Value creation in the nursing home real estate investment market - A case study

The underlying thesis examines the value drivers of direct investments in nursing home real estate in Germany. A survey among investors and operators is conducted in order to identify significant value drivers. Moreover, based on survey results, a framework for assessing German nursing home real estate is developed. This is applied in a case-study about the set-up of a nursing home value-add fund which will demonstrate the value creation process of redeveloping an existing nursing home real estate portfolio. Through a concluding analysis the sources of value creation, sensitivities and future prospects of direct investing into German nursing home real estate are concluded.

Getting the carry trade's jackpot

This Working Project studies five portfolios of currency carry trades formed with the G10 currencies. Performance varies among strategies and the most basic one presents the worst results. I also study the equity and Pure FX risk factors which can explain the portfolios’ returns. Equity factors do not explain these returns while the Pure FX do for some of the strategies. Downside risk measures indicate the importance of using regime indicators to avoid losses. I conclude that although using VAR and threshold regression models with a variety of regime indicators do not allow the perception of different regimes, with a defined exogenous threshold on real exchange rates, an indicator of liquidity and the volatilities of the spot exchange rates it is possible to increase the average returns and reduce drawdowns of the carry trades

Analysis and treatment of a nineteenth century portrait, study of Artsorb® and a proposal for a microclimate frame

The present work is divided in two parts: Part 1 is focused on the analysis and treatment of a 19th century portrait of Domingos Affonso, which belongs to the Ecomuseu Municipal do Seixal; and Part 2, which is entitled “The Microclimate Frame Project” is focused on the study of Artsorb® and on the planning of a microclimate frame for the painting. In Part 1, a study of the painting’s materials was performed using complementary analytical techniques and the painting’s condition was carefully evaluated. The painting exhibited signs of mould growth, and a more detailed investigation was made of this topic to understand if the fungal community was active and if it represented a real danger to the painting. A treatment was proposed, appropriate to the painting’s condition. A description of the treatment carried out, comprising the treatment options, is also present in this section. Within the study of the microclimate frame, in Part 2, the study of the potential corrosiveness of Artsorb® was a central subject. Artsorb® sheets are one of the most widely used materials for buffering relative humidity fluctuations in microclimate frames and its reported excellent performance is enhanced by its availability in lightweight sheets that can be easily placed inside microclimate frames. However, concerns have arisen regarding the presence of the corrosive salt lithium chloride in the composition of this buffer. Consequently, the present work also aimed to understand the potential risks of using Artsorb® and the possibility of avoiding exposure of lithium chloride to the artworks through the use of Tyvek®. Results from the preliminary tests seem to indicate that Artsorb® releases lithium chloride into air. This study also showed that a Tyvek® cover over Artsorb® reduces but does not eliminate evidence of chlorine contamination, and it significantly reduces the effectiveness of the buffering material. Considering that Artsorb® appears to be unsuitable due to the release of the corrosive salt, that Tyvek® was not efficient as a barrier for lithium chloride or as a permeable material to enable the proper functioning of Artsorb®, the buffering material proposed for the use in the microclimate frames is silica gel without indicator. Based on the choice of buffering material, as a result of this study, a microclimate frame is proposed.

Real convergence in per capita output and growth in Eurozone: A time-series approach

The real convergence hypothesis has spurred a myriad of empirical tests and approaches in the economic literature. This Work Project intends to test for real output and growth convergence in all N(N-1)/2 possible pairs of output and output growth gaps of 14 Eurozone countries. This paper follows a time-series approach, as it tests for the presence of unit roots and persistence changes in the above mentioned pairs of output gaps, as well as for the existence of growth convergence with autoregressive models. Overall, significantly greater evidence has been found to support growth convergence rather than output convergence in our sample.

Dois alçados inéditos do Palácio Real de Campo de Ourique

A recente descoberta de dois magníficos desenhos para o alçado do Palácio Real a construir em Campo de Ourique levantam, pela erudição das suas opções arquitectónicas como pela sua superlativa qualidade estética, uma série de questões sobre a cultura arquitectónica e o desenho de arquitectura em Portugal, nos meados do século XVIII. Sendo um conjunto indissociável, um dos desenhos apresenta a data de 1760 com a assinatura, algo inusitada, do Capitão Dionizio de S. Dionizio, figura de pouco relevo na conjuntura dos arquitectos da Casa Real implicados nas grandes obras de renovação da cidade de Lisboa pós terramoto. Perante este personagem pouco conhecido pretendemos neste texto apresentar uma primeira abordagem abrindo, num futuro, um debate alargado sobre o quadro conceptual de influências de que o elevado nível artístico destes desenhos, sem paralelo na época, dá testemunho.

Recensão: David Santos, "A Reinvenção do real – Curadoria e Arte contemporânea no Museu do Neo-realismo"

Recensão de: David Santos, "A Reinvenção do real – Curadoria e Arte contemporânea no Museu do Neo-realismo", Lisboa: Sistema Solar CRL (Documenta), 2014

Implementação e validação do método de deteção de alergénios em alimentos por PCR em tempo real no Laboratório SGS

As alergias alimentares são um grande problema de saúde pública a nível mundial, que ocorre em todas as faixas etárias, tendo maior incidência em crianças. Mediada pelo sistema imunitário, a alergia alimentar é uma reação adversa que ocorre devido à presença de alergénios alimentares, que são identificados erroneamente como sendo um perigo ao organismo. Como é uma patologia que não possui cura, a prevenção é a melhor forma de evitar que ocorram reações alérgicas em indivíduos sensíveis, sendo a rotulagem um componente indispensável para a identificação dos alergénios presentes nos alimentos. Dentro dos métodos utilizados para a deteção de alergénios está a Reação em Cadeia da Polimerase em tempo real (PCR em tempo real), que é capaz de identificar o gene que codifica a proteína alergénica. Este método possui elevada sensibilidade e especificidade, sendo atualmente utilizado na área alimentar para a deteção de organismos genéticamente modificados e alergénios. Devido a uma grande procura de clientes e consumidores, para identificação de alergénios em alimentos, o objetivo do presente trabalho foi implementar e validar, a partir de análises de sensibilidade, precisão e robustez, o método de PCR em tempo real. Dessa forma, foi testada a deteção qualitativa de oito alergénios em alimentos, sendo estes o aipo, amendoim, avelã, caju, noz, pistáchio, sésamo e soja, no Laboratório da SGS - Société Générale de Surveillance. Destes alergénios, foi possível a validação de sete, demonstrando que o método de PCR em tempo real, para os presentes alergénios, possui elevada precisão e sensibilidade nos resultados obtidos.

Vivências do Quotidiano do Hospital Real de Todos-os-Santos (Lisboa) : os contextos do poço SE do claustro NE

As intervenções arqueológicas concretizadas entre 1999-2001 permitiram o reconhecimento de contextos referentes ao Hospital Real de Todos-os-Santos, nomeadamente o claustro NE, bem como uma estrutura hidráulica no seu perímetro interno. A identificação do espólio cerâmico e vítreo aqui descartado permite, numa primeira fase, a aferição cronológica e tipológica destes e, consequentemente, do perfil funcional (utilitário, de cozinha e medicinal), numa tentativa de padronização do conjunto arte factual no edifício hospitalar e na cidade de Lisboa. Num segundo estágio, pretendese obter uma leitura concreta no que concerne ao período de utilização desta estrutura, indo de encontro às distintas áreas a vigorar no espaço claustral.

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.