Long-term dependence in financial prices: evidence from the Belgian stock market returns

This article aims to contribute to the discussion of long-term dependence, focusing on the behavior of the main Belgian stock index. Non-parametric analyzes of the general characteristics of temporal frequency show that daily returns are non-ergodic and non-stationary. Therefore, we use the rescaled-range analysis (R/S) and the detrended fluctuation analysis (DFA), under the fractional Brownian motion approach, and we found slight evidence of long-term dependence. These results refute the random walk hypothesis with i.i.d. increments, which is the basis of the EMH in its weak form, and call into question some theoretical modeling of asset pricing. Other more localized complementary study, to identify the evolution of the degree of dependence over time windows, showed that the index has become less persistent from 2010. This may mean a maturing market by the extension of the effects of current financial crisis.

Long-term memory in financial prices: evidence from the Dutch stock market returns

Prepared for presentation at the Portuguese Finance Network International Conference 2014, Vilamoura, Portugal, June 18-20

Hybrid thermoset polymeric composites – an Innovation towards sustainability

In this study, a new waste management solution for thermoset glass fibre reinforced polymer (GFRP) based products was assessed. Mechanical recycling approach, with reduction of GFRP waste to powdered and fibrous materials was applied, and the prospective added-value of obtained recyclates was experimentally investigated as raw material for polyester based mortars. Different GFRP waste admixed mortar formulations were analyzed varying the content, between 4% up to 12% in weight, of GFRP powder and fibre mix waste. The effect of incorporation of a silane coupling agent was also assessed. Design of experiments and data treatment was accomplished through implementation of full factorial design and analysis of variance ANOVA. Added value of potential recycling solution was assessed by means of flexural and compressive loading capacity of GFRP waste admixed mortars with regard to unmodified polymer mortars. The key findings of this study showed a viable technological option for improving the quality of polyester based mortars and highlight a potential cost-effective waste management solution for thermoset composite materials in the production of sustainable concrete-polymer based products.

Innovative manufacturing process for hybrid pultruded products based on cork and polymeric pre-shapes

Pultruded products are being targeted by a growing demand due to its excellent mechanical properties and low chemical reactivity, ensuring a low level of maintenance operations and allowing an easier assembly operation process than equivalent steel bars. In order to improve the mechanical drawing process and solve some acoustic and thermal insulation problems, pultruded pipes of glass fibre reinforced plastics (GFRF) can be filled with special products that increase their performance regarding the issues previously referred. The great challenge of this work was drawing a new equipment able to produce pultruded pipes filled with cork or polymeric pre-shaped bars as a continuous process. The project was carried out successfully and the new equipment was built and integrated in the pultrusion equipment already existing, allowing to obtain news products with higher added-value in the market, covering some needs previously identified in the field of civil construction.

Management Driven Hybrid Multicast Framework for Content Aware Networks

The need for better adaptation of networks to transported flows has led to research on new approaches such as content aware networks and network aware applications. In parallel, recent developments of multimedia and content oriented services and applications such as IPTV, video streaming, video on demand, and Internet TV reinforced interest in multicast technologies. IP multicast has not been widely deployed due to interdomain and QoS support problems; therefore, alternative solutions have been investigated. This article proposes a management driven hybrid multicast solution that is multi-domain and media oriented, and combines overlay multicast, IP multicast, and P2P. The architecture is developed in a content aware network and network aware application environment, based on light network virtualization. The multicast trees can be seen as parallel virtual content aware networks, spanning a single or multiple IP domains, customized to the type of content to be transported while fulfilling the quality of service requirements of the service provider.

A Hybrid Simulated Annealing approach to handle Energy Resource Management considering an intensive use of Electric Vehicles

The massification of electric vehicles (EVs) can have a significant impact on the power system, requiring a new approach for the energy resource management. The energy resource management has the objective to obtain the optimal scheduling of the available resources considering distributed generators, storage units, demand response and EVs. The large number of resources causes more complexity in the energy resource management, taking several hours to reach the optimal solution which requires a quick solution for the next day. Therefore, it is necessary to use adequate optimization techniques to determine the best solution in a reasonable amount of time. This paper presents a hybrid artificial intelligence technique to solve a complex energy resource management problem with a large number of resources, including EVs, connected to the electric network. The hybrid approach combines simulated annealing (SA) and ant colony optimization (ACO) techniques. The case study concerns different EVs penetration levels. Comparisons with a previous SA approach and a deterministic technique are also presented. For 2000 EVs scenario, the proposed hybrid approach found a solution better than the previous SA version, resulting in a cost reduction of 1.94%. For this scenario, the proposed approach is approximately 94 times faster than the deterministic approach.

Sensitive bi-enzymatic biosensor based on polyphenoloxidases–gold nanoparticles–chitosan hybrid film–graphene doped carbon paste electrode for carbamates detection

A bi-enzymatic biosensor (LACC–TYR–AuNPs–CS/GPE) for carbamates was prepared in a single step by electrodeposition of a hybrid film onto a graphene doped carbon paste electrode (GPE). Graphene and the gold nanoparticles (AuNPs) were morphologically characterized by transmission electron microscopy, X-ray photoelectron spectroscopy, dynamic light scattering and laser Doppler velocimetry. The electrodeposited hybrid film was composed of laccase (LACC), tyrosinase (TYR) and AuNPs entrapped in a chitosan (CS) polymeric matrix. Experimental parameters, namely graphene redox state, AuNPs:CS ratio, enzymes concentration, pH and inhibition time were evaluated. LACC–TYR–AuNPs–CS/GPE exhibited an improved Michaelis–Menten kinetic constant (26.9 ± 0.5 M) when compared with LACC–AuNPs–CS/GPE (37.8 ± 0.2 M) and TYR–AuNPs–CS/GPE (52.3 ± 0.4 M). Using 4-aminophenol as substrate at pH 5.5, the device presented wide linear ranges, low detection limits (1.68×10− 9 ± 1.18×10− 10 – 2.15×10− 7 ± 3.41×10− 9 M), high accuracy, sensitivity (1.13×106 ± 8.11×104 – 2.19×108 ± 2.51×107 %inhibition M− 1), repeatability (1.2–5.8% RSD), reproducibility (3.2–6.5% RSD) and stability (ca. twenty days) to determine carbaryl, formetanate hydrochloride, propoxur and ziram in citrus fruits based on their inhibitory capacity on the polyphenoloxidases activity. Recoveries at two fortified levels ranged from 93.8 ± 0.3% (lemon) to 97.8 ± 0.3% (orange). Glucose, citric acid and ascorbic acid do not interfere significantly in the electroanalysis. The proposed electroanalytical procedure can be a promising tool for food safety control.

Cloud-assisted Wireless Body Area Networks

Wireless Body Area Networks (WBANs) have emerged as a promising technology for medical and non-medical applications. WBANs consist of a number of miniaturized, portable, and autonomous sensor nodes that are used for long-term health monitoring of patients. These sensor nodes continuously collect information of patients, which are used for ubiquitous health monitoring. In addition, WBANs may be used for managing catastrophic events and increasing the effectiveness and performance of rescue forces. The huge amount of data collected by WBAN nodes demands scalable, on-demand, powerful, and secure storage and processing infrastructure. Cloud computing is expected to play a significant role in achieving the aforementioned objectives. The cloud computing environment links different devices ranging from miniaturized sensor nodes to high-performance supercomputers for delivering people-centric and context-centric services to the individuals and industries. The possible integration of WBANs with cloud computing (WBAN-cloud) will introduce viable and hybrid platform that must be able to process the huge amount of data collected from multiple WBANs. This WBAN-cloud will enable users (including physicians and nurses) to globally access the processing and storage infrastructure at competitive costs. Because WBANs forward useful and life-critical information to the cloud – which may operate in distributed and hostile environments, novel security mechanisms are required to prevent malicious interactions to the storage infrastructure. Both the cloud providers and the users must take strong security measures to protect the storage infrastructure.

Expatriates recruitment and selection for long-term international assignments in portuguese companies

Long-term international assignments’ increase requires more attention being paid for the preparation of these foreign assignments, especially on the recruitment and selection process of expatriates. This article explores how the recruitment and selection process of expatriates is developed in Portuguese companies, examining the main criteria on recruitment and selection of expatriates’ decision to send international assignments. The paper is based on qualitative case studies of companies located in Portugal. The data were collected through semi-structured interviews of 42 expatriates and 18 organisational representatives as well from nine Portuguese companies. The findings show that the most important criteria are: (1) trust from managers, (2) years in service, (3) previous technical and language competences, (4) organisational knowledge and, (5) availability. Based on the findings, the article discusses in detail the main theoretical and managerial implications. Suggestions for further research are also presented.

Influência do tipo de adesivo em juntas híbridas soldadas-adesivas

A necessidade de utilizar métodos de ligação entre componentes de forma mais rápida, eficaz e com melhores resultados, tem causado a crescente utilização das juntas adesivas, em detrimento dos métodos tradicionais de ligação tais como a soldadura, brasagem, ligações aparafusadas e rebitadas. A utilização das juntas adesivas tem vindo a aumentar em diversas aplicações industriais por estas apresentarem vantagens das quais se destacam a redução de peso, redução de concentrações de tensões e facilidade de fabrico. No entanto, também apresentam desvantagens, como a necessidade de preparação das juntas e o descentramento da carga aplicada que provoca efeitos de flexão, os quais dão origem a tensões normais na direcção da espessura do adesivo (tensões de arrancamento), afectando assim a resistência da junta. A combinação da ligação adesiva com a soldadura por pontos permite algumas vantagens em comparação com as juntas adesivas tradicionais como a maior resistência, aumento da rigidez, melhor resistência ao corte e arrancamento e também à fadiga. Neste trabalho é apresentado um estudo experimental e numérico de juntas de sobreposição simples adesivas e híbridas (adesivas-soldadas). Os adesivos utilizados são o Araldite AV138®, apresentado como sendo frágil, e os adesivos Araldite 2015® e Sikaforce® 7752, intitulados como adesivos dúcteis. Foram considerados substratos de aço (C45E) em juntas com diferentes comprimentos de sobreposição ( ), que foram sujeitas a esforços de tracção. Foi realizada uma análise dos valores experimentais e efectuada uma comparação destes valores com os resultados obtidos por Elementos Finitos (EF) no software ABAQUS®, que incluiu uma análise de tensões na camada de adesivo e previsão do comportamento das juntas por Modelos de Dano Coesivo (MDC). A análise por MDC permitiu obter os modos de rotura, as curvas força-deslocamento e a resistência das juntas com bastante precisão, com excepção das juntas coladas com o adesivo Sikaforce® 7752. Estes resultados permitiram validar a técnica de modelação proposta para as juntas coladas e híbridas, o que representa uma base para posterior aplicação desta técnica em projecto, com as vantagens decorrentes da redução do tempo de projecto e maior facilidade de optimização.

Decision support tool for Virtual Power Players: Hybrid Particle Swarm Optimization applied to Day-ahead Vehicle-To-Grid Scheduling

This paper presents a decision support tool methodology to help virtual power players (VPPs) in the Smart Grid (SGs) context to solve the day-ahead energy resource scheduling considering the intensive use of Distributed Generation (DG) and Vehicle-To-Grid (V2G). The main focus is the application of a new hybrid method combing a particle swarm approach and a deterministic technique based on mixedinteger linear programming (MILP) to solve the day-ahead scheduling minimizing total operation costs from the aggregator point of view. A realistic mathematical formulation, considering the electric network constraints and V2G charging and discharging efficiencies is presented. Full AC power flow calculation is included in the hybrid method to allow taking into account the network constraints. A case study with a 33-bus distribution network and 1800 V2G resources is used to illustrate the performance of the proposed method.

Distributed Energy Resources Management using Plug-in Hybrid Electric Vehicles as a Fuel-Shifting Demand Response Resource

In the smart grids context, distributed energy resources management plays an important role in the power systems’ operation. Battery electric vehicles and plug-in hybrid electric vehicles should be important resources in the future distribution networks operation. Therefore, it is important to develop adequate methodologies to schedule the electric vehicles’ charge and discharge processes, avoiding network congestions and providing ancillary services. This paper proposes the participation of plug-in hybrid electric vehicles in fuel shifting demand response programs. Two services are proposed, namely the fuel shifting and the fuel discharging. The fuel shifting program consists in replacing the electric energy by fossil fuels in plug-in hybrid electric vehicles daily trips, and the fuel discharge program consists in use of their internal combustion engine to generate electricity injecting into the network. These programs are included in an energy resources management algorithm which integrates the management of other resources. The paper presents a case study considering a 37-bus distribution network with 25 distributed generators, 1908 consumers, and 2430 plug-in vehicles. Two scenarios are tested, namely a scenario with high photovoltaic generation, and a scenario without photovoltaic generation. A sensitivity analyses is performed in order to evaluate when each energy resource is required.

Hybrid Maneuver for Gradient Search with Multiple Coordinated AUVs

This work presents a hybrid maneuver for gradient search with multiple AUV's. The mission consists in following a gradient field in order to locate the source of a hydrothermal vent or underwater freshwater source. The formation gradient search exploits the environment structuring by the phenomena to be studied. The ingredients for coordination are the payload data collected by each vehicle and their knowledge of the behaviour of other vehicles and detected formation distortions.

Estudo comparativo da resistência à tração de juntas adesivas de sobreposição simples e dupla

O método de união com ligações adesivas está cada vez mais a ser utilizado na conceção de estruturas mecânicas, por causa das vantagens significativas desta técnica em comparação com as ligações tradicionais. De facto, as juntas com ligação adesiva estão sob investigação intensa há bastante tempo. Entre as vantagens, destaca-se a redução de peso e possibilidade de unir diferentes materiais, incluindo compósitos, sem danificar as estruturas a ligar. Os adesivos comerciais variam desde resistentes e frágeis (por exemplo, Araldite® AV138) a menos resistentes e dúcteis (por exemplo, Araldite® 2015). Uma nova família de adesivos de poliuretano combina elevada resistência e ductilidade (por exemplo, Sikaforce® 7888). Este trabalho compara o desempenho à tração dos três adesivos supracitados, em juntas de alumínio (Al6082-T651) de sobreposição simples e dupla, com variação dos valores de comprimento de sobreposição (LO). A análise numérica de modelos de dano coesivo (MDC) foi realizada para analisar as tensões de arrancamento (oy) e as de corte (txy) na camada adesiva, para estudar a variável de dano do MDC durante o processo de rotura e para avaliar a capacidade MDC na previsão da resistência da junta. A análise da resistência e da variável de dano ajudou na compreensão das diferenças entre os adesivos no que se refere ao processo de rotura e resistência da junta. Observou-se que as juntas de sobreposição dupla apresentam uma distribuição de tensões bastante mais favorável relativamente às juntas de sobreposição simples, principalmente devido à eliminação da flexão do substrato interior. Como resultado, a resistência destas juntas foi tipicamente superior ao dobro da observada para as juntas de sobreposição simples, com exceção de algumas configurações de junta em que houve plastificação extensa ou mesmo rotura dos substratos por tração. O trabalho proposto permitiu também concluir que as previsões MDC são tipicamente precisas, e qual a família de adesivos é mais adequada para cada configuração de junta, com a clara vantagem para o Sikaforce® 7888. Como resultado deste trabalho, foram propostas diretrizes de conceção para juntas adesivas.

Life Cycle Assessment of the Hybrid Vehicle – Toyota Prius

Die Luftverschmutzung, die globale Erwärmung sowie die Verknappung der endlichen Ressourcen sind die größten Bedenken der vergangenen Jahrzehnte. Die Nachfrage nach jeglicher Mobilität steigt rapide. Dementsprechend bemüht ist die Automobilindustrie Lösungen für Mobilität unter dem Aspekt der Nachhaltigkeit und dem Umweltschutz anzubieten. Die Elektrifizierung hat sich hierbei als der beste Weg herausgestellt, um die Umweltprobleme sowie die Abhängigkeit von fossilen Brennstoffen zu lösen. Diese Arbeit soll einen Einblick über die Umweltauswirkungen des Hybridfahrzeuges Toyota Prius geben. Hierbei findet eine Gliederung in vier verschiedene Lebensphasen statt. Im Anschluss bietet die Sachbilanz die Möglichkeit die Umweltauswirkungen mit verschiedenen Antriebsmöglichkeiten und Brennstoffen zu vergleichen. Das Modell hat gezeigt, dass der Toyota Prius während der Nutzung einen hohen Einfluss auf das Treibhauspotenzial aufweist. Durch die Nutzung anderer Brennstoffe, wie beispielsweise Ethanol oder Methanol lassen sich die Auswirkungen am Treibhauspotenzial sowie der Verbrauch an abiotischen Ressourcen reduzieren. Vergleicht man die Elektromobilität mit der konventionellen, so ist festzustellen, dass diese Art der Mobilität die derzeit beste Möglichkeit zur Reduzierung der Umweltbelastungen bietet. Die Auswirkungen der Elektromobilität sind im hohen Maße abhängig von der Art des verwendeten Strommixes.