2,4,6- Ttrichloroanisol:a consumer panel evaluation

“Cork taint” is a major problem in wine industry and is caused by contamination of wines. This contamination is usually attributed to wine cork stoppers and 2,4,6-trichloroanisole (2,4,6-TCA) is one of the compounds mostly associated to this off-flavour. In this work, a consumer panel performed “forced choice” triangular tests in order to measure Odour Detection Thresholds (ODT) and Taste Detection Thresholds (TDT) of 2,4,6-TCA in water, hydro-alcoholic solutions (11.5% and 18% ethanol) and white and red wines. A paired preference test was also performed by the panel in order to measure Odour Rejection Threshold (ORT) in white and red wine spiked with 2,4,6-TCA. Results obtained show that the ODT and the TDT for 2,4,6-TCA in water were 0.2 and 0.3 ng/L, respectively. In hydro-alcoholic solutions with 11.5% and 18% ethanol the ODT were 4 and 10 ng/L respectively. In red wine the ODT and the TDT were 0.9 and 1.7 ng/L and in white wine were 1.5 and 1.0 ng/L respectively. ORT for white was 10.4 ng/L and for red wines 16.0 ng/L. These results suggest that although this group of consumers detected very low concentrations of 2,4,6-TCA in wines, they did not reject the wine at these low concentration values.

Relationship between national culture, democracy and environmental performance: A panel data analysis

This paper demonstrates the significance of culture in examining the relationshipbetween democratic capital and environmental performance.The aim is to examine the relationship among scores on the Environmental Performance Index and the two dimensions of cross cultural variation suggested by Ronald Inglehart and Christian Welzel. Significantional interrelationships among democracy, cultural and environmental sustaintability measures could be found, following the regression results. Firstly, higher levels of democratic capital stock are associated with better environmental performance. Secondly importance to distinguish between cultural groups could be confirmed.

Board independence and innovation

Legislation introduced in the U.S. in 2002/2003 significantly changed board composition of public firms by imposing a 50% independent directors’ ratio. Research on the effect of independent directors is not consensual, implying that this exogenous shock is a unique opportunity to study their importance. This study answers the question of whether or not independent directors can effectively mitigate agency conflicts between shareholders and the management, having a positive impact on the choice of successful R&D projects. We find that an increase of board independence has a positive impact on patent counts. Hence, the results support that independent directors truly spur innovation and risk taking.

Almirante: Evaluating the board game: Board game, startup, discounted cash flow, venture capital method, real options

This thesis evaluates a start-up company (Jogos Almirante Lda) whose single asset is a board game named Almirante. It aims to conclude whether it makes sense to create a company or just earn copyrights. The thesis analyzes the board game’s market, as part of the general toy’s market, from which some data exists: European countries as well as the USA. In this work it is analyzed the several ways to finance a start-up company and then present an overview of the valuation of the Jogos Almirante based on three different methods: Discounted Cash Flow, Venture Capital Method and Real Options.

The impact of the Board of Director's composition on companies performance

The impact of the Board of Directors’ composition on companies’ performance This paper studies the impact that the board of directors’ composition has on companies’ performance in the Italian market. The research has been carried out by using a sample of 10 Italian companies, across different market sectors, over a period of 10 years (2005-2014). The characteristics of the BoD taken into consideration are the following: board size, board diversity (% of female directors), board independence and CEO duality. Results from the sample data collected concluded that these factors have a statistically significant impact on the performance of the companies that have been analysed.