Structured products in the current low interest rate environment

Directed Research Internship

Analysis of metabolic flux distributions in relation to the extracellular environment in Avian cells

Continuous cell lines that proliferate in chemically defined and simple media have been highly regarded as suitable alternatives for vaccine production. One such cell line is the AG1.CR.pIX avian cell line developed by PROBIOGEN. This cell line can be cultivated in a fully scalable suspension culture and adapted to grow in chemically defined, calf serum free, medium [1]–[5]. The medium composition and cultivation strategy are important factors for reaching high virus titers. In this project, a series of computational methods was used to simulate the cell’s response to different environments. The study is based on the metabolic model of the central metabolism proposed in [1]. In a first step, Metabolic Flux Analysis (MFA) was used along with measured uptake and secretion fluxes to estimate intracellular flux values. The network and data were found to be consistent. In a second step, Flux Balance Analysis (FBA) was performed to access the cell’s biological objective. The objective that resulted in the best predicted results fit to the experimental data was the minimization of oxidative phosphorylation. Employing this objective, in the next step Flux Variability Analysis (FVA) was used to characterize the flux solution space. Furthermore, various scenarios, where a reaction deletion (elimination of the compound from the media) was simulated, were performed and the flux solution space for each scenario was calculated. Growth restrictions caused by essential and non-essential amino acids were accurately predicted. Fluxes related to the essential amino acids uptake and catabolism, the lipid synthesis and ATP production via TCA were found to be essential to exponential growth. Finally, the data gathered during the previous steps were analyzed using principal component analysis (PCA), in order to assess potential changes in the physiological state of the cell. Three metabolic states were found, which correspond to zero, partial and maximum biomass growth rate. Elimination of non-essential amino acids or pyruvate from the media showed no impact on the cell’s assumed normal metabolic state.

The quest for growth in the German organic food retail market: Historical trends, current strategies, and future outlook

This paper aims to provide strategies for the organic supermarket chain “Alnatura” to shape the demand and its market share of the organic food & beverage (F&B) market in Germany within the next five years. Through the historic evolution and the current market assessment of Germany, compared to a benchmark country (US), as well as prospective trends in Germany, reasons and opportunities for market growth are evaluated. In addition, an industry attractiveness, competitor and company analysis is executed. Based on those findings and a conducted survey, suggestions to adjust Alnatura´s current business strategies are deduced and finally examined on its risk and feasibility.

From "Humanities and Computing" to "Digital Humanities": Digital Humanities in Portugal with a focus on Historical Research

In the following text I will develop three major aspects. The first is to draw attention to those who seem to have been the disciplinary fields where, despite everything, the Digital Humanities (in the broad perspective as will be regarded here) have asserted themselves in a more comprehensive manner. I think it is here that I run into greater risks, not only for what I have mentioned above, but certainly because a significant part, perhaps, of the achievements and of the researchers might have escaped the look that I sought to cast upon the past few decades, always influenced by my own experience and the work carried out in the field of History. But this can be considered as a work in progress and it is open to criticism and suggestions. A second point to note is that emphasis will be given to the main lines of development in the relationship between historical research and digital methodologies, resources and tools. Finally, I will try to make a brief analysis of what has been the Digital Humanities discourse appropriation in recent years, with very debatable data and methods for sure, because studies are still scarce and little systematic information is available that would allow to go beyond an introductory reflection.

Historical trajectories of currently shrinking Portuguese cities: A typology of urban shrinkage

Cities develop according to different patterns, undergoing population growth during some periods and decline (shrinkage) during others. Theories attempting to understand these behaviours include: 1) shrinkage is a natural process in the life cycle of a city, alternating with periods of growth, or 2) shrinkage is an extreme event that places cities into a continuous decline process with no return to population growth. We use retrospective data over a period of 130 years to study 25 Portuguese cities currently facing population decline, and show that both theories coexist in time and space. Five types of shrinking city are revealed: “Persistent Early Shrinkage” due to exodus fromthe rural periphery, “Metropolitan Shrinkage” due to the challenges of urban sprawl, “Recent Shrinkage” in de-industrialisation hotspots, “Cyclic Shrinkage” occurring in political transformation cores, and “Mild Shrinkage” due to life-style disamenity. As diversity of city population trajectories appears to be the norm in both Portugal and other Western European countries, the incorporation of this range into the management of urban transitions is recommended in order to reinforce city resilience.

Historical reconstructions of raw materials based on a blue smalt coating applied to a seventeenth-century altarpiece

Based on samples cross-sections from the Main Altarpiece of the Coimbra Old Cathedral, where a blue coating performed in 1685 is observed (that was partly covered with a Prussian blue-containing overpaint), the raw materials present in this coating were reproduced and studied. Blue areas were painted with smalt in oil, according to the contract signed by Manoel da Costa Pereira in 1684 and the analysis by Le Gac in 2009. Based on these, three batches of cobalt-based glasses (S1, S2 and S3) were heated and melted in alumina crucibles in the kiln. S1 contained 6.03 % of cobalt oxide, S2 contained 2.10 %, with the addition of 1.49 % of magnesium oxide, and S3 contained 6.82 % of cobalt oxide, with the addition of 4.63% of antimony trioxide. These batches were ground mechanically with water and manually with different vehicles stated in recipes. The results were studied by means of OM, SEM-EDS, X-Ray CT, Colorimetry and Vickers HT. Different binders were also produced and analyzed by means of μ-FTIR, in order to perform their characterization and obtain Standard Spectra. Since anhydrite was identified in the ground layers, gypsum from Óbidos was also characterized by XRD. The main goal of this thesis was to study all the raw materials present in the 1685-blue coating, in order to allow the historically accurate reconstruction of the layers build-up in the next future.

Risk of employing an evolvable production system

Nowadays manufacturing companies are facing a more challenging environment due to the unpredictability of the markets in order to survive. Enterprises need to keep innovating and deliver products with new internal or external characteristics. There are strategies and solutions, to different organisational level from strategic to operational, when technology is growing faster in operational level, more specifically in manufacturing system. This means that companies have to deal with the changes of the emergent manufacturing systems while it can be expensive and not easy to be implement. An agile manufacturing system can help to cope with the markets changeability. Evolvable Production Systems (EPS) is an emergent paradigm which aims to bring new solutions to deal with changeability. The proposed paradigm is characterised by modularity and intends to introduce high flexibility and dynamism at shop floor level through the use of the evolution of new computational devices and technology. This new approach brings to enterprises the ability to plug and unplug new devices and allowing fast reformulation of the production line without reprogramming. There is no doubt about the advantages and benefits of this emerging technology but the feasibility and applicability is still under questioned. Most researches in this area are focused on technical side, explaining the advantages of those systems while there are no sufficient works discussing the implementation risks from different perspective, including business owner. The main objective of this work is to propose a methodology and model to identify, classify and measure potential risk associated with an implementation of this emergent paradigm. To quantify the proposed comprehensive risk model, an Intelligent Decision system is developed employing Fuzzy Inference System to deal with the knowledge of experts, as there are no historical data and sufficient research on this area. The result can be the vulnerability assessment of implementing EPS technology in manufacturing companies when the focus is more on SMEs. The present dissertation used the experts’ knowledge and experiences, who were involved in FP7 project IDEAS, which is one of the leading projects in this area.

A historical approach to the new secular stagnation hypothesis

In this paper, we analyze the behavior of real interest rates over the long-run using historical data for nine developed economies, to assess the extent to which the recent decline observed in most advanced countries is at odds with the past data, as suggested by the Secular Stagnation hypothesis. By using data from 1703 and performing stationarity and structural breaks tests, we find that the recent decline in interest rates is not explained by a structural break in the time series. Our results also show that considering long-run data leads to different conclusions than using short-run data.

The weilburg painting showing the lisbon entry of 1619 in its historical and pictorial context

This article deals with the splendid panoramic painting depicting the Joyeuse Entrée of King Philipp III (Filipe II de Portugal) in Lisbon in 1619 which the author discovered at Weilburg castle in Germany. The author places the painting in its historical and pictorial context by comparing it to the written reports of the entry and comparable 16th and 17th century views of Lisbon. Apparently, the painting is based on a strictly planned choreography that largely follows the previous entry of Philipp II, and is identical in the painted, engraved and written descriptions of the event published between 1619 and 1622.

"A reserva ecológica nacional e a sua importância para o ordenamento do território"

This work primarily aims to investigate the ambiguity between the right to build and the need to preserve nature through one of its instruments: the National Ecological Reserve. In both national and international political effort, forced by increasing ecological awareness of the society were being created regulations for environmental problemsolving frameworks. This significant increase in provisions, that regulated the environment and spatial territory, are directly related to the objectives of the European community. In a year when the soil policy has changed, it is important to review the priorities of regional planning in the face of environmental policies. REN is a restriction of public utility that, among other things, aims to define and integrate diverse areas of our territory which by their structure are essential to the ecological stability of the environment. Going through a historical study of the various regimes that regulated REN, the present work aims to inform the understanding of the concept REN, exposing its objectives and form of delimitation of integrated areas, in order to answer questions about the nature of this institute. It were related to all regulations governing the ecological reserves and land, namely Scheme for Conservation of Nature and Biodiversity; Natura 2000, the National Agricultural Reserve, the Law of the ownership of water resources and water, and the RJIGT RJUE, checking to its compatibility with REN. Through a literature review regarding the jurisprudence of national courts applying the doctrine, analysis of legal regimes, analysis of maps depicting the REN, we carried out a qualitative assessment of the trend and legal effect of REN in protecting populations and environment. Therefore we will work with this reflect on the existing environment awareness in our society and its problems in the management of natural resources.

Cultural journalism in a digital environment : new models, practices and possibilities

Both culture coverage and digital journalism are contemporary phenomena that have undergone several transformations within a short period of time. Whenever the media enters a period of uncertainty such as the present one, there is an attempt to innovate in order to seek sustainability, skip the crisis or find a new public. This indicates that there are new trends to be understood and explored, i.e., how are media innovating in a digital environment? Not only does the professional debate about the future of journalism justify the need to explore the issue, but so do the academic approaches to cultural journalism. However, none of the studies so far have considered innovation as a motto or driver and tried to explain how the media are covering culture, achieving sustainability and engaging with the readers in a digital environment. This research examines how European media which specialize in culture or have an important cultural section are innovating in a digital environment. Specifically, we see how these innovation strategies are being taken in relation to the approach to culture and dominant cultural areas, editorial models, the use of digital tools for telling stories, overall brand positioning and extensions, engagement with the public and business models. We conducted a mixed methods study combining case studies of four media projects, which integrates qualitative web features and content analysis, with quantitative web content analysis. Two major general-interest journalistic brands which started as physical newspapers – The Guardian (London, UK) and Público (Lisbon, Portugal) – a magazine specialized in international affairs, culture and design – Monocle (London, UK) – and a native digital media project that was launched by a cultural organization – Notodo, by La Fábrica – were the four case studies chosen. Findings suggest, on one hand, that we are witnessing a paradigm shift in culture coverage in a digital environment, challenging traditional boundaries related to cultural themes and scope, angles, genres, content format and delivery, engagement and business models. Innovation in the four case studies lies especially along the product dimensions (format and content), brand positioning and process (business model and ways to engage with users). On the other hand, there are still perennial values that are crucial to innovation and sustainability, such as commitment to journalism, consistency (to the reader, to brand extensions and to the advertiser), intelligent differentiation and the capability of knowing what innovation means and how it can be applied, since this thesis also confirms that one formula doesn´t suit all. Changing minds, exceeding cultural inertia and optimizing the memory of the websites, looking at them as living, organic bodies, which continuously interact with the readers in many different ways, and not as a closed collection of articles, are still the main challenges for some media.

Product quality judgments in a two-sequence cue environment

Previous research demonstrated that the sequence of informational cues and the level of distraction have an impact on the judgment of a product’s quality. This study investigates the influence of the force behind the processing of these cues, working memory (WM). The results indicate that without distraction, consumers with low and high WM capacity (WMC) equally base their product evaluation on the first sequential cue. In the presence of a distractor, however, low WM individuals are no longer able to recall the initial cue, and thus derive their product judgment from the final cue. Moreover, evidence of intercultural differences in the perception of product related cues, and their aptitude for signaling a favorable product quality is provided.

Genetic algorithm for shipping route estimation with long-range tracking data : automatic reconstruction of shipping routes based on the historical ship positions for maritime safety applications

Ship tracking systems allow Maritime Organizations that are concerned with the Safety at Sea to obtain information on the current location and route of merchant vessels. Thanks to Space technology in recent years the geographical coverage of the ship tracking platforms has increased significantly, from radar based near-shore traffic monitoring towards a worldwide picture of the maritime traffic situation. The long-range tracking systems currently in operations allow the storage of ship position data over many years: a valuable source of knowledge about the shipping routes between different ocean regions. The outcome of this Master project is a software prototype for the estimation of the most operated shipping route between any two geographical locations. The analysis is based on the historical ship positions acquired with long-range tracking systems. The proposed approach makes use of a Genetic Algorithm applied on a training set of relevant ship positions extracted from the long-term storage tracking database of the European Maritime Safety Agency (EMSA). The analysis of some representative shipping routes is presented and the quality of the results and their operational applications are assessed by a Maritime Safety expert.

How small accounting firms can compete in an environment in which the big four are getting bigger

This paper sets out to determine how small accounting firms can compete in the United States in the early 21st century. The first chapter identifies the central goal of the paper: namely, to use existing literature and market data to define a business strategy for Ross & Moncure, Inc., a small accounting firm in the metropolitan Washington area. The second chapter is a literature review, and in it the author finds that large accounting firms are advantaged in terms of reputation, ability to diversify, and ability to retain employees, but are disadvantaged in their ability to form longstanding successful relationships with clients. In the third chapter, the author explores the relationship between the Big Four firms and their employees. The goal of this chapter is to determine how small accounting firms can compete for top talent in the HR market, and the author finds that this can be done by offering faster career progression and more client interaction. The fourth chapter looks at the market for accounting services in the United States, exploring the different options that consumers have to meet their accounting needs. It is found in this chapter that big and small accounting firms tend to compete for clients of different profiles. In the fifth chapter, the author uses proprietary company data to explore the composition, existing strategy and culture of Ross & Moncure. In the sixth chapter, all of the previous chapters come together to formulate a strategy and plan for action for Ross & Moncure: specifically, that the firm should further cultivate networks and relationships, and should create a fulfilling professional environment by increasing client-employee interaction, encouraging external education, and allowing employees to take on many different projects