity is carried out in children and adults through Nuss technic, which consists in the placement of a prosthetic bar under the sternum and over the ribs. Although this technique has been shown to be safe and reliable, not all patients have achieved adequate cosmetic outcome. This often leads to psychological problems and social stress, before and after the surgical correction. This paper targets this particular problem by presenting a method to predict the patient surgical outcome based on pre-surgical imagiologic information and chest skin dynamic modulation. The proposed approach uses the patient pre-surgical thoracic CT scan and anatomical-surgical references to perform a 3D segmentation of the left ribs, right ribs, sternum and skin. The technique encompasses three steps: a) approximation of the cartilages, between the ribs and the sternum, trough b-spline interpolation; b) a volumetric mass spring model that connects two layers - inner skin layer based on the outer pleura contour and the outer surface skin; and c) displacement of the sternum according to the prosthetic bar position. A dynamic model of the skin around the chest wall region was generated, capable of simulating the effect of the movement of the prosthetic bar along the sternum. The results were compared and validated with patient postsurgical skin surface acquired with Polhemus FastSCAN system