Res Antiquitatis. Journal of Ancient History

FCT

Res Antiquitatis. Journal of Ancient History 1

FCT

Comparative analysis of Spanish Banks’ Standalone credit profile

The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

Portuguese plain architecture: history opening a closed sequence

The paper will address George Kubler’s Portuguese Plain Architecture [PPA] (1972) and its effect in Portuguese architectural practice. Kubler’s philosophy of art history implied that closed sequences of objects could be opened by several reasons. Thus, it will be argued that there is an effect upon Portuguese architecture post 1974, that is apparent by the reemergence of some of the form classes treated by Kubler. This was mostly achieved through the popularity of Kubler’s book within architectural practice, scholarship and moreover by the establishment of the term “Plain Architecture” in portuguese architectural vocabulary. Plain Architecture of the seventeenth and eighteenth centuries shared some qualities with the architecture to be built in post‑revolutionary Portugal, most importantly the effect that could be achieved with low budget buildings that were responding to a situation of crisis, and simultaneously exhaled aristocratic sparsity. The connection of PPA with the ideological attributes of early modernism and the political context of the time catalysed the reemergence of a new order of Portuguese Plain that resonates still in contemporary architecture.

The names of things: terminology and the practice of art history

This paper aims to explore the ways in which standard art history terminology shapes the practice of art history by conditioning the interpretation of specific works of art and, in certain cases, the definition of a research subject (especially where questions of genre and periodization are concerned). Taking as a case study a painting by Georges de La Tour, the Peasant Couple Eating, I will argue that terms such as realism, realistic, naturalistic etc. used for its description and/or interpretation, far from constituting objective stylistic characterizations, shape our perception of the work in question. Bringing the question of social class to the center of the discourse on realism, I propose to show how the social divide between the painter and his subject matter (in this case, the peasants) is internalized in the painting’s style and meaning, and how it is fundamental for the understanding of its intentionality and function.

The perfect paint in modern art conservation: a comparative study of 21st century vinyl emulsions

Contemporary painting places, and will continue to place, several questions about its meaning, its chemical nature, its durability and the best way to preserve it. This research aims at putting together comprehensive data on vinyl based paints, including their components, their properties, their aging behavior and their response to selected cleaning products. In this project degradation mechanisms of vinyl binders and formulations used in the 20th and 21st century were studied. Stability over time of selected vinyl polymers was assessed through natural indoor and artificially aging. The objective was to enhance knowledge and understanding of vinyl emulsion formulations and their performance over time. Overall conservation state of pictorial layers namely, adhesion, cohesion and discoloration of selected case studies from the Portuguese artist Julião Sarmento (b.1948) was correlated with the observed molecular level changes studied in laboratory experiments. Sarmento’s paintings were chosen due to conservation concerns (discoloration) on some of his works from the 90’s. Besides, research was carried out to start increasing the knowledge of what can be expected of PVAc based paints in terms of response to conservation treatments namely, surface cleaning. Artificial aging showed that the most recent formulations which are based on a poly(vinyl acetate), poly(vinyl chloride) and polyethylene terpolymer are less stable when compared to some homopolymer formulations. From the four pigments studied, titanium dioxide rutile and a carbon based black proved to be stabilizers for both types of polymer. The mixture lithopone plus calcium carbonate has showed to have a photocatalytic effect on the binders. The studied paintings showed to be in an overall good state of conservation except for the paintings created in the 90’s with white glue and a mixture of white lithoponeand calcium carbonate. Discoloration of this white paint seems to be irreversible and ongoing and is still a major concern. The disapearance of the plasticizer was the only change detected. The current works created by Sarmento are expected to be more stable as they were painted using the rutile titanium dioxide. Immersion/cleaning tests showed that vinyl based paints can be susceptible to water and organic solvents like ethanol as some evidences point to the removal/diffusion of additives from the paint. The observations made point to the need to further proceed in this research field.

A comparative review of risk based portfolio allocations: An empirical study throughout rising yields

Since the financial crisis, risk based portfolio allocations have gained a great deal in popularity. This increase in popularity is primarily due to the fact that they make no assumptions as to the expected return of the assets in the portfolio. These portfolios implicitly put risk management at the heart of asset allocation and thus their recent appeal. This paper will serve as a comparison of four well-known risk based portfolio allocation methods; minimum variance, maximum diversification, inverse volatility and equally weighted risk contribution. Empirical backtests will be performed throughout rising interest rate periods from 1953 to 2015. Additionally, I will compare these portfolios to more simple allocation methods, such as equally weighted and a 60/40 asset-allocation mix. This paper will help to answer the question if these portfolios can survive in a rising interest rate environment.

History of Art and Art Criticism: A System in Crisis

This article aims to reconstruct the critical debate regarding the examination of the crisis in the disciplines of art history and criticism with a particular focus on the proposal formulated by U.S. theorists who contributed to October journal. The discrediting of many modernist critical methods, particularly that of Clement Greenberg – the formalist diktat – marked the birth of the journal and gave rise to proposals set forth by critics committed to a new approach. Their divergent positions, nonetheless, have contributed to undermining the traditional concepts of the autonomy of art and criticism. The proposals discussed over the course of publication were the result of a reappraisal of the disciplinary instruments of art history and criticism pursuant to the crucial cultural changes which took place in the 1980s.

Análise configuracional dos grandes conjuntos urbanos na Região de Lisboa (1945-1974) : contributos da sintaxe espacial para a história de arte como história da cidade

A presente investigação debruça-se sobre o estudo dos grandes conjuntos urbanos, tendo como referência a área de Lisboa no período entre 1945 e 1974. O seu objetivo principal é compreender o padrão espacial e respetivas variantes destas formas urbanas relativamente recentes bem como avaliar o seu impato na estrutura global da cidade e da sociedade. Tomando como ponto de partida a história de arte como história da cidade, a tese toma como objeto o grande conjunto urbano e aponta a hipótese do estudo da relação forma-fundo como meio de obter informações relevantes que relacionem o uso e função com respeito ao desenho do espaço aberto. Como diferentes arranjos entre espaços abertos e fechados implicam tipos espaciais distintos (Medeiros 2013), o estudo da relação entre a forma (cheio) e o fundo (vazio) dos grandes conjuntos urbanos e respetivas variações, pode fornecer-nos informação espacial relevante, que nos permitem compreender melhor estas formas urbanas recentes. Usando a abordagem própria da teoria da sintaxe espacial (Hillier e Hanson 1984), do tipo configuracional, determinam-se as relações entre os vários elementos constituintes dos sistemas espaciais formados nestas urbanizações. Essas relações são depois analisadas através de medidas e variáveis topológicas que nos permitem identificar qualidades e valores espaciais para a sociedade. Os resultados obtidos a partir dessas variáveis e medidas permitem-nos, depois, avaliar os graus de ‘formalidade’ e ‘urbanidade’ em cada sistema (Holanda 2002). Consequentemente, a avaliação qualitativa das características espaciais que se pretendem obter nesta investigação, tem como base a avaliação quantitativa, permitindo assim comparar mais facilmente os diversos casos de estudo. De entre o conjunto de casos analisados, o estudo revela uma série de características comuns, que nos permitem identificar um padrão específico de urbanismo modernista que reflete claramente um conjunto de ideologias associadas a uma visão reformista da sociedade através do espaço. Mas por outro lado, existem também um conjunto de características particulares de cada caso, que reportam para a estrutura morfológica da cidade tradicional. No que reporta à hipótese de estudo levantada nesta investigação sobre a relação forma-fundo, verifica-se através da amostra que esta relação aparece invertida. Esta diferenciação deve-se ao abandono dos tradicionais sistemas de rua e de quarteirão, ainda presentes nas urbanizações de Alvalade e do Areeiro e a sua substituição pelo bloco livre em espaço aberto como nos casos de Alfragide, Portela e Olivais. Tal facto, como prova a teoria da Sintaxe Espacial ou Lógica Social do Espaço, traduziu-se necessariamente em diferentes modos de vida pública e privada e consequentemente de vida espacial e social. Assim concluímos, através da análise dos casos de estudo apresentados, que embora fazendo parte duma mesma ideologia urbana com características comuns (genótipo modernista), os mesmos apresentam resultados espaciais totalmente diferenciados o que justifica a dificuldade da sua análise comparativa.

Context costs and comparative advantages in the telecommunications sector in Portugal and China

This Work Project aims to discuss the Context Costs and Comparative Advantages of the Telecommunications sector both in Portugal and China. The work was built mostly on primary research by interviews with relevant people (business persons, University Professors and Agencies directors), and by economic data publicly available. A list of context costs and comparative advantages was drawn for each country and possible resolutions suggestions were made in the end. The context costs depend heavily on the economic situation of the countries and it should be taken into account when assessing the degree of magnitude of each cost of context. The competitive advantages of each country were drawn in comparison with one another. Some key results stand out: firstly, Portugal’s costs of context depend mainly on governmental decisions, uncertainties and instability and China’s cost of context depend primarily on cultural norms, mainly the Guanxi; second, the telecommunications sector shares most of its context costs and advantages with other sectors; third, China as an economic power could use the telecommunications sector as a way to further develop and boost its economy.