Residential property loans and performance during property price booms: evidence from European banks

Understanding the performance of banks is of the utmost relevance, because of the impact of this sector on economic growth and financial stability. Of all the different assets that make up a bank portfolio, the residential mortgage loans constitute one of its main. Using the dynamic panel data method, we analyse the influence of residential mortgage loans on bank profitability and risk, using a sample of 555 banks in the European Union (EU-15), over the period from 1995 to 2008. We find that banks with larger weights of residential mortgage loans show lower credit risk in good times. This result explains why banks rush to lend on property during booms due to the positive effects it has on credit risk. The results show further that credit risk and profitability are lower during the upturn in the residential property price cycle. The results also reveal the existence of a non-linear relationship (U-shaped marginal effect), as a function of bank’s risk, between profitability and the residential mortgage loans exposure. For those banks that have high credit risk, a large exposure of residential mortgage loans is associated with higher risk-adjusted profitability, through lower risk. For banks with a moderate/low credit risk, the effects of higher residential mortgage loan exposure on its risk-adjusted profitability are also positive or marginally positive.

Canções / Songs: Fernando Pessoa traduz António Botto

Dissertação apresentada com vista à obtenção do grau de Mestre em Tradução e Interpretação Especializada. Instituto Politécnico do Porto (Portaria nº 602/2003 de 21 Julho)

The Interactions between clients and providers of services related to marketing activities

The purpose of this paper is to analyze the business interactions involved in the purchase of services related to marketing activities. We build on the literature about business services classifications and the interaction between clients and providers of business services. An empirical study is conducted by means of a survey questionnaire. Data were collected from a sample of 80 buying firms of services related to marketing activities who agreed to cooperate and represent medium and large Portuguese’s firms. The results show that the buying of services related to marketing activities involves both the client and the provider in the interaction process. This paper contributes to understanding the interaction process of buying services related to marketing activities in terms of the parties involved, product/service exchange, financial and information exchange. Providers of services related to marketing activities can expect stable and preferred relationships if they can offer a good price and quality of service, meet the agreed deadlines and respond quickly to client orders. On the client’s side, the relevance, the characteristics and the wide diversity of services related to marketing activities requires a good understanding and management of the interaction portfolio with providers.

A modalidade de financiamento das empresas nas províncias de Kwanza-Norte e Malanje: Angola

Dissertação de Mestrado Apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira.

A Influência da teoria da agência na estrutura de capital na indústria do calçado

apresentado ao Instituto de Contabilidade e Administração do Porto para a Dissertação de Mestrado para obtenção do grau de Mestre em Contabilidade e Finanças sob orientação do Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

Personal learning environments: integration of Web 2.0 applications and content management systems

This paper presents an ongoing project that implements a platform for creating personal learning environments controlled by students, integrating Web 2.0 applications and content management systems, enabling the safe use of content created in Web 2.0 applications, allowing its publication in the infrastructure controlled by the HEI. Using this platform, students can develop their personal learning environment (PLE) integrated with the Learning Management System (LMS) of the HEI, enabling the management of their learning and, simultaneously, creating their e-portfolio with digital content developed for Course Units (CU). All this can be maintained after the student completes his academic studies, since the platform will remain accessible to students even after they leave the HEI and lose access to its infrastructure. The platform will enable the safe use of content created in Web 2.0 applications, allowing its protected publication in the infrastructure controlled by HEI, thus contributing to the adaptation of the L&T paradigm to the Bologna process.

Comércio bilateral Portugal - Brasil

Dissertação apresentada ao Instituto Superior de Contabilidade e Administração do Porto para obtenção do Grau de Mestre em Empreendedorismo e Internacionalização Orientadora: Professora Doutora Celsa Maria de Carvalho Machado

Multi-Objective and Financial Portfolio Optimization of Carrier-Sense Multiple Access Protocols with Cooperative Diversity

8th International Workshop on Multiple Access Communications (MACOM2015), Helsinki, Finland.

Determination of electricity consumers’ load profiles via weighted evidence accumulation clustering using subsampling

With the electricity market liberalization, the distribution and retail companies are looking for better market strategies based on adequate information upon the consumption patterns of its electricity consumers. A fair insight on the consumers’ behavior will permit the definition of specific contract aspects based on the different consumption patterns. In order to form the different consumers’ classes, and find a set of representative consumption patterns we use electricity consumption data from a utility client’s database and two approaches: Two-step clustering algorithm and the WEACS approach based on evidence accumulation (EAC) for combining partitions in a clustering ensemble. While EAC uses a voting mechanism to produce a co-association matrix based on the pairwise associations obtained from N partitions and where each partition has equal weight in the combination process, the WEACS approach uses subsampling and weights differently the partitions. As a complementary step to the WEACS approach, we combine the partitions obtained in the WEACS approach with the ALL clustering ensemble construction method and we use the Ward Link algorithm to obtain the final data partition. The characterization of the obtained consumers’ clusters was performed using the C5.0 classification algorithm. Experiment results showed that the WEACS approach leads to better results than many other clustering approaches.

Recuperação de calor dos efluentes da tinturaria

Foram utilizados como elemento principal de estudo, os efluentes líquidos dos processos industriais da ENDUTEX, Tinturaria e Acabamento de Malhas, S. A. localizada no município de Caldas de Vizela, distrito de Braga. O estudo foi realizado na empresa devido ao interesse da mesma em poder reaproveitar o calor libertado nos efluentes para aquecimento de parte da água captada no rio de Vizela. O objectivo do trabalho consiste no dimensionamento de um permutador de calor que permita satisfazer o interesse da empresa, assim como, um estudo económico relativo aos custos envolventes. Com o intuito de concretizar os objectivos propostos foram realizadas visitas semanais à empresa para se proceder ao levantamento de dados e para a realização de amostragens do efluente para posterior caracterização. Depois de efectuado o dimensionamento do permutador de placas para diferentes caudais e temperaturas dos fluidos, frio (água do rio) e quente (efluentes), concluiu-se que as condições mais rentáveis correspondiam a um caudal de fluido frio de 17 m3/h em que a temperatura de entrada e de saída no permutador seria de 14 ºC e 48 ºC, respectivamente. O caudal de fluido quente seria de 20 m3/h, sendo a temperatura de entrada e de saída no permutador de 62 ºC e 33,1 ºC, respectivamente. Como resultado do dimensionamento obteve-se um permutador de placas com 167 placas em que o coeficiente global de transferência de calor (U) é de 726,9 W/m2ºC, a área projectada de 55,7 m2 e a queda de pressão de 0,904 KPa. Foi consultada a empresa ARSOPI-THERMAL para verificação das características dos permutadores existentes no mercado. No entanto, para as mesmas condições foi sugerido um permutador com 31 placas em que o coeficiente global de transferência de calor (U) é de 6267 W/m2ºC, a área projectada de 7,39 m2 e a queda de pressão de 76 KPa. A diferença verificada nos resultados apresentados pode ter origem na utilização de diferentes expressões no cálculo do coeficiente pelicular de transferência de calor (h) e pelo facto da ARSOPI desprezar o factor de sujamento no seu dimensionamento Na análise económica do projecto é de referir que para o arranque do projecto foi feito o levantamento das necessidades de investimento, situando-se este num valor total de 9640€, sendo o investimento financiado apenas por capitais próprios. O prazo de recuperação do investimento (Pay Back Period) é de cerca de 2 meses.

Global static-priority preemptive multiprocessor scheduling with utilization bound 38%

Consider the problem of scheduling real-time tasks on a multiprocessor with the goal of meeting deadlines. Tasks arrive sporadically and have implicit deadlines, that is, the deadline of a task is equal to its minimum inter-arrival time. Consider this problem to be solved with global static-priority scheduling. We present a priority-assignment scheme with the property that if at most 38% of the processing capacity is requested then all deadlines are met.

TRAILER – e-Portfolio for collecting and recognizing informal learning process and outcomes

Informal learning is becoming more and more important: Nowadays people learn more this way, through the Internet, than in schools or normal trainings. But they don’t get any certificateswhich attest this fact. So they can't show the employer or teacher etc. that they have learned something. TRAILER project aim is to solve this problem by developing a special tool for managing of all competences and skills acquired through informal learning experiences. Both from the perspective of the user and the perspective of an institution or a company. We’ll present the IT tool to show how people can make their informal learning outcomes visible. TRAILER helps users to gather all information about process and outcomes of their informal learning. Users can share this with friends, colleagues or their employees, teachers and so on. They can create an interactive e-portfolio which can be attached to their CV, cover letter or Knowledge Management system etc. After the presentation of the tool we will discuss possible areas and fields to use this tool. Also we would like to discuss all possible use of the tool by the participants and another needs in this area. Moreover we want to discuss other problems in informal learning process, ways to solve the problems and discuss other ideas of different IT tools which could help in informal learning process. During the discussion we’ll use an interactive respond system which can be used on mobile devices: it makes possible for participants to share their opinions individually before knowing another persons' opinion.

Particle Swarm Optimization of Electricity Market Negotiating Players Portfolio

Energy systems worldwide are complex and challenging environments. Multi-agent based simulation platforms are increasing at a high rate, as they show to be a good option to study many issues related to these systems, as well as the involved players at act in this domain. In this scope the authors’ research group has developed a multi-agent system: MASCEM (Multi- Agent System for Competitive Electricity Markets), which performs realistic simulations of the electricity markets. MASCEM is integrated with ALBidS (Adaptive Learning Strategic Bidding System) that works as a decision support system for market players. The ALBidS system allows MASCEM market negotiating players to take the best possible advantages from each market context. However, it is still necessary to adequately optimize the players’ portfolio investment. For this purpose, this paper proposes a market portfolio optimization method, based on particle swarm optimization, which provides the best investment profile for a market player, considering different market opportunities (bilateral negotiation, market sessions, and operation in different markets) and the negotiation context such as the peak and off-peak periods of the day, the type of day (business day, weekend, holiday, etc.) and most important, the renewable based distributed generation forecast. The proposed approach is tested and validated using real electricity markets data from the Iberian operator – MIBEL.

Electricity Markets Portfolio Optimization using a Particle Swarm Approach

Energy systems worldwide are complex and challenging environments. Multi-agent based simulation platforms are increasing at a high rate, as they show to be a good option to study many issues related to these systems, as well as the involved players at act in this domain. In this scope the authors’ research group has developed a multi-agent system: MASCEM (Multi-Agent System for Competitive Electricity Markets), which simulates the electricity markets. MASCEM is integrated with ALBidS (Adaptive Learning Strategic Bidding System) that works as a decision support system for market players. The ALBidS system allows MASCEM market negotiating players to take the best possible advantages from the market context. However, it is still necessary to adequately optimize the player’s portfolio investment. For this purpose, this paper proposes a market portfolio optimization method, based on particle swarm optimization, which provides the best investment profile for a market player, considering the different markets the player is acting on in each moment, and depending on different contexts of negotiation, such as the peak and offpeak periods of the day, and the type of day (business day, weekend, holiday, etc.). The proposed approach is tested and validated using real electricity markets data from the Iberian operator – OMIE.

Intake of milk, but not total dairy, yogurt, or cheese, is negatively associated with the clustering of cardiometabolic risk factors in adolescents

Epidemiologic studies have reported an inverse association between dairy product consumption and cardiometabolic risk factors in adults, but this relation is relatively unexplored in adolescents. We hypothesized that a higher dairy product intake is associated with lower cardiometabolic risk factor clustering in adolescents. To test this hypothesis, a cross-sectional study was conducted with 494 adolescents aged 15 to 18 years from the Azorean Archipelago, Portugal. We measured fasting glucose, insulin, total cholesterol, high-density lipoprotein cholesterol, triglycerides, systolic blood pressure, body fat, and cardiorespiratory fitness. We also calculated homeostatic model assessment and total cholesterol/high-density lipoprotein cholesterol ratio. For each one of these variables, a z score was computed using age and sex. A cardiometabolic risk score (CMRS) was constructed by summing up the z scores of all individual risk factors. High risk was considered to exist when an individual had at least 1 SD from this score. Diet was evaluated using a food frequency questionnaire, and the intake of total dairy (included milk, yogurt, and cheese), milk, yogurt, and cheese was categorized as low (equal to or below the median of the total sample) or “appropriate” (above the median of the total sample).The association between dairy product intake and CMRS was evaluated using separate logistic regression, and the results were adjusted for confounders. Adolescents with high milk intake had lower CMRS, compared with those with low intake (10.6% vs 18.1%, P = .018). Adolescents with appropriate milk intake were less likely to have high CMRS than those with low milk intake (odds ratio, 0.531; 95% confidence interval, 0.302-0.931). No association was found between CMRS and total dairy, yogurt, and cheese intake. Only milk intake seems to be inversely related to CMRS in adolescents.