Beauty and personal care in mass market: A strategic analysis of perfumery and cosmetics at Sonae MC

Directed internship

Estratigrafia sismica do cenozóico na plataforma continental algarvia: interpretação do controle tectónico da sedimentação

The interpretation of 64 seismic reflection profiles in the Algarve continental platform (36º 20'-37º 00' paralels and 7º 20'-8º 40' meridians) calibrated with five petroleum exploration wells, with the identification of the geometric relations between six Cenozoic seismic units (B to G) and tectonic structures, allowed the construction of sucessive time-isopach maps (twt/s) and detailed interpretation of the geologic evolution. Two major tectonic structures were identified: a) the Portimão-Monchique fracture zone (striking N-S); b) an off-shore NW-SE fault zone, probably the S. Marcos-Quarteira fault. This accident separates two tectonic domains: the western domain (with N-S and E-W predominant structures and, secondarily, NW-SE and NE-SW) and the eastern domain (dominated by WSW-ENE, NW-SE, NE-SW, NNE-SSW and NNW-SSE structures). A persistent halokinetic activity had two major moments: a) sin-C unit; b) sin- and post-E unit. An increasing flexuration of the margin was identified, with spacial and temporal variation of the subsidence. The tectonic regime is considered as generally compressive, but the interpretation of the successíve stress-fields is rendered dificult by the existence of tectonic sub-domains and evaporitic structures.

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.