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.

On the use of IEEE 802.15.4/Zigbee for time-sensitive wireless sensor network applications

Mestrado em Engenharia Electrotécnica e de Computadores

Invisible cities: the table of contents and the labyrinths of reality

In Invisible Cities (1972), Italo Calvino contrasts a rigid outline structure with a flexible textual content. The tension comprised by the numerical structure proposed in the table of contents stands out against the set of polissemic texts which make up the subject matter of the book. The opposition between form and content point to a fruitful dichotomy in the conception of the novel linked to the theories of the open and closed work. This essay will investigate the structural construction of Invisible Cities by looking at its table of contents, seeking to discuss some models of formalistic representation proposed by the criticism and the specific contribution they may, or may not, provide. The objective is to analyse the pertinence of such theories in the light of historical and cultural approaches. Aiming to uncover possible meanings which arise from the debate, this essay will question to what extent structural complexities can be considered literary if they are not ultimately related to the culture in which a text is found.

The impact of safety politics in the current globalization context

The globalization is a process of economical, social, cultural and political integration motivated by the needs generated by a consumption-orientated society and a set of factors that have led to its development, such as reducing transport costs, the technological advancement and the development of communication networks. However, the phenomenon of globalization has been accompanied by increasing levels of insecurity as a result of various types of threats and transnational crimes that the International Community seeks to control and minimize. Throughout this work, we examined how the globalization process has been developing and how nations are able to maintain security levels consistent with their economical status and social development, without disturbing the normal course of organizations’ economical activity and the well-being of people. From the investigation developed we concluded that, besides the confirmation that economic integration and the opening of markets have influence on internal consumption, market globalization and migrations have been causing modifications in the consumption habits. We also concluded that the security measures implemented by States or by the International Community affect international trade, but do not imply disproportionate costs or significant delays in transactions. Likewise, we concluded that the control measures implemented in international trade are sufficient to ensure the safety of the people and nations, enabling us to confirm two of the three conjectures raised in this study.

Analysis of stock market indices with multidimensional scaling and wavelets

Stock market indices SMIs are important measures of financial and economical performance. Considerable research efforts during the last years demonstrated that these signals have a chaotic nature and require sophisticated mathematical tools for analyzing their characteristics. Classical methods, such as the Fourier transform, reveal considerable limitations in discriminating different periods of time. This paper studies the dynamics of SMI by combining the wavelet transform and the multidimensional scaling MDS . Six continuous wavelets are tested for analyzing the information content of the stock signals. In a first phase, the real Shannon wavelet is adopted for performing the evaluation of the SMI dynamics, while their comparison is visualized by means of the MDS. In a second phase, the other wavelets are also tested, and the corresponding MDS plots are analyzed.

Identifying economic periods and crisis with the multidimensional scaling

This paper applied MDS and Fourier transform to analyze different periods of the business cycle. With such purpose, four important stock market indexes (Dow Jones, Nasdaq, NYSE, S&P500) were studied over time. The analysis under the lens of the Fourier transform showed that the indexes have characteristics similar to those of fractional noise. By the other side, the analysis under the MDS lens identified patterns in the stock markets specific to each economic expansion period. Although the identification of patterns characteristic to each expansion period is interesting to practitioners (even if only in a posteriori fashion), further research should explore the meaning of such regularities and target to find a method to estimate future crisis.

Evaluation of the role of glutathione in the lead-induced toxicity in saccharomyces cerevisiae

The effect of intracellular reduced glutathione (GSH) in the lead stress response of Saccharomyces cerevisiae was investigated. Yeast cells exposed to Pb, for 3 h, lost the cell proliferation capacity (viability) and decreased intracellular GSH level. The Pb-induced loss of cell viability was compared among yeast cells deficient in GSH1 (∆gsh1) or GSH2 (∆gsh2) genes and wild-type (WT) cells. When exposed to Pb, ∆gsh1 and ∆gsh2 cells did not display an increased loss of viability, compared with WT cells. However, the depletion of cellular thiols, including GSH, by treatment of WT cells with iodoacetamide (an alkylating agent, which binds covalently to thiol group), increased the loss of viability in Pb-treated cells. In contrast, GSH enrichment, due to the incubation of WT cells with amino acids mixture constituting GSH (l-glutamic acid, l-cysteine and glycine), reduced the Pb-induced loss of proliferation capacity. The obtained results suggest that intracellular GSH is involved in the defence against the Pb-induced toxicity; however, at physiological concentration, GSH seems not to be sufficient to prevent the Pb-induced loss of cell viability.

Gestão de stocks e a sua envolvente – estudo de caso de uma PME da indústria de calçado ortopédico

Dissertação apresentada ao Instituto Superior de Contabilidade para a obtenção do Grau de Mestre em Auditoria Professor orientador: Mestre Manuel Gregório

How realistic is the mixed-criticality real-time system model?

23rd International Conference on Real-Time Networks and Systems (RTNS 2015). 4 to 6, Nov, 2015, Main Track. Lille, France. Best Paper Award Nominee

Protective effect of C. sativa leaf extract against UV mediated-DNA damage in a human keratinocyte cell line

Toxic effects of ultraviolet (UV) radiation on skin include protein and lipid oxidation, and DNA damage. The latter is known to play a major role in photocarcinogenesis and photoaging. Many plant extracts and natural compounds are emerging as photoprotective agents. Castanea sativa leaf extract is able to scavenge several reactive species that have been associated to UV-induced oxidative stress. The aim of this work was to analyze the protective effect of C. sativa extract (ECS) at different concentrations (0.001, 0.01, 0.05 and 0.1 μg/mL) against the UV mediated-DNA damage in a human keratinocyte cell line (HaCaT). For this purpose, the cytokinesis-block micronucleus assay was used. Elucidation of the protective mechanism was undertaken regarding UV absorption, influence on 1O2 mediated effects or NRF2 activation. ECS presented a concentration-dependent protective effect against UV-mediated DNA damage in HaCaT cells. The maximum protection afforded (66.4%) was achieved with the concentration of 0.1 μg/mL. This effect was found to be related to a direct antioxidant effect (involving 1O2) rather than activation of the endogenous antioxidant response coordinated by NRF2. Electrochemical studies showed that the good antioxidant capacity of the ECS can be ascribed to the presence of a pool of different phenolic antioxidants. No genotoxic or phototoxic effects were observed after incubation of HaCaT cells with ECS (up to 0.1 μg/mL). Taken together these results reinforce the putative application of this plant extract in the prevention/minimization of UV deleterious effects on skin.