Acquisition of Horizon Wind Energy by EdP

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

Collateral, default penalties and infinite horizon equilibrium

Pascoa and Seghir (2009) noticed that when collateralized promises become subject to utility penalties on default, Ponzi schemes may occur. However, equilibrium exists in some interesting cases. Under low penalties, equilibrium exists if the collateral does not yield utility (for example, when it is a productive asset or a security). Equilibrium exists also under more severe penalties and collateral utility gains, when the promise or the collateral are nominal assets and the margin requirements are endogenous: relative inflation rates and margin coefficients can make the income effects dominate the penalty effects. An equilibrium refinement avoids no-trade equilibria with unduly repayment beliefs. Our refinement differs from the one used by Dubey, Geanakoplos and Shubik (2005) as it does not eliminate no trade equilibria whose low delivery rates are consistent with the propensity to default of agents that are on the verge of selling.

Essai de biozonation du Domérien portugais

The biozonation of the portuguese Domerian is presented. This biozonation is based essentially on fauna from the following sections: S. Pedro de Muel, Peniche (Stokesi zone and lower part of the Margaritatus zone) and Brenha (Margaritatus and Spinatum zones). The distribution of the main fossil groups enabled an accurate division of the Stokesi zone into three horizons: Occidentale, Monestieri-Nitescens and Lusitanicum. In the Middle Domerian, the extension of the Ragazzonii horizon was reduced. An Elisa horizon was individualized at the top of the Upper Domerian.

Contributions to the Eocene palaeontology and stratigraphy of Beira Alta, Portugal II - New Late Eocene mammalian remnants from Coja (Portugal) and the presence of Palaeotherium magnum Cuvier

The presence of Palaeotherium magnum in the fauna from Coja is recorded. It is well in agreement with the earlier reporting to the Montmartre level from the Ludian stage. Field data as well as compatibility with the remaining taxa and the identical fossilization of all the specimens indicate that all the vertebrate fossils come from the same horizon in the lithostratigraphic unit "Arcoses de Côja".

Toarcian GSSP candidate: the Peniche section at Ponta do Trovão

The Peniche section (Ponta do Trovão) in Portugal is presented as potential stratotype (GSSP) for the Pliensbachian/Toarcian boundary. The lithostratigraphic succession is described and the chronostratigraphy, based on ammonite assemblages, is presented; the change in foraminifera assemblages occurs later, only at the base of beds 16 (base of Semicelatum Subzone, Crosbeyi ? Horizon). An extensive bibliographical list of all scientific articles containing specific reference to this stratigraphic boundary, whether from the Lusitanian or Algarve basins, is also presented.

Principal component analysis of the yield curve

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

The impacts of the Cape Verde self-employed social security scheme

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Brain-computer interface (BCI): a methodological proposal to assess the impacts of medical applications in 2022

Based on the report for “Project IV” unit of the PhD programme on Technology Assessment (Doctoral Conference) at Universidade Nova de Lisboa (December 2011). This thesis research has the supervision of António Moniz (FCT-UNL and ITAS-KIT) and Armin Grunwald (Karlsruhe Institute of Technology-ITAS, Germany). Other members of the thesis committee are Mário Forjaz Secca (FCT-UNL) and Femke Nijboer (University of Twente, Netherlands).

Growth and unemployment: understanding Okun's law for Portugal

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Nitrogen (N) : from science to society. A science communication project

O Azoto (N): da ciência para a sociedade é um projecto de comunicação de ciência que tem por objecNvo consciencializar os jovens para as ameaças que o azoto (N) em excesso traz para a humanidade. Pode ser dividido em duas partes. Uma, de invesNgação, sobre a análise de resultados de uma consulta pública realizada entre professores, usando o método qualitaNvo do focus group, para compreender a sua sensibilidade e propostas de solução para minimizar o excesso de N no ambiente. Os resultados obNdos foram instrumentais para o desenvolvimento da segunda parte. Esta segunda parte é uma proposta de projecto a submeter ao Horizon 2020, no âm-­‐ bito da “Science with and for Society “. Nela se propõe uma abordagem educaNva trans-­‐disciplinar, conseguida através da interacção entre docentes do secundário, e do ensino superior, associação de pais e organizações cívicas não governamentais, com vista à consciencialização dos jovens para as ameaças do N em excesso no meio ambiente, fazendo o enquadramento cien@fico e fornecendo abordagens tecnológi-­‐ cas. A inovação desta proposta baseia-­‐se: (i) no acompanhamento e desenvolvimen-­‐ to profissional dos docentes do secundário, (ii) na moNvação dos estudantes a de-­‐ senvolver o seu próprio estudo e pesquisa com a tutoria dos docentes, da escola e do ensino superior, e (iii) no desenvolvimento de capacidades de comunicação dos jo-­‐ vens para exercer uma cidadania acNva em prol da minimização das ameaças do N.

ClearPhoto - augmented photography

The widespread use of mobile devices has made known to the general public new areas that were hitherto confined to specialized devices. In general, the smartphone came to give all users the ability to execute multiple tasks, and among them, take photographs using the integrated cameras. Although these devices are continuously receiving improved cameras, their manufacturers do not take advantage of their full potential, since the operating systems normally offer simple APIs and applications for shooting. Therefore, taking advantage of this environment for mobile devices, we find ourselves in the best scenario to develop applications that help the user obtaining a good result when shooting. In an attempt to provide a set of techniques and tools more applied to the task, this dissertation presents, as a contribution, a set of tools for mobile devices that provides information in real-time on the composition of the scene before capturing an image. Thus, the proposed solution gives support to a user while capturing a scene with a mobile device. The user will be able to receive multiple suggestions on the composition of the scene, which will be based on rules of photography or other useful tools for photographers. The tools include horizon detection and graphical visualization of the color palette presented on the scenario being photographed. These tools were evaluated regarding the mobile device implementation and how users assess their usefulness.

Gas tungsten arc welding of NiTi shape memory alloy

Shape memory alloys are characterized by the ability of recovering their initial shape after being deformed and by superelasticity. Since the discovery of these alloys, a new field of interest emerged not only for the scientific community but also to many industries. However, these alloys present poor machinability which constitute a constrain in the design of complex components for new applications. Thus, the demand for joining techniques able to join these alloys without compromising their properties became of great importance to enlarge the complexity of existing applications. Literature shows that these alloys are joined mainly using laser welding. In the present study, similar NiTi butt joints, were produced using TIG welding. The welds were performed in 1.5 mm thick plates across the rolling direction. A special fixture and gas assist device was designed and manufactured. Also a robot arm was adapted to accommodate the welding torch to assure the repeatability of the welding parameters. Welds were successfully achieved without macroscopic defects, such as pores and distortions. Very superficial oxidation was seen on the top surface due to insufficient shielding gas flow on the weld face. The welded joints were mechanically tested and structurally characterized. Testing methods were used to evaluate macro and microstructure, as well as the phase transformation temperatures, the mechanical single and cyclic behaviour and the shape recovery ability. Differential Scanning Calorimetry (DSC), Scanning Electron Microscopy (SEM), Energy Dispersive Spectroscopy (EDS), microhardness measurements were techniques also used to evaluate the welded joints. A depletion in Ni in the fusion zone was seen, as well as a shift in Ms temperature. For strain values of 4% the accumulated irrecoverable strain was of about 30% and increased with the strain imposed during cycling. Nevertheless, a complete recovery of initial shape was observed when testing the shape memory effect on a dedicated device that introduces a deformation of 6.7%. That is, the welding procedure does not remove the ability of the specimens to recover their initial shape.

Transactions in dynamic reactive environments

Most of today’s systems, especially when related to the Web or to multi-agent systems, are not standalone or independent, but are part of a greater ecosystem, where they need to interact with other entities, react to complex changes in the environment, and act both over its own knowledge base and on the external environment itself. Moreover, these systems are clearly not static, but are constantly evolving due to the execution of self updates or external actions. Whenever actions and updates are possible, the need to ensure properties regarding the outcome of performing such actions emerges. Originally purposed in the context of databases, transactions solve this problem by guaranteeing atomicity, consistency, isolation and durability of a special set of actions. However, current transaction solutions fail to guarantee such properties in dynamic environments, since they cannot combine transaction execution with reactive features, or with the execution of actions over domains that the system does not completely control (thus making rolling back a non-viable proposition). In this thesis, we investigate what and how transaction properties can be ensured over these dynamic environments. To achieve this goal, we provide logic-based solutions, based on Transaction Logic, to precisely model and execute transactions in such environments, and where knowledge bases can be defined by arbitrary logic theories.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Optimal choice between even- and uneven-aged forestry: the case of non-industrial private forest owners

An infinite-horizon discrete time model with multiple size-class structures using a transition matrix is built to assess optimal harvesting schedules in the context of Non-Industrial Private Forest (NIPF) owners. Three model specifications accounting for forest income, financial return on an asset and amenity valuations are considered. Numerical simulations suggest uneven-aged forest management where a rational forest owner adapts her or his forest policy by influencing the regeneration of trees or adjusting consumption dynamics depending on subjective time preference and market return rate dynamics on the financial asset. Moreover she or he does not value significantly non-market benefits captured by amenity valuations relatively to forest income.