Indexing and active fund management: International evidence

Author's pre-print

The determinants of mutual fund performance: A cross-country study

We use a new data set to study the determinants of the performance of open–end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere in the world. The US evidence of diminishing returns to scale is not a universal truth as the performance of funds located outside the USA and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the USA are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance.

Democratic dialogue and collective learning in the context of self-managed teams

This paper provides a longitudinal, empirical view of the multifaceted and reciprocal processes of organizational learning in a context of self-managed teams. Organizational learning is seen as a social construction between people and actions in a work setting. The notion of learning as situated (Brown & Duguid 1989, Lave& Wenger 1991, Gherardi & al. 1998, Easterby-Smith & Araujo 1999, Abma 2003) opens up the possibility for placing the focus of research on learning in the community rather than in individual learning processes. Further, in studying processes in their social context, we cannot avoid taking power relations into consideration (Contu & Willmott 2003). The study is based on an action research with a methodology close to the ‘democratic dialogue’ presented by Gustavsen (2001). This gives a ground for research into how the learning discourse developed in the case study organization over a period of 5 years, during which time the company abandoned a middle management level of hierarchy and the teams had to figure out how to work as self-managed units. This paper discusses the (re)construction of power relations and its role in organizational learning. Power relations are discussed both in vertical and horizontal work relations. A special emphasis is placed on the dialectic between managerial aims and the space for reflection on the side of employees. I argue that learning is crucial in the search for the limits for empowerment and that these limits are negotiated both in actions and speech. This study unfolds a purpose-oriented learning process, constructing an open dialogue, and describes a favourable context for creative, knowledge building communities.

Parallel texts alignment

Trabalho apresentado no âmbito do Mestrado em Engenharia Informática, como requisito parcial para obtenção do grau de Mestre em Engenharia Informática

Extensible metadata repository for information systems

Thesis submitted to Faculdade de Ciências e Tecnologia of the Universidade Nova de Lisboa, in partial fulfillment of the requirements for the degree of Master in Computer Science

Designing market-based instruments for biodiversity conservation: learning with the Australian experience and evaluating Portugal's potential

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para a obtenção do grau de Mestre em Engenharia do Ambiente, perfil Gestão de Sistemas Ambientais

Hox genes control the specification of global vertebral domains

Dissertação apresentada para obtenção do grau de doutor em Biologia pelo Instituto de Tecnologia Química e Biológica da Universidade Nova de Lisboa

A passagem à reforma : um estudo exploratório sobre mulheres profissionalizadas na sociedade portuguesa

RESUMO: Devido às mudanças políticas e sociais que ocorreram no passado, a proporção de mulheres activas no mercado de trabalho tem vindo a aumentar, e neste sentido, cada vez mais mulheres têm vindo a entrar na reforma. As recentes evoluções demográficas mostram um crescente envelhecimento populacional caracterizado por um aumento da proporção de pessoas idosas e pela sua maior longevidade. As mulheres são em número superior, no entanto, a realidade da mulher portuguesa reformada tem sido pouco avaliada sob o ponto de vista em que decorre esta transição. A passagem à reforma é um momento fulcral para conhecer como se adaptam os indivíduos a uma nova etapa da sua vida que é actualmente vivida por mais tempo, e que representa também a passagem para outra categoria social, a categoria de reformado. Condicionantes sociais, culturais e individuais, contribuem para modelar esta transição e o ajustamento à mesma. A reforma para as mulheres deverá corresponder a uma etapa com características únicas, devido às particularidades em termos profissionais e sociais que as distinguem dos homens. Pretende-se neste trabalho “dar voz” às mulheres portuguesas que tiveram uma carreira profissional e conhecer as suas experiências de transição para a reforma e a forma como vivem esta condição. Foram realizadas entrevistas em profundidade com mulheres portuguesas profissionais reformadas, cujos conteúdos foram analisados em torno das seguintes categorias: sentimentos vividos; planeamento e motivações para a passagem à reforma; relação com o trabalho; noção de si própria; gestão de tempo e organização quotidiana e interacções familiares e sociais.-------- ABSTRACT: Due to past political and social changes the number of women working actively in the labor market is growing. This implies that, more women are also entering in the retirement period. Recent demographic trends show an increasing ageing population, characterized by a higher proportion of elderly people, and a higher longevity. Women’s proportion outnumbers older men, yet the reality of Portuguese retired women has been poorly evaluated in regard to this transition process. Retirement transition is a crucial period to understand how individuals adapt to a new stage in their life, that is actually being enjoyed for a longer period and that also represents the transition to retiree’s social role. Social, cultural and individual conditions help to shape this transition and adjustment to it. Retirement for women should be an event with unique features, mostly because of the peculiarities in professional and social relationships, distinct from men. Through in-depth interviews, we explored how Portuguese women, who had a professional career, experience the retirement transition and how they live this new condition. The women’s narratives were analyzed within the following categories: experienced feelings, planning and motivation for retirement; notion of self; time management and daily organization; family and social interactions.

Customisable e-training programmes based on trainees profiles

Dissertation presented at Faculdade de Ciências e Tecnologia of Universidade Nova de Lisboa to obtain the Master degree in Electrical and Computer Engineering

Modelling of the kinetics of municipal solid waste composting in full-scale mechanical-biological treatment plants

A thesis submitted in fulfilment of the requirements for the Degree of Doctor of Philosophy in Sanitary Engineering in the Faculty of Sciences and Technology of the New University of Lisbon

Recommending media content based on machine learning methods

Dissertação para obtenção do Grau de Mestre em Engenharia Informática

Geodupa - a geography-driven partial membership algorithm

Trabalho apresentado no âmbito do Mestrado em Engenharia Informática, como requisito parcial para obtenção do grau de Mestre em Engenharia Informática

Viabilidade económico-financeira do projecto da Unidade de Cuidados Continuados Integrados de Longa Duração e Manutenção da Fundação COI : estudo de caso

RESUMO - Este trabalho consiste numa análise sobre a viabilidade económico-financeira do projecto de construção de uma Unidade de Cuidados Continuados Integrados de Longa Duração e Manutenção pela Fundação COI, que pretende ser uma resposta adequada à diversidade de fenómenos que têm origem no envelhecimento populacional, inserindo-se no modelo de prestação de cuidados de saúde e apoio social preconizado pela Rede Nacional de Cuidados Continuados Integrados. Em termos estruturais, numa primeira fase, o trabalho faz uma análise sobre o estado da arte dos cuidados continuado, nomeadamente através da sua conceptualização e enquadramento, focando os aspectos e características da RNCCI, nomeadamente os aspectos relacionados com a sustentabilidade financeira e os desafios futuros que este sector da saúde se confronta. Numa segunda fase, o trabalho apresenta o projecto de investimento alvo do estudo de caso, mediante o enquadramento histórico e caracterização da Fundação COI, sendo descrita especificamente a tipologia de longa duração e manutenção e o projecto em termos da sua estrutura física e humana. Numa terceira fase, o trabalho estuda a racionalidade do projecto de investimento, através da análise económico-financeira. Tendo-se concluído, com a utilização de indicadores de avaliação e decisão de investimentos, que a ULDM, é viável. Deve-se contudo ter em conta que a sua viabilidade é sensível a hipotéticas alterações de cenários, nomeadamente perante diferentes taxas de ocupação ou alteração do modelo de pagamento. ----------------------- ABSTRACT - This paper consists on analyzing the economical and financial viability of a project of Integrated Continuous Cares on Long-Term and Maintenance Unit (LTMU), managed by COI Foundation, that can create a correct social answer on the various aspects and phenomenon’s that have their origin in an aged population. This kind of project belongs in the role model of social and health cares of the National Network of Integrated Continuous Cares (NNICC). In a first stage the paper is focused on the analysis of the state of the present services of the continuous cares in Portugal, more concretely of his conceptualization and social frame, putting under the lights the aspects and characteristics of the NNICC, more closely the parts related to their financial sustainability and the challenges that this health sector faces nowadays. The next stage is about the investment project applied to this case-study, given his social and historical frame and attending to the specific characteristics of the COI Foundation. It’s also describing its specific LTMU typology under the involved physic and human structure. Finally this paper study the investment project rationality trough scientific methods like its economic–financial analysis. The conclusion, using decision and evaluation procedures that lead to financial indicators, is that the LTMU, is viable. However, the viability of the project is sensible to an hypothetical change of scenario, namely with different rates of change of occupation or type of payment.

BIWiki - Using a Business Intelligence Wiki to Form a Virtual Community of Practice for Portuguese Master's Students

Web 2.0 software in general and wikis in particular have been receiving growing attention as they constitute new and powerful tools, capable of supporting information sharing, creation of knowledge and a wide range of collaborative processes and learning activities. This paper introduces briefly some of the new opportunities made possible by Web 2.0 or the social Internet, focusing on those offered by the use of wikis as learning spaces. A wiki allows documents to be created, edited and shared on a group basis; it has a very easy and efficient markup language, using a simple Web browser. One of the most important characteristics of wiki technology is the ease with which pages are created and edited. The facility for wiki content to be edited by its users means that its pages and structure form a dynamic entity, in permanent evolution, where users can insert new ideas, supplement previously existing information and correct errors and typos in a document at any time, up to the agreed final version. This paper explores wikis as a collaborative learning and knowledge-building space and its potential for supporting Virtual Communities of Practice (VCoPs). In the academic years (2007/8 and 2008/9), students of the Business Intelligence module at the Master's programme of studies on Knowledge Management and Business Intelligence at Instituto Superior de Estatistica e Gestao de Informacao of the Universidade Nova de Lisboa, Portugal, have been actively involved in the creation of BIWiki - a wiki for Business Intelligence in the Portuguese language. Based on usage patterns and feedback from students participating in this experience, some conclusions are drawn regarding the potential of this technology to support the emergence of VCoPs; some provisional suggestions will be made regarding the use of wikis to support information sharing, knowledge creation and transfer and collaborative learning in Higher Education.

Integrating wind generation in the distribution network

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para obtenção do Grau de Mestre em Energias Renováveis – Conversão Eléctrica e Utilização Sustentáveis