Strategic assessment of Portugal Ventures' life sciences portfolio

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

How bank business models relate with risk?: The case of Portugal in times of financial crisis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Earth building materials in pre-historic domestic architectures on the south of Portugal

HERITAGE 2008 - World Heritage and Sustainable Development. Barcelos: Green Lines Institute for Sustainable Development, Vol. 2, p. 571-579

Adjusting to external imbalances within the EMU, the case of Portugal

From 1995 to 2010 Portugal has accumulated a negative international asset position of 110 percent of GDP. In a developed and aging economy the number is astonishing and any argument to consider it sustainable must rely on extremely favorable forecasts on growth. Portuguese policy options are reduced in number: no autonomous monetary policy, no currency to devaluate, and limited discretion in changing fiscal deficits and government debt. To start the necessary deleveraging a remaining possible policy is a budget-neutral change of the tax structure that increases private saving and net exports. An increase in the VAT and a decrease in the employer’s social security contribution tax can achieve the desired outcome in the short run if they are complemented with wage moderation. To obtain a substantial improvement in competitiveness and a large decrease in consumption, the changes in the tax rates have to be large. While a precise quantitative assessment is difficult, the initial increase in the effective VAT rate needed to allow the social security tax to decrease by 16 percentage points (pp) is approximately 10 pp. Such a large increase in the effective VAT rate could be obtained by raising most of the reduced VAT rates to the new general VAT rate of 23 percent. The empirical analysis shows that over time the suggested tax swap could generate surpluses and improve the trade balance. A temporary version of the suggested tax-swap has the attractiveness to achieve a sharper increase in the private saving rate maintaining the short run gains in competitiveness. Finally, the temporary version of the fiscal devaluation could be the basis for an automatic stabilizer to external imbalances within a monetary union.Portugal has been running large current account deficits every year since 1995. These deficits have accumulated to an astonishing 110 percent of GDP negative external asset position. The sustainability of such a large external position is questionable and must rely on fantastic productivity growth expectations. The recent global financial crisis appears to have anticipated the international investors reality check on those future expectations with the result of a large increase in the cost of external financing. Today the rebalancing of the current account through an increase in national savings and an improvement in competitiveness must be at the top of the Portuguese authorities “to do” list as the cost of a pull out from international investors is of the order of 10% of GDP. The external rebalancing is difficult as the degrees of freedom of the Portuguese authorities are limited in number: they have no autonomous monetary policy, no currency to devaluate, and little discretion in fiscal policy as deficit limits and debt targets are set by the Stability Growth Pact and the postcrisis consensus on medium-term fiscal consolidation. One possibility that remains is to change the fiscal policy mix for a given budget deficit. The purpose of this paper is to explore the effects of a “fiscal devaluation”1 obtained through a tax swap between employers’ social security contributions and taxes on consumption2. The paper begins by illustrating Portugal’s current account evolution during the euro period. The second section section lays out a model to offer a qualitative assessment of the dynamic outcomes of the the tax swap. I show that the suggested tax swap can in theory achieve the desired outcomes in terms of competitiveness and consumption if complemented with moderation (stickiness) in wages. I also study the effects of a temporary version of the tax swap and show that it achieves a sharper improvement in the current account that accelerate the rebalancing. The third section moves to the empirical analysis and estimates the likely effects of the tax swap for the Portuguese economy. The fourth section concludes.

The institutions of archaic post-modernity and their organizational and managerial consequences: The case of Portugal

The long march of modernization of the Western societies tends to be presented as following a regular sequence: societies and institutions were pre-modern, and then they were modernized, eventually becoming post-modern. Such teleology may provide an incomplete or distorted narrative of societal evolution in many parts of the world, even in the ‘post-modern heartland’ of Western Europe, with Portugal being a case in point. The concept of archaic post-modernity has been developed by a philosopher, José Gil, to show how Portuguese institutions and organizations combine elements of pre-modernity and post-modernity. The notion of an archaic post-modernity is advanced in order to provide an alternative account of the modernization process, which enriches discussion of the varieties of capitalism. Differences in historical experiences create singularities that may be considered in the analysis of culture, management and organization.

Eggs and eggshells of Crocodylomorpha from the Upper Jurassic of Portugal

Crocodylomorph eggs are relatively poorly known in the fossil record when compared with skeletal remains, which are found all over the world, or when compared with dinosaur eggs. Herein are described crocodiloid eggshells from the Upper Jurassic Lourinhã Formation of Portugal, recovered from five sites: Cambelas (clutch), Casal da Rola, Peralta (eggshell fragments), and Paimogo North and South (three partial crushed eggs and eggshell fragments). The clutch of Cambelas, composed of 13 eggs, is the only sample not found in association with dinosaur eggshells. Morphological characters of the eggshells described herein, such as shell units and microstructure, are consistent with the crocodiloid morphotype. As such, this material is assigned to the oofamily Krokolithidae, making them the oldest known crocodylomorph eggs so far and the best record for eggs of non-crocodylian crocodylomorphs. Two new ootaxa are erected, Suchoolithus portucalensis oogen. et oosp. nov, for the clutch of Cambelas, and Krokolithes dinophilus, oosp. nov., for the remaining eggshells. The basic structure of crocodilian eggshells has remained stable since at least the Late Jurassic. Additionally, the findings suggest previously unknown biological associations with contemporary archosaurs, shedding light on the poorly understood egg morphology, reproduction strategies and paleobiology of crocodylomorphs during the Late Jurassic.

A conquista de Arzila pelos Portugueses : 1471

Em 1471 D. Afonso V (1432-1481), rei de Portugal, decidiu voltar ao Norte de África para dar continuidade à política de expansão africana da Coroa. O alvo escolhido foi Arzila e, em Agosto de 1471, a vila foi conquistada por uma hoste portuguesa que contou com 23.000 homens de combate. Pouco estudada pela historiografia, a conquista de Arzila é meritória de um lugar de destaque fruto da sua singularidade. Foi uma campanha meticulosamente planeada que incluiu a compra de toneladas de mantimentos e armas e o recrutamento da maior hoste até então levantada em Portugal. As consequências da queda de Arzila perduraram no tempo: Tânger foi abandonada dias depois e o tratado de tréguas assinado com o sultanato de Fez consolidou presença portuguesa na região, tendo esta permanecido imperturbável até ao início do século XVI, e permitiu a D. Afonso V abandonar de vez os campos de batalha norte-africanos e dar azo às suas ambições castelhanas. O presente estudo insere-se numa lacuna historiográfica face à pouca atenção que a conquista de Arzila granjeou, até ao momento, por parte dos historiadores portugueses. Assim sendo, é estudada não apenas a conquista de Arzila, enquanto acontecimento limitado ao mês de Agosto de 1471, mas também todos os preparativos que foram levados a cabo para permitirem o sucesso da campanha, bem como as consequências da queda de Arzila, mais prolongadas no tempo. Esse estudo é escorado não só nos relatos cronísticos mas também noutras fontes de tipo narrativo e na documentação de chancelaria. É através do cruzamento das várias fontes que é possível detectar e corrigir determinadas lacunas dos cronistas e dos historiadores que os seguiram.

A "Portrait" of Book XII of the Æneid: the Mosaic of the «House of the Medusa» (Alter do Chão, Portugal)

This paper addresses the study of a mosaic discovered in 2007 at the archaeological site of Alter do Chão, Portugal, whose central panel represents the penultimate scene narrated in the last Book of the Æneid – a Roman epic composed by the poet Publius Vergilius Maro (70 BC – AD 19), at the request of Gaius Julius Cæsar Octavianus Augustus (63 BC – AD 14): it shows the very moment when Turnus, the Latin king of the Rutuli, kneels before Æneas, considered the precursor to the foundation of Rome (Virgil, Æneid, XII, 926-950).

Wild species used in the traditional pharmacopoeia of Trás-os-Montes (Portugal)

XX Symposium of Brazilian Medicinal Plants & X International Congress of Ethnopharmacology. S. Paulo, Brasil.

New evidence of shared dinosaur across upper jurassic proto-North Atlantic: stegosaurus from Portugal

Naturwissenschaften 94,367–374

Mapping and characterization of a green biofilm inside of Vilar de Frades Church (Portugal)

Vilar de Frades church is integrated in the Vilar de Frades Monastery, located in the North part of Portugal (Barcelos). The monastery, founded in 566, suffered several architectural modifications and restoration works, the most relevant was in the XVI century. The church, in granite, has one nave and six bays,holding ten chapels with vaults of crossed ribbings. Nowadays, the chapels present a severe biological colonization characterised by an intense green biofilm, which becoming apparent in other locations inside the church. In the course of a general survey concerning the conservation state of the church, an accurate campaign was planned in order to assess the main biodeterioration agents, map biological colonization and determine the environmental conditions. Laboratory analyses were accomplished with optical microscopy and spectrofluorometry. This study presents the results of this campaign. Details on conservation or preservation works that need to be implemented are also presented.

Tertiary evolution of the São Vicente and Setúbal submarine canyons, Southwest Portugal: insights from seismic stratigraphy

The Setúbal and São Vicente canyons are two major modern submarine canyons located in the southwest Iberian margin of Portugal. Although recognised as Pliocene to Quaternary features, their development during the Tertiary has not been fully understood up to date. A grid of 2D seismic data has been used to characterise the sedimentary deposits of the adjacent flanks to the submarine canyons. The relationship between the geological structure of the margin and the canyon's present location has been investigated. The interpretation of the main seismic units allowed the recognition of three generations of ravinements probably originated after middle Oligocene. Six units grouped in two distinctive seismic sequences have been identified and correlated with offshore stratigraphic data. Seismic Sequence 2 (SS2), the oldest, overlies Mesozoic and upper Eocene deformed units. Seismic Sequence I (SS1) is composed of four different seismic packages separated from SS2 by an erosional surface. The base of the studied sediment ridges is marked by an extensive erosional surface derived from a early/middle Oligocene relative sea-level fall. Deposition in the adjacent area to the actual canyons was reinitiated in late Oligocene in the form of transgressive and channel-fill deposits. A new depositional hiatus is recorded onshore during the Burdigalian, coincident with the unconformity separating SS1 and SS2. This can be correlated with the Arrábida unconformity and with the paroxysmal Burdigalian phase of the Betic domain. Presently, the Setúbal and São Vicente submarine canyons locally cut SS1 and SS2, forming distinctive channels from those recognised on the seismic data. On the upper shelf both dissect highly deformed areas subject to important erosion.

Res Publica: Citizenship and Political Representation in Portugal, 1820-1926

The term res publica (literally “thing of the people”) was coined by the Romans to translate the Greek word politeia, which, as we know, referred to a political community organised in accordance with certain principles, amongst which the notion of the “good life” (as against exclusively private interests) was paramount. This ideal also came to be known as political virtue. To achieve it, it was necessary to combine the best of each “constitutional” type and avoid their worst aspects (tyranny, oligarchy and ochlocracy). Hence, the term acquired from the Greeks a sense of being a “mixed” and “balanced” system. Anyone that was entitled to citizenship could participate in the governance of the “public thing”. This implied the institutionalization of open debate and confrontation between interested parties as a way of achieving the consensus necessary to ensure that man the political animal, who fought with words and reason, prevailed over his “natural” counterpart. These premises lie at the heart of the project which is now being presented under the title of Res Publica: Citizenship and Political Representation in Portugal, 1820-1926. The fact that it is integrated into the centenary commemorations of the establishment of the Republic in Portugal is significant, as it was the idea of revolution – with its promise of rupture and change – that inspired it. However, it has also sought to explore events that could be considered the precursor of democratization in the history of Portugal, namely the vintista, setembrista and patuleia revolutions. It is true that the republican regime was opposed to the monarchic. However, although the thesis that monarchy would inevitably lead to tyranny had held sway for centuries, it had also been long believed that the monarchic system could be as “politically virtuous” as a republic (in the strict sense of the word) provided that power was not concentrated in the hands of a single individual. Moreover, various historical experiments had shown that republics could also degenerate into Caesarism and different kinds of despotism. Thus, when absolutism began to be overturned in continental Europe in the name of the natural rights of man and the new social pact theories, initiating the difficult process of (written) constitutionalization, the monarchic principle began to be qualified as a “monarchy hedged by republican institutions”, a situation in which not even the king was exempt from isonomy. This context justifies the time frame chosen here, as it captures the various changes and continuities that run through it. Having rejected the imperative mandate and the reinstatement of the model of corporative representation (which did not mean that, in new contexts, this might not be revived, or that the second chamber established by the Constitutional Charter of 1826 might not be given another lease of life), a new power base was convened: national sovereignty, a precept that would be shared by the monarchic constitutions of 1822 and 1838, and by the republican one of 1911. This followed the French example (manifested in the monarchic constitution of 1791 and in the Spanish constitution of 1812), as not even republicans entertained a tradition of republicanism based upon popular sovereignty. This enables us to better understand the rejection of direct democracy and universal suffrage, and also the long incapacitation (concerning voting and standing for office) of the vast body of “passive” citizens, justified by “enlightened”, property- and gender-based criteria. Although the republicans had promised in the propaganda phase to alter this situation, they ultimately failed to do so. Indeed, throughout the whole period under analysis, the realisation of the potential of national sovereignty was mediated above all by the individual citizen through his choice of representatives. However, this representation was indirect and took place at national level, in the hope that action would be motivated not by particular local interests but by the common good, as dictated by reason. This was considered the only way for the law to be virtuous, a requirement that was also manifested in the separation and balance of powers. As sovereignty was postulated as single and indivisible, so would be the nation that gave it soul and the State that embodied it. Although these characteristics were common to foreign paradigms of reference, in Portugal, the constitutionalization process also sought to nationalise the idea of Empire. Indeed, this had been the overriding purpose of the 1822 Constitution, and it persisted, even after the loss of Brazil, until decolonization. Then, the dream of a single nation stretching from the Minho to Timor finally came to an end.

Archaeometallurgical study of the Proto-historic collection of Moinhos de Golas (North Portugal): a forecast for technological changes?

This work presents the archaeometallurgical study of a group of metallic artefacts found in Moinhos de Golas site, Vila Real (North of Portugal), that can generically be attributed to Proto-history (1st millennium BC, Late Bronze Age and Iron Age). The collection is composed by 35 objects: weapons, ornaments and tools, and others of difficult classification, as rings, bars and one small thin bent sheet. Some of the objects can typologically be attributed to Late Bronze Age, others are of more difficult specific attribution. The archaeometallurgical study involved x-ray digital radiography, elemental analysis by micro-energy dispersive X-ray fluorescence spectrometry and scanning electron microscopy with energy dispersive spectroscopy, microstructural observations by optical microscopy and scanning electron microscopy. The radiographic images revealed structural heterogeneities frequently related with the degradation of some artefacts and the elemental analysis showed that the majority of the artefacts was produced in a binary bronze alloy (Cu-Sn) (73%), being others produced in copper (15%) and three artefacts in brass (Cu-Zn(-Sn-Pb)). Among each type of alloy there’s certain variability in the composition and in the type of inclusions. The microstructural observations revealed that the majority of the artefacts suffered cycles of thermo-mechanical processing after casting. The diversity of metals/alloys identified was a discovery of great interest, specifically due to the presence of brasses. Their presence can be interpreted as importations related to the circulation of exogenous products during the Proto-history and/or to the deposition of materials during different moments at the site, from the transition of Late Bronze Age/Early Iron Age (Orientalizing period) onwards, as during the Roman period.

Evolution of Teeth and Quadrate in Non-avian Theropoda (Dinosauria: Saurischia), with the Description of Torvosaurus Remains from Portugal

Theropods form a highly successful and morphologically diversified group of dinosaurs that gave rise to birds. They include most, if not all, carnivorous dinosaurs, yet many theropod clades were secondarily adapted to piscivory, omnivory and herbivory, and theropods show a large array of skull and dentition morphologies. This work aims to investigate aspects of the evolution of theropod dinosaurs by analyzing in detail both the anatomy and ontogeny of teeth and quadrates in non-avian theropods, and by studying embryonic and adult material of a new species of theropod. A standardized list of terms and notations for each anatomical entity of the tooth, quadrate, and maxilla is here proposed with the goal of facilitating descriptions of these important cranial and dental elements. The distribution of thirty dental characters among 113 theropod taxa is investigated, and a list of diagnostic dental characters is proposed. As an example, four isolated theropod teeth from the Lourinhã Formation (Kimmeridgian‒Tithonian) of Portugal are described and identified based on a cladistic analysis performed on a data matrix of 141 dentition-based characters coded in 60 taxa. Two shed teeth are referred to an abelisaurid, providing the first record of Abelisauridae in the Jurassic of Laurasia and the one of the oldest records of this clade in the world, suggesting a possible radiation of Abelisauridae in Europe well before the Upper Cretaceous. The consensus tree resulting from this phylogenetic analysis, the most extensive on theropod teeth, indicates that theropod teeth provide reliable data for identification at approximately family level, and this method will help identifying theropod teeth with more confidence. A detailed description of the dentition of Megalosauridae is also provided, and a discriminant analysis performed on a dataset of numerical data collected on the teeth of 62 theropod taxa reveals that megalosaurid teeth are hardly distinguishable from other theropod clades with ziphodont dentition. This study highlights the importance of detailing anatomical descriptions and providing additional morphometric data on teeth with the purpose of helping to identify isolated theropod teeth. In order to evaluate the phylogenetic potential and investigate the evolutionary transformations of the quadrate, a phylogenetic morphometric analysis as well as a cladistic analysis using 98 discrete quadrate related characters were conducted. The quadrate morphology by its own provides a wealth of data with strong phylogenetic signal, and the phylogenetic morphometric analysis reveals two main morphotypes of the mandibular articulation of the quadrate linked to function. As an example, six isolated quadrates from the Kem Kem beds (Cenomanian) of Morocco are determined to be from juvenile and adult individuals of Spinosaurinae based on phylogenetic, morphometric, and phylogenetic morphometric analyses. Morphofunctional analysis of the spinosaurid mandibular articulation has shown that the posterior parts of the two mandibular rami displaced laterally when the jaw was depressed due to a mediolaterally oriented intercondylar sulcus of the quadrate. Such lateral movement of the mandibular ramus was possible due to a movable mandibular symphysis in spinosaurids, allowing the pharynx to be widened. A new species of theropod from the Lourinhã Formation of Portugal, Torvosaurus gurneyi, is erected based on a right maxilla and an incomplete caudal centrum. This taxon supports the mechanism of vicariance that occurred in the Iberian Meseta during the Late Jurassic when the proto-Atlantic was already well formed. A theropod clutch containing several crushed eggs and embryonic material is also assigned to this new species of Torvosaurus. Investigation on the maxilla ontogeny in basal tetanurans reveals that crown denticles, elongation of the anterior ramus, and fusion of interdental plates appear at a posthatchling stage. On the other hand, maxillary pneumaticity is already present at an embryonic stage in non-avian theropods.