Tracking error of exchange-traded funds: Evidence from the UK

This paper is mainly concerned with the tracking accuracy of Exchange Traded Funds (ETFs) listed on the London Stock Exchange (LSE) but also evaluates their performance and pricing efficiency. The findings show that ETFs offer virtually the same return but exhibit higher volatility than their benchmark. It seems that the pricing efficiency, which should come from the creation and redemption process, does not fully hold as equity ETFs show consistent price premiums. The tracking error of the funds is generally small and is decreasing over time. The risk of the ETF, daily price volatility and the total expense ratio explain a large part of the tracking error. Trading volume, fund size, bid-ask spread and average price premium or discount did not have an impact on the tracking error. Finally, it is concluded that market volatility and the tracking error are positively correlated.

Technical optimization of the synthesis of flavours

The goal of this thesis is the investigation and optimization of the synthesis of potential fragrances. This work is projected as collaboration between the University of Applied Sciences in Merseburg and the company Miltitz Aromatics GmbH in Bitterfeld‐Wolfen (Germany). Flavoured compounds can be synthesized in different ways and by various methods. In this work, methods like the phase transfer catalysis and the Cope‐rearrangement were investigated and applied, for getting a high yield and quantity of the desired substances and without any by‐products or side reactions. This involved the study of syntheses with different process parameters such as temperature, solvent, pressure and reaction time. The main focus was on Cope‐rearrangement, which is a common method in the synthesis of new potential fragrance compounds. The substances synthesized in this work have a hepta‐1,5‐diene‐structure and that is why they can easily undergo this [3,3]‐sigma tropic rearrangement. The lead compound of all research was 2,5‐dimethyl‐2‐vinyl‐4‐hexenenitrile (Neronil). Neronil is synthesized by an alkylation of 2‐methyl‐3‐butenenitrile with prenylchloride under basic conditions in a phase‐transfer system. In this work the yield of isolated Neronil is improved from about 35% to 46% by according to the execution conditions of the reaction. Additionally the amount of side product was decreased. This synthesized hexenenitrile involved not only the aforementioned 1,5‐diene‐structure, but also a cyano group, that makes this structure a suitable base for the synthesis of new potential fragrance compounds. It was observed that Neronil can be transferred into 2,5‐dimethyl‐2‐vinyl‐4‐hexenoic acid by a hydrolysis under basic conditions. After five hours the acid can be obtained with a yield of 96%. The following esterification is realized with isobutanol to produce 2,5‐dimethyl‐2‐vinyl‐4‐hexenoic acid isobutyl ester with quantitative conversion. It was observed that the Neronil and the corresponding ester can be converted into the corresponding Cope‐product, with a conversion of 30 % and 80%. Implementing the Cope‐rearrangement, the acid was heated and an unexpected decarboxylated product is formed. To achieve the best verification of reaction development and structure, scrupulous analyses were done using GC‐MS, 1H‐NMR and 13C‐ NMR.

A technical investigation of an oil painting on copper support, including a study on consolidants for treatment

Paper submitted to e-conservation Journal: Maria Leonor Oliveira, Leslie Carlyle, Sara Fragoso, Isabel Pombo Cardoso and João Coroado, “Investigations into paint delamination and consolidation of an oil painting on copper support”.

Study of forbidden transitions in atomic systems

A Thesis submitted for the co-tutelle degree of Doctor in Physics at Universidade Nova de Lisboa and Université Pierre et Marie Curie

Evaluation of Spatial interpolation techniques for mapping climate variables with low sample density: a case study using a new gridded dataset of Bangladesh

Dissertation submitted in partial fulfillment of the requirements for the Degree of Master of Science in Geospatial Technologies.

Contributo para o desenvolvimento de uma metodologia que avalia a posição da omoplata: fidedignidade intra e interobservador e validade concorrente

RESUMO: Introdução: A relação cinemática entre as articulações do CAO apresenta grande importância na função do MS, e é por isso cada vez mais investigada e descrita. O posicionamento da omoplata ganha um importante papel para compreender as DCAO. É indiscutível o importante papel da omoplata na dinâmica do MS, bem como o posicionamento escapular como parâmetro clínico de disfunção do CAO. Todos estes factores criam a necessidade de desenvolver instrumentos de avaliação da posição da articulação ET. A grande maioria dos testes de avaliação, restringem a sua avaliação às disfunções da articulação GU, não integrando uma avaliação mais dinâmica e interactiva que respeite os pressupostos teóricos inerentes ao REU. È importante também que os métodos de avaliação sejam de fácil aplicabilidade clínica e que avaliem fidedignamente e com validade os outcomes. Objectivos: Contribuir para o desenvolvimento de uma metodologia de avaliação da omoplata em diferentes amplitudes do MS, através do estudo da validade concorrente, da fidedignidade intra e inter-observador. Metodologia: A amostra foi constituída por 20 elementos seleccionados por conveniência, entre o corpo de discentes da ESS-IPS, sem história de disfunção do CAO. Foi realizada uma análise cinemática ao MS de cada sujeito, usando um aparelho de análise por varrimento electromagnético, o FOB. Em cada sujeito foram ainda medidas, as distâncias escapulares em estudo, usando a fita métrica. Cada método de medição foi constituído por dois momento (teste e reteste), em cada momento, as medidas eram recolhidas por dois investigadores distintos. Resultados e Discussão: Foram considerados como positivos os resultados que se apresentassem acima do limiar de 0,5, que classifica uma correlação como moderada a excelente. Os resultados da validade mostram que para o investigador 1 nas medidas M1e M2 apenas houve correlação com valores excelentes a moderados até aos 30º de elevação do MS. Já para M3 apenas aos 30º no plano da omoplata essa mesma correlação não tem valores próximos do cutpoint. Em M4 nenhum valor tem correlação significativa com os valores do FOB, chegando mesmo a haver correlação negativa para os 120º no plano da omoplata. Em M5 apenas os 0º mostram valores correlacionais excelentes a moderados. Para o investigador 2, em M1 e M2 á semelhança do investigador 1, só existem valores de correlação significativos até aos 30º de elevação do MS. Já para M3 todos os valores mostram excelente a moderada correlação á excepção dos 120º no plano frontal. Em M4 este investigador apresenta maus resultados. Já em M5 os valores de correlação são moderados aos 0º e aos 90º. No que diz respeitos aos resultados dos CCI intra-observador,podemos afirmar que foi em M5 que estes valores mais se aproximaram do cut point. M1 e M2 são as medidas onde se encontram resultados menos satisfatórios. É aos 60º que existem valores mais satisfatórios, seguidos pelos 0º e 30º, quando nos aproximamos de graus mais elevados, como 90º e 120º, estes valores tendem a baixar. Quanto á fidedignidade inter-observador para M1 apenas aos 90º e aos 120º houve valores de correlação abaixo do cutpoint. Em M2, só os 60º do plano sagital não teve valores acima do cutpoint, em M3 apenas os 30º plano sagital não obtiveram valores acima do cut-point, o mesmo acontece para M3 aos 30º plano da omoplata e em M5 aos 30º e 120º no plano frontal. Conclusão: Os resultados deste estudo indicam que a metodologia em causa apresenta elevado grau de fidedignidade inter-observador, já no que toca é fidedignidade intra-observador o grau de semelhança não é tão elevado. Também o erro associado á medida não ultrapassou 1,5cm, sendo considerado baixo. Na validade concorrente concluímos que é aos 0º que a metodologia se torna uma opção válida na aferição das distâncias medidas com uma boa a excelente concordância com o FOB. As medidas consideradas como opções válidas, nas diferentes amplitudes, podem funcionar como parâmetros clínicos de caracterização do posicionamento da omoplata, podendo vir a contribuir ainda para a caracterização da orientação da mesma.-------------------- ABSTRACT:Introduction: The kinematic relationship between the joints of the CAO has great importance in the function of MS, which is why more and more investigated and described. The positioning of the blade gets an important role in understanding the DCAO. There is no doubt the important role of the scapula in the dynamics of MS as well as the positioning of scapular dysfunction as a clinical parameter of the CAO. All these factors create the need to develop tools for evaluating the place of articulation ET. Most assessment tests, restrict its assessment to GU joint disorders, not incorporating a more dynamic and interactive way that respects the theoretical assumptions inherent in the REU. It is also important that the methods are easy to apply clinical and reliably to assess the validity and outcomes. Objectives: To contribute to the development of a methodology for evaluating the scapula in different ranges of MS, through the study of concurrent validity, reliability of intra-and inter-observer. Methodology: The sample consisted of 20 selected elements for convenience, between the body of students of IPS-ESS with no history of dysfunction of the CAO. We performed a kinematic analysis of each subject to MS, using a scanning device for electromagnetic analysis, the FOB. In each subject were also measured, the scapular distances under study, using tape measure. Each method of measuring the time consisted of two (test and retest), in each moment, the measures were collected by two different investigators. Results and Discussion: We considered as positive results that were above the threshold of 0.5, which ranks as a moderate to excellent correlation. The results show that the validity for the researcher in an action M1e M2 was only correlated with moderate to excellent values up to 30º of elevation of the MS. As for M3 only to 30º in the plane of the scapula has the same correlation values near the cutpoint. M4 has no value in correlation with the values of the FOB, and even negative correlation to 120 ° in the plane of the scapula. In M5 show only the values 0 ° correlational excellent to moderate. For investigator 2 in M1 and M2 will be like an investigator, there are only significant correlation values up to 30º of elevation of the MS. As for M3 all the values show excellent correlation to moderate with the exception of 120 ° in the frontal plane. In this researcher M4 has bad results. M5 already in the correlation values are moderate to 0º and 90 º. Regarding the results of ICC intra-observer, we can say that M5 was that these values come closest to the cut point. M1 and M2 are measures which are less than satisfactory results. At 60 ° there are more satisfactory values, followed by 0º and 30º, when we approached the highest levels, such as 90 ° and 120 °, these values tend to decrease. The inter-observer reliability for M1 only to 90 º and 120 ºcorrelation values were below the cutpoint. In M2, only 60 of the sagital plane did not have values above the cutpoint in M3 only 30º sagital plane did not obtain values above the cut-point, the same goes for M3 at 30 ° plane of the scapula and M5 at 30 º and 120 º in frontal plane. Conclusion: The results of this study indicate that the methodology in question has a high degree of inter-observer reliability, as far as intra-observer reliability is the degree of similarity is not as high. Also the error of measure did not exceed 1.5 cm, and is considered low. In concurrent validity conclude that it is at 0 ° the methodology becomes a valid option for the measurement of distances measured with a good to excellent agreement with the FOB. The measures considered as valid options in different amplitudes, can function as clinical parameters to characterize the positioning of the shoulder blade and could further contribute to the characterization of the orientation of the same.

Resistance to salts of lime and pozzolan mortars

International RILEM Workshop on Repairs Mortars for Historic Masonry, Technical University of Delft, 2009

Design of future distribution grids

Dissertação para obtenção do Grau de Mestre em Engenharia Electrotécnica e de Computadores

Evaluation of uv spectrophotometry for estimation of nitrite and nitrate in nitrified urine

Water is a limited resource for which demand is growing. Contaminated water from inadequate wastewater treatment provides one of the greatest health challenges as it restricts development and increases poverty in emerging and developing countries. Therefore, the connection between wastewater and human health is linked to access to sanitation and to human waste disposal. Adequate sanitation is expected to create a barrier between disposed human excreta and sources of drinking water. Different approaches to wastewater management are required for different geographical regions and different stages of economic governance depending on the capacity to manage wastewater. Effective wastewater management can contribute to overcome the challenges of water scarcity. Separate collection of human urine at its source is one promising approach that strongly reduces the economic and load demands on wastewater treatment plants (WWTP). Treatment of source-separated urine appears as a sanitation system that is affordable, produces a valuable fertiliser, reduces pollution of water resources and promotes health. However, the technical realisation of urine separation still faces challenges. Biological hydrolysis of urea causes a strong increase of ammonia and pH. Under these conditions ammonia volatilises which can cause odour problems and significant nitrogen losses. The above problems can be avoided by urine stabilisation. Biological nitrification is a suitable process for stabilisation of urine. Urine is a highly concentrated nutrient solution which can lead to strong inhibition effects during bacterial nitrification. This can further lead to process instabilities. The major cause of instability is accumulation of the inhibitory intermediate compound nitrite, which could lead to process breakdown. Enhanced on-line nitrite monitoring can be applied in biological source-separated urine nitrification reactors as a sustainable and efficient way to improve the reactor performance, avoiding reactor failures and eventual loss of biological activity. Spectrophotometry appears as a promising candidate for the development and application of on-line nitrite monitoring. Spectroscopic methods together with chemometrics are presented in this work as a powerful tool for estimation of nitrite concentrations. Principal component regression (PCR) is applied for the estimation of nitrite concentrations using an immersible UV sensor and off-line spectra acquisition. The effect of particles and the effect of saturation, respectively, on the UV absorbance spectra are investigated. The analysis allows to conclude that (i) saturation has a substantial effect on nitrite estimation; (ii) particles appear to have less impact on nitrite estimation. In addition, improper mixing together with instabilities in the urine nitrification process appears to significantly reduce the performance of the estimation model.

Long-term characterization of air lime mortars with ceramic waste

Due to their exposure to environmental conditions, outer coatings composed by render and painting system are usually the first construction elements to deteriorate and require intervention. A correct conservation and rehabilitation of these materials is fundamental once they provide protection to other façade materials. It is known that old mortar renders were essentially air lime based mortars. To maintain the integrity of the whole wall-render elements, the image of the building and to avoid accelerated degradation, conservation and rehabilitation must be implemented with compatible mortars. As that, lime based mortars would be preferable. It was also common, in ancient renders, the incorporation of ceramic residues, which is, nowadays, an abundant material, especially in Central Region of Portugal. The reuse of these materials has great relevance once their landfilling causes serious environmental issues. In an attempt to combine the environmental and technical advantages of the use of ceramic waste in mortars’ production for rehabilitation purposes, a research has been developed at the University of Coimbra, in cooperation with Nova University of Lisbon, on the long term behaviour of air lime mortars with ceramic residues. In this paper the most significant up to one year results of an experimental campaign with air lime mortars with 1:3 and 1:2 volumetric proportions and ceramic residues are presented.

Analysis and treatment of a nineteenth century oil painting

This thesis focused on the study and treatment of a 19th century female portrait in oil from ECOMUSEU Municipal do Seixal, Portugal. The portrait, which depicts Isabel Maria Lourenço Affonso was in poor condition and a large strip of paint and canvas was missing (approximately 9cm by 66cm, almost 11% of the total surface area). The portrait is a companion piece to a male portrait (the relationship was established as part of this study), therefore a technical study of both paintings was considered essential to support the choices made during the treatment. The project involved three main areas: - The study of the history, condition, materials and techniques of both paintings. This allowed their comparison and understanding of their relationship; - The treatment of Isabel Maria Lourenço Affonso. The choices made and problems encountered are described. - The production of a replacement for the missing strip of paint and canvas. The practical solution developed to overcome such an unusual challenge is described along with the creative and flexible thinking required. Because not all traditional infill materials cope well on a mechanical level with thin layers over a very large surface (many are too brittle), strict criteria had to be employed to choose the appropriate material. The primary goal was to find a fill which would remain flexible and be capable of accepting surface texture, such that there would be a good visual match with the painting. Analysis and testing was carried out to evaluate the physical properties of the fill material chosen, BEVA® Gesso-P. The successful creation of the replacement strip has resulted in two publications and one presentation: Publication pending in The Picture Restorer, Leslie Carlyle, Raquel Marques, Isabel Pombo Cardoso and Sara Babo, “Creating a Textured Replacement Strip for the Missing Lower Portion of an Oil Portrait: Problem Solving and Practical Solutions”. Abstract accepted for presentation and publication, International Meeting on Retouching of Cultural Heritage (2RECH), Raquel Marques, Leslie Carlyle and Isabel Pombo Cardoso, “Textured Replacement Strip for a Missing Portion of a Portrait: Problem Solving and Practical Solutions”.

The brushstroke and materials of Amadeo de Souza-Cardoso combined in an authentication tool

Nowadays, authentication studies for paintings require a multidisciplinary approach, based on the contribution of visual features analysis but also on characterizations of materials and techniques. Moreover, it is important that the assessment of the authorship of a painting is supported by technical studies of a selected number of original artworks that cover the entire career of an artist. This dissertation is concerned about the work of modernist painter Amadeo de Souza-Cardoso. It is divided in three parts. In the first part, we propose a tool based on image processing that combines information obtained by brushstroke and materials analysis. The resulting tool provides qualitative and quantitative evaluation of the authorship of the paintings; the quantitative element is particularly relevant, as it could be crucial in solving authorship controversies, such as judicial disputes. The brushstroke analysis was performed by combining two algorithms for feature detection, namely Gabor filter and Scale Invariant Feature Transform. Thanks to this combination (and to the use of the Bag-of-Features model), the proposed method shows an accuracy higher than 90% in distinguishing between images of Amadeo’s paintings and images of artworks by other contemporary artists. For the molecular analysis, we implemented a semi-automatic system that uses hyperspectral imaging and elemental analysis. The system provides as output an image that depicts the mapping of the pigments present, together with the areas made using materials not coherent with Amadeo’s palette, if any. This visual output is a simple and effective way of assessing the results of the system. The tool proposed based on the combination of brushstroke and molecular information was tested in twelve paintings obtaining promising results. The second part of the thesis presents a systematic study of four selected paintings made by Amadeo in 1917. Although untitled, three of these paintings are commonly known as BRUT, Entrada and Coty; they are considered as his most successful and genuine works. The materials and techniques of these artworks have never been studied before. The paintings were studied with a multi-analytical approach using micro-Energy Dispersive X-ray Fluorescence spectroscopy, micro-Infrared and Raman Spectroscopy, micro-Spectrofluorimetry and Scanning Electron Microscopy. The characterization of Amadeo’s materials and techniques used on his last paintings, as well as the investigation of some of the conservation problems that affect these paintings, is essential to enrich the knowledge on this artist. Moreover, the study of the materials in the four paintings reveals commonalities between the paintings BRUT and Entrada. This observation is supported also by the analysis of the elements present in a photograph of a collage (conserved at the Art Library of the Calouste Gulbenkian Foundation), the only remaining evidence of a supposed maquete of these paintings. The final part of the thesis describes the application of the image processing tools developed in the first part of the thesis on a set of case studies; this experience demonstrates the potential of the tool to support painting analysis and authentication studies. The brushstroke analysis was used as additional analysis on the evaluation process of four paintings attributed to Amadeo, and the system based on hyperspectral analysis was applied on the painting dated 1917. The case studies therefore serve as a bridge between the first two parts of the dissertation.

Aplicação do CRM no contexto do bloco operatório

RESUMO - Introdução: Na última década, inúmera literatura sobre temas de saúde, principalmente abordando a Segurança do Doente, foca a necessidade e a importância do conceito de trabalho em equipa e da sua implementação na atividade dos profissionais de saúde. É também referido, como exemplo a seguir, por analogia e com a devida adaptação, o conceito e a metodologia do Crew Resource Management (CRM) da aviação civil, em que vários autores reviram a evidência da sua aplicação à medicina e concluíram que era uma ferramenta útil em formação não-técnica para a prática da cirurgia segura. Porquê esta analogia entre a saúde e a aviação civil? Porquê este despertar na saúde para o trabalho em equipa e, principalmente, baseando-se na metodologia do CRM da aviação civil? Qual a importância da formação não-técnica e como pode esta ser adaptada à atividade dos profissionais da saúde, nomeadamente no bloco operatório? São estas as principais questões que irão ser investigadas e analisadas ao longo deste estudo. Objetivos: Na aviação civil, a segurança é uma das prioridades desta indústria e um dos pilares da sua sustentabilidade. Sendo a indústria da aviação civil, como a saúde, uma atividade complexa importa em primeiro lugar compreender como a segurança deve ser abordada nas organizações complexas. Depois de compreendermos os quatro pilares da segurança (política, risco, garantia e promoção) aplicados na aviação civil, analisaremos a necessidade da formação não-técnica, explicando a importância da metodologia do CRM na aviação civil e a possibilidade da “importação” dos seus conceitos pela saúde. Metodologia: Para aferirmos a necessidade de formação não-técnica pelos profissionais da saúde foi desenvolvido um inquérito aos alunos finalistas dos Cursos de Enfermagem e dos Cursos de Medicina e outro inquérito a profissionais da saúde, Enfermeiros e Médicos (Anestesista e Cirurgião) com funções no Bloco Operatório, para responderem às seguintes inquietações:  Tiveram os profissionais de saúde formação formal na sua licenciatura ou pós-graduação em temas sobre comunicação, trabalho em equipa, gestão do erro, gestão do stress, liderança, atitudes e comportamentos para um trabalho em equipa eficiente e seguro?  Tiveram formação inicial no início da sua carreira e formação recorrente equivalente sobre estes temas ao longo da sua carreira?  Estão os profissionais de saúde preparados, com conhecimentos obtidos em formação formal, para trabalhar em equipa? Pretendeu-se igualmente, através de inquérito, saber se os alunos finalistas das licenciaturas acima identificadas consideram importante para a sua futura atividade como profissionais de saúde possuírem competências não-técnicas para o trabalho em equipa para evitarem os eventos adversos. No referido inquérito será também questionado quais as matérias a abordar nas licenciaturas (ou em outra etapa da formação), consideradas necessárias para se obterem competências de trabalho em equipa e qual a opinião sobre a frequência da formação recorrente sobre estes temas. Conclusão: O trabalho ficará concluído com uma proposta de conteúdos programáticos para a formação não-técnica dos profissionais de saúde, para a sua formação inicial e para a formação recorrente ao longo da carreira, baseada na metodologia do CRM da aviação civil. Objetivo final: Como objetivo final do estudo pretende-se contribuir, através da aplicação de formação não-técnicas aos profissionais de saúde, para a melhoria da Segurança do Doente nos cuidados em saúde.