Estágio no Departamento Financeiro do Município de Penafiel

Relatório de estágio para obtenção do grau de mestre em Finanças Empresariais

A decision-support system based on particle swarm optimization for multiperiod hedging in electricity markets

This paper proposes a particle swarm optimization (PSO) approach to support electricity producers for multiperiod optimal contract allocation. The producer risk preference is stated by a utility function (U) expressing the tradeoff between the expectation and variance of the return. Variance estimation and expected return are based on a forecasted scenario interval determined by a price range forecasting model developed by the authors. A certain confidence level is associated to each forecasted scenario interval. The proposed model makes use of contracts with physical (spot and forward) and financial (options) settlement. PSO performance was evaluated by comparing it with a genetic algorithm-based approach. This model can be used by producers in deregulated electricity markets but can easily be adapted to load serving entities and retailers. Moreover, it can easily be adapted to the use of other type of contracts.

A long-term swarm intelligence hedging tool applied to electricity markets

This paper proposes a swarm intelligence long-term hedging tool to support electricity producers in competitive electricity markets. This tool investigates the long-term hedging opportunities available to electric power producers through the use of contracts with physical (spot and forward) and financial (options) settlement. To find the optimal portfolio the producer risk preference is stated by a utility function (U) expressing the trade-off between the expectation and the variance of the return. Variance estimation and the expected return are based on a forecasted scenario interval determined by a long-term price range forecast model, developed by the authors, whose explanation is outside the scope of this paper. The proposed tool makes use of Particle Swarm Optimization (PSO) and its performance has been evaluated by comparing it with a Genetic Algorithm (GA) based approach. To validate the risk management tool a case study, using real price historical data for mainland Spanish market, is presented to demonstrate the effectiveness of the proposed methodology.

A long-term risk management tool for electricity markets using swarm intelligence

This paper addresses the optimal involvement in derivatives electricity markets of a power producer to hedge against the pool price volatility. To achieve this aim, a swarm intelligence meta-heuristic optimization technique for long-term risk management tool is proposed. This tool investigates the long-term opportunities for risk hedging available for electric power producers through the use of contracts with physical (spot and forward contracts) and financial (options contracts) settlement. The producer risk preference is formulated as a utility function (U) expressing the trade-off between the expectation and the variance of the return. Variance of return and the expectation are based on a forecasted scenario interval determined by a long-term price range forecasting model. This model also makes use of particle swarm optimization (PSO) to find the best parameters allow to achieve better forecasting results. On the other hand, the price estimation depends on load forecasting. This work also presents a regressive long-term load forecast model that make use of PSO to find the best parameters as well as in price estimation. The PSO technique performance has been evaluated by comparison with a Genetic Algorithm (GA) based approach. A case study is presented and the results are discussed taking into account the real price and load historical data from mainland Spanish electricity market demonstrating the effectiveness of the methodology handling this type of problems. Finally, conclusions are dully drawn.

Produção de biodiesel via catálise heterogénea básica

Mestrado em Engenharia Química. Ramo Tecnologias de Protecção Ambiental.

Association between birth weight and neuromotor performance: a twin study

The development of neonatal intensive care has led to an increase in the prevalence of children with low birth weight and associated morbidity. The objectives of this study are to verify (1) The association between birth weight (BW) and neuromotor performance? (2) Is the neuromotor performance of twins within the normal range? (3) Are intra-pair similarities in neuromotor development of Monozygotic (MZ) and Disygotic (DZ) twins of unequal magnitude? The sample consisted of 191 children (78 MZ and 113 DZ), 8.9+3.1 years of age and with an average BW of 2246.3+485.4g. In addition to gestational characteristics, sports participation and Zurich Neuromotor Assessment (ZNA) were observed at childhood age. The statistical analysis was carried out with software SPSS 18.0, the STATA 10 and the ZNA performance scores. The level of significance was 0.05. For the neuromotor items high intra and inter-investigator reliabilities were obtained (0.793

Estudo de atirantamentos ancorados no plano perpendicular às fachadas de Alvenaria. Análise de proposta de dimensionamento

O conceito de atirantamento surgiu no contexto de promover a interação global dos edifícios, nomeadamente, estabelecer as referidas ligações, de modo a prevenir o derrubamento para o exterior das paredes de fachada, perante a ocorrência de ação sísmica ou assentamento das fundações. Neste sentido, o presente trabalho tem como objetivo, estudar o comportamento dos atirantamentos ancorados no plano perpendicular das fachadas, quando solicitados à tração. No entanto, como as alvenarias são elementos heterogéneos, houve necessidade de desarticular os atirantamentos e estudar cada uma das partes que o compõe: tirantes injetados em alvenarias e sistemas de ancoragem. Em primeiro lugar, foi elaborado um estudo preliminar sobre tirantes injetados em alvenarias, o qual incidiu no seu dimensionamento, na análise de sensibilidade, apresentação de um caso de estudo e comparação de resultados. Numa segunda fase fez-se uma revisão bibliográfica dos tipos de Sistemas de Ancoragens mais comuns, onde foram mencionados alguns aspetos, nomeadamente a importância, o objetivo e condições da sua aplicação. Por último, associaram-se as duas componentes e foram estudados os Atirantamentos. Fezse um estudo da sua utilização e do seu interesse de aplicação. Foi também analisada uma forma de metodologia de dimensionamento, quando inseridos em alvenarias de tijolo e pedra. Finalizado este estudo foram traçadas as conclusões e sugeridas perspetivas futuras.

Improving Assumption based Distributed Belief Revision

Belief revision is a critical issue in real world DAI applications. A Multi-Agent System not only has to cope with the intrinsic incompleteness and the constant change of the available knowledge (as in the case of its stand alone counterparts), but also has to deal with possible conflicts between the agents’ perspectives. Each semi-autonomous agent, designed as a combination of a problem solver – assumption based truth maintenance system (ATMS), was enriched with improved capabilities: a distributed context management facility allowing the user to dynamically focus on the more pertinent contexts, and a distributed belief revision algorithm with two levels of consistency. This work contributions include: (i) a concise representation of the shared external facts; (ii) a simple and innovative methodology to achieve distributed context management; and (iii) a reduced inter-agent data exchange format. The different levels of consistency adopted were based on the relevance of the data under consideration: higher relevance data (detected inconsistencies) was granted global consistency while less relevant data (system facts) was assigned local consistency. These abilities are fully supported by the ATMS standard functionalities.

Expatriates’ influence on knowledge sharing: an empirical study with International portuguese companies

Despite the abundant literature in knowledge management, few empirical studies have explored knowledge management in connection with international assignees. This phenomenon has a special relevance in the Portuguese context, since (a) there are no empirical studies concerning this issue that involves international Portuguese companies; (b) the national business reality is incipient as far as internationalisation is concerned, and; (c) the organisational and national culture presents characteristics that are distinctive from the most highly studied contexts (e.g., Asia, USA, Scandinavian countries, Spain, France, The Netherlands, Germany, England and Russia). We examine the role of expatriates in transfer and knowledge sharing within the Portuguese companies with operations abroad. We focus specifically on expatriates’ role on knowledge sharing connected to international Portuguese companies and our findings take into account organizational representatives’ and expatriates’ perspectives. Using a comparative case study approach, we examine how three main dimensions influence the role of expatriates in knowledge sharing among headquarters and their subsidiaries (types of international assignment, reasons for using expatriation and international assignment characteristics). Data were collected using semi‐structured interviews to 30 Portuguese repatriates and 14 organizational representatives from seven Portuguese companies. The findings suggest that the reasons that lead Portuguese companies to expatriating employees are connected to: (1) business expansion needs; (2) control of international operations and; (3) transfer and knowledge sharing. Our study also shows that Portuguese companies use international assignments in order to positively respond to the increasingly decaying domestic market in the economic areas in which they operate. Evidence also reveals that expatriation is seen as a strategy to fulfill main organizational objectives through their expatriates (e.g., business internationalization, improvement of the coordination and control level of the units/subsidiaries abroad, replication of aspects of the home base, development and incorporation of new organizational techniques and processes). We also conclude that Portuguese companies have developed an International Human Resources Management strategy, based on an ethnocentric approach, typically associated with companies in early stages of internationalization, i.e., the authority and decision making are centered in the home base. Expatriates have a central role in transmitting culture and technical knowledge from company’s headquarters to the company’s branches. Based on the findings, the article will discuss in detail the main theoretical and managerial implications. Suggestions for further research will also be presented.