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.

Photo-induced instability of nanocrystalline silicon TFTs

We examine the instability behavior of nanocrystalline silicon (nc-Si) thin-film transistors (TFTs) in the presence of electrical and optical stress. The change in threshold voltage and sub-threshold slope is more significant under combined bias-and-light stress when compared to bias stress alone. The threshold voltage shift (Delta V-T) after 6 h of bias stress is about 7 times larger in the case with illumination than in the dark. Under bias stress alone, the primary instability mechanism is charge trapping at the semiconductor/insulator interface. In contrast, under combined bias-and-light stress, the prevailing mechanism appears to be the creation of defect states in the channel, and believed to take place in the amorphous phase, where the increase in the electron density induced by electrical bias enhances the non-radiative recombination of photo-excited electron-hole pairs. The results reported here are consistent with observations of photo-induced efficiency degradation in solar cells.

Implementation of thr INSPIRE Directive on road infrastructure in Portugal

Prémio - CEN/TC 287 AWARD FOR EXCELLENCE IN INSIRE 2012 Implementation of the INSPIRE Directive on Road Infrastructure in Portugal Inês Soares, aluna de Mestrado em engenharia civil do ISEL, Instituto Superior de Engenharia de Lisboa e Paulo Martins, e o seu orientador, receberam um prémio europeu, no dia 27 de junho, em Istambul na Turquia, numa conferência internacional organizada pela Comissão Europeia e pelo governo Turco.  A jovem portuguesa foi escolhida entre cerca de 20 candidatos de vários países. Paulo Matos Martins, professor no ISEL, além de mentor do trabalho premiado, foi orientador de mestrado da aluna e explica que se trata de um estudo sobre a aplicação da Diretiva comunitária INSPIRE à infraestrutura rodoviária nacional que contou com a estreita colaboração do InIR, Instituto da Infraestrutura Rodoviária através da coorientação da engenheira Adelaide Costa e colaboração técnica do engenheiro Rui Luso Soares.  O projeto-piloto correspondeu à criação de uma aplicação informática que permite aceder a informação geográfica harmonizada relativa à infraestrutura rodoviária nacional, de acordo com as disposições de execução INSPIRE, dando cumprimento aos requisitos impostos pela Diretiva às entidades responsáveis por este tipo de informação, entre as quais se incluem diversos organismos públicos (podendo no futuro vir a incluir as autarquias), permitindo aos decisores políticos e a todos os cidadãos o fácil acesso a informação de qualidade sobre as infraestruturas, o território e o ambiente. 

An SEM investigation of the pozzolanic activity of a waste catalyst oil refinery

The most active phase of the fluid catalytic cracking (FCC) catalyst, used in oil refinery, is zeolite-Y which is an aluminosilicate with a high internal and external surface area responsible for its high reactivity. Waste FCC catalyst is potentially able to be reused in cement-based materials - as an additive - undergoing a pozzolanic reaction with calcium hydroxide (Ca(OH)2) formed during cement hydration [1-3]. This reaction produces additional strength-providing reaction products i.e., calcium silicate hydrate (C-S-H) and hydrous calcium aluminates (C-A-H) which exact chemical formula and structure are still unknown. Partial replacement of cement by waste FCC catalyst has two key advantages: (1) lowering of cement production with the associated pollution reduction as this industry represents one of the largest sources of man-made CO2 emissions, and (2) improving the mechanical properties and durability of cement-based materials. Despite these advantages, there is a lack of fundamental knowledge on pozzolanic reaction mechanisms as well as spatial distribution of porosity and solid phases interactions at the microstructural level and consequently their relationship with macroscopical engineering properties of catalyst/cement blends. Within this scope, backscattered electron (BSE) images acquired in a scanning electron microscope (SEM) equipped with Energy-Dispersive Spectroscopy (EDS) and by X-ray diffraction were used to investigate chemical composition of hydration products and to analyse spatial information of the microstructure of waste FCC catalyst blended cement mortars. For this purpose mortars with different levels of cement substitution by waste catalyst as well as with different hydration ages, were prepared. The waste FCC catalyst used is produced by the Portuguese refinery company Petrogal S.A.

Validation of a new reference values’s database for semiquantification of 123I‐FP‐CIT SPECT scans in one nuclear medicine department

The DatScanTM and its Semiquantification (SQ) can provide advantages in the diagnosis of Parkinsonian Syndromes (PS). To improve the SQ is recommended the creation of adapted database (DB) with reference values for the Nuclear Medicine Departments. Previously to this work was created a adapted database (DBRV) to Nuclear Medicine Department's protocol and population of Infanta Cristina's Hospital located in Badajoz, for patients between the ages of 60 and 75, and reference values of the SQ were calculated. Aim: To evaluate the discrimination capacity of a department's adapted DB reference's values of healthy controls for DatScanTM.

In the midst of confusion : da dança em cinema e da adaptação de dança para o ecrã: processos de criação intermediais: trabalho de projecto

Trabalho de Projeto submetido à Escola Superior de Teatro e Cinema para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Desenvolvimento de Projeto Cinematográfico - especialização em Dramaturgia e Realização

Remote operation of embedded controllers designed using IOPT Petri-nets

This paper presents a new communication architecture to enable the remote control, monitoring and debug of embedded-system controllers designed using IOPT Petri nets. IOPT Petri nets and the related tools (http://gres.uninova.pt) have been used as a rapid prototyping and development framework, including model-checking, simulation and automatic code generation tools. The new architecture adds remote operation capabilities to the controllers produced by the automatic code generators, enabling quasi-real-time remote debugging and monitoring using the IOPT simulator tool. Furthermore, it enables the creation of graphical user interfaces for remote operation and the development of distributed systems where a Petri net model running on a central system supervises the actions of multiple remote subsystems. © 2015 IEEE.