Interest rate exposure of Spanish banks: A nonparametric analysis

Interest rate risk is one of the major financial risks faced by banks due to the very nature of the banking business. The most common approach in the literature has been to estimate the impact of interest rate risk on banks using a simple linear regression model. However, the relationship between interest rate changes and bank stock returns does not need to be exclusively linear. This article provides a comprehensive analysis of the interest rate exposure of the Spanish banking industry employing both parametric and non parametric estimation methods. Its main contribution is to use, for the first time in the context of banks’ interest rate risk, a nonparametric regression technique that avoids the assumption of a specific functional form. One the one hand, it is found that the Spanish banking sector exhibits a remarkable degree of interest rate exposure, although the impact of interest rate changes on bank stock returns has significantly declined following the introduction of the euro. Further, a pattern of positive exposure emerges during the post-euro period. On the other hand, the results corresponding to the nonparametric model support the expansion of the conventional linear model in an attempt to gain a greater insight into the actual degree of exposure.

Qualified intervention/qualifying formation

An education promoting scientific literacy (SL) that prepares the citizens to a responsible citizenship has persisted as an argument across discussions on curricula design. The ubiquity of science and technology on contemporary societies and the ideological requirement of informed democratic participation led to the identification of relevant categories that drive curriculum reforms towards a humanistic approach of school science. The category ‘Science as culture’ acquires in the current work a major importance: it enlightens the meaning of scientific literacy. Looking closely to the French term, culture scientifique et tecnologique, turns science simultaneously into a cultural object and product that can be both received and worked at different levels and within several approaches by the individuals and the communities. On the other hand, nonformal and informal education spaces gain greater importance. Together with the formal school environment these spaces allow for an enrichment and diversification of learning experiences. Examples of nonformal spaces where animators can develop their work may be science museums or botanical gardens; television and internet can be regarded as informal education spaces. Due to the above mentioned impossibility of setting apart the individual or community-based experiences from Science and Technology (S&T), the work in nonformal and informal spaces sets an additional challenge to the preparation of socio-cultural animators. Socio-scientific issues take, at times, heavily relevance within the communities. Pollution, high tension lines, spreading of diseases, food contamination or natural resources conservation are among the socio-scientific issues that often call upon arguments and emotions. In the context of qualifying programmes on socio-cultural animation (social education and community development) within European Higher Education Area (EHEA) the present study describes the Portuguese framework. The comparison of programmes within Portugal aims to contribute to the discussion on the curriculum design for a socio-cultural animator degree (1st cycle of Bologna process). In particular, this study intends to assess how the formation given complies with enabling animators to work, within multiple scenarios, with communities in situations of socio-scientific relevance. A set of themes, issues and both current and potential fields of action, not described or insufficiently described in literature, is identified and analysed in the perspective of a qualified intervention of animators. One of these examples is thoroughly discussed. Finally, suggestions are made about curriculum reforms in order, if possible, to strongly link the desired qualified intervention with a qualifying formation.

Return premiums of sustainable companies listed on the Spanish stock market

The purpose of this paper is to analyze whether companies with a greater commitment to corporate social responsibility (SRI companies) perform differently on the stock market compared to companies that disregard SRI. Over recent years, this relationship has been taken up at both a theoretical and practical level, and has led to extensive scientific research of an empirical nature involving the examination of the relationships existing between the financial and social, environmental and corporate governance performance of a company and the relationship between SRI and investment decisions in the financial market. More specifically, this work provides empirical evidence for the Spanish market as to whether or not belonging to a group of companies the market classes as sustainable results in return premiums that set them apart from companies classed as conventional, and finds no differences in the stock market performance of companies considered to be SRI or conventional.

Shareholder wealth creation in response to announcements of acquisitions of unlisted firms: Evidence from Spain

We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller and lesser–known firms, and thus suffer from a lack of competition in the market for corporate control. Consequently, the payment of lower premiums and the possibility of diversifying shareholders’ portfolios lead to unlisted firm acquisitions being viewed as value–orientated transactions.

Idiosyncratic risk really drives stock returns; Spanish evidence

Following the theoretical model of Merton (1987), we provide a new perspective of study about the role of idiosyncratic risk in the asset pricing process. More precisely, we analyze whether the idiosyncratic risk premium depends on the idiosyncratic risk level of an asset as well as the vatriation in the market-wide measure of idiosyncratic risk. As expected, we obtain a net positive risk premium for the Spanish stock market over the period 1987-2007. Our results show a positive relation between returns and individual indiosyncratic risk levels and a negative but lower relation with the aggregate measure of idiosyncratic risk. These findings have important implications for portfolio and risk management and contribute to provide a unified and coherent answer for the main and still unsolved question about the idiosyncratic risk puzzle: whether or not there exists a premium associated to this kind of risk and the sign for this risk premium.

Ética e responsabilidade social das organizações perante os Técnicos Oficiais de Contas

Mestrado em Contabilidade

Familial amyloid polyneuropathy (FAP): clinical features, pathophysiology and treatment

In the literature, concepts of “polyneuropathy”, “peripheral neuropathy” and “neuropathy” are often mistakenly used as synonyms. Polyneuropathy is a specific term that refers to a relatively homogenous process that affects multiple peripheral nerves. Most of these tend to present as symmetric polyneuropathies that first manifest in the distal portions of the affected nerves. Many of these distal symmetric polyneuropathies are due to toxic-metabolic causes such as alcohol abuse and diabetes mellitus. Other distal symmetric polyneuropathies may result from an overproduction of substances that result in nerve pathology such as is observed in anti-MAG neuropathy and monoclonal gammopathy of undetermined significance. Other “overproduction” disorders are hereditary such as noted in the Portuguese type of familial amyloid polyneuropathy (FAP). FAP is a manifestation of a group of hereditary amyloidoses; an autosomal dominant, multisystemic disorder wherein the mutant amyloid precursor, transthyretin, is produced in excess primarily by the liver. The liver accounts for approximately 98% of all transthyretin production. FAP is confirmed by detecting a transthyretin variant with a methionine for valine substitution at position 30 [TTR (Met30)]. Familial Amyloidotic Polyneuropathy (FAP) – Portuguese type was first described by a Portuguese neurologist, Corino de Andrade in 1939 and published in 1951. Most persons with this disorder are descended from Portuguese sailors who sired offspring in various locations, primarily in Sweden, Japan and Mallorca. Their descendants emigrated worldwide such that this disorder has been reported in other countries as well. More than 2000 symptomatic cases have been reported in Portugal. FAP progresses rapidly with an average time course from symptom onset to multi-organ involvement and death between ten and twenty years. Treatments directed at removing this aberrant protein such as plasmapheresis and immunoadsorption proved to be unsuccessful. Liver transplantation has been the only effective solution as evidenced by almost 2000 liver transplants performed worldwide. A therapy for FAP with a novel agent, “Tafamidis” has shown some promise in ongoing phase III clinical trials. It is well recognized that regular physical activity of moderate intensity has a positive effect on physical fitness as gauged by body composition, aerobic capacity, muscular strength and endurance and flexibility. Physical fitness has been reported to result in the reduction of symptoms and lesser impairment when performing activities of daily living. Exercise has been advocated as part of a comprehensive approach to the treatment of chronic diseases. Therefore, this chapter concludes with a discussion of the role of exercise training on FAP.

Consciencialização dos operadores turísticos para a consulta do viajante

Partindo de uma hipótese que se veio a demonstrar válida, de que os Operadores Turísticos em Portugal têm muito pouca informação sobre a consulta do viajante e o seu papel em responsabilidade na promoção da saúde dos seus clientes, apresenta-se neste trabalho não só uma análise da situação anteriormente referida como uma estratégia de comunicação visando consciencializar os Operadores Turísticos para a necessidade de fomentarem a adesão dos seus clientes à consulta do viajante. Dois temas emergem como centrais, nomeadamente a questão do turismo na nossa contemporaneidade e a saúde dos que viajem essencialmente para fora da Europa em turismo. Transversal a todo o trabalho encontra-se a noção de comunicação e saúde, especialmente na sua vertente de comunicação para a saúde. Defende-se que a comunicação para a saúde pode ser pensada como um fator competitivo para os Operadores Turísticos e apresenta-se uma estratégia de comunicação subordinada ao título: “Projeto de Consciencialização dos Operadores para a Consulta do Viajante”. Na primeira parte apresenta-se uma revisão da literatura e de outras fontes sobre os temas: Turismo, Consulta do Viajante e Comunicação para a Saúde, e na segunda parte o projeto que já referi. Partindo da hipótese inicialmente formulada, para uma análise completa da situação utilizaram-se metodologias de análise qualitativa e quantitativa junto dos principais públicos envolvidos a saber os Operadores Turísticos.

A arte contemporânea enquanto elemento facilitador da auto valorização dos jovens perante as suas criações artísticas

Dissertação apresentada à Escola Superior de Educação de Lisboa para obtenção de grau de mestre em Educação Artística, na Especialização de Artes Plásticas na Educação

Nuclear medicine technologist education and training in Europe: literature and web-based findings

Purpose - The education and training of a nuclear medicine technologist (NMT) is not homogeneous among European countries, which leads to different scope of practices and, therefore, different technical skills are assigned. The goal of this research was to characterize the education and training of NMT in Europe. Materials and methods - This study was based on a literature research to characterize the education and training of NMT and support the historical evolution of this profession. It was divided into two different phases: the first phase included analysis of scientific articles and the second phase included research of curricula that allow health professionals to work as NMT in Europe. Results - The majority of the countries [N=31 (89%)] offer the NMT curriculum integrated into the high education system and only in four (11%) countries the education is provided by professional schools. The duration in each education system is not equal, varying in professional schools (2-3 years) and high education level system (2-4 years), which means that different European Credit Transfer and Accumulation System, such as 240, 230, 222, 210 or 180 European Credit Transfer and Accumulation System, are attributed to the graduates. The professional title and scope of the practice of NMT are different in different countries in Europe. In most countries of Europe, nuclear medicine training is not specific and curriculum does not demonstrate the Nuclear Medicine competencies performed in clinical practice. Conclusion - The heterogeneity in education and training for NMT is an issue prevalent among European countries. For NMT professional development, there is a huge need to formalize and unify educational and training programmes in Europe.

Inconstância, ausência e paradoxo na política para o livro no Estado Novo português

Neste artigo procura-se entender a dúplice forma como o Estado Novo em Portugal lidou com o livro como objecto de acção política. As tentativas de enquadrar o livro como alvo de promoção no sentido de um apoio efectivo e da adopção de medidas correctivas das disfunções do mercado, próprias de uma matriz contemporânea e aberta de sistemas políticos e sociais desenvolvidos, nunca terão verdadeiramente existido durante o período autocrático. Com efeito, desde o seu começo até meados da década de 1950 o regime hesitou entre fórmulas – isoladas – de suporte à edição e à leitura, que não pôde ou não quis consolidar, e opções tendentes a conseguir arregimentar agentes do livro (sobretudo editores e autores) à nunca concretizada literatura oficial do Estado Novo, e que obedecesse aos seus pressupostos. O caminho trilhado parece ter sido, a partir de dado momento, essencialmente o da repressão ao livro, pautando o poder a sua actuação pela ausência de propostas de fomento do mercado editorial e livreiro como as que se verificaram noutros contextos nacionais, inclusive ditatoriais.

The effects of clinical support surfaces on pressure as a risk factor in the development of pressure ulcers, from a radiographical perspective: a narrative literature review

Purpose: Pressure ulcers are a high cost, high volume issue for health and medical care providers, having a detrimental effect on patients and relatives. Pressure ulcer prevention is widely covered in the literature, but little has been published regarding the risk to patients in the radiographical setting. This review of the current literature is to identify findings relevant to radiographical context. Methods: Literature searching was performed using Science Direct and Medline databases. The search was limited to articles published in the last ten years to remain current and excluded studies containing participants less than 17 years of age. In total 14 studies were acquired; three were excluded as they were not relevant. The remaining 11 studies were compared and reviewed. Discussion: Eight of the studies used ‘healthy’ participants and three used symptomatic participants. Nine studies explored interface pressure with a range of pressure mat technologies, two studies measured shear (MRI finite element modelling, and a non-invasive instrument), and one looked at blood flow and haemoglobin oxygenation. A range of surfaces were considered from trauma, nursing and surgical backgrounds for their ability to reduce pressure including standard mattresses, high specification mattresses, rigid and soft layer spine boards, various overlays (gel, air filled, foam). Conclusion: The current literature is not appropriate for the radiographic patient and cannot be extrapolated to a radiologic context. Sufficient evidence is presented in this review to support the need for further work specific to radiography in order to minimise the development of PU in at risk patients.

Spanish society's perceptions about socially responsible investing

The debate surrounding the financial needs of investors and the impact on society of investment is considered to be an important research topic due to the growth of socially responsible financial markets. The objective of this research is to study the perception of the Spanish public about socially responsible investing (SRI) criteria and real-life investment needs. To examine the Spanish perception of SRI, we conducted a field survey. The results show that SRI is in an early stage and Spanish investors need more exact information regarding social, environmental, and governance criteria in order to invest in socially responsible companies and products.

Desenvolvimento de um modelo para avaliar o nível lean de uma organização: caso de estudo

Trabalho Final de Mestrado para obtenção do grau de Mestre em Engenharia Mecânica Perfil de Manutenção e Produção