Market of resources for virtual enterprise integration

Most definitions of virtual enterprise (VE) incorporate the idea of extended and collaborative outsourcing to suppliers and subcontractors in order to achieve a competitive response to market demands (Webster, Sugden, & Tayles, 2004). As suggested by several authors (Browne & Zhang, 1999; Byrne, 1993; Camarinha-Matos & Afsarmanesh, 1999; Cunha, Putnik, & Ávila, 2000; Davidow & Malone, 1992; Preiss, Goldman, & Nagel, 1996), a VE consists of a network of independent enterprises (resources providers) with reconfiguration capability in useful time, permanently aligned with the market requirements, created to take profit from a specific market opportunity, and where each participant contributes with its best practices and core competencies to the success and competitiveness of the structure as a whole. Even during the operation phase of the VE, the configuration can change, to assure business alignment with the market demands, traduced by the identification of reconfiguration opportunities and continuous readjustment or reconfiguration of the VE network, to meet unexpected situations or to keep permanent competitiveness and maximum performance (Cunha & Putnik, 2002, 2005a, 2005b).

Strength prediction of single- and double-lap joints by standard and extended finite element modelling

The structural integrity of multi-component structures is usually determined by the strength and durability of their unions. Adhesive bonding is often chosen over welding, riveting and bolting, due to the reduction of stress concentrations, reduced weight penalty and easy manufacturing, amongst other issues. In the past decades, the Finite Element Method (FEM) has been used for the simulation and strength prediction of bonded structures, by strength of materials or fracture mechanics-based criteria. Cohesive-zone models (CZMs) have already proved to be an effective tool in modelling damage growth, surpassing a few limitations of the aforementioned techniques. Despite this fact, they still suffer from the restriction of damage growth only at predefined growth paths. The eXtended Finite Element Method (XFEM) is a recent improvement of the FEM, developed to allow the growth of discontinuities within bulk solids along an arbitrary path, by enriching degrees of freedom with special displacement functions, thus overcoming the main restriction of CZMs. These two techniques were tested to simulate adhesively bonded single- and double-lap joints. The comparative evaluation of the two methods showed their capabilities and/or limitations for this specific purpose.

Effect of hole drilling at the overlap on the strength of single-lap joints

Bonded unions are gaining importance in many fields of manufacturing owing to a significant number of advantages to the traditional fastening, riveting, bolting and welding techniques. Between the available bonding configurations, the single-lap joint is the most commonly used and studied by the scientific community due to its simplicity, although it endures significant bending due to the non-collinear load path, which negatively affects its load bearing capabilities. The use of material or geometric changes in single-lap joints is widely documented in the literature to reduce this handicap, acting by reduction of peel and shear peak stresses at the damage initiation sites in structures or alterations of the failure mechanism emerging from local modifications. In this work, the effect of hole drilling at the overlap on the strength of single-lap joints was analyzed experimentally with two main purposes: (1) to check whether or not the anchorage effect of the adhesive within the holes is more preponderant than the stress concentrations near the holes, arising from the sharp edges, and modification of the joints straining behaviour (strength improvement or reduction, respectively) and (2) picturing a real scenario on which the components to be bonded are modified by some external factor (e.g. retrofitting of decaying/old-fashioned fastened unions). Tests were made with two adhesives (a brittle and a ductile one) varying the adherend thickness and the number, layout and diameter of the holes. Experimental testing showed that the joints strength never increases from the un-modified condition, showing a varying degree of weakening, depending on the selected adhesive and hole drilling configuration.

Persistence characteristics in financial prices: evidence from the portuguese stock market returns

The objective of this article is to provide additional knowledge to the discussion of long-term memory, leaning over the behavior of the main Portuguese stock index. The first four moments are calculated using time windows of increasing size and sliding time windows of fixed size equal to 50 days and suggest that daily returns are non-ergodic and non-stationary. Seeming that the series is best described by a fractional Brownian motion approach, we use the rescaled-range analysis (R/S) and the detrended fluctuation analysis (DFA). The findings indicate evidence of long term memory in the form of persistence. This evidence of fractal structure suggests that the market is subject to greater predictability and contradicts the efficient market hypothesis in its weak form. This raises issues regarding theoretical modeling of asset pricing. In addition, we carried out a more localized (in time) study to identify the evolution of the degree of long-term dependency over time using windows 200-days and 400-days. The results show a switching feature in the index, from persistent to anti-persistent, quite evident from 2010.

A importância da gestão baseada na criação de valor para o acionista (Value-Based Management): o caso do Grupo Galp Energia

A avaliação de empresas sempre constituiu um tema de elevada reflexão, sendo que vários especialistas tentam encontrar os modelos que melhor se adaptam a situações específicas e para as quais precisam de determinar um valor. No contexto empresarial português começa a ganhar significância a prática da gestão orientada para a criação de valor (Value-Based Management). O conceito de Value-Based Management assistiu a um particular desenvolvimento nos últimos 20 anos como resultado da globalização e desregulamentação dos mercados financeiros, dos avanços nas tecnologias de informação e do aumento da importância dos investidores institucionais. Vários analistas apresentaram evidência de que as empresas que adotam sistemas VBM melhoram o seu desempenho económico em relação a outras de dimensão semelhante no mesmo setor. É neste contexto que o EVA (Economic Value Added) se apresenta como uma métrica de desempenho privilegiada nos processos de controlo das decisões estratégicas tomadas. No presente trabalho pretendemos abordar o conceito da gestão baseada na criação de valor e a sua importância para o acionista, o que implica rever outros modelos de avaliação tradicionais baseados no valor contabilístico. Como métrica de avaliação do desempenho passado da empresa ao nível da criação de valor vamos dar particular importância ao estudo do EVA, fazendo referência à possível correlação entre esta métrica e o MVA (Market Value Added). O objetivo principal é analisar empiricamente a relação do EVA como medida de desempenho associada à criação de valor para os acionistas com a performance da empresa. Com efeito, vamos efetuar um estudo de caso, que vai incidir sobre um grupo empresarial português, referência no seu setor de atividade, o Grupo Galp Energia, cotado na Euronext Lisbon. Pensamos que a crescente prática da gestão baseada na criação de valor nas empresas cotadas em Portugal e a necessidade de aferir os resultados desta, tornam esta investigação pertinente, para além do facto de serem poucos os estudos empíricos à questão da criação de valor e a sua correlação com o valor acrescentado de mercado e com o valor de mercado dos capitais próprios das empresas cotadas em Portugal.

Licensing in an international market

We study the effects of entry of a foreign firm on domestic welfare in the presence of licensing, when the entrant is technologically superior to the incumbent. We show that foreign entry increases domestic welfare for sufficiently large technological differences between the firms under both fixed-fee licensing and royalty licensing.

Single-lap joints of similar and dissimilar adherends bonded with an acrylic adhesive

In this study, the tensile strength of single-lap joints (SLJs) between similar and dissimilar adherends bonded with an acrylic adhesive was evaluated experimentally and numerically. The adherend materials included polyethylene (PE), polypropylene (PP), carbon-epoxy (CFRP), and glass-polyester (GFRP) composites. The following adherend combinations were tested: PE/PE, PE/PP, PE/CFRP, PE/GFRP, PP/PP, CFRP/CFRP, and GFRP/GFRP. One of the objectives of this work was to assess the influence of the adherends stiffness on the strength of the joints since it significantly affects the peel stresses magnitude in the adhesive layer. The experimental results were also used to validate a new mixed-mode cohesive damage model developed to simulate the adhesive layer. Thus, the experimental results were compared with numerical simulations performed in ABAQUS®, including a developed mixed-mode (I+II) cohesive damage model, based on the indirect use of fracture mechanics and implemented within interface finite elements. The cohesive laws present a trapezoidal shape with an increasing stress plateau, to reproduce the behaviour of the ductile adhesive used. A good agreement was found between the experimental and numerical results.

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

Effect of temperature on the shear strength of aluminium single lap bonded joints for high temperature applications

An experimental and numerical investigation into the shear strength behaviour of adhesive single lap joints (SLJs) was carried out in order to understand the effect of temperature on the joint strength. The adherend material used for the experimental tests was an aluminium alloy in the form of thin sheets, and the adhesive used was a high-strength high temperature epoxy. Tensile tests as a function of temperature were performed and numerical predictions based on the use of a bilinear cohesive damage model were obtained. It is shown that at temperatures below Tg, the lap shear strength of SLJs increased, while at temperatures above Tg, a drastic drop in the lap shear strength was observed. Comparison between the experimental and numerical maximum loads representing the strength of the joints shows a reasonably good agreement.

The use of the boundary element method in the analysis of single lap joints

The most common techniques for stress analysis/strength prediction of adhesive joints involve analytical or numerical methods such as the Finite Element Method (FEM). However, the Boundary Element Method (BEM) is an alternative numerical technique that has been successfully applied for the solution of a wide variety of engineering problems. This work evaluates the applicability of the boundary elem ent code BEASY as a design tool to analyze adhesive joints. The linearity of peak shear and peel stresses with the applied displacement is studied and compared between BEASY and the analytical model of Frostig et al., considering a bonded single-lap joint under tensile loading. The BEM results are also compared with FEM in terms of stress distributions. To evaluate the mesh convergence of BEASY, the influence of the mesh refinement on peak shear and peel stress distributions is assessed. Joint stress predictions are carried out numerically in BEASY and ABAQUS®, and analytically by the models of Volkersen, Goland, and Reissner and Frostig et al. The failure loads for each model are compared with experimental results. The preparation, processing, and mesh creation times are compared for all models. BEASY results presented a good agreement with the conventional methods.

Convergence to the European Energy Policy in European countries: case studies and comparison

Purpose – Our paper aims at analyzing how different European countries cope with the European Energy Policy, which proposes a set of measures (free energy market, smart meters, energy certificates) to improve energy utilization and management in Europe. Design/methodology/approach – The paper first reports the general vision, regulations and goals set up by Europe to implement the European Energy Policy. Later on, it performs an analysis of how some European countries are coping with the goals, with financial, legal, economical and regulatory measures. Finally, the paper draws a comparison between the countries to present a view on how Europe is responding to the emerging energy emergency of the modern world. Findings – Our analysis on different use cases (countries) showed that European countries are converging to a common energy policy, even though some countries appear to be later than others In particular, Southern European countries were slowed down by the world financial and economical crisis. Still, it appears that contingency plans were put into action, and Europe as a whole is proceeding steadily towards the common vision. Research limitations/implications – European countries are applying yet more cuts to financing green technologies, and it is not possible to predict clearly how each country will evolve its support to the European energy policy. Practical implications – Different countries applied the concepts and measures in different ways. The implementation of the European energy policy has to cope with the resulting plethora of regulations, and a company proposing enhancement regarding energy management still has to possess robust knowledge of the single country, before being able to export experience and know-how between European countries. Originality/Value – Even though a few surveys on energy measures in Europe are already part of the state-of-the-art, organic analysis diagonal to the different topics of the European Energy Policy is missing. Moreover, this paper highlights how European countries are converging on a common view, and provides some details on the differences between the countries, thus facilitating parties interesting into cross-country export of experience and technology for energy management.

Numerical and Experimental Analysis of Balanced and Unbalanced Adhesive Single-Lap Joints between Aluminium Adherends

The single-lap joint is the most commonly used, although it endures significant bending due to the non-collinear load path, which negatively affects its load bearing capabilities. The use of material or geometric changes is widely documented in the literature to reduce this handicap, acting by reduction of peel and shear peak stresses or alterations of the failure mechanism emerging from local modifications. In this work, the effect of using different thickness adherends on the tensile strength of single-lap joints, bonded with a ductile and brittle adhesive, was numerically and experimentally evaluated. The joints were tested under tension for different combinations of adherend thickness. The effect of the adherends thickness mismatch on the stress distributions was also investigated by Finite Elements (FE), which explained the experimental results and the strength prediction of the joints. The numerical study was made by FE and Cohesive Zone Modelling (CZM), which allowed characterizing the entire fracture process. For this purpose, a FE analysis was performed in ABAQUS® considering geometric non-linearities. In the end, a detailed comparative evaluation of unbalanced joints, commonly used in engineering applications, is presented to give an understanding on how modifications in the bonded structures thickness can influence the joint performance.

Effect of Adherend Recessing on the Tensile Strength of Single Lap Joints

Bonded joints are gaining importance in many fields of manufacturing owing to a significant number of advantages to the traditional methods. The single lap joint (SLJ) is the most commonly used method. The use of material or geometric changes in SLJ reduces peel and shear peak stresses at the damage initiation sites. In this work, the effect of adherend recessing at the overlap edges on the tensile strength of SLJ, bonded with a brittle adhesive, was experimentally and numerically studied. The recess dimensions (length and depth) were optimized for different values of overlap length (LO), thus allowing the maximization of the joint’s strength by the reduction of peak stresses at the overlap edges. The effect of recessing was also investigated by a finite element (FE) analysis and cohesive zone modelling (CZM), which allowed characterizing the entire fracture process and provided joint strength predictions. For this purpose, a static FE analysis was performed in ABAQUS1 considering geometric nonlinearities. In the end, the experimental and FE results revealed the accuracy of the FE analysis in predicting the strength and also provided some design principles for the strength improvement of SLJ using a relatively simple and straightforward technique.

A interação das marcas com o público através do Facebook: o mercado dos smartphones e as marcas Samsung e Apple

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Marketing Digital sob orientação de Sandrina Teixeira Anabela Ribeiro