Aplicação do Balanced Scorecard à área de investimentos de uma seguradora

Contabilidade e Gestão das Instituições Financeiras

Plano estratégico “Empowering Lab ESEIG”

Os jovens ao longo do seu percurso escolar têm aspirações e expetativas elevadas quanto ao valor de empregabilidade dos diplomas a que tiveram acesso em todos os graus de ensino. Contudo, no recente contexto de crise económica, essas aspirações e expetativas socialmente nutridas pela escola e pela família têm sido em grande medida frustradas pelas crescentes dificuldades que os jovens portugueses de hoje têm vivido nos seus processos de inserção profissional. A nível individual, um jovem que passe um longo período inativo tem grandes probabilidades de sofrer de baixa autoestima, exclusão social ou de um “wage scar”, isto é, de no futuro ter um rendimento abaixo do rendimento médio de pessoas com formação e experiência equivalentes além de desenvolverem uma atitude passiva e falta de participação social, o que no longo prazo acaba por ter implicações negativas para a sociedade como um todo. Conscientes desta realidade e sabendo que as incubadoras de negócios podem transmitir confiança à comunidade financeira e apoiar as startups, promovendo uma cultura de empreendedorismo e agindo como um catalisador para o desenvolvimento de estruturas de suporte de negócios mais amplas, partimos para o estudo da incubação de negócios com o intuito de traçar um plano estratégico para a Escola Superior de Estudos Industriais e de Gestão (ESEIG) que permitisse desenvolver a cultura empreendedora da sua comunidade e por esta via dar o seu contributo para a resolução da crise económica que o país atravessa. Começamos por fazer um enquadramento teórico da incubação de negócios e rapidamente percebemos que, sendo a ESEIG uma instituição de ensino superior, era importante incluir no estudo os conceitos de empreendedorismo e inovação e perceber ao nível teórico como funciona a relação Universidade-Empresa. De seguida, fomos para o “terreno” e percebemos que a solução para este desafio passaria por capacitar os alunos da ESEIG com as competências empresariais e empreendedoras necessárias para o desenvolvimento de qualquer empreendimento autonomamente. Faltava agora perceber qual a melhor forma de concretizar este ambicioso objetivo. Após um pouco mais de estudo, percebemos que, a paixão está no centro de empreendedorismo juntamente com outras dimensões afetivas e emocionais e pode estimular a criatividade e o reconhecimento de novos padrões de informação fundamental para a descoberta e exploração de oportunidades promissoras. Por sua vez, a alegria local (escolas, cidades, regiões, países) está associada a uma maior atividade empreendedora, o humor e sentimentos positivos, bem como a satisfação de vida geram efeitos benéficos, como melhor desempenho nas tarefas e produtividade, evolução na carreira e sucesso pessoal e maior propensão para assumir riscos. Percebemos então que é necessário desenvolver uma cultura de positividade, pelo que, sugerimos a implementação do novo quadro conceptual PROSPER (Positivity; Relationships; Outcomes; Strengths; Purpose; Engagement; Resilience) que tem o potencial de ser usado como uma ferramenta organizacional para a implementação dos sete principais componentes de bem-estar. Cientes de que o objetivo final é aumentar a intenção empreendedora dos estudantes, bem como o número efetivo de empreendedores, definimos como objetivos, promover o valor do empreendedorismo na criação de oportunidades e no desenvolvimento das competências dos estudantes (Engaging), fornecer aos estudantes oportunidades de aprendizagem empresarial (Empowering) e apoiar os estudantes na criação e no desenvolvimento de negócios (Equipping). Neste sentido, sugerimos diversas ações que materializam estes objetivos. Para finalizar, utilizamos um Lean Canvas com o intuito de concretizar a nossa proposta estratégica para ESEIG, que culmina com a criação do Empowering Lab ESEIG.

Estudo e Projeto de Reabilitação dos Acessos aos Parques Eólicos da Iberwind

A Iberwind recebeu o aluno estagiário para a realização de um projeto de consultoria técnica focada nos acessos dos seus 31 parques eólicos presentes no território nacional. É apresentada a empresa, bem como todo o processo de construção e desenvolvimento de parques eólicos. O presente relatório de estágio foca-se, maioritariamente, na reabilitação de acessos a parques eólicos, debruçando-se sobre as especialidades de terraplenagens, drenagem e pavimentação, bem como as condicionantes geométricas. Verifica-se que com o passar dos anos, após a construção dos primeiros empreendimentos, começa a denotar-se a deterioração dos acessos aos mesmos. É, por isso, relevante e significativo o trabalho realizado no âmbito do estágio, por forma a avaliar as diversas necessidades de reabilitação e manutenção dos acessos a apresentar soluções globais. O levantamento de campo realizado cobriu todo o portefólio da empresa e documentou a totalidade das patologias relacionadas com as especialidades de pavimentação e drenagem. Executaram-se visitas a todos os parques, acompanhadas pelos operadores dos mesmos, e aliaram-se às mesmas entrevistas aos supervisores de zona com o intuito de aglomerar informação e contextualizar a problemática. Realizou-se uma proposta de reabilitação dos acessos em piores condições, o que levou à adjudicação da obra e acompanhamento de alguns trabalhos por parte do autor no presente ano. O trabalho realizado e detalhadamente documentado permitiu a criação de uma metodologia de inspeção e manutenção a ser implementada nos parques eólicos do grupo, de forma a reduzir custos e otimizar recursos a longo prazo. A metodologia consiste, de forma sintetizada, na inspecção periódica dos acessos de cada parque pelas equipas de campo e a definição das necessidades prioritárias de manutenção e reabilitação dos mesmos de maneira independente.

Selection of a co-operation agreement between EMOVE – Innovative Technologies and WavEC – Wave Energy Center

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

Chaotic dynamics in credit constrained emerging economies

This paper analyzes the role of financial development as a source of endogenous instability in small open economies. By assuming that firms face credit constraints, our model displays a complex dynamic behavior for intermediate values of the parameter representing the level of financial development of the economy. The basic implication of our model is that economies experiencing a process of financial development are more unstable than both very underdeveloped and very developed economies. Our instability concept means that small shocks have a persistent effect on the long run behavior of the model and also that economies can exhibit cycles with a very high period or even chaotic dynamic patterns.

The structural approach of a natrex model on equilibrium exchange rates

Following a general macroeconomic approach, this paper sets a closed micro-founded structural model to determine the long run real exchange rate of a developed economy. In particular, the analysis follows the structure of a Natrex model. The main contribution of this research paper is the development of a solid theoretical framework that analyse in depth the basis of the real exchange rate and the details of the equilibrium dynamics after any shock influencing the steady state. In our case, the intertemporal factors derived from the stock-flow relationship will be particularly determinant. The main results of the paper can be summarised as follows. In first place, a complete well-integrated structural model for long-run real exchange rate determination is developed from first principles. Moreover, within the concrete dynamics of the model, it is found that some convergence restrictions will be necessary. On one hand, for the medium run convergence the sensitivity of the trade balance to changes in real exchange rate should be higher that the correspondent one to the investment decisions. On the other hand, and regarding long-run convergence, it is also necessary both that there exists a negative relationship between investment and capital stock accumulation and that the global saving of the economy depends positively on net foreign debt accumulation. In addition, there are also interesting conclusions about the effects that certain shocks over the exogenous variables of the model have on real exchange rates.

The Export Base Model with a Supply-Side Stimulus to the Export Sector

Paper delivered at the Western Regional Science Association Annual Conference, Sedona, Arizona, February, 2010.

The evolution of inbred social systems in spiders and other organisms: from short-term gains to long-term evolutionary dead-ends?

The question of why some social systems have evolved close inbreeding is particularly intriguing given expected short- and long-term negative effects of this breeding system. Using social spiders as a case study, we quantitatively show that the potential costs of avoiding inbreeding through dispersal and solitary living could have outweighed the costs of inbreeding depression in the origin of inbred spider sociality. We further review the evidence that despite being favored in the short term, inbred spider sociality may constitute in the long run an evolutionary dead end. We also review other cases, such as the naked mole rats and some bark and ambrosia beetles, mites, psocids, thrips, parasitic ants, and termites, in which inbreeding and sociality are associated and the evidence for and against this breeding system being, in general, an evolutionary dead end.

La construction de l'identité de soi dans la famille.

Cet article présente une réflexion sur le développement de l'identité de soi chez l'enfant. Nous étudions pour cela le développement de l'autobiographie, la façon dont l'enfant apprend à raconter qui « il » est. Les narrations autobiographiques apparaissent tôt dans le développement dans une forme linguistique même rudimentaire, et sont produites notamment lorsque l'enfant a vécu une expérience émotionnellement chargée. La narration autobiographique permet d'intégrer le divers de l'expérience en un tout cohérent, selon la perspective du narrateur, et de donner sens aux événements vécus en les organisant en fonction d'un agent, d'une action, d'un temps et d'un lieu. La sélection des événements à raconter et la valeur à leur donner résultent d'un apprentissage social, réalisé en premier lieu dans la famille, qui va à long terme modéliser la façon dont l'enfant se raconte. Des exemples d'interactions narratives mère-enfant illustrant cet apprentissage sont présentés. A contrario, le conflit familial peut menacer cette intégration ; différentes formes de conflit et leurs conséquences possibles sur le développement de l'autobiographie sont évoquées. This paper presents a reflection about the development of the self in children, through the study of autobiographical narratives - i.e. the way the child tells who "she/he" is. Children produce narratives early in the development, even in a simple linguistic form. Narratives are first triggered when the child has lived an emotional event. The function of narratives is to integrate the various aspects of the lived event in a coherent whole. It organizes the events according to an agent, an action, a time and a place. The child learns in the interaction with significant others what events are to be told and which is the value to give to them. This social learning will in the long run shape the way the child tells who she/he is. We illustrate this process through examples of narrative interactions between mothers and children. Finally, the way conflicts in the family might disturb this learning process is discussed, as well as the consequences they might have on the development of the self.

Stochastic Dynamic Northern Corn Rootworm Population Model, January 2000

A complete life cycle model for northern corn rootworm, Diabrotica barberi Smith and Lawrence, is developed using a published single-season model of adult population dynamics and data from field experiments. Temperature-dependent development and age-dependent advancement determine adult population dynamics and oviposition, while a simple stochastic hatch and density-dependent larval survival model determine adult emergence. Dispersal is not modeled. To evaluate the long-run performance of the model, stochastically generated daily air and soil temperatures are used for 100-year simulations for a variety of corn planting and flowering dates in Ithaca, NY, and Brookings, SD. Once the model is corrected for a bias in oviposition, model predictions for both locations are consistent with anecdotal field data. Extinctions still occur, but these may be consistent with northern corn rootworm metapopulation dynamics.

Banks, liquidity crises and economic growth

How do the liquidity functions of banks affect investment and growth at different stages ofeconomic development? How do financial fragility and the costs of banking crises evolve with the level of wealth of countries? We analyze these issues using an overlapping generations growth model where agents, who experience idiosyncratic liquidity shocks, can invest in a liquid storage technology or in a partially illiquid Cobb Douglas technology. By pooling liquidity risk, banks play a growth enhancing role in reducing inefficient liquidation of long term projects, but they may face liquidity crises associated with severe output losses. We show that middle income economies may find optimal to be exposed to liquidity crises, while poor and rich economies have more incentives to develop a fully covered banking system. Therefore, middle income economies could experience banking crises in the process of their development and, as they get richer, they eventually converge to a financially safe long run steady state. Finally, the model replicates the empirical fact of higher costs of banking crises for middle income economies.

Immigration and the survival of the welfare state

This paper analyzes the political sustainability of the welfare state in a model where immigration policy is also endogenous. In the model, the skills of the native population are affected by immigration and skill accumulation. Moreover, immigrants affect future policies, once they gain the right to vote. The main finding is that the long-run survival of redistributive policies is linked to an immigration policy specifying both skill and quantity restrictions. In particular, in steady state the unskilled majority admits a limited inflow of unskilled immigrants in order to offset growth in the fraction of skilled voters and maintain a high degree of income redistribution.Interestingly, equilibrium immigration policy shifts from unrestricted skilled immigration,when the country is skill-scarce, to restricted unskilled immigration, as the fraction of native skilled workers increases. The analysis also suggests a new set of variables that may help explain international differences in immigration restrictions.

Addressing the natural resource curse: An illustration from Nigeria

Some natural resources oil and minerals in particular exert a negative andnonlinear impact on growth via their deleterious impact on institutionalquality. We show this result to be very robust. The Nigerian experienceprovides telling confirmation of this aspect of natural resources. Wasteand corruption from oil rather than Dutch disease has been responsible forits poor long run economic performance. We propose a solution for addressingthis resource curse which involves directly distributing the oil revenuesto the public. Even with all the difficulties of corruption and inefficiencythat will no doubt plague its actual implementation, our proposal will, atthe least, be vastly superior to the status quo. At best, however, it couldfundamentally improve the quality of public institutions and, as a result,transform economics and politics in Nigeria.

Comparaison des réponses hémodynamiques d'un repas modérément salé et d'un repas riche en sel : une hypothèse pour expliquer l'hypertrophie ventriculaire gauche des régimes hypersodés

De nombreuses études cliniques ont révélé une corrélation étroite entre un régime alimentaire riche en sel et le développement d'une hypertrophie ventriculaire gauche. Cette association a été classiquement attribuée aux effets hypertensifs à long terme d'une alimentation riche en sel. Toutefois, les études épidémiologiques ont également démontré que l'hypertrophie ventriculaire gauche peut survenir indépendamment de changements de pression artérielle.¦L'ingestion de sel n'étant pas distribuée de manière homogène durant la journée mais ayant lieu principalement durant les repas, nous émettons l'hypothèse que chaque repas riche en sel induit une augmentation aiguë de la pression artérielle, des pressions de remplissage cardiaque, du volume d'éjection systolique et du débit cardiaque. L'augmentation résultante du travail cardiaque pourrait ainsi à la longue entraîner une hypertrophie cardiaque.¦Pour tester si un repas riche en sel conduit à des modifications hémodynamiques favorisant l'hypertrophie cardiaque, nous avons comparé chez la même personne jeune et en bonne santé la réponse hémodynamique à un repas modérément salé (45 mmol) à celle d'un repas riche en sel (165 mmol de sodium). Les repas ont été pris de manière randomisée à 7 jours d'intervalle. Divers paramètres hémodynamiques ont été mesurés en continu avant et jusqu'à 140 minutes après chaque repas. Nos résultats montrent que les augmentations post-prandiales du volume d'éjection systolique et du travail cardiaque ont été plus prononcées après un repas à haute teneur en sel par rapport à un repas modérément salé.¦Nous spéculons que des apports chroniques en sel induisent des charges hémodynamiques répétées. Etant donné que la concentration plasmatique de sodium, qui est augmentée après un repas salé, est également capable de stimuler la croissance des myocytes cardiaques, il est possible que la combinaison sur des mois ou des années de pics hypernatrémiques post-prandiaux et de charges cardiaques soit responsable de l'hypertrophie cardiaque souvent observée avec une alimentation riche en sel.¦-¦Many clinical studies have shown a close correlation between a chronic high salt diet and the development of left ventricular hypertrophy. This association has been classically attributed to the long-term hypertensive effects of a high salt diet. However, epidemiological studies have also shown that left ventricular hypertrophy may occur independently of changes in arterial pressure.¦Since salt ingestion during a high salt diet is not distributed evenly over a 24-hr period, but occurs essentially during meal periods, we speculate that each acute salt load could lead to greater acute increases in blood pressure, heart filling pressure, stroke volume and cardiac output, putting an additional work load on the heart, promoting in the long run cardiac hypertrophy.¦To test whether a high salt meal leads to hemodynamic changes that may favor cardiac hypertrophy, we compared in the same healthy young individual the response to a moderately salted meal (45 mmol) and to a high-salt meal (165 mmol sodium), given in a random order on separate days, on various cardiovascular parameters that were continuously monitored before and up to 140 minutes after the meal. Our results show that the post-prandial increases in stroke volume, and cardiac work were more pronounced after a high-salt meal than after a low-salt meal.¦We speculate that repetitive salt loads associated with a high salt diet may lead to repetitive hemodynamic loads. Since plasma sodium concentration, which is increased after a salty meal, is also capable to stimulate myocyte growth, it is possible that the combination of post-prandial hypernatremic peaks and of cardiac loads may be responsible, when repeated many times over period of months, of the cardiac hypertrophy often seen with a high salt diet.

Tax reforms and inequality: theoretical and empirical implications

In this paper we examine the effect of tax policy on the relationship between inequality and growth in a two-sector non-scale model. With non-scale models, the longrun equilibrium growth rate is determined by technological parameters and it is independent of macroeconomic policy instruments. However, this fact does not imply that fiscal policy is unimportant for long-run economic performance. It indeed has important effects on the different levels of key economic variables such as per capita stock of capital and output. Hence, although the economy grows at the same rate across steady states, the bases for economic growth may be different.The model has three essential features. First, we explicitly model skill accumulation, second, we introduce government finance into the production function, and we introduce an income tax to mirror the fiscal events of the 1980¿s and 1990¿s in the US. The fact that the non-scale model is associated with higher order dynamics enables it to replicate the distinctly non-linear nature of inequality in the US with relative ease. The results derived in this paper attract attention to the fact that the non-scale growth model does not only fit the US data well for the long-run (Jones, 1995b) but also that it possesses unique abilities in explaining short term fluctuations of the economy. It is shown that during transition the response of the relative simulated wage to changes in the tax code is rather non-monotonic, quite in accordance to the US inequality pattern in the 1980¿s and early 1990¿s.More specifically, we have analyzed in detail the dynamics following the simulation of an isolated tax decrease and an isolated tax increase. So, after a tax decrease the skill premium follows a lower trajectory than the one it would follow without a tax decrease. Hence we are able to reduce inequality for several periods after the fiscal shock. On the contrary, following a tax increase, the evolution of the skill premium remains above the trajectory carried on by the skill premium under a situation with no tax increase. Consequently, a tax increase would imply a higher level of inequality in the economy