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

The new mobility paradigm: transformation of value chain and business models

We would like to thank Philipp Schwarz and Julia Gückel for their dedicated support in preparing this paper and our colleagues and students of the School of Engineering and the Business School for our fruitful discussions.

Evaluation of chemotherapeutic potential of natural extracts using 3D models of colon cancer

Dissertation to obtain master degree in Biotechnology

Envelhecimento ativo, capacidade funcional e atividade física: análise de fatores que contextualizam o processo de envelhecimento e sua percepção por parte de pessoas idosas

RESUMO: O envelhecimento populacional saudável ocupa parte da agenda do processo do envelhecimento humano, retratando uma preocupação social com repercussões nas economias societárias. O processo de envelhecimento, quando abordado fora do paradigma do envelhecimento saudável, desconsidera socialmente o potencial humano das pessoas idosas, promovendo a segregação e motivando atitudes de preconceito e discriminação, além de desperdiçar a experiência, o saber, a cultura e a capacidade de participação da pessoa idosa como contributo para a sociedade a que ela está inserida. O foco central da Política Nacional de Saúde do Idoso brasileira se inscreve na promoção de um envelhecimento saudável, nomeadamente por meio da manutenção da capacidade funcional ao valorizar a autonomia, a independência física e a integridade mental da pessoa idosa. O desafio para a viabilização do processo de envelhecimento ativo e bem-sucedido consiste na maximização das capacidades, potencialidades e recursos pessoais, comunitários e políticos. Pressupõe, também, uma concepção ampliada de viver, contextualizada no contínuo da vida, capaz de externar a preocupação com a saúde e o bem-estar, integrando as pessoas em fase de envelhecimento no contexto do ciclo de vida. Diante do exposto, a presente investigação objetivou conhecer os determinantes de envelhecimento ativo e bem-sucedido, numa população em processo de envelhecimento e relacioná-los com as ―práticas/conteúdos‖ e representações / significados‖ sobre o envelhecimento, as atividades físicas e a capacidade funcional. A investigação foi estruturada em três estudos: no primeiro foi criado e testado o instrumento ―Envelhecimento ativo, capacidade funcional e atividade física‖, na cidade de Lisboa, Portugal, e posteriormente realizada sua adaptação cultural e linguística do português de Portugal para o do Brasil. No segundo foi feita uma pesquisa observacional do tipo survey, descritiva e exploratória com o objetivo de conhecer as relações esteabelecidas entre o envelhecimento bem-sucedido, ativo, a atividade física e a capacidade funcional de uma população em processo de envelhecimento; e no terceiro momento foi realizado um estudo de cariz qualitativo com o objetivo de captar as percepções e comportamentos dos entrevistados diante do fato de se sentirem ou não pessoas idosas ou envelhecidas. Foram adotados os seguintes referenciais teóricos: envelhecimento ativo, envelhecimento bem sucedido, concepção muldidimensional do processual do envelhecimento (determinantes pessoais, familiares, sociais, psicocomunicacionais, econômicos e de saúde), atividade física e capacidade funcional e abordados à luz do perfil demográfico e da experiência das realidades européias, americana e brasileira. Foram triagulados métodos e técnicas (entrevista individual gravada, mensurações e questionário). Participaram pessoas com 60 anos de idade ou mais vinculadas que frequentam dois programas públicos destinados às pessoas idosas na cidade de Juiz de Fora, Minas Gerais, Brasil e foram excluidas as participações de pessoas com dependência para atividades da vida diária, para as atividades instrumentais da vida diária e com alteração do nível de consciência. Amostra aleatória estratificada composta por 326 participantes na qual foram realizadas mensurações e amostra por tipicidade construída a partir da base amostral composta de 87 participantes na qual foi realizada entrevista individual gravada. Atendidos todos os requisitos éticos e legais de pesquisa envolvendo seres humanos, segundo legislação brasileira. Aplicada Análise Fatorial e selecionados 11 fatores com 31 variáveis que contemplaram os determinantes do processo de envelhecimento ativo. Realizado reajustamento da análise fatorial,por questão de coerência conceptual, sendo selecionado oito fatores nomeados de acordo com o referencial teórico adotado que resultou em 25 variáveis que abordaram a participação em atividades e acesso aos serviços de saúde; à atividade física; à convivência, interação e avaliação do contato social; à escolaridade e renda; à saúde percebida e ao voluntariado. Utilizado como marcador para a atividade aeróbia o perfil da sobrecarga da atividade física semanal em consonância com diretrizes e recomendações de atividades aeróbias de intensidade moderada para as pessoas idosas. Identificado que 60,7% dos entrevistados realizam atividade física insuficiente. Os indicadores antropométricos utilizados evidenciaram índices de sobrepeso e de obesidade tanto entre os homens quanto entre as mulheres. Houve correlação do índice de massa corporal (IMC) com as medidas efetuadas segundo as faixas etárias. A análise inferencial possibilitou relacionar os determinantes do envelhecimento ativo, as medidas antropométricas e as variáveis sociodemográficas (escolaridade e idade), sendo obtidos os seguintes destaques: 1) à medida em que a idade aumenta, diminuem os níveis de prática da atividade física, dos contatos com as pessoas para conversar (das relações de convivência), dos trabalhos de voluntariado e das relações familiares e intergeracionais; 2) foi identificado um alinhamento conceptual dos diferentes determinantes concorrentes para um envelhecimento ativo à luz da prática da atividade física com a convivência e interação com os familiares e com auto-avaliação positiva da saúde percebida e atividade física; 3) quanto maior a idade menor os anos de escolaridade; 4) a diminuição da área transversa do braço e do IMC à medida que a idade aumenta, retratou diminuição da adiposidade corporal que está associada à perda da massa magra. A categorização do discurso dos 87 entrevistados permitiu captar a percepção do processo de envelhecimento por dois critérios antagônicos: preservação da autonomia e presença da deterioração. Foi caracterizado o sistema de crenças dos participantes com 1090 emissões de crenças. Houve tendência do sistema de crenças à centralidade com 638 (58,6%) crenças retratando concepções e situações difíceis de serem modificadas por processos educacionais. Os resultados obtidos diagnosticaram e reiteraram a tendência de incremento numérico de pessoas com 60 anos de idade ou mais na cidade brasileira de Juiz de Fora. Embora o estatuto do idoso esteja alicerçado em princípios do envelhecimento saudável e ativo ficou evidenciado a necessidade de estratégias para implementá-la com vistas a impactos sociais, econômicas e de saúde na perspectiva da prática de atividade física e da preservação da capacidade funcional. Constituem contribuição da presente investigação: 1) fundamentos teóricos e informação sobre juiz-foranos com 60 anos de idade ou mais segundo dimensões social, econômica, cultural e espiritual numa concepção ampliada de saúde; 2) abordagem do envelhecimento de forma processual e integrada, multidimensional e articulada com o ciclo da vida; 3) diagnóstico do grau de autonomia dos participantes permitindo subsidiar decisões para melhorar a capacidade funcional dos mesmos; 4) processo investigativo utilizando modelos teóricos que permitiram estabelecer um diagnóstico local e contextualizar o processo de envelhecimento para os participantes e 5) sobrecarga semanal de atividade física e os indicadores antropométricos dos participantes a ponto de subsidiar parâmetros de indicação terapêutica para manutenção da capacidade funcional.-------- ABSTRACT: The populational healthy aging holds part of the process of the human aging agenda, portraying a social concern with the repercussion in societary economies. The aging process when addressed out of the healthy aging paradigm socially disregard the human potential of the elderly, promoting segregation and motivating acts of prejudice and discrimination, in addition to the waste of experience, knowledge, culture and the participatory capacity of an older person in contributting to the society they are a part of. The Brazilian National Health Policy for the Elderly has its main focus in promoting the healthy aging, namely through the maintenance of the functional capacity by valuing the autonomy, physical independence and the mental integrity of the elderly person. The challenge of enabling the process of a successful and active aging lays in maximazing the capabilities, potencialities and personal, communitary and political resources. It infers additionaly a broad view of living, contextualized in the continuum of life, able to express concern with health and well-being, integrating the people in aging phase to the context of the life cycle. Hence, this research aimed to learn the determinants of active and successful aging in a population in aging process and relate them with the "practices/contents" and "representations/meanings" about aging, the physical activities and functional capacity. The investigation was structured in three studies: in the first it was developed and tested the instrument "Active Aging, Functional Capacity and Physical Activity" in the city of Lisboa, Portugal, and afterwards it was culturally and linguistically adapted from Portugal Portuguese to Brazilian Portuguese. The second study was an observational research with survey, descriptive and exploratory methods which aimed to learn the relations established between the successful aging, active aging, the physical activity and the functional capacity of a population in aging process; and the third comprised a qualitative study with the objective to collect the understanding and behavior of the interviewees based on the fact of either they saw themselves as elder or aged person or not. As theoretical framework were explored: active aging, successful aging, multidimensional concept of aging process (personal, familial, social, psycho-communicational, economic determinants), physical activity and functional capacity and explored based in demographic profile and in the European, American a Brazilian realities. Performed triangulation of methods and tecniques (recorded individual interviews, measurements and questionnaires). Participants were aged 60 or older included in two public services for the elderly population in the city of Juiz de Fora, Minas Gerais, Brazil and were excluded persons with dependency in both daily activities and instrumental daily activities and the persons with altered level of conciousness. Stratified ramdon sample of 326 participants in which were performed the measurements and typicality sample constructed from the sample basis of 87 participants whereupon the recorded individual interview was performed. Conforming to all the ethical and legal requirements of research with human beings according to the Brazilian legislation. Applied Factor Analysis and selected 11 factors and 31 variables that convey the determinants of the active aging process. Executed reajustment of factor analysis, for conceptual coherence, being selected eight factors named accordingly to the theoretical framework that resulted in 25 variables which approached the participation in activities and access to health care services; to physical activity; to coexistence, interaction and evaluation of social contact; to scholarity and income; to perceived health and volunteering. Used as marker to aerobic activity the profile of weekly physical activity overload in accordance with guidelines and reccomendations for moderate-intensity aerobic activities for older people. Identified that 60,7% of interviewees practice enough physical activity. Anthropometric markers evidence overweight and obesity levels both within men and women. There was correlation between body mass index (BMI) and measures carried out according to age ranges. The inferential analysis allowed relating the active aging determinants, the anthropometric measurements and sociodemographic variables (scholarity and age), obtaining the following highlights: 1) to the extent that age increases, lowers the levels of physical activity practice, of contact with people to talk to (social relationships), of volunteering work and familial and intergenerational relationships; 2) it was identified a conceptual alignment of diferent determinants concurrent to an active aging in light of the physical activity practice with the relationship and interaction of family and with positive self-assessment of perceived health and physical activity; 3) the older the person, lower are scholarity levels; 4) the decrease of the cross-sectional area of the arm and BMI as the age increases portrayed decreased adiposity of the body that is associated with loss of lean body mass. The categorization of the speech of 87 interviewees allowed to collect the understanding of the aging process by two opposite criteria: preservation of autonomy and existance of decline. It marked the belief system of participants with 1090 beliefs expressed. With tendency of the belief system to centrality with 638(58,6%) beliefs showing concepts and dificult situations to be changed through educational processes. The results diagnosed and reiterated the tendency of increase in the number of people aged 60 or older in the Brazilian city of Juiz de Fora. Although the elderly statute is built upon principles of healthy and active aging it was evident the need of strategies to implement it aiming at social, economic and health impacts in the perspective of physical education and preservation of the functional capacity. Constitute contributions of this study: 1) theoretical fundaments and data about Juiz de Fora citizens aged 60 or more according to social, economic, cultural and spiritual dimensions in a broad concept of health; 2) approach of aging in a procedural and integrative, multidimensional manner, articulated with the life cycle; 3) diagnosis of degree of autonomy of participants enabling decisions on how to improve their functional capacities; 4) investigative process using theoretical models which permit to stablish a local diagnosis and contextualize the aging process of participants and 5) weekly overload of physical activity and anthropometric indexes of participants as to subsidize parameters to therapeutic indication to the maintainence of functional capacity.

Structural time series models and the Kalman filter: A concise review

The continued increase in availability of economic data in recent years and, more importantly, the possibility to construct larger frequency time series, have fostered the use (and development) of statistical and econometric techniques to treat them more accurately. This paper presents an exposition of structural time series models by which a time series can be decomposed as the sum of a trend, seasonal and irregular components. In addition to a detailled analysis of univariate speci fications we also address the SUTSE multivariate case and the issue of cointegration. Finally, the recursive estimation and smoothing by means of the Kalman filter algorithm is described taking into account its different stages, from initialisation to parameter s estimation.

Corporate finance in general equilibrium models with incomplete markets: A survey

A Masters Thesis, presented as part of the requirements for the award of a Research Masters Degree in Economics from NOVA – School of Business and Economics

Dynamic adaptation of interaction models for stateful web services

Dissertação para obtenção do Grau de Mestre em Engenharia Informática

Microscopy image segmentation by active contour models

In this thesis a semi-automated cell analysis system is described through image processing. To achieve this, an image processing algorithm was studied in order to segment cells in a semi-automatic way. The main goal of this analysis is to increase the performance of cell image segmentation process, without affecting the results in a significant way. Even though, a totally manual system has the ability of producing the best results, it has the disadvantage of taking too long and being repetitive, when a large number of images need to be processed. An active contour algorithm was tested in a sequence of images taken by a microscope. This algorithm, more commonly known as snakes, allowed the user to define an initial region in which the cell was incorporated. Then, the algorithm would run several times, making the initial region contours to converge to the cell boundaries. With the final contour, it was possible to extract region properties and produce statistical data. This data allowed to say that this algorithm produces similar results to a purely manual system but at a faster rate. On the other hand, it is slower than a purely automatic way but it allows the user to adjust the contour, making it more versatile and tolerant to image variations.

Participatory Surveillance and Mathematical Models in Epidemiologic Research: Successes and Challenges

Theoretical epidemiology aims to understand the dynamics of diseases in populations and communities. Biological and behavioral processes are abstracted into mathematical formulations which aim to reproduce epidemiological observations. In this thesis a new system for the self-reporting of syndromic data — Influenzanet — is introduced and assessed. The system is currently being extended to address greater challenges of monitoring the health and well-being of tropical communities.(...)

Amyotrophic Lateral Sclerosis:Mammalian Cell Models,Copper-Zinc Superoxide Dismutaseand Biological Characteristics

"Amyotrophic Lateral Sclerosis (ALS) is the most severe and common adult onset disorder that affects motor neurons in the spinal cord, brainstem and cortex, resulting in progressive weakness and death from respiratory failure within two to five years of symptoms onset(...)

Enterprise reference lexicon building from business models

Nowadays, a significant increase on the demand for interoperable systems for exchanging data in business collaborative environments has been noticed. Consequently, cooperation agreements between each of the involved enterprises have been brought to light. However, due to the fact that even in a same community or domain, there is a big variety of knowledge representation not semantically coincident, which embodies the existence of interoperability problems in the enterprises information systems that need to be addressed. Moreover, in relation to this, most organizations face other problems about their information systems, as: 1) domain knowledge not being easily accessible by all the stakeholders (even intra-enterprise); 2) domain knowledge not being represented in a standard format; 3) and even if it is available in a standard format, it is not supported by semantic annotations or described using a common and understandable lexicon. This dissertation proposes an approach for the establishment of an enterprise reference lexicon from business models. It addresses the automation in the information models mapping for the reference lexicon construction. It aggregates a formal and conceptual representation of the business domain, with a clear definition of the used lexicon to facilitate an overall understanding by all the involved stakeholders, including non-IT personnel.

Learning facial-expression models with crowdsourcing

The computational power is increasing day by day. Despite that, there are some tasks that are still difficult or even impossible for a computer to perform. For example, while identifying a facial expression is easy for a human, for a computer it is an area in development. To tackle this and similar issues, crowdsourcing has grown as a way to use human computation in a large scale. Crowdsourcing is a novel approach to collect labels in a fast and cheap manner, by sourcing the labels from the crowds. However, these labels lack reliability since annotators are not guaranteed to have any expertise in the field. This fact has led to a new research area where we must create or adapt annotation models to handle these weaklylabeled data. Current techniques explore the annotators’ expertise and the task difficulty as variables that influences labels’ correction. Other specific aspects are also considered by noisy-labels analysis techniques. The main contribution of this thesis is the process to collect reliable crowdsourcing labels for a facial expressions dataset. This process consists in two steps: first, we design our crowdsourcing tasks to collect annotators labels; next, we infer the true label from the collected labels by applying state-of-art crowdsourcing algorithms. At the same time, a facial expression dataset is created, containing 40.000 images and respective labels. At the end, we publish the resulting dataset.

Real-time collaborative editing of OutSystems DSL models

Real-time collaborative editing systems are common nowadays, and their advantages are widely recognized. Examples of such systems include Google Docs, ShareLaTeX, among others. This thesis aims to adopt this paradigm in a software development environment. The OutSystems visual language lends itself very appropriate to this kind of collaboration, since the visual code enables a natural flow of knowledge between developers regarding the developed code. Furthermore, communication and coordination are simplified. This proposal explores the field of collaboration on a very structured and rigid model, where collaboration is made through the copy-modify-merge paradigm, in which a developer gets its own private copy from the shared repository, modifies it in isolation and later uploads his changes to be merged with modifications concurrently produced by other developers. To this end, we designed and implemented an extension to the OutSystems Platform, in order to enable real-time collaborative editing. The solution guarantees consistency among the artefacts distributed across several developers working on the same project. We believe that it is possible to achieve a much more intense collaboration over the same models with a low negative impact on the individual productivity of each developer.

Development of 3D in vitro models for prediction of hepatic metabolism and toxicity

The development of human cell models that recapitulate hepatic functionality allows the study of metabolic pathways involved in toxicity and disease. The increased biological relevance, cost-effectiveness and high-throughput of cell models can contribute to increase the efficiency of drug development in the pharmaceutical industry. Recapitulation of liver functionality in vitro requires the development of advanced culture strategies to mimic in vivo complexity, such as 3D culture, co-cultures or biomaterials. However, complex 3D models are typically associated with poor robustness, limited scalability and compatibility with screening methods. In this work, several strategies were used to develop highly functional and reproducible spheroid-based in vitro models of human hepatocytes and HepaRG cells using stirred culture systems. In chapter 2, the isolation of human hepatocytes from resected liver tissue was implemented and a liver tissue perfusion method was optimized towards the improvement of hepatocyte isolation and aggregation efficiency, resulting in an isolation protocol compatible with 3D culture. In chapter 3, human hepatocytes were co-cultivated with mesenchymal stem cells (MSC) and the phenotype of both cell types was characterized, showing that MSC acquire a supportive stromal function and hepatocytes retain differentiated hepatic functions, stability of drug metabolism enzymes and higher viability in co-cultures. In chapter 4, a 3D alginate microencapsulation strategy for the differentiation of HepaRG cells was evaluated and compared with the standard 2D DMSO-dependent differentiation, yielding higher differentiation efficiency, comparable levels of drug metabolism activity and significantly improved biosynthetic activity. The work developed in this thesis provides novel strategies for 3D culture of human hepatic cell models, which are reproducible, scalable and compatible with screening platforms. The phenotypic and functional characterization of the in vitro systems performed contributes to the state of the art of human hepatic cell models and can be applied to the improvement of pre-clinical drug development efficiency of the process, model disease and ultimately, development of cell-based therapeutic strategies for liver failure.

Predicting market direction with hidden Markov models

This paper develops the model of Bicego, Grosso, and Otranto (2008) and applies Hidden Markov Models to predict market direction. The paper draws an analogy between financial markets and speech recognition, seeking inspiration from the latter to solve common issues in quantitative investing. Whereas previous works focus mostly on very complex modifications of the original hidden markov model algorithm, the current paper provides an innovative methodology by drawing inspiration from thoroughly tested, yet simple, speech recognition methodologies. By grouping returns into sequences, Hidden Markov Models can then predict market direction the same way they are used to identify phonemes in speech recognition. The model proves highly successful in identifying market direction but fails to consistently identify whether a trend is in place. All in all, the current paper seeks to bridge the gap between speech recognition and quantitative finance and, even though the model is not fully successful, several refinements are suggested and the room for improvement is significant.