Durability to marine environment of innovative products for consolidation and chromatic reintegration of historical renders

9th International Masonry Conference 2014, 7-9 July, Universidade do Minho, Guimarães

Characterization of mortars with ceramic residues

XIII DBMC – 12th International Conference on Durability of Building Materials and Components,2-5 September 2014, Universidade de São Paulo, São Paulo, Brazil

Lime mortars with ceramic wastes: characterization of components and their influence on the mechanical behaviour

Considering the fundamental importance of preserving the built heritage and of ensuring the good performance achieved by incorporating ceramic particles in lime mortars in ancient times, it is important to study solutions that use materials the available today, in order to produce mortars intended to repair and replace the old ones. Solutions incorporating industrial ceramic waste might be profitable for several reasons, namely for economic, environmental and technical aspects. In this paper, seven ceramic waste products collected from ceramics factories are characterized. Their mineralogy, dimensional features and pozzolanicity were determined. Three of these products, with different particle size fractions (obtained directly from milling, dust only and fragment fractions only), were selected, incorporated into air lime mortars, and their mechanical strength was determined. In the present work, evidence of mechanical efficiency, when common sand or air lime were partially replaced by ceramic wastes, was made clear, drawing attention to the sustainability of this type of mortars, hence, encouraging further research.

Incorporação de resíduos de cerâmica em argamassas de cal aérea

Sabe-se que aproximadamente 30% do material produzido pela indústria cerâmica é considerado desperdício e, frequentemente, depositado em aterro, com o impacto ambiental negativo que acarreta. Esta tem sido uma das grandes motivações para a crescente investigação que tem sido levada a cabo a fim de obter soluções viáveis para a sua reintrodução no processo produtivo. A viabilidade do uso de resíduos de material cerâmico tem vindo a ser avaliada, principalmente, na incorporação em betões ou em argamassas com base em cimento. Na antiguidade e na ausência de pozolanas naturais, eram frequentemente utilizados resíduos cerâmicos moídos, atuando como pozolanas artificiais e conferindo algumas características hidráulicas e de durabilidade às argamassas de cal aérea. Temse efetivamente constatado que alguns pós resultantes de desperdícios de cerâmica de barro vermelho, nomeadamente os que foram sujeitos a tratamento térmico a temperaturas inferiores a 900°C e moídos em granulometria fina, podem funcionar como pozolanas artificiais em argamassas. A introdução de resíduos de cerâmica em granulometria mais grossa nas argamassas, como agregado, pode também revelarse vantajoso, na medida em que permite substituir parcialmente a areia normalmente utilizada. Assim sendo, o recurso aos resíduos de cerâmica pode ser muito vantajoso em três vertentes principais: a redução de resíduos a depositar em aterro, a redução da extração de rochas para serem utilizadas na produção de ligantes e de areias e a produção de argamassas com comportamentos melhorados. Com o objetivo de analisar a viabilidade da introdução de resíduos de cerâmica em argamassas, que se pretendem sejam, essencialmente, adequadas como argamassas de substituição, tem vindo a ser desenvolvida investigação na Universidade de Coimbra em colaboração com a Universidade Nova de Lisboa. O trabalho que se apresenta neste artigo é uma pequena parte dessa investigação. Toda esta investigação tem tido o apoio de um projeto de investigação financiado pela FCT.

Hygrothermal behaviour of earthen plasters for sustainable housing construction

A ready-mixed and several laboratory formulated mortars were produced and tested in fresh state and after hardening, simulating a masonry plaster for indoor application. All the mortars used a clayish earth from the same region and different compositions of aggregates, eventually including fibres and a phase change material. All the formulated mortars were composed by 1:3 volumetric proportions of earth and aggregate. Tests were developed for consistency, fresh bulk density, thermal conductivity, capillary absorption and drying, water vapour permeability and sorption-desorption. The use of PCM changed drastically the workability of the mortars and increased their capillary absorption. The use of fibres and variations on particle size distribution of the mixtures of sand that were used had no significant influence on tested properties. But particularly the good workability of these mortars and the high capacity of sorption and desorption was highlighted. With this capacity plasters made with these mortars are able to adsorb water vapour from indoor atmosphere when high levels of relative humidity exist and release water vapour when the indoor atmosphere became too dry. This fact makes them able to contribute passively for a healthier indoor environment. The technical, ecological and environmental advantages of the application of plasters with this type of mortars are emphasized, with the aim of contributing for an increased use for new or existent housing.

Long-run performance of sovereign rating changes

This paper examines the impact of Sovereign rating changes on the aggregate stock and bond market returns both in emerging and developed countries. Rating downgrades in emerging markets are associated with significant negative wealth effects both in the stock and bond markets. Moreover, the effects of rating downgrades persist up to six-months after the event. In contrast, upgrades in emerging markets convey no information. Rating changes in developed markets have no significant impact on either stock and bond market returns. Rating agencies act pro-cyclically, downgrading countries in bad times and, consequently, contributing to the instability in emerging markets.

NHL 3.5 mortars with scrap tire rubber

The use of wastes and industrial by-products as building materials is an important issue in order to decrease costs with waste management and the embodied energy of building products. Scrap tire rubber has been studied as aggregate for cementitious materials. Natural hydraulic limes are natural binders with particular characteristics of both air and hydraulic binders. Their specifications became stricter with the last version of EN 459-1:2010. In this study scrap tire rubber was used as additional aggregate of mortars, based on NHL3.5 and natural sand. Different particle size fractions and proportions of scrap tire rubber were used: a mix obtained almost directly from industry (only after sieving for preparation of particle sizes similar to mortar aggregate) and separated fine, medium and coarse fractions; 0%, 18%, 36% and 54% weight of binder, corresponding to 2.5%, 5% and 7.5% weight of sand. The influence of the rubbers´ additions on the mortars´ fresh state, mechanical and physical performance is presented, namely by flow table consistency, water retention, fresh bulk density, dynamic elasticity modulus, flexural and compressive strength, open porosity and bulk density, capillary absorption, drying and thermal conductivity. The use of the rubber mix coming from the waste tire industry seems advantageous and may open possibilities for use as raw material by the mortars industry.

Brazilian equity risk premium analysis: A macroeconomic approach

Double Degree Masters in Economics Program from Insper and NOVA School of Business and Economics

Competition effects from patient mobility in the European Union

This paper studies the effects of reimbursement for medical tourism within the European Union. We use a spatial competition framework to study the effects on prices, qualities and patient flows between two countries. Patient mobility increases with the implementation of reimbursement mechanisms. The resulting equilibria in prices and qualities depend on the rule of reimbursements and possible differences in country specific parameters. Soft budget constraints that public providers may have, pose a competitive advantage over private providers and divert demand toward the former. Supranational coordination concerning soft budgets constraints is needed to address the potentially detrimental effects on aggregate welfar

Measuring spillover effects in Euro Area equity and bond markets

Since its inception, the Eurozone has experienced significant financial integration. However, with the recent turbulent period, the dynamics of this integration may have changed. This study analyses the volatility spillovers from the US and aggregate Eurozone markets into ten Euro Area national equity and bond markets, using a regime-switching model with shifting shock sensitivities. The evidence confirms an increased impact of shock spillover intensity after the 2008 crisis in the equity market and a decrease of the same parameters for the bond market. In both markets, the overall impact of the Eurozone is greater when compared to the U.S.

MarketOpolis: A market simulation based on investors decisions

This study aims to replicate Apple’s stock market movement by modeling major investment profiles and investors. The present model recreates a live exchange to forecast any predictability in stock price variation, knowing how investors act when it concerns investment decisions. This methodology is particularly relevant if, just by observing historical prices and knowing the tendencies in other players’ behavior, risk-adjusted profits can be made. Empirical research made in the academia shows that abnormal returns are hardly consistent without a clear idea of who is in the market in a given moment and the correspondent market shares. Therefore, even when knowing investors’ individual investment profiles, it is not clear how they affect aggregate markets.

Improving accuracy of inflation forecasts using macroeconomic information

This thesis examines the effects of macroeconomic factors on inflation level and volatility in the Euro Area to improve the accuracy of inflation forecasts with econometric modelling. Inflation aggregates for the EU as well as inflation levels of selected countries are analysed, and the difference between these inflation estimates and forecasts are documented. The research proposes alternative models depending on the focus and the scope of inflation forecasts. I find that models with a Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) in mean process have better explanatory power for inflation variance compared to the regular GARCH models. The significant coefficients are different in EU countries in comparison to the aggregate EU-wide forecast of inflation. The presence of more pronounced GARCH components in certain countries with more stressed economies indicates that inflation volatility in these countries are likely to occur as a result of the stressed economy. In addition, other economies in the Euro Area are found to exhibit a relatively stable variance of inflation over time. Therefore, when analysing EU inflation one have to take into consideration the large differences on country level and focus on those one by one.

O fenómeno da criminalidade itinerante

In an increasingly globalized society, the crime appears as a reality that crosses borders. Globalization has potentiated the emergence of new forms of crime, which have been the subject of more interventional, particularly in terms of political, judicial and police authorities as well as civil society approaches. The media allow rapid expansion of criminal methodologies, which aggregate to the ease of movement of itinerant criminal groups, increases the opportunities for the continuation of the practice of criminal offenses, threatening, increasingly, the tranquility and safety of populations. Criminal organizations are characterized by their complexity, thus contributing to the difficulty in combat, by police and judicial authorities, forcing rapid adaptation to new political and criminal reality, particularly at the level of institutional cooperation, national and international, as exemplified by the creation of the "European Area of Freedom, Security and Justice" and new agencies in the field of police cooperation. It was intended with this paper to answer the central question: Is it possible to define a concept of Itinerant Crime in the European regulatory framework (Police and Judiciary)? To fulfill this aim, we performed the characterization of the concept of itinerant crime including itinerant criminal group, we analyzed the work that is being done by the authorities, police and judiciary, in order to contain the phenomenon. Finally, we studied type of existing cooperation at European level between the Member States and the authorities with responsibilities in this area. At the end, we conclude that efforts are being made towards the enhancement of operational, police and judicial cooperation, between the competent authorities of the European Union by combating this phenomenon. Define, and also proposed, a unique concept of Itinerant Crime, in order to be included in the legal standards, in order to facilitate research, in particular to better fit the itinerant crime and assist the prosecution of offenders.

Natural hydraulic lime (nhl3.5) mortars with scrap tire rubber

The use of wastes and industrial by-products as building materials is an important issue in order to decrease costs with waste management and the embodied energy of building products. In this study scrap tire rubber was used as additional aggregate of mortars based on natural hydraulic lime NHL 3.5 and natural sand. Different particle size fractions and proportions of scrap tire rubber were used: a mix obtained directly from industry and separated fine, medium and coarse fractions; 0 %, 18 %, 36 % and 54 % of the weight of binder, corresponding to 2.5 %, 5 % and 7.5 % of the weight of sand. As mortars based on NHL specifications became stricter with the current version of EN 459–1:2015, the influence of the rubber’s additions on the mortars’ fresh state, mechanical and physical performance is presented in this work: flow table consistency, water retention, dynamic elasticity modulus, flexural and compressive strength, open porosity and bulk density, capillary absorption, drying and thermal conductivity are studied. The use of the rubber mix coming from the waste tire industry seems advantageous and may open possibilities for use as raw material by the mortars industry.

Bias in returns to tenure when firm wages and employment comove: A quantitative assessment and solution

It is well known that, unless worker-firm match quality is controlled for, returns to firm tenure (RTT) estimated directly via reduced form wage (Mincer) equations will be biased. In this paper we show that even if match quality is properly controlled for there is a further pervasive source of bias, namely the co-movement of firm employment and firm wages. In a simple mechanical model where human capital is absent and separation is exogenous we show that positively covarying shocks (either aggregate or firm level) to firms employment and wages cause downward bias in OLS regression estimates of RTT. We show that the long established procedures for dealing with "traditional" RTT bias do not circumvent the additional problem we have identified. We argue that if a reduced form estimation of RTT is undertaken, firm-year fixed effects must be added in order to eliminate this bias. Estimates from two large panel datasets from Portugal and Germany show that the bias is empirically important. Adding firm-year fixed effects to the regression increases estimates of RTT in the two respective countries by between 3.5% and 4.5% of wages at 20 years of tenure over 80% (50%) of the estimated RTT level itself. The results extend to tenure correlates used in macroeconomics such as the minimum unemployment rate since joining the firm. Adding firm-year fixed effects changes estimates of these effects also.