Social venture move

This study has the purpose of presenting the path of a social microcredit start-up in Mozambique. Its members had just gotten out of college and decided to put in practice what they had learnt. Even though the whole foundation of the project was developed in Mozambique, the team has extended its experience to other countries: São Tomé and Timor. However, the focus of this study will be solely in the Ilha de Mozambique’s project and the difficulties that it is facing right now, in order to try to find answers that would allow the project entrepreneurs to overcome what is keeping them from having a more successful return rate. The main issue of the project and the worse and unexpected default rate is within the fishing sector. This is peculiar, since the mission is in an island where there are plenty of fish and shellfish. By addressing this problem, and presenting the whole structure of the venture, it is its goal to understand better ways to deal with the difficulties. Its format will be as a case study and it will present as well the macroeconomics of Mozambique to justify the choice of the place, align with the team itself, and why it is possible to have a successful project with as many contacts and sponsors as this one does.

Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

Electrodialytic recovery of phosphorus and organic contaminants removal from sewage sludge

Phosphorus is a macronutrient essential to life which comes from phosphate rock, a non-renewable resource. Sewage sludge from wastewater treatment plants (WWTP) is a secondary resource rich in phosphorus that can be valorized. However, organic compounds are detected in sewage sludge, due to its non-polar and hydrophobic character, being considered an environmental risk. The present dissertation aims to study the efficiency of the electrodialytic process (ED) when applied to sewage sludge aiming phosphorus recovery and organic contaminants removal. Four organic compounds were analyzed: 17α-ethynylestradiol (EE2), bisphenol A (BPA), caffeine (Caf) and oxybenzone (MBPh). The experiments took place in an ED cell with two compartments and an anion exchange membrane, with the sludge in the cathode compartment. The experiments were carried out for three days with spiked sewage sludge (six assays). One control experiment was done without current, three experiments were carried out applying a constant current of 50, 75, and 100 mA and two experiments were carried out applying sequential currents: 50 mA, 75 mA and 100 mA and the opposite (100-75-50 mA). A qualitative and quantitative analysis of microorganisms existing in the samples was also done. At the end, the pH increased in the sewage sludge favoring phosphorus recovery. In terms of phosphorus, the highest recovery was achieved in the experiment run with 100 mA, where 70.3±2.0% of total phosphorus was recovered in the electrolyte. Generally, compounds degradation was favored by the current. Caf and MBPh achieved degradation percentages of 96.2±0.2% and 84.8±1.3%, respectively, in 100 mA assay. EE2 (83.1±1.7%) and BPA (91.8±4.6%) degradations were favored by 50 mA current. A total of 35 taxa from four different groups were identified, totalizing between 81,600-273,000 individuals per gram of initial sludges. After ED, microbial community population decreased between 47-98%. Arcella gibbosa represented 61% of the total observed organisms and revealed to be more tolerant to medium changes.

Valuing an offshore exploration project through real options analysis

This thesis applied real options analysis to the valuation of an offshore oil exploration project, taking into consideration the several options typically faced by the management team of these projects. The real options process is developed under technical and price uncertainties, where it is considered that the mean reversion stochastic process is more adequate to describe the movement of oil price throught time. The valuation is realized to two case scenarios, being the first a simplified approach to develop the intuition of the used concepts, and the later a more complete cases that is resolved using both the binomial and trinomial processes to describe oil price movement. Real options methodology demonstrated to be capable of assessing and valuing the projects options, and of overcoming common capital budgeting methodologies flexibility limitation. The added value of the application of real options is evident, but so is the method's increased complexity, which adversely influence its widespread implementation.

Estudo do galgamento em estruturas marítimas verticais utilizando o modelo numérico AMAZON

O galgamento oceânico é um fenómeno associado à interação de ondas com estruturas marítimas. Nesta dissertação estudou-se o galgamento em estruturas marítimas verticais através da aplicação do modelo numérico AMAZON, que é um modelo bidimensional, baseado na resolução das equações não lineares de águas pouco profundas. Para validar a sua aplicação a estruturas marítimas verticais impermeáveis, os resultados de caudal médio galgado obtidos com o modelo AMAZON foram comparados com os resultados de ensaios em modelo físico bidimensional realizados anteriormente e disponíveis na base de dados do projeto europeu CLASH. Os resultados foram ainda comparados com os das fórmulas empíricas e semi-empíricas de Van der Meer & Bruce de 2014, de Goda de 2008 e de Hedges & Reis de 2015. Antes da sua validação, o modelo foi calibrado utilizando um dos ensaios do CLASH. Para tal, realizou-se uma análise de sensibilidade a alguns parâmetros do modelo, concretamente da dimensão mínima da malha, da escala de aplicação do AMAZOM (à escala reduzida ou à do protótipo), da forma de modelação da parede vertical, já que, dado este modelo ser integrado na vertical, não é possível considerar paredes verticais sem utilizar um artifício de cálculo, dos valores de alguns dos parâmetros de entrada do modelo (profundidade mínima molhada e a profundidade mínima de fricção) e da dimensão do domínio de cálculo. Os resultados da calibração do AMAZON mostram que, por causa da precisão do modelo para os menores caudais médios de galgamento, se deve aplicar o modelo à escala do protótipo. Para estruturas verticais, a aproximação que o modelo faz, por defeito, para a secção vertical da estrutura através de um talude fictício a 10:1 apresenta melhores resultados que a utilização de um talude a 20:1. Contudo, ambos requerem a adoção de uma dimensão da malha bastante reduzida nesta zona e na sua vizinhança (0.03 m). No caso em estudo, os dois parâmetros de entrada do modelo não têm impacto significativo nos resultados, ao contrário do domínio de cálculo que, tal como recomendado na literatura de referência, se deve iniciar (fronteira de entrada) a aproximadamente um comprimento de onda do pé da estrutura. Os resultados obtidos mostram que, em geral, o AMAZON subestima o valor medido do caudal médio galgado com erros relativos variáveis entre -91% e -49%; apenas para um caso o modelo sobrestima o caudal médio, com um erro relativo de 43%. Quando comparado com as formulações empíricas e semi-empíricas, a fórmula de Van der Meer & Bruce apresenta melhores aproximações aos caudais médios medidos que constam na base de dados do CLASH, seguida da fórmula de Goda e dos resultados do modelo AMAZON, embora estes dois últimos apresentem valores bastante próximos. Assim, uma vez que o modelo está em constante desenvolvimento, espera-se que no futuro seja uma ferramenta mais poderosa. Contudo, enquanto não se fizerem melhorias no modelo e/ou não se estender a outros ensaios a análise feita no âmbito desta dissertação, os resultados sugerem que não há vantagem na sua utilização face às formulações empíricas e semi-empíricas disponíveis, tendo também em conta o significativo tempo computacional exigido para executar o AMAZON com a dimensão da malha escolhida.

O que é um teatro municipal? : estudo de caso

O atual panorama dos teatros municipais do país configurou-se, sobretudo, a partir de finais da década de 1990, com iniciativas do governo central e do governo local. A diversidade de gestão desses equipamentos culturais leva a refletir sobre o conceito de teatro municipal. Neste trabalho de projeto, propõe-se uma definição do conceito de teatro municipal e uma análise do caso do Teatro Municipal Joaquim Benite em Almada. Apresenta-se também uma análise da programação para os anos de 2007 a 2012.