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

Understanding the performance of banks is of the u tmost importance due to the impact the sector may have on economic growth and financial stability. Residential mortgage loans constitute a large proportion of the portfolio of many banks and are one of the key assets in the determination of performance. Using a dynamic panel model , we analyse the impact of res idential mortgage loans on bank profitability and risk , based on a sample of 555 banks in the European Union ( EU - 15 ) , over the period from 1995 to 2008. We find that banks with larger weight s in residential mortgage loans display lower credit risk in good market conditions . This result may explain why banks rush to lend on property during b ooms due to the positive effect it has on credit risk . The results also show that credit risk and profitability are lower during the upturn in the residential property cy cle. Furthermore, t he results reveal the existence of a non - linear relationship ( U - shaped marginal effect), as a function of bank’s risk, between profitability and residential mortgage exposure . For those banks that have high er credit risk, a large exposur e to residential loans is associated with increased risk - adjusted profitability, through a reduction in risk. For banks with a moderate to low credit risk, the impact of higher exposure are also positive on risk - adjusted profitability.

Thinking over b‐learning strategy: the MIPO model approach

This article describes the main research results in a new methodology, in which the stages and strategies of the technology integration process are identified and described. A set of principles and recommendations are therefore presented. The MIPO model described in this paper is a result of the effort made regarding the understanding of the main success features of good practices, in the web environment, integrated in the information systems/information technology context. The initial model has been created, based on experiences and literature review. After that, it was tested in the information and technology system units at higher school and also adapted as a result of four cycles of an actionresearch work combined with a case study research. The information, concepts and procedures presented here give support to teachers and instructors, instructional designers and planning teams – anyone who wants to develop effective b‐learning instructions.

Identificação de compostos que modulam a patogénese da doença de Machado-Joseph em C.elegans: autofagia como alvo terapêutico: identification of small compounds that modulate pathogenesis of Machado-Joseph disease in a C.elegans model: targeting autophagy

A doença de Machado-Joseph (DMJ) ou ataxia espinocerebelosa do tipo 3 (SCA3), conhecida por ser a mais comum das ataxias hereditárias dominantes em todo o mundo, é uma doença neurodegenerativa autossómica dominante que leva a uma grande incapacidade motora, embora sem alterar o intelecto, culminando com a morte do doente. Atualmente não existe nenhum tratamento eficaz para esta doença. A DMJ é resultado de uma alteração genética causada pela expansão de uma sequência poliglutamínica (poliQ), na região C-terminal do gene que codifica a proteína ataxina-3 (ATXN3). Os mecanismos celulares das doenças de poliglutaminas que provocam toxicidade, bem como a função da ATXN3, não são ainda totalmente conhecidos. Neste trabalho, usamos, pela sua simplicidade e potencial genético, um pequeno animal invertebrado, o nemátode C. elegans, com o objetivo de identificar fármacos eficazes para o combate contra a patogénese da DMJ, analisando simultaneamente o seu efeito na agregação da ATXN3 mutante nas células neuronais in vivo e o seu impacto no comportamento motor dos animais. Este pequeno invertebrado proporciona grandes vantagens no estudo dos efeitos tóxicos de proteínas poliQ nos neurónios, uma vez que a transparência das suas 959 células (das quais 302 são neurónios) facilita a deteção de proteínas fluorescentes in vivo. Para além disso, esta espécie tem um ciclo de vida curto, é económica e de fácil manutenção. Neste trabalho testámos no nosso modelo transgénico da DMJ com 130Qs em C.elegans dois compostos potencialmente moduladores da agregação da ATXN3 mutante e da resultante disfunção neurológica, atuando pela via da autofagia. De modo a validar a possível importância terapêutica da ativação da autofagia os compostos candidatos escolhidos foram o Litío e o análogo da Rapamicina CCI-779, testados independentemente e em combinação. A neuroproteção conferida pelo Litío e pelo CCI-779 independentemente sugere que o uso destes fármacos possa ser considerado uma boa estratégia como terapia para a DMJ, a testar em organismos evolutivamente mais próximos do humano. A manipulação da autofagia, segundo vários autores, parece ser benéfica e pode ser a chave para o desenvolvimento de novos tratamentos para várias doenças relacionadas com a agregação proteica e o envelhecimento.

Conceptual model for decomposing the value for the customer

Value has been defined in different theoretical contexts as need, desire, interest, standard /criteria, beliefs, attitudes, and preferences. The creation of value is key to any business, and any business activity is about exchanging some tangible and/or intangible good or service and having its value accepted and rewarded by customers or clients, either inside the enterprise or collaborative network or outside. “Perhaps surprising then is that firms often do not know how to define value, or how to measure it” (Anderson and Narus, 1998 cited by [1]). Woodruff echoed that we need “richer customer value theory” for providing an “important tool for locking onto the critical things that managers need to know”. In addition, he emphasized, “we need customer value theory that delves deeply into customer’s world of product use in their situations” [2]. In this sense, we proposed and validated a novel “Conceptual Model for Decomposing the Value for the Customer”. To this end, we were aware that time has a direct impact on customer perceived value, and the suppliers’ and customers’ perceptions change from the pre-purchase to the post-purchase phases, causing some uncertainty and doubts.We wanted to break down value into all its components, as well as every built and used assets (both endogenous and/or exogenous perspectives). This component analysis was then transposed into a mathematical formulation using the Fuzzy Analytic Hierarchy Process (AHP), so that the uncertainty and vagueness of value perceptions could be embedded in this model that relates used and built assets in the tangible and intangible deliverable exchange among the involved parties, with their actual value perceptions.

Residential energy resources management by a SCADA system in case of excess wind generation

The end consumers in a smart grid context are seen as active players. The distributed generation resources applied in smart home system as a micro and small-scale systems can be wind generation, photovoltaic and combine heat and power facility. The paper addresses the management of domestic consumer resources, i.e. wind generation, solar photovoltaic, combined heat and power, electric vehicle with gridable capability and loads, in a SCADA system with intelligent methodology to support the user decision in real time. The main goal is to obtain the better management of excess wind generation that may arise in consumer’s distributed generation resources. The optimization methodology is performed in a SCADA House Intelligent Management context and the results are analyzed to validate the SCADA system.

Optimization model for medium term natural gas commitment

In this paper we study the optimal natural gas commitment for a known demand scenario. This study implies the best location of GSUs to supply all demands and the optimal allocation from sources to gas loads, through an appropriate transportation mode, in order to minimize total system costs. Our emphasis is on the formulation and use of a suitable optimization model, reflecting real-world operations and the constraints of natural gas systems. The mathematical model is based on a Lagrangean heuristic, using the Lagrangean relaxation, an efficient approach to solve the problem. Computational results are presented for Iberian and American natural gas systems, geographically organized in 65 and 88 load nodes, respectively. The location model results, supported by the computational application GasView, show the optimal location and allocation solution, system total costs and suggest a suitable gas transportation mode, presented in both numerical and graphic supports.

Hybrid fuzzy Monte Carlo and logic programming model for distribution network reconfiguration in the presence of outages

This paper presents a methodology for distribution networks reconfiguration in outage presence in order to choose the reconfiguration that presents the lower power losses. The methodology is based on statistical failure and repair data of the distribution power system components and uses fuzzy-probabilistic modelling for system component outage parameters. Fuzzy membership functions of system component outage parameters are obtained by statistical records. A hybrid method of fuzzy set and Monte Carlo simulation based on the fuzzy-probabilistic models allows catching both randomness and fuzziness of component outage parameters. Once obtained the system states by Monte Carlo simulation, a logical programming algorithm is applied to get all possible reconfigurations for every system state. In order to evaluate the line flows and bus voltages and to identify if there is any overloading, and/or voltage violation a distribution power flow has been applied to select the feasible reconfiguration with lower power losses. To illustrate the application of the proposed methodology to a practical case, the paper includes a case study that considers a real distribution network.

Fuzzy Monte Carlo mathematical model for load curtailment minimization in transmission power systems

This paper presents a methodology which is based on statistical failure and repair data of the transmission power system components and uses fuzzyprobabilistic modeling for system component outage parameters. Using statistical records allows developing the fuzzy membership functions of system component outage parameters. The proposed hybrid method of fuzzy set and Monte Carlo simulation based on the fuzzy-probabilistic models allows catching both randomness and fuzziness of component outage parameters. A network contingency analysis to identify any overloading or voltage violation in the network is performed once obtained the system states by Monte Carlo simulation. This is followed by a remedial action algorithm, based on optimal power flow, to reschedule generations and alleviate constraint violations and, at the same time, to avoid any load curtailment, if possible, or, otherwise, to minimize the total load curtailment, for the states identified by the contingency analysis. In order to illustrate the application of the proposed methodology to a practical case, the paper will include a case study for the Reliability Test System (RTS) 1996 IEEE 24 BUS.

Adaptation model for PCMAT – Mathematics collaborative learning platform

The aim of this paper is to present an adaptation model for an Adaptive Educational Hypermedia System, PCMAT. The adaptation of the application is based on progressive self-assessment (exercises, tasks, and so on) and applies the constructivist learning theory and the learning styles theory. Our objective is the creation of a better, more adequate adaptation model that takes into account the complexities of different users.

Context-aware emotion-based model for group decision making

Involving groups in important management processes such as decision making has several advantages. By discussing and combining ideas, counter ideas, critical opinions, identified constraints, and alternatives, a group of individuals can test potentially better solutions, sometimes in the form of new products, services, and plans. In the past few decades, operations research, AI, and computer science have had tremendous success creating software systems that can achieve optimal solutions, even for complex problems. The only drawback is that people don’t always agree with these solutions. Sometimes this dissatisfaction is due to an incorrect parameterization of the problem. Nevertheless, the reasons people don’t like a solution might not be quantifiable, because those reasons are often based on aspects such as emotion, mood, and personality. At the same time, monolithic individual decisionsupport systems centered on optimizing solutions are being replaced by collaborative systems and group decision-support systems (GDSSs) that focus more on establishing connections between people in organizations. These systems follow a kind of social paradigm. Combining both optimization- and socialcentered approaches is a topic of current research. However, even if such a hybrid approach can be developed, it will still miss an essential point: the emotional nature of group participants in decision-making tasks. We’ve developed a context-aware emotion based model to design intelligent agents for group decision-making processes. To evaluate this model, we’ve incorporated it in an agent-based simulator called ABS4GD (Agent-Based Simulation for Group Decision), which we developed. This multiagent simulator considers emotion- and argument based factors while supporting group decision-making processes. Experiments show that agents endowed with emotional awareness achieve agreements more quickly than those without such awareness. Hence, participant agents that integrate emotional factors in their judgments can be more successful because, in exchanging arguments with other agents, they consider the emotional nature of group decision making.

An emotional and context-aware model for adapting RSS news to users and groups

The exhibition of information does not always attend to the preferences and characteristics of the users, nor the context that involves the user. With the aim of overcoming this gap, we propose an emotional context-aware model for adapting information contents to users and groups. The proposed model is based on OCC and Big Five models to handle emotion and personality respectively. The idea is to adapt the representation of the information in order to maximize the positive emotional valences and minimize the negatives. To evaluate the proposed model it was developed a prototype for adapting RSS news to users and group of users.

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.

Multi index model - uma abordagem para aplicação ao mercado accionista em Portugal

O mercado accionista, de uma forma global, tem-se revelado nos últimos tempos uma das principais fontes de incentivo ao mercado de valores mobiliários. O seu impacto junto do público em geral é enorme e a sua importância para as empresas é vital. Interessa, então, perceber como é que a teoria financeira tem obordado a avaliação e a compreensão do processo de formação de uma cotação. Desde os anos 50 até aos dias de hoje, interessa perceber como é que os diferentes autores têm tratado esta abordagem e quais os resultados deste confronto. Interessa sobretudo perceber o abordogem de Stephen Ross e a teoria do arbitragem. Na sequência desta obordagem e com o aparecimento do Multi Index Model, passou a ser possível extimar com maior precisão a evolução da cotação, na medida em que esta estaria dependente de um vasto conjunto de variavéis, que abragem uma vasta área de influência. O contributo de Ross é por isso decisivo. No final interessa reter a melhor técnica e teoria, que defende os interesses do investidor. Face o isto resta, então, saber qual a melhor técnica estatística para proceder a estes estudos empíricos.

Valorização energética do biogás de um aterro de resíduos sólidos urbanos

Actualmente, a sociedade depara-se com um enorme desafio: a gestão dos resíduos sólidos urbanos. A sua produção tem vindo a aumentar devido à intensificação das actividades humanas nas últimas décadas. A criação de um sistema de gestão dos resíduos é fundamental para definir prioridades nas acções e metas para que haja uma prevenção na produção de resíduos. Os resíduos sólidos urbanos quando dispostos de forma inadequada podem provocar graves impactos ambientais, tendo sido neste trabalho demonstrado que através de uma gestão eficiente destes é possível aproveitar o potencial energético do biogás e consequentemente diminuir o consumo de combustíveis fósseis reduzindo o impacto ambiental. Os aterros sanitários devem funcionar como a ultima etapa do sistema de tratamento dos resíduos sólidos urbanos e são uma alternativa a ter em conta se forem tomadas todas as medidas necessárias. Estima-se que os aterros sejam responsáveis pela produção de 6-20% do metano existente e que contribuam com 3-4% da produção anual de gases efeito de estufa provenientes de actividades antropogénicas1. É, portanto, fundamental proceder a uma impermeabilização do solo e à criação de condições para recolha do biogás produzido durante a decomposição dos resíduos. Foi estimada a produção de biogás, de acordo com o modelo “LandGEM”, no entanto comparando esta produção com a produção medida pelo explorador, constatou-se uma diferença significativa que pode ser justificada pelo: modo de funcionamento do aterro (longos períodos de paragem); desvio dos resíduos rapidamente biodegradáveis para valorização; a existência de uma percentagem superior ao normal de oxigénio no biogás; a utilização de escórias e cinzas, e a correspondente redução da humidade devido ao compactamento exercido sobre os resíduos durante a sua deposição. Visto tratar-se de um estudo de viabilidade económica da valorização do biogás, foram propostos três cenários para a valorização do biogás. O 1º cenário contempla a instalação de um sistema gerador de energia para comercialização junto da Rede Eléctrica Nacional. O 2º Cenário contempla a instalação de um sistema alternativo de alimentação à caldeira da central de valorização energética de forma a substituir o combustível utilizado actualmente. E o 3º Cenário vem de encontro com os resultados observados actualmente onde se verifica uma reduzida produção/recolha de biogás no aterro. Assim é proposto um sistema gerador de energia que garanta o auto-consumo da exploração do aterro (26 MWh/ano). Qualquer um dos cenários apresenta uma VAL negativa o que leva a concluir que não são viáveis. No entanto, através da análise de sensibilidade, verificamos que estes são claramente afectados por factores como o benefício e o investimento anual, concluindo-se que com alterações nos factores de cálculo, como por exemplo, um aumento no consumo de combustível auxiliar da caldeira (2º cenário), ou com um aumento da factura eléctrica (3º cenário), ou com o aumento do tempo de retorno do investimento inicial(1º cenário), os projectos podem-se tornar viáveis. Por fim importa referir que independentemente da valorização é fundamental continuar a eliminar a máxima quantidade de metano produzida para tentar diminuir o impacto que este tem sobre o ambiente.

Fuzzy Monte Carlo model for transmission power systems reliability based decision making

This thesis presents the Fuzzy Monte Carlo Model for Transmission Power Systems Reliability based studies (FMC-TRel) methodology, which is based on statistical failure and repair data of the transmission power system components and uses fuzzyprobabilistic modeling for system component outage parameters. Using statistical records allows developing the fuzzy membership functions of system component outage parameters. The proposed hybrid method of fuzzy set and Monte Carlo simulation based on the fuzzy-probabilistic models allows catching both randomness and fuzziness of component outage parameters. A network contingency analysis to identify any overloading or voltage violation in the network is performed once obtained the system states. This is followed by a remedial action algorithm, based on Optimal Power Flow, to reschedule generations and alleviate constraint violations and, at the same time, to avoid any load curtailment, if possible, or, otherwise, to minimize the total load curtailment, for the states identified by the contingency analysis. For the system states that cause load curtailment, an optimization approach is applied to reduce the probability of occurrence of these states while minimizing the costs to achieve that reduction. This methodology is of most importance for supporting the transmission system operator decision making, namely in the identification of critical components and in the planning of future investments in the transmission power system. A case study based on Reliability Test System (RTS) 1996 IEEE 24 Bus is presented to illustrate with detail the application of the proposed methodology.