Mota-Engil new prospects of growth: Overcoming the financial crisis

The 2008 global financial crisis caused the collapse of business key sectors, declines in consumer wealth and a fall in economic activity resulting in a global recession. In some European countries, the 2008 crisis contributed to a sovereign-debt crisis which had a strong impact in Southern European countries. The construction sector was particularly affected, with budget cuts disturbing public investment and no financing available for private constructors. This report intends to explain how Mota-Engil, faced this situation of low growth, and which strategies were adopted by the management to overcome the difficult economic conjecture, mainly in its domestic market: Portugal. The report is organized as a case-study. The first part, the case narrative, is subdivided into 6 parts, and the second part is the teaching note. The teaching note is constituted by the four questions and their respective responses.

Mental health and the crisis: Evidence from share

Mental health constitutes a significant share of the global burden of disease. It is shaped to a great extent by socioeconomic factors and is vulnerable to external shocks. The recent financial crisis brought about stressors prone to trigger and aggravate mental illnesses. This project presents a micro analysis of the effect of the economic crisis on mental health in eleven European countries, through the estimation of individual health production functions accounting for socioeconomic controls and macroeconomic indicators. We find that mental health has deteriorated since 2007, even though the development of depression episodes is unchanged. Additionally, his variation can be partially attributed to economic recession and budgetary cuts in health spending.

Microvascularização arterial da cóclea

RESUMO: Na descrição deste estudo foi utilizada a terminologia anatómica da Sociedade Brasileira de Anatomia adaptada ao português por J. A. Esperança-Pina de acordo com o tratado Anatomia Humana da Relação. Os actuais estudos sobre hipoacusia sensorioneural implicam um grupo crescente de situações, em que a lesão se situa ao nível da microvascularização coclear, daí que o conhecimento exacto da angiomorfologia normal se torne essencial na fase actual do conhecimento. A autora tem vindo a estudar, desde 1986, a angiomorfologia do ouvido Interno no modelo experimental, o Cobaio, utilizando várias técnicas microvasculares. sendo dado enfâse particular neste estudo à técnica de microscopia electrónica de varrimento em moldes vasculares. Os animais usados no presente estudo pertencem à espécie cavia porcellus, cobaio, por serem considerados na comunidade cientifica internacional como o melhor modelo experimental para estudo do ouvido interno, pelo facto de a morfologia coclear ser muito semelhante à do Homem e por isso ser um modelo fiável para cirurgia experimental e microdissecção. Este estudo foi realizado em 100 cobaios, cavia porcellus, de ambos os sexos com peso médio de 450g. A vascularização do ouvido interno, no cobaio como no homem, faz-se através dos ramos de divisão da artéria auditiva interna ou labiríntica. A artéria labiríntica origina-se como ramo colateral da artéria cerebelosa ântero-inferior a qual tem origem na artéria basilar ou na artéria vertebral. Embora no homem a artéria auditiva interna possa também destacar-se da artéria basilar e até da artéria vertebral, no cobaio em todos os casos estudados a sua origem verificou-se sempre na artéria cerebelosa ântero-inferior. A artéria labiríntica, ao passar abaixo do meato auditivo interno, divide-se na artéria vestibular anterior e na artéria coclear comum.A artéria vestibular anterior dirige-se para o nervo vestibular, emite vasa nervorum para este nervo e vasculariza o utrículo e os canais semicirculares. A artéria coclear comum origina dois ramos principais, a artéria vestíbulo‑coclear ou vestibular posterior no cobaio, a qual se destaca junto à espira basal da cóclea e a artéria coclear, como ramo terminal, que passa a denominar-se de artéria modiolar ou espiralada, após entrar no modíolo. A artéria modiolar ascende no modíolo promovendo através dos seus ramos colaterais e dos seus ramos terminais a microvascularização coclear, numa vascularização de órgão de tipo terminal. Ao longo do seu trajecto verificou‑se de modo constante uma redução gradual de calibre em cada uma das espiras, por emissão de ramos colaterais, sendo que o calibre da artéria na base da cóclea apresenta um valor que diminui gradualmente até ao ápice. A artéria modiolar origina em todo o seu trajecto ramos colaterais, cujo número diminui em valor absoluto da base para o ápice: Arteríolas radiárias internas, arteríolas de trajecto flexuoso que caminham junto às estruturas sensorioneurais da parede interna da cóclea, junto ao lábio timpânico da lâmina espiral óssea e na parede do próprio modíolo, que se relacionam intimamente com este. As arteríolas radiárias internas originam‑se no flanco da artéria modiolar espiralada. Contam‑se dez a doze em cada espira, extraordinariamente flexuosas desde a sua origem. As arteríolas radiárias internas originam como ramos colaterais, vários grupos de arteríolas de menor calibre, que vascularizam distintas regiões da parede interna da cóclea, as arteríolas do gânglio espiral, a rede espiral interna, as arteríolas de origem dos glomérulos de Schwalbe e a arteríola da lâmina basilar. As arteríolas radiárias externas importantes ramos colaterais da artéria modiolar espiralada promovem a vascularização de importantes estruturas da parede externa. Ao atingir o limite externo do ligamento espiral, as arteríolas radiárias externas dividem‑se em vários ramos arteriolares de menor calibre, ao longo da convexidade do limite externo do ligamento espiral, originando a rede capilar pós-estriada que ocupa a porção lateral do ligamento espiral e a rede capilar ad‑ -estriada, na sua porção mais medial em íntima relação com a estria vascular. A espira basal da cóclea apresenta grande riqueza de vascularização, com características particulares apenas a esta espira, a qual é metabolicamente a mais exigente. A arteríola da janela da cóclea aborda a janela da cóclea pela sua convexidade e divide-se numa rica rede vascular da qual emergem arteríolas pré-capilares que se ramificam em capilares, os quais se dirigem em profundidade penetrando a rampa timpânica da cóclea ao nível da espira basal. Importou neste estudo verificar quais as semelhanças em termos de calibre de estruturas análogas, na parede interna e na parede externa da cóclea, com particular incidência na rede capilar. Do estudo estatístico realizado com testes paramétricos de Tamahane e não paramétricos de Mann-Whitney, verifica-se que comparando todas as estruturas consideradas estas têm calibres diferentes, com excepção dos capilares da estria vascular e do ligamento espiral, pertencentes à parede externa da cóclea que têm calibres iguais aos capilares da rede espiral interna e aos capilares da parede interna da cóclea, dependentes das arteríolas da rede espiral interna. As redes capilares dependentes das arteríolas radiárias internas que vascularizam as estruturas sensorioneurais junto á parede interna do modiolo são em tudo semelhantes em termos de calibre às redes capilares da parede externa da cóclea, incluindo os capilares da estria vascular. Esta particularidade traduz num órgão com vascularização de tipo terminal,um mecanismo de controlo do fluxo sanguíneo coclear tão importante na parede interna como na parede externa da cóclea. ------------ ABSTRACT:Current studies on sensorineural hearing loss, imply a growing group of situations in which the lesion is located at the level of the cochlear microvasculature, hence the exact knowledge of normal angiomorfology becomes essential in current state of knowledge. The author has been studying since 1986, the angiomorfology of inner on the experimental model, the guinea pig, using various microvascular techniques being given particular emphasis in this study to the results of the technique of scanning electron microscopy on corrosion casts. The animals used in this study belong to the species cavia porcellus, guinea pig, to be considered in the international scientific community as the best experimental model for the study of the inner ear, the cochlear morphology is very similar to human and therefore a reliable model for experimental surgery and microdissection. This study was performed in 100 guinea pigs of both sexes with average weight of 450g. There shall be a brief description of embryology, anatomy and cochlear physiology in the light of developmental biology, regarding also the spatial location of the cochlea and the determinism of morphogenetic fields in their development and function. The cochlear transduction mechanism converts the sound wave in stimuli sound and so afferent auditory nerve fibres and deafness are closely related to the cochlear microvasculature. Cochlear ischemia is accompanied by immediate hearing loss. The different type of cochlear injury that leads to sensorineural deafness is well studied in presbycusis where an objective link with the audiometric pattern as been established. The sensory type of deafness, is closely related to the degeneracy of the organ of Corti and damage to the outer hair cells at the basal turn of the cochlea. Keeping in mind cochlear tonotopy with location of high frequency sounds at the level of the base of the cochlea, it explains the audiometric pattern with loss in high frequencies. The neural type of deafness, is characterized by neuronal loss with loss of descendant important neuronal afferents, with audiometric translation on a gradually curve with important loss of auditory discrimination. The metabolic type of deafness results in atrophy of the vascular stria, with consequent change in the potential of the endolymph by decreasing the vascular stria cells and changes in K + recycling mechanism. There is also a change in the morphology of the spiral ligament and the audiometric patern as a flattened curve with loss at all frequencies. Bearing in mind cochlear tonotopy and being characterized all types of sensorineural deafness, we may inquire to what extent the cochlear microvasculature, considering not only the cochlea as a whole but different regions of the inner wall and the outer wall of the cochlea, contributes to deafness. We analysed the entire cochlear morphology on scanning electron microscopy with particular emphasis on bone and membranous cochlea. The inner wall of the cochlea and intramodiolar structures such as the spiral ganglion, the morphology of its cell bodies and their axons are analyzed. The morphology of Corti’s organ is described in detail, with description and large detail of the inner and outer hair cells. Is then presented the study of the microvasculature itself. The spiral modiolar artery is observed with the diaphanization technique and the technique of scanning electron microscopy on corrosion vascular casts. After emergence of collateral branches of the greatest importance, the radiating internal and external arterioles, the modiolar artery gives rise to its terminal branches, the arterioles of the cochear apex. Arterial vasa vasorum and vasa nervorum are displayed with a great detail, which was not yet described in such detail in previous microvascular studies. The arterial radiating arterioles originate in the flank of the spiral modiolar artery in number of ten to twelve in each loop, and they vascularize through their branches the inner wall cochlear sensorineural structures located in the modiolus as the spiral ganglion and structures near the organ of Corti. Their caliber is above 20 μm on the basal turn and in the second loop it decreases to values between 12 and 20 μm, decreasing progressively to the apex of the cochlea.They arise near the modiolus or on their way in the spiral lamina forming vascular loops, and divide without presenting vascular constrictions in their divisions, originating new vascular loops of lower caliber. Internal ratiating arterioles originate as collateral branches several groups of smaller caliber arterioles, which vascularize distinct regions of the inner wall of the cochlea namely, the arterioles of the spiral ganglion, the internal spiral network, the arterioles of origin of the glomeruli of Schwalbe and the arterioles of the basilar membrane. The glomeruli of Schwalbe play an important functional role as relay-stations, in hemodynamic terms, to control the cochlear microvasculature. External radiating arterioles have their origin in the spiral modiolar artery, they are directed towards the outer wall of the cochlea and run through the roof of the scala vestibuli. Above the insertion of Reissner’s membrane on the external wall the external radiating arterioles originate the spiral ligament arterioles, which vascularize the spiral ligament, they divide into several arteriolar branches of smaller caliber, along the convexity of the outer edge of the spiral ligament. The connective tissue of the spiral ligament forms a mesh with supporting function of the highly specialized epithelium, where pericytes were identifiable. Next to its base there is the microvascular network of stria vascularis. The adstriated vascular network which is divided into a capillary network, the capillary network of stria vascularis. The stria vascularis, the only vascularized epithelium of the human body, plays an important role, forming an haemato-labyrintine barrier to assure labyrinthine endocochlear potential and transport of ions, essential for the mechanism of transduction of external hair cells. The cochlear basal turn has a special feature on its external wall, the region of the windows, the round windows giving access to scala tympani and the oval window thatleads into scala vestibuli, and so it is metabolic demanding. For their role in cochlear tonotopy the sensorineural structures and those of the external wall of the cochlea, are particularly vulnerable to hypoxia. Although the complementarity of all the techniques was important for three- -dimensional reconstruction of the microvasculature of the cochlea, the scanning electron microscopy technique, especially when we used the system Semafore was fundamental to perform precise morphometric mesures regarding all vascular structures.Regarding the capillaries of the inner and outer wall of the cochlea networks this technique allowed their characterization in morphometric terms. To conclude the capillaries of the inner wall and of the external wall of the cochlea have similar size. So although located at different cochlear regions, with a different functional role, in cochlear physiology these networks consist of capillaries of similar caliber. It seems to translate a cochlear blood flow control mechanism that is so important in the inner wall as in and the external wall of the cochlea to provide for in inner ear homeosthasia.

Wage adjustments under extreme downward nominal wage rigidity

Using a rich and highly accurate dataset for Portugal spanning from 1986 to 2013, this paper analyzes the determinants of downward nominal wage rigidity, mainly focusing on macroeconomic factors. The data supports the hypothesis that recessionary periods alongside with low in ation contribute to a higher degree of wage rigidity, as measured by the incidence of nominal wage freezes. It is further highlighted how this lack of wage adjustments con- tributed to an increase in labor costs which culminated in a wage markup of 6-7%. This paper, thus seems to corroborate the argument that low in ation did exacerbated the downward in exibility of (real) wages after the Great Recession.

Impacto da crise no volume e perfil de internamento de doentes com VIH-SIDA em Portugal Continental : análise temporal 2001-2012

RESUMO - Contexto: O início da crise económica em Portugal no ano de 2009 colocou o país numa grave recessão económica aliada a diversas medidas de austeridade. Como consequência assistiu-se, ao nível nacional, uma diminuição do PIB, aumento do desemprego e assim como uma série de restrições orçamentais em várias áreas, nomeadamente a da saúde. Apesar de existir inúmeros estudos que avaliaram o impacto das recessões económicas na saúde os resultados são controversos e não existe um consenso quanto a esta associação. No que se refere às doenças infeciosas o número de estudos é bastante mais reduzido. O objetivo deste estudo foi o de analisar o impacto da crise atual no volume e perfil de internamento de doentes com VIH/SIDA, de forma a complementar a escassa evidência existente neste domínio. Metodologia: Foram analisados 53,296 episódios de internamento nos hospitais do SNS entre o ano de 2001 e 2012, cujo diagnóstico principal é a infeção pelo VIH/SIDA. Considerou-se o ano de 2009 como o ano inicial da crise. Através de regressões multivariadas avaliou-se o impacto da crise no volume de doentes internados, duração de internamento, número de co-morbilidades, risco de ser admitido via urgência e risco de mortalidade no internamento. Adicionalmente repetiu-se a análise por região NUTS II de Portugal Continental (Norte, Alentejo, LVT, Centro e Algarve). Resultados: A crise não teve impacto no volume de doentes internados. No entanto, após o ano de 2009, registou-se uma diminuição de 5.6% na duração de internamento; um aumento de 1.6% no número de co-morbilidades; um aumento de 11.1% no risco de ser admitido via urgência e um aumento de 8.6% do risco de mortalidade no internamento. As análises por região permitiram verificar que as regiões mais afetadas pela crise foram a região LVT e a região Norte. Conclusão: A crise em Portugal não teve impacto na incidência de internamentos por VIH/SIDA. Porém o aumento do número de co-morbilidades, do risco de ser admitido via urgência e do risco de mortalidade no internamento parece refletir um agravamento da severidade dos casos após o ano de 2009. Adicionalmente a diminuição da duração de internamento com o efeito da crise poderá refletir tanto aumento da eficiência dos cuidados prestados ou ao contrário, uma diminuição da sua qualidade.

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.

Crowdfunding

Crowdfunding, as we know it today, is a very recent activity that was born almost accidentally in the end of the 90’s decade. Due to the advent of the internet and the social networks, entrepreneurs are now able to promote their projects to a very large community. Whether it is composed by family, friends, acquaintances or simply people that are interested in the same topic or share the passion, the community is able to fund new ventures by individually investing modest amounts of money. In return, the entrepreneur can offer symbolic rewards, shares or other financial returns. New crowdfunding platforms are born almost every day all over the world, offering a new way of raising capital for their projects or a new way to invest their money in innovative ventures. Although crowdfunding is still finding its place in the financial services, successful cases such as Kickstarter demonstrate the power of the crowd in boosting creativity and productivity, financing thousands of projects by raising millions of dollars from thousands of investors. Due to regulatory restrictions, the most prominent model for now is reward-based crowdfunding, where the investors are prized with symbolic returns or privileged access to the products or services offered by the entrepreneurs. Other models such as peer-to-peer lending are also surging, allowing borrowers access to capital at a lower cost compared to so-called traditional financial institutions, and offering lenders a higher rate of return. But when it comes to offering shares to investors, i.e. using equity-based crowdfunding, entrepreneurs face regulatory obstacles in almost every country, where legislation was passed decades ago with the objective of promoting financially-capable ventures and protecting investors. Access to capital has become more difficult after the global economic recession of 2008, and for most countries it will not get easier in the near future, leaving start-ups and small enterprises with few options to start or expand their operations. In this study we attempt to answer the following research questions: how has equity-based crowdfunding evolved since its creation? Where and how has equity-based crowdfunding been implemented so far? What are the constraints and opportunities for implementing equity-crowdfunding in the world, and more particularly in Portugal? Finally, we will discuss the risks of crowdfunding and reflect on the future of this industry.