Do economic and financial firm's situation affect the quality if financial reports?

We investigate whether firms’ economic and financial situation influence the Quality of their Financial Reports (FRQ). FRQ is fundamental for investors and it affects the international capital movements [Bradshaw et al. (2004)] and Gelos and Wei (2005)]. Following Schipper and Vicent (2003) we use two issues to access earnings quality: abnormal accruals and earnings persistence. For seventeen European countries, we find evidence that the economic performance affects FRQ. Big firms and those with high current earnings exhibit better financial information. These results are robust since they don’t depend on FRQ proxy and we have the same evidence when we estimate regression with economical and financial factors separately or together. About financial situation, it seems not to affect FRQ. However, in high leveraged firms, the capital structure becomes determinant.

A new wind farm in Santiago Island, cape verde - simulation and economic studies

Ensuring sustainable development conditions is presently world widely recognized as a critically important goal. This makes the use of electricity generation technologies based on renewable energy sources very relevant. Developing countries depend on an adequate availability of electrical energy to assure economic progress and are usually characterized by a high increase in electricity consumption. This makes sustainable development a huge challenge but it can also be taken as an opportunity, especially for countries which do not have fossil resources. This paper presents a study concerning the expansion of an already existent wind farm, located in Praia, the capital of Cape Verde Republic. The paper includes results from simulation studies that have been undertaken using PSCAD software and some economic considerations.

Technical and economic resources management in smart grids using heuristic optimization methods

Intensive use of Distributed Generation (DG) represents a change in the paradigm of power systems operation making small-scale energy generation and storage decision making relevant for the whole system. This paradigm led to the concept of smart grid for which an efficient management, both in technical and economic terms, should be assured. This paper presents a new approach to solve the economic dispatch in smart grids. The proposed methodology for resource management involves two stages. The first one considers fuzzy set theory to define the natural resources range forecast as well as the load forecast. The second stage uses heuristic optimization to determine the economic dispatch considering the generation forecast, storage management and demand response

Proposta de um modelo de avaliação de websites de turismo de habitação

actividade de turismo de habitação tem crescido de forma sustentada ao longo dos últimos anos em Portugal e o recurso à internet como canal de comercialização deste serviço tem substituído gradualmente os restantes canais mais tradicionais. No entanto, esta generalização do recurso a websites, nesta e noutras áreas da actividade económica, não tem sido sempre sinónimo de qualidade, justificando assim a procura de sistemas de avaliação deste tipo de produto de software, que possam ser aplicados sistemática e eficazmente. Nesse sentido, foi desenvolvido este trabalho, no propósito de conseguir um modelo de avaliação de websites, específico para o turismo de habitação, na convicção de que para áreas específicas se exigem abordagens específicas. A pesquisa por modelos orientados para esta actividade não produziu qualquer resultado, ao contrário de outras áreas onde já existem modelos adequados, como sejam a área académica e outras. Daí a necessidade de conjugar ideias e conceitos mais genéricos, de fontes diversas, com elementos específicos de turismo de habitação, no intuito de os combinar e adequar aos objectivos deste trabalho. Assim, a partir de elementos da Norma ISO 9126; de conceitos de usabilidade, funcionalidade, credibilidade, e outros; da opção por uma abordagem de desempenho empresarial; de modelos já existentes, embora direccionados para outras áreas; e de um modelo exploratório de carácter empírico entretanto desenvolvido, foi concebido e implementado um modelo que se caracteriza no essencial, por ser estruturado em três níveis, contemplar um conjunto de trinta e oito atributos em avaliação, com maior incidência naqueles relacionados com aspectos que se considera terem maior influência no desempenho da actividade económica subjacente, e que tem uma ponderação variável do seu impacto no resultado final. No intuito de dar flexibilidade ao modelo e de contrariar a carga subjectiva resultante do processo de ponderação do impacto de cada atributo avaliado, foram implementados no modelo três cenários alternativos com ponderações distintas, cada um valorizando determinado tipo de atributos e desvalorizando outros. Naturalmente que, aquando da implementação do modelo exploratório foram já retiradas algumas conclusões sobre o panorama geral, todavia o modelo definitivo veio dar-lhes maior consistência e pormenor.

Economic, environmental and mixed objective functions in non-linear process optimization using simulated annealing and tabu search

Screening of topologies developed by hierarchical heuristic procedures can be carried out by comparing their optimal performance. In this work we will be exploiting mono-objective process optimization using two algorithms, simulated annealing and tabu search, and four different objective functions: two of the net present value type, one of them including environmental costs and two of the global potential impact type. The hydrodealkylation of toluene to produce benzene was used as case study, considering five topologies with different complexities mainly obtained by including or not liquid recycling and heat integration. The performance of the algorithms together with the objective functions was observed, analyzed and discussed from various perspectives: average deviation of results for each algorithm, capacity for producing high purity product, screening of topologies, objective functions robustness in screening of topologies, trade-offs between economic and environmental type objective functions and variability of optimum solutions.

O crime de fraude fiscal: o impacto na receita pública do Estado

Orientador: Doutor, José Domingos Silva Fernandes

Food consumption, physical activity and socio-economic status related to BMI, waist circumference and waist-to-height ratio in adolescents

Objective: To examine the association between obesity and food group intakes, physical activity and socio-economic status in adolescents. Design: A cross-sectional study was carried out in 2008. Cole’s cut-off points were used to categorize BMI. Abdominal obesity was defined by a waist circumference at or above the 90th percentile, as well as a waist-to-height ratio at or above 0?500. Diet was evaluated using an FFQ, and the food group consumption was categorized using sex-specific tertiles of each food group amount. Physical activity was assessed via a self-report questionnaire. Socio-economic status was assessed referring to parental education and employment status. Data were analysed separately for girls and boys and the associations among food consumption, physical activity, socio-economic status and BMI, waist circumference and waist-to-height ratio were evaluated using logistic regression analysis, adjusting the results for potential confounders. Setting: Public schools in the Azorean Archipelago, Portugal. Subjects: Adolescents (n 1209) aged 15–18 years. Results: After adjustment, in boys, higher intake of ready-to-eat cereals was a negative predictor while vegetables were a positive predictor of overweight/ obesity and abdominal obesity. Active boys had lower odds of abdominal obesity compared with inactive boys. Boys whose mother showed a low education level had higher odds of abdominal obesity compared with boys whose mother presented a high education level. Concerning girls, higher intake of sweets and pastries was a negative predictor of overweight/obesity and abdominal obesity. Girls in tertile 2 of milk intake had lower odds of abdominal obesity than those in tertile 1. Girls whose father had no relationship with employment displayed higher odds of abdominal obesity compared with girls whose father had high employment status. Conclusions: We have found that different measures of obesity have distinct associations with food group intakes, physical activity and socio-economic status.

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.

Age-period-cohort effects in the incidence of hip fractures: political and economic events are coincident with changes in risk

Introduction: Healthcare improvements have allowed prevention but have also increased life expectancy, resulting in more people being at risk. Our aim was to analyse the separate effects of age, period and cohort on incidence rates by sex in Portugal, 2000–2008. Methods: From the National Hospital Discharge Register, we selected admissions (aged ≥49 years) with hip fractures (ICD9-CM, codes 820.x) caused by low/moderate trauma (falls from standing height or less), readmissions and bone cancer cases. We calculated person-years at risk using population data from Statistics Portugal. To identify period and cohort effects for all ages, we used an age–period–cohort model (1-year intervals) followed by generalised additive models with a negative binomial distribution of the observed incidence rates of hip fractures. Results: There were 77,083 hospital admissions (77.4 % women). Incidence rates increased exponentially with age for both sexes (age effect). Incidence rates fell after 2004 for women and were random for men (period effect). There was a general cohort effect similar in both sexes; risk of hip fracture altered from an increasing trend for those born before 1930 to a decreasing trend following that year. Risk alterations (not statistically significant) coincident with major political and economic change in the history of Portugal were observed around birth cohorts 1920 (stable–increasing), 1940 (decreasing–increasing) and 1950 (increasing–decreasing only among women). Conclusions: Hip fracture risk was higher for those born during major economically/politically unstable periods. Although bone quality reflects lifetime exposure, conditions at birth may determine future risk for hip fractures.

Sustainability and economic evaluation of microalgae grown in brewery wastewater

This article evaluates the sustainability and economic potential of microalgae grown in brewery wastewater for biodiesel and biomass production. Three sustainability and two economic indicators were considered in the evaluation within a life cycle perspective. For the production system the most efficient process units were selected. Results show that harvesting and oil separation are the main process bottlenecks. Microalgae with higher lipid content and productivity are desirable for biodiesel production, although comparable to other biofuel’s feedstock concerning sustainability. However, improvements are still needed to reach the performance level of fossil diesel. Profitability reaches a limit for larger cultivation areas, being higher when extracted biomass is sold together with microalgae oil, in which case the influence of lipid content and areal productivity is smaller. The values of oil and/or biomass prices calculated to ensure that the process is economically sound are still very high compared with other fuel options, especially biodiesel.

Uma abordagem à incorporação de lenhinosulfonatos e materiais reciclados em misturas de SBR para produção sustentável de solas

Mestrado em Engenharia Química - Ramo Otimização Energética na Indústria Química

Pseudo Phase Plane and Fractional Calculus Modelling of Western Global Economic Downturn

This paper applies Pseudo Phase Plane (PPP) and Fractional Calculus (FC) mathematical tools for modeling world economies. A challenging global rivalry among the largest international economies began in the early 1970s, when the post-war prosperity declined. It went on, up to now. If some worrying threatens may exist actually in terms of possible ambitious military aggression, invasion, or hegemony, countries’ PPP relative positions can tell something on the current global peaceful equilibrium. A global political downturn of the USA on global hegemony in favor of Asian partners is possible, but can still be not accomplished in the next decades. If the 1973 oil chock has represented the beginning of a long-run recession, the PPP analysis of the last four decades (1972–2012) does not conclude for other partners’ global dominance (Russian, Brazil, Japan, and Germany) in reaching high degrees of similarity with the most developed world countries. The synergies of the proposed mathematical tools lead to a better understanding of the dynamics underlying world economies and point towards the estimation of future states based on the memory of each time series.

Analysis of World Economic Variables Using Multidimensional Scaling

Waves of globalization reflect the historical technical progress and modern economic growth. The dynamics of this process are here approached using the multidimensional scaling (MDS) methodology to analyze the evolution of GDP per capita, international trade openness, life expectancy, and education tertiary enrollment in 14 countries. MDS provides the appropriate theoretical concepts and the exact mathematical tools to describe the joint evolution of these indicators of economic growth, globalization, welfare and human development of the world economy from 1977 up to 2012. The polarization dance of countries enlightens the convergence paths, potential warfare and present-day rivalries in the global geopolitical scene.

Impacto da influência de um Sistema de Gestão Técnica Centralizada na redução dos custos de exploração de um edifício

É de conhecimento do meio, que os Sistemas de Gestão Técnica Centralizada (SGTC) são uma mais-valia para a redução de utilização de energia associados principalmente aos sistemas de Aquecimento, Ventilação e Ar Condicionado (AVAC) apesar das potencialidades serem abrangentes a outras áreas. No entanto, existe alguma lacuna quanto à quantificação dessa mais-valia, facto importante sobretudo para a alteração de mentalidades dos promotores e proprietários dos edifícios, que por falta de prova, normalmente apenas associam o SGTC a um investimento num serviço desnecessário. As potencialidades dos SGTC são muitas, a título de exemplo, redução na utilização de fontes de energia, gestão da manutenção de sistemas e equipamentos, análise de eficiências de equipamentos, entre muitas outras, sendo nesta dissertação estudado com mais profundidade a questão associada à diferença dos custos de exploração resultantes da utilização de energia num edifício por parte dos sistemas de AVAC, isto é, quais serão os ganhos na utilização da energia, associados ao sistema AVAC, que podem ser obtidos com a implementação de um SGTC. Para o efeito, utilizou-se os sistemas e equipamentos existentes no edifício ECOTERMOLAB, pertencente ao Instituto de Soldadura e Qualidade (ISQ), com o objetivo de verificar as diferenças de utilização de energia resultantes do funcionamento do edifício em normal atividade, isto é, o edifício com todos os seus sistemas operacionais, incluindo o SGTC, e o edifício em funcionamento sem o auxílio do SGTC, ou seja, todos os sistemas associados ao sistema AVAC em funcionamento em modo manual e sem recurso a variação de caudal na rede aeráulica e hidráulica. Em termos anuais, o ECOTERMOLAB consome, aproximadamente, cerca de 38,1 MWh de energia elétrica e 39,2 MWh de gás natural, o que representa uma utilização de energia primária de 14,4 tep/ano. Esta energia, representa um encargo financeiro anual de, aproximadamente, 9500€/ano, correspondente a 7000€/ano de energia elétrica e 2500€/ano de gás natural. Após a análise desenvolvida neste trabalho, conclui-se que o funcionamento do edifício sem controlo do sistema de AVAC por SGTC representaria em termos anuais a um aumento de, aproximadamente, 25,2 MWh e 6,2 MWh de energia elétrica e de gás natural, respetivamente. Em termos de energia primária, a diferença entre soluções origina um acréscimo na utilização de energia de 7,8 tep/ano o que representa um aumento de emissão de CO2 na ordem das 9,4 ton/ano. A avaliação económica, recaiu sobre a determinação de indicadores para avaliação da viabilidade de implementação de um SGTC, nomeadamente, o período de retorno simples, o valor atual líquido e a taxa interna de rentabilidade. Todos estes indicadores se revelaram positivos, apresentando um período de retorno ligeiramente superior a oito anos, um valor atual líquido positivo (8864,1€) e uma taxa interna de rentabilidade superior à taxa de custo de capital (11,2%).

Fiscal decentralisation and economic theory

There is no complete overview or discussion of the literature of the economics of federalism and fiscal decentralization, even though scholarly interest in the topic has been increasing significantly over recent years. This paper provides a general, brief but comprehensive overview of the main insights from the literature on fiscal federalism and decentralization. In doing so, literature on fiscal federalism and decentralization is grouped into two main approaches: “first generation of theories” and “second generation of theories”.