Options and Requirements for a potential market entry into Portugal with renewable energy technologies that are applicable for heating and cooling of buildings

NSBE-UNL

(Non) - Demand driven servitization: strategic implications for suppliers from incorporating their customers up front

Double Degree. A Work Project, presented as part of the requirements for the Award of a Master’s Degree in Management from NOVA – School of Business and Economics and a Masters Degree in International Business, Strategy and Innovation from Maastricht University

Performance analysis of an SRI screen based on employment quality in high and low capital industries: International evidence

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 and Maastricht University School of Business and Economics

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

Evaluation of long term persistence of Diabetes Mellitus Type II treatment newly diagnosed patients in Lisbon and Tagus health administration region : a three year follow up study

RESUMO: Raional: A persistência à terapêutica é o tempo em qualquer antidiabético oral, desde o seu início até à descontinuação de todas as medicações ou até ao fim do período do estudo. Os objetivos deste estudo foi a análise da persistência à terapêutica no segundo e terceiro anos após início do tratamento em doentes adultos diagnosticados na região de Lisboa e Vale do Tejo e determinar o efeito de determinadas variáveis na persistência a longo prazo. Métodos: Um estudo retrospetivo não interventivo foi desenhado com base nos dados a obter do SIARS (prescrições e aquisições na farmácia) e Pordata. A persistência foi quantificada como a percentagem de doentes que continuam a adquirir pelo menos um antidiabético oral ao segundo e terceiro anos após a compra da primeira receita. A associação entre a persistência e o segundo e terceiro anos com cada uma das co-variáveis foi aferido pelo teste qui-quadrado e os odd ratios foram calculados com recurso a um modelo de regressão logística. Resultados: A persistência à terapêutica obtida foi de 80% e 62% para o segundo e terceiro anos após início da terapêutica. Odd ratios para primeiro e segundo ano: número de grupos farmacoterapêuticos diferentes (OR = 2.167, 1.807 – 2.598, p = 0.000 / OR = 1.863, 1.621 – 2.142, p = 0.000); idade (OR = 0.914, 0.772 – 1.081, p = 0.294 / OR = 0.875, 0.764 – 1.002, p = 0.054); sexo (OR = 1.163, 0.983 – 1.377, p = 0.079); número de diferentes prescritores (OR = 3.594, 3.030 – 4.262, p = 0.000 / OR = 2.167, 1.886 – 2.491, p = 0.000); instituição de prescrição (OR = 0.725, 0.698 – 0.753, p = 0.000 / OR = 0.683, 0.650 – 0.717, p = 0.000); grupo farmacoterapêutico (OR = 1.056, 1.043 – 1.069, p = 0.000 / OR = 1.077, 1.060 – 1.095, p = 0.000); relação com o médico (OR = 0.834, 0.816 – 0.852, p = 0.000 / OR = 0.799, 0.777 – 0.821, p = 0.000) e custo médio mensal por grupo farmacoterapêutico (OR = 0.954, 0.942 – 0.968, p = 0.000 / OR = 0.930, 0.914 – 0.947, p = 0.000). Conclusões: O valor da persistência à terapêutica no segundo ano é ligeiramente acima do que é mencionado na literatura e não existem dados para comparar os resultados do terceiro ano. Relativamente ao efeito das co-variáveis no segundo e terceiro anos após o início do tratamento, os resultados são sobreponíveis, sendo que o sexo não está associado à persistência ao terceiro ano.----------------------------------ABSTRACT: Background: Therapy persistence is the time on any antidiabetic medication, from initiation of therapy to discontinuation of all medications or the end of the study period. The aim of the study was to analyse the therapy persistence in the second and third years after treatment initiation in newly diagnosed adult patients in the Lisbon and Tagus Valley region and to determine the effect of several co-variables in the long term persistence. Methods: A retrospective non-interventional study based on SIARS data (drug prescriptions and acquisitions) and Pordata was designed. Persistence was quantified as the percentage of patients that continued to purchase at least one type of antidiabetic at year 2 and 3 after the date of first prescription acquisition. Association between persistence at second and third years with each of the other co-variables were verified by using the Chi-Square test and odds ratio were calculated using a regression logistic model. Results: Therapy persistence obtained was 80% and 62% for the second and third years after treatment initiation. Odd ratios for second and third years: number of different pharmacotherapeutic groups (OR = 2.167, 1.807 – 2.598, p = 0.000 / OR = 1.863, 1.621 – 2.142, p = 0.000); age (OR = 0.914, 0.772 – 1.081, p = 0.294 / OR = 0.875, 0.764 – 1.002, p = 0.054); gender (OR = 1.163, 0.983 – 1.377, p = 0.079); number of different prescribers (OR = 3.594, 3.030 – 4.262, p = 0.000 / OR = 2.167, 1.886 – 2.491, p = 0.000); institution of prescription (OR = 0.725, 0.698 – 0.753, p = 0.000 / OR = 0.683, 0.650 – 0.717, p = 0.000); pharmacotherapeutic group (OR = 1.056, 1.043 – 1.069, p = 0.000 / OR = 1.077, 1.060 – 1.095, p = 0.000); relationship with the physician (OR = 0.834, 0.816 – 0.852, p = 0.000 / OR = 0.799, 0.777 – 0.821, p = 0.000) and average cost per month and per pharmacotherapeutic group (OR = 0.954, 0.942 – 0.968, p = 0.000 / OR = 0.930, 0.914 – 0.947, p = 0.000). Conclusions: Second year therapy persistence value is slightly above of what is referenced in literature and no data was found to compare the third year value. Regarding the effect of the co-variables analysed at second and third years after treatment initiation, the results were overlapping with gender being not associated with persistence at the third year.

The future of airline business models:

This research is titled “The Future of Airline Business Models: Which Will Win?” and it is part of the requirements for the award of a Masters in Management from NOVA BSE and another from Luiss Guido Carlo University. The purpose is to elaborate a complete market analysis of the European Air Transportation Industry in order to predict which Airlines, strategies and business models may be successful in the next years. First, an extensive literature review of the business model concept has been done. Then, a detailed overview of the main European Airlines and the strategies that they have been implementing so far has been developed. Finally, the research is illustrated with three case studies

Does ownership structure matter? Three essays in finance

Management

Basel III new capital requirements, impacts and bank behavior

For some years, researchers could not find a clear effect of capital adequacy on the risk profile of banks, as shareholders could increase the riskiness of the assets (qualitative effect), crowding-out the effect of reduced leverage (volume effect). Some shareholders might have the will to increase the riskiness of the assets, but they may lack the power to do so. Considering only ”powerful” shareholders, definitive conclusions were drawn but with constant ownership profile. In this paper I investigate whether there is a significant change in the type of shareholders in response to regulatory capital shocks and, if so, will the banking system be in the hands of more “desired” shareholders. I find that ownership profile responds to a regulatory shock, changing the risk appetite of the ruling power at the bank. I find more banks and the government in the ownership of undercapitalised banks and much less institutional shareholders and free float. I claim that these new shareholders may not the desired ones, given the objective of the regulatory change, as they are associated with a preference for more leverage. One possible explanation for this crowding-out effect is that regulators are trying to contain idiosyncratic risk (more linked to the riskiness of the assets) with a rule that contains systematic risk (capital adequacy). This has a distorting effect on ownership. Another insight can be drawn from the tests: supervisors should be aware of significant ownership movements that cause the crowding-out.

Capital requirements and loan market conditions insight into Portuguese Banking system (2004-2011)

Capital Requirements have been gaining importance in the current macroeconomic and financial environment and Portugal is no exception. Nonetheless, despite the several media articles on this subject, the associations with Loan Market Conditions, namely availability and pricing are still unstudied. Thus, this project adds to the existing literature a characterization of Portuguese four biggest banks on capital reporting and requirements fulfillment. It is concluded that banks under analysis need to increase capital and that there is an association between the variables under study: Share Capital is negatively correlated with Credit Volume, and it is positively correlated with Net Commercial Income.

Lovers and Madmen: The Μανία-Φρονεῖν Opposition in Plato’s Phaedrus

In this thesis we propose to examine the first half of the Phaedrus (sc. until the end of the palinode) in light of the opposition between the notions of μανία and φρονεῖν, as they are explicitly and implicitly presented in the erotic speeches. These are read in dialogue with what we have designated as the “implicit speech” or “speeches”, i.e., the plurality of conceptions regarding ἔρως, μανία and φρονεῖν that were part of Ancient Greek culture. Our reading of the two speeches against ἔρως, Lysias’ and Socrates’ first speech, engages with this cultural background, and extracts a conception of μανία and φρονεῖν with which the palinode will primarily confront. Our reading of the palinode divides it into two sections: the first, the presentation of the first three kinds of beneficial μανία; the second, the mythical narrative that deals with erotic μανία. We emphasise the existence of a wide gulf between these two moments in terms of their ontological, theological and anthropological conceptions. The second section of the palinode is revolutionary not only in contrast with the “implicit speech” and the speeches against ἔρως, but also in contrast with the very beginning of the palinode – which preserves many of the conceptions and assumptions found in the previous speeches and in the cultural tradition. It is in order to explain the foundation, meaning and significance of this gulf that we explore and discuss the notion of ὑπόθεσις and its role as an implicit operator in the Phaedrus. From our reading of the second part of the palinode, it is clear how the introduction of the ὑπερουράνιος τόπος brings about a radical revision of the perspectives on the nature of reality and on human nature and condition that were implicit in the previous speeches and in the first part of the palinode. We show that the ὑπερουράνιος τόπος corresponds to the projection of a multiplicity of cognitive and desiderative requirements that our normal perspective demands, but cannot possibly satisfy. In other words, our perspective is shown to be living beyond its means, yearning for something that by far exceeds what it can get in its de facto condition: the superlative. This results in a major revision of the understanding of φρονεῖν and μανία – a revision that challenges the traditional understanding of these two notions as binary opposites, thereby revealing a much more complex landscape.

Development of an experimental setup for metal cutting research

Analytical, numerical and experimental models have been developed over time to try to characterize and understand the metal cutting process by chip removal. A true knowledge of the cutting process by chip removal is required by the increasing production, by the quality requirements of the product and by the reduced production time, in the industries in which it is employed. In this thesis an experimental setup is developed to evaluate the forces and the temperature distribution in the tool according to the orthogonal cutting model conditions, in order to evaluate its performance and its possible adoption in future works. The experimental setup is developed in a CNC lathe and uses an orthogonal cutting configuration, in which thin discs fixed onto a mandrel are cut by the cutting insert. In this experimental setup, the forces are measured by a piezoelectric dynamometer while temperatures are measured by thermocouples placed juxtaposed to the side face of the cutting insert. Three different solutions are implemented and evaluated for the thermocouples attachment in the cutting insert: thermocouples embedded in thermal paste, thermocouples embedded in copper plate and thermocouples brazed in the cutting insert. From the tests performed in the experimental setup it is concluded that the adopted forces measurement technique shows a good performance. Regarding to the adopted temperatures measurement techniques, only the thermocouples brazed in the cutting insert solution shows a good performance for temperature measurement. The remaining solutions show contact problems between the thermocouple and the side face of the cutting insert, especially when the vibration phenomenon intensifies during the cut. It is concluded that the experimental setup does not present a sufficiently robust and reliable performance, and that it can only be used in future work after making improvements in the assembly of the thermocouples.

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

A intervenção privada na prestação pública : da expansão do Estado às parcerias público-privadas

Durante séculos o papel do Estado na vida económica e social das nações foi crescendo, atingindo um desenvolvimento assinalável a partir da segunga guerra mundial, em execução do novo paradigma que dela resultou. Desenvolvimento que conheceu fortes críticas com paragem e posterior inversão de sentido durante a década de 80 em que se gerou alguma diluição da intervenção do Estado, criando-se um movimento de relativo cepticismo relativamente à bondade, à eficiência e aos custos daquela intervenção. Foi nesse contexto e paralelamente com o aumento da vontade de intervir do sector privado que surgiram as chamadas três «vagas» de intervenção privada, sucessivamente dirigidas às actividades públicas (i) em sectores industriais, comerciais ou de serviços não estratégicos, (ii) no domínio das infra-estruturas e, finalmente, (iii) na área social, recorrendo com diferentes níveis de sucesso, a diversos processos, da privatização às parcerias público-privadas (PPP), passando pela empresarialização. O movimento de reforma nascido de reservas quanto à eficiência do sector público não passou ao lado da saúde, particularmente do hospital público, em que assumiu objectivos e modos específicos, das «reformas de gestão» às «reformas de financiamento» e às «reformas organizacionais », para, na sequência do movimento anteriormente ocorrido noutros domínios, também recorrer às parcerias público-privadas. Depois de situar estas iniciativas no contexto do movimento que rodeou o aumento da intervenção privada na produção e na prestação pública, o artigo procura identificar os requisitos de compatibilidade das parcerias público-privadas com sistemas de saúde organizados e que perseguem a universalidade da cobertura, a acessibilidade e compreensividade dos cuidados e a equidade do acesso, com especial atenção ao facto de (designadamente em Portugal) a partilha de riscos e tarefas poder atribuir ao sector privado a gestão das dimensões clínicas da prestação.

Plataforma de gestão educativa de mediação entre a secretaria e a comunidade educativa

O presente Relatório tem como objetivo expor o trabalho desenvolvido durante o estágio, no âmbito da componente não letiva do mestrado em Ciências da Educação, realizado ao abrigo de um protocolo entre a Faculdade de Ciências Socais e Humanas (FCSH) da Universidade Nova de Lisboa (UNL) e a Escola Profissional Gustave Eiffel (EPGE), sob orientação científica do Professor Doutor Luís Manuel Bernardo da FCSH e orientação prática pela Mestre Maria Goreti Freitas, da EPGE. O estágio teve a duração de três meses, com um total de 400 horas. Deste modo, serão descritas as práticas de estágio, sustentadas nos conhecimentos adquiridos nas componentes letivas do mestrado em Ciências da Educação. O relatório está estruturado em três capítulos, finalizando com uma reflexão sobre a produtividade do estágio para a nossa aprendizagem. No primeiro capítulo, pretende-se justificar a escolha da temática deste relatório, procedendo-se à caracterização da secretaria e da escola, fundamentada através de uma revisão de literatura, bem como por algumas entrevistas realizadas durante o estágio. Neste capítulo dá-se importância ao facto deste estágio ter permitido uma interação com toda a comunidade educativa, nas suas respetivas diferenças, em diferentes níveis e situações. No segundo capítulo, efetuou-se a uma contextualização acerca das plataformas de gestão educativas bem como a sua importância para a gestão da comunidade educativa. Evidenciou-se em particular o papel das plataformas de gestão na educação, enquanto elo de ligação entre a secretaria e toda a comunidade educativa. No terceiro capítulo levou-se a cabo a descrição das principais atividades desenvolvidas durante o estágio curricular. Por fim, apresenta-se a uma reflexão crítica sobre o processo de estágio. Todo o trabalho remete para documentos anexos, os quais comprovam a documentação complementar. Alguns destes documentos foram elaborados de forma original, designadamente as entrevistas realizadas no decurso do estágio.