La social stock exchange au Portugal: un nouvel allié de l'économie sociale

Résumé Cet article vise à contribuer à la connaissance de la Bolsa de Valores Sociais (BVS) — Social Stock Exchange — récemment créé au Portugal, dont le but primatial était de permettre la prise de moyens de financement des entités de l'Économie Sociale engagées dans des projets d'éducation et d'entreprenariat. Il se penchera sur la qualification juridique des divers types d'entités cotées dans la BVS, sur le concept d'investisseur social et sur la protection dont il jouira, vis-à-vis des exigences de transparence et de gouvernance qui incombent à ces entités. Le thème proposé sera examiné en soulignant les virtualités et le potentiel de la BVS, faisant référence à l'un ou à l'autre sujet qui viennent à effet, avec un accent particulier sur l'avantage d'élaborer un code de gouvernance corporative pour les entités de l'Économie Sociale. Abstract This article aims to contribute to the knowledge of the Bolsa de Valores Sociais (BVS) — Social Stock Exchange — recently created in Portugal, whose primatial purpose was to allow the taking of means of financing the Social Economy entities, engaged in projects in education and entrepreneurship. It will reflect on the legal classification of the various types of entities rated in the BVS, on the concept of social investor and on the protection he will enjoy, leading to the consequent demands for transparency and governance that falls upon those entities. The proposed theme will be discussed highlighting the virtues and potential of BVS, playing in one or two topics that comes to purpose, with particular emphasis on the relevance of drawing up a code of corporate governance for entities of the Social Economy. Resumen Este artículo tiene como objetivo contribuir al conocimiento de la Bolsa de Valores Sociales (BVS), recientemente creada en Portugal, cuya finalidad principal es que las entidades de la economía social dedicadas a proyectos en las áreas de educación y de iniciativa empresarial puedan obtener medios financieros. Se abordará la calificación jurídica de los diversos tipos de entidades que cotizan en la BVS, así como el concepto de inversor social y la protección de que éste goza, con las consiguientes exigencias en materia de transparencia y de gobierno que recaen sobre esas entidades. Se analizará la temática propuesta destacando las virtudes y potencialidades de la BVS, sin omitir algún otro tópico adyacente que resulte relevante, en especial la conveniencia de que sea elaborado un código de gobernanza corporativa para las entidades de la economía social.

NCRF 14 – concentrações de atividades empresariais e os impactos da sua aplicação: estudo de caso no setor empresarial

Projeto apresentado obtenção do Grau de Mestre em Auditoria Orientada pela Professora Doutora Alcina Augusta Sena Dias

O reconhecimento e a mensuração dos activos fixos tangíveis

Dissertação para obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Professor Doutor, José Manuel Veiga Pereira

Man-tailored biomimetic sensor of molecularly imprinted materials for the potentiometric measurement of oxytetracycline

A novel biomimetic sensor for the potentiometric transduction of oxytetracycline is presented. The artificial host was imprinted in methacrylic acid and/or acrylamide based polymers. Different amounts of molecularly imprinted and non-imprinted polymers were dispersed in different plasticizing solvents and entrapped in a poly(vinyl chloride) matrix. Only molecularly imprinted based sensors allowed a potentiometric transduction, suggesting the existence of host–guest interactions. These sensors exhibited a near-Nernstian response in steady state evaluations; slopes and detection limits ranged 42–63 mV/decade and 2.5–31.3 µg/mL, respectively. Sensors were independent from the pH of test solutions within 2–5. Good selectivity was observed towards glycine, ciprofloxacin, creatinine, acid nalidixic, sulfadiazine, cysteine, hydroxylamine and lactose. In flowing media, the biomimetic sensors presented good reproducibility (RSD of ±0.7%), fast response, good sensitivity (65 mV/decade), wide linear range (5.0×10−5 to 1.0×10−2 mol/L), low detection limit (19.8 µg/mL), and a stable baseline for a 5×10−3M citrate buffer (pH 2.5) carrier. The sensors were successfully applied to the analysis of drugs and urine. This work confirms the possibility of using molecularly imprinted polymers as ionophores for organic ion recognition in potentiometric transduction.

New insights on integer-programming models for the kidney exchange problem

In recent years several countries have set up policies that allow exchange of kidneys between two or more incompatible patient–donor pairs. These policies lead to what is commonly known as kidney exchange programs. The underlying optimization problems can be formulated as integer programming models. Previously proposed models for kidney exchange programs have exponential numbers of constraints or variables, which makes them fairly difficult to solve when the problem size is large. In this work we propose two compact formulations for the problem, explain how these formulations can be adapted to address some problem variants, and provide results on the dominance of some models over others. Finally we present a systematic comparison between our models and two previously proposed ones via thorough computational analysis. Results show that compact formulations have advantages over non-compact ones when the problem size is large.

The capacity exchange protocol

This paper proposes a new strategy to integrate shared resources and precedence constraints among real-time tasks, assuming no precise information on critical sections and computation times is available. The concept of bandwidth inheritance is combined with a capacity sharing and stealing mechanism to efficiently exchange bandwidth among tasks to minimise the degree of deviation from the ideal system’s behaviour caused by inter-application blocking. The proposed Capacity Exchange Protocol (CXP) is simpler than other proposed solutions for sharing resources in open real-time systems since it does not attempt to return the inherited capacity in the same exact amount to blocked servers. This loss of optimality is worth the reduced complexity as the protocol’s behaviour nevertheless tends to be fair and outperforms the previous solutions in highly dynamic scenarios as demonstrated by extensive simulations. A formal analysis of CXP is presented and the conditions under which it is possible to guarantee hard real-time tasks are discussed.

Levels and risks of particulate-bound PAHs in indoor air influenced by tobacco smoke: a field measurement

Considering tobacco smoke as one of the most health-relevant indoor sources, the aim of this work was to further understand its negative impacts on human health. The specific objectives of this work were to evaluate the levels of particulate-bound PAHs in smoking and non-smoking homes and to assess the risks associated with inhalation exposure to these compounds. The developed work concerned the application of the toxicity equivalency factors approach (including the estimation of the lifetime lung cancer risks, WHO) and the methodology established by USEPA (considering three different age categories) to 18 PAHs detected in inhalable (PM10) and fine (PM2.5) particles at two homes. The total concentrations of 18 PAHs (ΣPAHs) was 17.1 and 16.6 ng m−3 in PM10 and PM2.5 at smoking home and 7.60 and 7.16 ng m−3 in PM10 and PM2.5 at non-smoking one. Compounds with five and six rings composed the majority of the particulate PAHs content (i.e., 73 and 78 % of ΣPAHs at the smoking and non-smoking home, respectively). Target carcinogenic risks exceeded USEPA health-based guideline at smoking home for 2 different age categories. Estimated values of lifetime lung cancer risks largely exceeded (68–200 times) the health-based guideline levels at both homes thus demonstrating that long-term exposure to PAHs at the respective levels would eventually cause risk of developing cancer. The high determined values of cancer risks in the absence of smoking were probably caused by contribution of PAHs from outdoor sources.

Knowledge management systems and intellectual capital measurement in portuguese organizations: a case study

This paper presents the results of an exploratory study on knowledge management in Portuguese organizations. The study was based on a survey sent to one hundred of the main Portuguese organizations, in order to know their current practices relating knowledge management systems (KMS) usage and intellectual capital (IC) measurement. With this study, we attempted to understand what are the main tools used to support KM processes and activities in the organizations, and what metrics are pointed by organizations to measure their knowledge assets.

Marketing experiencial, emoções, satisfação e lealdade

O marketing transacional apresenta-se nos dias de hoje insuficiente para fazer face às exigências de um consumidor mais participativo, seletivo e crítico. No mercado global, industrializado e em constante evolução tecnológica, é, cada vez mais, difícil obter um grau de diferenciação assente apenas nos benefícios funcionais e racionais. O marketing transacional evoluiu para o marketing relacional, constituindo o cliente o centro do processo de trocas. A economia das experiências alterou a forma como as marcas trabalham o mercado, introduzindo o conceito de experiências, o que por sua vez conceptualizou o marketing experiencial, orientado para a gestão da experiência do cliente, transformando o ato de consumo em algo memorável, cheio de estímulos sensoriais e emocionais, convertendo-se, por vezes, no próprio produto, seja ele de âmbito industrial, desportivo ou mesmo cultural. Este grau de envolvimento do cliente com a marca é elemento gerador de emoção, de satisfação, de lealdade e de valor. Este trabalho pretendeu analisar a importância e os componentes estimuladores do marketing experiencial e a sua relação com as emoções, satisfação e a lealdade dos consumidores no evento cultural “Serralves em festa 2013”. Para tal, utilizamos uma metodologia de investigação quantitativa, com recurso a análise de equações estruturais, suportada por uma pesquisa teórica. O estudo empírico realizado, baseado num inquérito por questionário, possibilitou obter uma amostra de 264 respostas válidas. Após a validação e melhoria das escalas de medida dos conceitos, os resultados destas e do modelo estrutural demonstraram valores adequados. Estudaram-se e comprovaram-se as relações previstas nas hipóteses, nomeadamente, a relação positiva do impacto das experiências no comportamento do consumidor, designadamente, na sua emoção e satisfação e o impacto destas na sua lealdade. Entre as variáveis estudadas foram obtidos interessantes níveis de correlação e capacidades preditivas.

Cantor exchange systems and renormalization

We prove a one-to-one correspondence between (i) C1+ conjugacy classes of C1+H Cantor exchange systems that are C1+H fixed points of renormalization and (ii) C1+ conjugacy classes of C1+H diffeomorphisms f with a codimension 1 hyperbolic attractor Lambda that admit an invariant measure absolutely continuous with respect to the Hausdorff measure on Lambda. However, we prove that there is no C1+alpha Cantor exchange system, with bounded geometry, that is a C1+alpha fixed point of renormalization with regularity alpha greater than the Hausdorff dimension of its invariant Cantor set.

Arc exchange systems and renormalization

We exhibit the construction of stable arc exchange systems from the stable laminations of hyperbolic diffeomorphisms. We prove a one-to-one correspondence between (i) Lipshitz conjugacy classes of C(1+H) stable arc exchange systems that are C(1+H) fixed points of renormalization and (ii) Lipshitz conjugacy classes of C(1+H) diffeomorphisms f with hyperbolic basic sets Lambda that admit an invariant measure absolutely continuous with respect to the Hausdorff measure on Lambda. Let HD(s)(Lambda) and HD(u)(Lambda) be, respectively, the Hausdorff dimension of the stable and unstable leaves intersected with the hyperbolic basic set L. If HD(u)(Lambda) = 1, then the Lipschitz conjugacy is, in fact, a C(1+H) conjugacy in (i) and (ii). We prove that if the stable arc exchange system is a C(1+HDs+alpha) fixed point of renormalization with bounded geometry, then the stable arc exchange system is smooth conjugate to an affine stable arc exchange system.

Adhesive thickness effects of a ductile adhesive by optical measurement techniques

Adhesive bonding is an excellent alternative to traditional joining techniques such as welding, mechanical fastening or riveting. However, there are many factors that have to be accounted for during joint design to accurately predict the joint strength. One of these is the adhesive layer thickness (tA). Most of the results are for epoxy structural adhesives, tailored to perform best with small values of tA, and these show that the lap joint strength decreases with increase of tA (the optimum joint strength is usually obtained with tA values between 0.1 and 0.2 mm). Recently, polyurethane adhesives were made available in the market, designed to perform with larger tA values, and whose fracture behaviour is still not studied. In this work, the effect of tA on the tensile fracture toughness (View the MathML source) of a bonded joint is studied, considering a novel high strength and ductile polyurethane adhesive for the automotive industry. This work consists on the fracture characterization of the bond by a conventional and the J-integral techniques, which accurately account for root rotation effects. An optical measurement method is used for the evaluation of crack tip opening (δn) and adherends rotation at the crack tip (θo) during the test, supported by a Matlab® sub-routine for the automated extraction of these parameters. As output of this work, fracture data is provided in traction for the selected adhesive, enabling the subsequent strength prediction of bonded joints.

Mercados bolsistas

O intenso intercâmbio entre os países, resultante do processo de globalização, veio acrescer importância ao mercado de capitais. Os países em desenvolvimento procuram abrir as suas economias para receber investimentos externos. Quanto maior for o grau de desenvolvimento de uma economia mais ativo será o seu mercado de capitais. No entanto, tem-se verificado uma tendência de substituição de enfoque económico, que antes era mais dirigido ao planeamento empresarial para metas mais ligadas ao meio ambiente. O mercado de capitais é um sistema de distribuição de valores mobiliários cujo objectivo é proporcionar liquidez a títulos emitidos pelas empresas, com a finalidade de viabilizar o processo de capitalização desses papéis. O mercado de capitais é composto pelas bolsas de valores, sociedades corretoras e outras instituições financeiras que têm autorização da Comissão de Valores dos Mercados Mobiliários (CMVM). O mercado bolsista insere-se no mercado de capitais. Nesses mercados, é importante conseguir conjuntamente a maximização dos recursos (retornos) e minimização dos custos (riscos). O principal objectivo das bolsas de valores é promover um ambiente de negociação dos títulos e dos valores mobiliários das empresas. Muitos investidores têm a sua própria maneira de investir, consoante o perfil que cada um tem. Além do perfil dos investidores, é também pertinente analisar a questão do risco. Vaughan (1997) observa que, nos dias atuais, a questão da administração do risco está presente na vida de todos. Este trabalho tem o propósito de demonstrar a necessidade da utilização de ferramentas para a seleção de ativos e para a mensuração do risco e do retorno de aplicações de recursos financeiros nesses activos de mercados de capitais, por qualquer tipo de investidor, mais especificamente na compra de ações e montagem de uma carteira de investimento. Para isso usou-se o método de Elton e Gruber, analisou-se as rentabilidades, os riscos e os índices de desempenho de Treynor e Sharpe. Testes estatísticos para os retornos das ações foram executados visando analisar a aleatoriedade dos dados. Este trabalho conclui que pode haver vantagens na utilização do método de Elton e Gruber para os investidores propensos a utilzar ações de empresas socialmente responsáveis.