A look into the cross-section of industry stock returns

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

Determinants of entrepreneurship: Are women different?

In this paper we investigate, for the first time, how individual determinants of entrepreneurship - such as age, income, education, work status, skills, access to networks and fear of failure - differ between males and females. We conduct our exercise using individual data provided by the Global Entrepreneurship Monitor (GEM), available for 46 countries, between 2001 and 2004. The literature on entrepreneurship has uncovered differences in the rate of entrepreneurship between men and women, with women generally displaying lower entrepreneurial activity than men. This is important since, as we show, entrepreneurial activity is positively related across countries with the female to male entrepreneurial ratio. We examine total entrepreneurship rates, as well as entrepreneurship driven by opportunity and by need. We find that indeed entrepreneurial activity rates are lower for females across all but one of the countries in the sample. Looking at categorical groups – by age interval, education, work status, etc. – we find that female entrepreneurial rates are significantly lower than for males. For the first time we test for differences in the characteristics of female and male entrepreneurs and find that female entrepreneurs are slightly older, more frequently at home or not working, lower income and lower educated, and less access to business networks than their male counterparts. AS to the determinants of entrepreneurial rates themselves, the main differences across genders are the lower impact of secondary education and the larger impact of skills and fear of failure in female entrepreneurial rates relative to males. Results for entrepreneurship by opportunity and by necessity confirm the larger importance of specific skills for women creating new businesses,. Our results suggest that facilitating access to business networks and specific business skills are the most powerful instruments to increase the rates of female entrepreneurship.

Automated quantitative analysis of MCC-IMS spectra

Ion Mobility Spectrometry coupled with Multi Capillary Columns (MCC -IMS) is a fast analytical technique working at atmospheric pressure with high sensitivity and selectivity making it suitable for the analysis of complex biological matrices. MCC-IMS analysis generates its information through a 3D spectrum with peaks, corresponding to each of the substances detected, providing quantitative and qualitative information. Sometimes peaks of different substances overlap, making the quantification of substances present in the biological matrices a difficult process. In the present work we use peaks of isoprene and acetone as a model for this problem. These two volatile organic compounds (VOCs) that when detected by MCC-IMS produce two overlapping peaks. In this work it’s proposed an algorithm to identify and quantify these two peaks. This algorithm uses image processing techniques to treat the spectra and to detect the position of the peaks, and then fits the data to a custom model in order to separate the peaks. Once the peaks are separated it calculates the contribution of each peak to the data.

Processo especial de revitalização

The following report aims to present the internship developed under the Master in Legal Sciences Business in the Legal Affairs management of Caixa Geral de Depósitos S.A. Activities were developed in the field of Banking Law, focusing on the Special Revitalization Process. The aim of these activities was to promote the construction of a study that, apart from its doctrinal and jurisprudential research, also excels in the practical adequacy of the regime lectured. The revitalizing effectiveness of the Special Revitalization Process is erected in the Article 17-E, nº 1, which establishes a series of procedural – stand still effects - which aim to allow the debtor "breathing space", ie, a period during which creditors are prevented from setting up "actions for debt collection" against him, suspending the pending actions with identical purposes. Therefore, this report essentially studies these effects, considering "actions in debt collection" executive actions that are intended to recover a debt of any kind, including anticipatory precautionary procedures of an action of this nature. In addition, it is necessary to set boundaries temporally and subjectively to the standstill period, understanding that this period should be extended beyond the legally established period, in order to preserve the ratio of the process, concretely, until the recovery plan effects. In turn, we understand that the standstill effects only apply to the established material in connection with the debtor, remaining the rights of creditors unaffected over the ones of the guarantors and debtors.

Maximum level and time to peak of dam-break waves on mobile horizontal bed

Journal of Hydraulic Engineering, Vol. 135, No. 11, November 1, 2009

Microwave imaging of the axilla to aid breast cancer diagnosis

Breast cancer is the most common type of cancer among women all over the world. An important issue that is not commonly addressed in breast cancer imaging literature is the importance of imaging the underarm region—where up to 80% of breast cancer cells can metastasise to. The first axillary lymph nodes to receive drainage from the primary tumour in the breast are called Sentinel Node. If cancer cells are found in the Sentinel Node, there is an increased risk of metastatic breast cancer which makes this evaluation crucial to decide what follow-up exams and therapy to follow. However, non-invasive detection of cancer cells in the lymph nodes is often inconclusive, leading to the surgical removal of too many nodes which causes adverse side-effects for patients. Microwave Imaging is one of the most promising non-invasive imaging modalities for breast cancer early screening and monitoring. This novel study tests the feasibility of imaging the axilla region by means of the simulation of an Ultra-Wideband Microwave Imaging system. Simulations of such system are completed in several 2D underarm models that mimic the axilla. Initial imaging results are obtained by means of processing the simulated backscattered signals by eliminating artefacts caused by the skin and beamforming the processed signals in order to time-align all the signals recorded at each antenna. In this dissertation several image formation algorithms are implemented and compared by visual inspection of the resulting images and through a range of performance metrics, such as Signal-to-Clutter Ratio and FullWidth Half Maximum calculations. The results in this study showed that Microwave Imaging is a promising technique that might allow to identify the presence and location of metastasised cancer cells in axillary lymph nodes, enabling the non-invasive evaluation of breast cancer staging.

Hotel industry: An answer to the emerging trends on the global demand side of tourism

This dissertation studies essentially how Millennials are changing the hotel industry, in the sense that new trends are emerging with this generation and hotels need to respond accordingly, in order to survive within their competitive industry. Emphasis is also given to Asian travellers, as the enlargement of these countries’ middle class populations is predicted, therefore making Asian travellers a valuable target for the hotel industry. To successfully target this segment, hoteliers need also to consider the cultural differences and aspirations that come together with the Asian travellers, and appropriately adapt their offer to them. I will then redirect this study to the city of Lisbon, the Portuguese capital, to analyse if Lisbon’s four and five-star hotel managers are aware of the new market trends, and to understand how they are changing their hotels in order to make them more attractive to Millennials and Asian travellers. Using a sample of 12 hotels (four and five-stars ratings), I have concluded that, although there is a notable undergoing process of adaptation to these guests, there is a long way ahead in order for Lisbon’s hotels to entirely please and retain millennial guests.