A actual conjuntura económico-financeira e os mercados de futuros sobre o petróleo

Mestrado em Contabilidade e Análise Financeira

Contratos de Futuros sobre Taxas de Juro

Mestrado em Contabilidade Internacional

Contratos de futuros sobre taxas de juro : estudo de caso sobre a Euribor a 3 meses

Mestrado em Contabilidade e Análise Financeira

Contratos futuros sobre o petróleo: um estudo sobre a assimetria na volatilidade

Mestrado em Contabilidade e Análise Financeira

Futuros: estudo de caso sobre futuros cambiais

Mestrado em Contabilidade

Grid structure impact in sparse point representation of derivatives

In the Sparse Point Representation (SPR) method the principle is to retain the function data indicated by significant interpolatory wavelet coefficients, which are defined as interpolation errors by means of an interpolating subdivision scheme. Typically, a SPR grid is coarse in smooth regions, and refined close to irregularities. Furthermore, the computation of partial derivatives of a function from the information of its SPR content is performed in two steps. The first one is a refinement procedure to extend the SPR by the inclusion of new interpolated point values in a security zone. Then, for points in the refined grid, such derivatives are approximated by uniform finite differences, using a step size proportional to each point local scale. If required neighboring stencils are not present in the grid, the corresponding missing point values are approximated from coarser scales using the interpolating subdivision scheme. Using the cubic interpolation subdivision scheme, we demonstrate that such adaptive finite differences can be formulated in terms of a collocation scheme based on the wavelet expansion associated to the SPR. For this purpose, we prove some results concerning the local behavior of such wavelet reconstruction operators, which stand for SPR grids having appropriate structures. This statement implies that the adaptive finite difference scheme and the one using the step size of the finest level produce the same result at SPR grid points. Consequently, in addition to the refinement strategy, our analysis indicates that some care must be taken concerning the grid structure, in order to keep the truncation error under a certain accuracy limit. Illustrating results are presented for 2D Maxwell's equation numerical solutions.

Simulação interactiva do mercado de energia eléctrica

A área de comercialização de energia eléctrica conheceu uma profunda mudança após a liberalização do sector eléctrico, que levou à criação de algumas entidades, as quais gerem os mercados de electricidade europeus. Relativamente a Portugal e Espanha, durante esse processo de liberalização, deu-se também um acordo que os levou à criação de um mercado conjunto, um mercado Ibérico (MIBEL). Dentro deste mercado estão contemplados dois operadores, sendo que um deles representa o pólo Português (OMIP) e o outro representa o pólo Espanhol (OMEL). O OMIP contempla os mercados a prazo, ou futuros, normalmente apresenta contratos de energia comercializada com durabilidade de semanas, meses, trimestres, semestres ou mesmo anos. Diariamente estes contratos poderão vencer no OMEL, que engloba os mercados, diário e intradiário. Este, ao contrário do OMIP negoceia para o dia seguinte (mercado diário) ou para uma determinada altura do dia (mercado intra diário). O mercado diário será o exemplo usado para a criação do simulador interactivo do mercado de energia eléctrica. Este será composto por diversos utilizadores (jogadores), que através de uma plataforma HTML irão investir em centrais de energia eléctrica, negociar licitações e analisar o funcionamento e resultados deste mercado. Este jogo subdividir-se-á então em 3 fases: 1. Fase de investimento; 2. Fase de venda (licitações); 3. Fase de mercado. Na fase do investimento, o jogador terá a possibilidade de adquirir unidades de geração de energia eléctrica de seis tipos de tecnologia: 1. Central a Carvão; 2. Central de Ciclo Combinado; 3. Central Hídrica; 4. Central Eólica; 5. Central Solar; 6. Central Nuclear. Com o decorrer das jogadas o jogador poderá aumentar a sua capacidade de investimento, com a venda de energia, sendo o vencedor aquele que mais saldo tiver no fim do número de jogadas previamente definidos, ou aquele que mais depressa atingir o saldo definido como limite pelo administrador do jogo. A nível pedagógico este simulador é muito interessante pois para além de o utilizador ficar a conhecer as tecnologias em causa e as vantagens e desvantagens das centrais de energia renovável e das centrais a combustíveis fósseis, este ganha igualmente uma sensibilidade para questões de nível ambiental, tais como o aumento dos gases de estufa e o degelo resultante do aquecimento global provocado por esses gases. Para além do conhecimento adquirido na parte de energia eléctrica este jogo dará a conhecer ao utilizador o funcionamento do mercado da energia eléctrica, bem como as tácticas que este poderá usar a seu favor neste tipo de mercado.

Solvent effects on solution enthalpies of adamantyl derivatives

Solution enthalpies of 1-bromoadamantane, 1-adamantanol, and 2-adamantanone in a large set of protic and aprotic solvents are reported at 298.15 K. Solvent effects on the solution processes of these solutes are analyzed in terms of a modified TAKA equation, involving delta(cav) h (s) as the cavity term. The nature and magnitude of the major interactions which influence these processes are assessed and discussed in terms of the solutes' characteristics. New insights on the solution processes under scrutiny are presented.

Open and closed positions and stock index futures volatility

In this paper we analyze the relationship between volatility in index futures markets and the number of open and closed positions. We observe that, although in general both positions are positively correlated with contemporaneous volatility, in the case of S&P 500, only the number of open positions has influence over the volatility. Additionally, we observe a stronger positive relationship on days characterized by extreme movements of these contracting movements dominating the market. Finally, our findings suggest that day-traders are not associated to an increment of volatility, whereas uninformed traders, both opening and closing their positions, have to do with it.

Evaluation of intermolecular interactions in thioxanthone derivatives: substituent effect on crystal diversity

A family of 9H-thioxanthen-9-one derivatives and two precursors, 2-[(4-bromophenyl) sulfanyl]-5-nitrobenzoic acid and 2-[(4-aminophenyl) sulfanyl]-5-nitrobenzoic acid, were synthesized and studied in order to assess the role of the different substituent groups in determining the supramolecular motifs. From our results we can conclude that Etter's rules are obeyed: whenever present the -COOH head to head strong hydrogen bonding dimer, R-2(2)(8) synthon, prevails as the dominant interaction. As for -NH2, the best donor when present also follows the expected hierarchy, an NH center dot center dot center dot O(COOH) was formed in the acid precursor (2) and an NH center dot center dot center dot O(C=O) in the thioxanthone (4). The main role played by weaker hydrogen bonds such as CH center dot center dot center dot O, and other intermolecular interactions, pi-pi and Br center dot center dot center dot O, as well as the geometric restraints of packing patterns shows the energetic interplay governing crystal packing. A common feature is the relation between the p-p stacking and the unit cell dimensions. A new synthon notation, R`, introduced in this paper, refers to the possibility of accounting for intra- and intermolecular interactions into recognizable and recurring aggregate patterns.

Cobalt and Zinc Compounds Bearing 1,10-Phenanthroline-5,6-dione or 1,3,5-Triaza-7-phosphaadamantane Derivatives - Synthesis, Characterization, Cytotoxicity, and Cell Selectivity Studies

The compounds [mPTA][CoCl4] (1, mPTA = N-methyl-1,3,5-triaza-7-phosphaadamantane cation), [CoCl(H2O)(DION)(2)][BF4] (2, DION = 1,10-phenanthroline-5,6-dione), [Zn(DION)(2)]Cl-2 (3) and [ZnCl(O-PTA=O)(DION)][BF4] (4) were synthesized by reaction of CoCl2 with [mPTA]I or DION and ZnCl2 with DION or 1,3,5-triaza-7-phosphaadamantane-7-oxide (PTA=O) and DION, respectively. All complexes are water soluble and have been characterized by IR, far-IR, H-1, C-13 and P-31{H-1} NMR spectroscopy, ESI-MS, elemental analyses and single-crystal X-ray diffraction structural analysis (for 1). They were screened against the human tumour cell lines HCT116, HepG2 and MCF7. Complexes 2 and 3 exhibit the highest in vitro cytotoxicity and show lower cytotoxic activities in normal human fibroblast cell line than in HCT116 tumour cell line, which demonstrates their slight specificity for this type of tumour cell.

Futuros sobre a margem operacional da refinação do petróleo bruto: crack spreads

Mestrado em Contabilidade Internacional

Derivados sobre taxas de juro: estudo de caso

Mestrado em Contabilidade e Análise Financeira

The impact of financial disclosures in the measurement of notional interest rate swaps in the period of 2007-2012

Mestrado em Contabilidade

How to mimic the shapes of plant tendrils on the nano and microscale: spirals and helices of electrospun liquid crystalline cellulose derivatives

We show that suspended nano and microfibres electrospun from liquid crystalline cellulosic solutions will curl into spirals if they are supported at just one end, or, if they are supported at both ends, will twist into a helix of one handedness over half of its length and of the opposite handedness over the other half, the two halves being connected by a short straight section. This latter phenomenon, known as perversion, is a consequence of the intrinsic curvature of the fibres and of a topological conservation law. Furthermore, agreement between theory and experiment can only be achieved if account is taken of the intrinsic torsion of the fibres. Precisely the same behaviour is known to be exhibited by the tendrils of climbing plants such as Passiflora edulis, albeit on a lengthscale of millimetres, i.e., three to four orders of magnitude larger than in our fibres. This suggests that the same basic, coarse-grained physical model is applicable across a range of lengthscales.