Morphological diversification through the evolution of developmental hierarchies

Changes in development impact the final form of organisms and compose the natural variation that is the raw material for evolution. Development is hierarchically structured in progressive series of cell fate determination and differentiation. How does variation in different stages of development contribute to morphological diversification?

Bond portfolio diversification

Portfolio diversification benefits have been extensively documented and acknowledge in the literature since 1952. However, the majority of the studies have focus on an equity context, and only very few on bonds. The study purposed tries to understand and measure the diversification benefits for a pure bond portfolio by investing in securities with different credit risks, maturities and even geographies. Diversification benefits were achieved under the proposed model and some conclusions were withdrawn.

Structure-function relationships in a glycosyltransferase, a phosphatase and an oxidoreductase

Dissertation presented to obtain the Ph.D degree in Biochemistry

Pricing of exchange traded funds

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

Investing beyond the core: The case of Soares da Costa

This study aims to analyze how Grupo Soares da Costa, a diversified group centered on construction, behaved in terms of strategy to the current crisis. More specifically, it purposes to understand why Soares da Costa was forced to abandon its strategic plan “Ambições Renovadas”, which was about diversification and internationalization, to decide to focus on it core business. This study uses a SWOT analysis, the examination of the strategic plans and annual reports and the conclusions of two interviews that were carried out. Being the construction sector such a traditional and significant sector to the Portuguese economy, it is important to understand what a company can do to overcome such circumstances. To deal with all the negative circumstances, Soares da Costa should give priority to projects that require low levels of initial capital and diversify geographically to markets with similar characteristics of Angola and Mozambique, where Soares da Costa already excels.

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.

Portuguese business groups at the beginning of the 21st century: Trends, characteristics and configurations

This study considers the literature on the persistence of business groups in developed economies and analyzes the Portuguese case. The reconstruction of the largest business groups assembles information relevant to define characteristics that enable them to thrive. Increasing internationalization, more specialization in core activities and family control define these types of big businesses. New sectors also emerge as a characteristic of these business groups when compared to the ones existing 40 years ago.

Momentum risk: An approach following the correlations between active stocks

The momentum anomaly has been widely documented in the literature. However, there are still many issues where there is no consensus and puzzles left unexplained. One is that strategies based on momentum present a level of risk that is inconsistent with the diversification that it offers. Moreover, recent studies indicate that this risk is variable over time and mostly strategy-specific. This work project hypothesises and proves that this evidence is explained by the portfolio constitution of the momentum strategy over time, namely the covariance and correlation between companies in the top and down deciles and across them.

Construction sector: Need for strategic reorientation

The construction sector in Portugal declined sharply over the past 10 years. The current crisis can wiped out the entire industry. Can the industry survive? What lessons can we learn? What can be done to revive the sector? These are questions this study intends to answer. By analyzing the best practices of the industry and of the largest construction companies in Portugal, as well as the difficulties and constrains that they all faced, I found that retrenchment (operational costs and selling assets) are the main measures companies resort to, and that strategic reorientation is essential to turnaround. I found that internationalization is a key driver on strategic reorientation and diversification and concentration are complementary strategies that can enforce and strengthen the main one.

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.

Tintopia internationalization analysis

This project reflects the need to internationalize the Tintopia brand of Navarro López Company, in order to continue fulfilling one of its main pillars, internationalize the company, in order to increase sales and have further diversification of risk. The purpose is to find the best Latin American market for Tinto de Verano. In order to do this, a qualitative analysis of variables for 10 countries in Latin America was performed, yielding the result that the two best options for exporting Tintopia are Peru and Mexico. After a detailed analysis of both countries, Peru has more favorable conditions, especially less competition and higher potential sales.

Econet wireless Zimbawe Limited: Building the future

In February 2015, when Econet Wireless Zimbabwe Limited, EWZL, the market leader of the telecommunications sector in Zimbabwe, published the financial results, the management team was worried about the shareholders’ reaction. With over 60% market share in its core business (the voice and SMS market), it has achieved remarkable results due to the great diversification strategy. However, the share price was continuously falling due to exogenous factors that were pressuring margins and threatening future sustainability of the company. EWZL was highly exposed to Zimbabwe’s specific risks and regulatory policies. This case explores both the business environment surrounding the company and the strategic decisions necessary to fight against the economic and political challenges. Students will step into Econet’s obstacles by analyzing the strategies and diagnosing the multiple risk factors affecting the profitability of the firm. Furthermore, they will have to compute the valuation of the firm, facing several challenges of a developing country.

A comparative review of risk based portfolio allocations: An empirical study throughout rising yields

Since the financial crisis, risk based portfolio allocations have gained a great deal in popularity. This increase in popularity is primarily due to the fact that they make no assumptions as to the expected return of the assets in the portfolio. These portfolios implicitly put risk management at the heart of asset allocation and thus their recent appeal. This paper will serve as a comparison of four well-known risk based portfolio allocation methods; minimum variance, maximum diversification, inverse volatility and equally weighted risk contribution. Empirical backtests will be performed throughout rising interest rate periods from 1953 to 2015. Additionally, I will compare these portfolios to more simple allocation methods, such as equally weighted and a 60/40 asset-allocation mix. This paper will help to answer the question if these portfolios can survive in a rising interest rate environment.

Desenvolvimento de competências digitais nos internos da Associação Assistencial Amigos do Amanhã

A presente pesquisa tem por objetivo investigar mediante observações e entrevistas as consequências da implantação de uma política inclusiva, utilizando-se de tecnologias de informação e comunicação (TIC) em uma associação assistencial. Possibilitando, através da disponibilização de computadores e programas educativos, observar o desenvolvimento do sujeito portador de condições cognitivas desfavoráveis em função de problemas associados a fatores físicos e socioeconômicos. Buscou-se com este trabalho, através de uma abordagem qualitativa de natureza aplicada, analisar quais elementos determinantes de boa absorção de conteúdos e desenvolvimento de competências estão suscetíveis a entraves, verificando-se o quanto do fator motivacional pode estar envolvido no processo, identificando formas de se trabalhar a retenção e participação dos internos da instituição. A diversidade de anseios e expectativas associadas às condições cognitivas de cada participante foi determinante para acarear as representações de grupos distintos em suas particularidades, onde cada indivíduo apresentava uma resposta diferente aos estímulos apresentados durante o processo de exposição do material educacional. Concluiu-se que a política de inclusão digital objetivando minimizar os efeitos da marginalização de um contingente esquecido pela sociedade, tem de estabelecer critérios de continuidade e diversificação, onde, além de perseguir resultados voltados ao desenvolvimento de competências, deve possibilitar momentos de ludicidade para todos os internos em associações assistenciais.

Nutritional plasticity and evolutionary divergence in the Drosophila ovary

The environment can modify developmental trajectories and generate a range of distinct phenotypes without altering an organism’s genome, a widespread phenomenon called developmental plasticity. The past decades have seen a resurgent interest in understanding how developmental plasticity contributes to evolutionary processes, as it can produce phenotypic variation among individuals and facilitate diversification among populations that inhabit distinct ecological niches. To better understand the importance of plastic responses for evolutionary change, we need to explore how the environment alters development to produce phenotypic variation and then compare this to how genetic variation influences these same developmental processes.(...)