Dual track sell-out: Signaling through IPO and Underpricing

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

Desenvolvimento de uma plataforma de informação para orçamentação de produtos únicos: aplicação na industria de cablagens

O desenvolvimento da tecnologia informática e de melhor hardware, proporcionou ao mercado de aplicações informáticas, um grande crescimento nas últimas décadas. Paralelamente, o aprofundamento e investigação das disciplinas de engenharia industrial, de novas filosofias e tipologias de produção, proporcionam ao mercado de sistemas de informação, uma panóplia de soluções abrangentes a todos os sectores e departamentos das organizações. Apesar da grande oferta, nem sempre existe viabilidade financeira das organizações para adquirirem e/ ou implementarem uma solução eficaz que responda às suas necessidades específicas. A presente dissertação, incide na melhoria do sistema de orçamentação do produto numa indústria de produtos únicos, através de uma plataforma de informação que permita reduzir o tempo de elaboração, melhorando a estimação do tempo de produção. As exigências do mercado em causa, influenciadas pela concorrência de países com mão-de-obra mais barata, prazos de resposta a orçamentos muito curtos e pequenas margens de negociação e lucro, implicam a necessidade de que sejam minimizadas ao máximo as atividades sem valor acrescentado, como o caso da orçamentação. Foi elaborada uma análise à empresa, ao produto - cablagem, às operações e seus recursos em estudo de caso. Após o levantamento das operações de produção executadas na empresa, reuniram-se os tempos referentes aos tempos de elaboração de cada operação, tendo sido estes utilizados para melhorar a estimativa do tempo de produção. A plataforma de informação foi desenvolvida seguindo o processo produtivo de cablagens, princípios de orçamentação e algumas funcionalidades referentes a ferramentas de apoio à produção, tais como, Product Data Management, Computer Aided Design, Bill-of-Material e Visual Aid’s. Estruturada consoante as necessidades da empresa e respeitando a vasta gama de Matérias- Primas intervenientes na produção, a ferramenta desenvolvida proporcionou a redução do tempo de orçamentação e melhoria na estimativa dos tempos de produção. Esta ferramenta é no entanto transversal e com pequenas alterações, poderá ser implementada em qualquer outra indústria de produtos únicos.

Validação de técnicas de limpeza de equipamentos na industria farmacêutica

A indústria farmacêutica é uma indústria de grande dimensão e que exige a maior qualidade possível. No grupo AtralCipan, essa exigência não é esquecida e por isso se tem um enorme cuidado ao nível da limpeza dos equipamentos por forma a impedir contaminações cruzadas. Os Laboratórios Atral têm vindo ao longo dos anos a realizar validações de limpeza com o objetivo de mostrar e verificar que realmente as limpezas efetuadas aos equipamentos e respetivas salas são eficazes, não comprometendo nenhuma produção. A presente dissertação visa na validação de limpeza dos equipamentos do setor das formas sólidas orais cefalosporínas. O trabalho desenvolvido iniciou-se com a seleção dos produtos pior-caso do setor através de uma análise de risco. Posteriormente, analisou-se cada equipamento presente no setor (câmara de pesagem, tamisador, misturador bicónico, compactadora, máquina de comprimir e despoeirador, bacias de revestimento e máquina de blisterar) para identificação dos pontos críticos de limpeza dos mesmos. Com base nas áreas dos equipamentos e posologia dos produtos, calculou-se o limite analítico para cada produto pior-caso e validou-se o método analítico por HPLC para cada um. Os resultados destas duas validações foram favoráveis, revelando que a pesquisa de resíduos de substância ativa através de HPLC é um método adequado e que pode ser utilizado. O passo seguinte deste processo recai nas amostragens a efetuar a cada equipamento consoante os pontos críticos identificados. As amostragens efetuadas incidiram sobre a pesquisa de carbono orgânico total, determinação de atividade microbiológica e determinação de resíduos de substância ativa. No geral obtiveram-se bons resultados, verificando-se que todas as amostragens obtiveram resultados inferiores aos limites estipulados, existindo um desvio para o misturador bicónico ao nível da pesquisa de carbono orgânico total e dois desvios na determinação de atividade microbiana na compactadora e máquina de blisterar. O trabalho desenvolvido forneceu informações importantes à empresa, demostrando que o modo de limpeza dos seus equipamentos é apropriado, prevenindo futuras contaminações cruzadas entre os diversos medicamentos fabricados.

Overstock and stock-out in Volkswagen Autoeuropa

The following work is a case study of overstock and stock-out problems at Volkswagen Autoeuropa (VWAE). It introduces the supply chain of Autoeuropa and specializes then on failures connected to inventory problems. Having a successful supply chain is important in a world where products become more and more similar as it can give to companies an edge over their competitors. The case shows three practices that VWAE uses to prevent and to overcome stock problems. Information was gathered by doing interviews with different managers, by analyzing the company’s key processes and by literature research related to the topics of supply chain management and flexibility in the supply chain. Three practices were further investigated: the use of alternative parts, support of the supplier and a rating system of suppliers. In the question section of this work the importance of flexibility and Supplier Relationship Management (SRM) when connected to supply chain management are explained. The described different practices are numerically analyzed and it is concluded that each practice brings both cost savings and the possibility of achieving target numbers to the company, showing the company’s flexibility to react to supply chain disturbances. Because of confidentiality reasons, persons in the case are fictionalized and numbers are wherever possible equalized to 100 in order to display true proportions.

Breaking Down and Breaking Out: Beckett’s ‘Absolute Liminality’ in the Third Age of Capitalist Traumas

Fundação para a Ciência e a Tecnologia (FCT), Fundação Millennium bcp

Improving practical reasoning and argumentation

This thesis justifies the need for and develops a new integrated model of practical reasoning and argumentation. After framing the work in terms of what is reasonable rather than what is rational (chapter 1), I apply the model for practical argumentation analysis and evaluation provided by Fairclough and Fairclough (2012) to a paradigm case of unreasonable individual practical argumentation provided by mass murderer Anders Behring Breivik (chapter 2). The application shows that by following the model, Breivik is relatively easily able to conclude that his reasoning to mass murder is reasonable – which is understood to be an unacceptable result. Causes for the model to allow such a conclusion are identified as conceptual confusions ingrained in the model, a tension in how values function within the model, and a lack of creativity from Breivik. Distinguishing between dialectical and dialogical, reasoning and argumentation, for individual and multiple participants, chapter 3 addresses these conceptual confusions and helps lay the foundation for the design of a new integrated model for practical reasoning and argumentation (chapter 4). After laying out the theoretical aspects of the new model, it is then used to re-test Breivik’s reasoning in light of a developed discussion regarding the motivation for the new place and role of moral considerations (chapter 5). The application of the new model shows ways that Breivik could have been able to conclude that his practical argumentation was unreasonable and is thus argued to have improved upon the Fairclough and Fairclough model. It is acknowledged, however, that since the model cannot guarantee a reasonable conclusion, improving the critical creative capacity of the individual using it is also of paramount importance (chapter 6). The thesis concludes by discussing the contemporary importance of improving practical reasoning and by pointing to areas for further research (chapter 7).

Numerical Assessment of the out-of-plane response of a brick masonry structure without box behaviour

This paper presents the assessment of the out-of-plane response due to seismic loading of a masonry structure without rigid diaphragm. This structure corresponds to real scale brick masonry specimen with a main façade connected to two return walls. Two modelling approaches were defined for this evaluation. The first one consisted on macro modelling, whereas the second one on simplified micro modelling. As a first step of this study, static nonlinear analyses were conducted to the macro model aiming at evaluating the out-of-plane response and failure mechanism of the masonry structure. A sensibility analyses was performed in order to assess the mesh size and material model dependency. In addition, the macro models were subjected to dynamic nonlinear analyses with time integration in order to assess the collapse mechanism. Finally, these analyses were also applied to a simplified micro model of the masonry structure. Furthermore, these results were compared to experimental response from shaking table tests. It was observed that these numerical techniques simulate correctly the in-plane behaviour of masonry structures. However, the

Out-of-plane behavior of masonry infill walls

In order to investigate the out-of-plane behaviour of masonry infill walls, quasi-static testing was performed on a masonry infill walls built inside a reinforced concrete frame by means of an airbag system to apply the uniform out-of-plane load to each component of the infill. The main advantage of this testing setup is that the out-of-plane loading can be applied more uniformly in the walls, contrarily to point load configuration. The test was performed under displacement control by selecting the mid-point of the infill as control point. Input and output air in the airbag was controlled by using a software to apply a specific displacement in the control point of the infill wall. The effect of the distance between the reaction frame of the airbag and the masonry infill on the effective contact area was previously analysed. Four load cells were attached to the reaction frame to measure the out-of-plane force. The effective contact area of the airbag was calculated by dividing the load measured in load cells by the pressure inside the airbag. When the distance between the reaction walls and the masonry infill wall is smaller, the effective area is closer to the nominal area of the airbag. Deformation and crack patterns of the infill confirm the formation of arching mechanism and two-way bending of the masonry infill. Until collapse of the horizontal interface between infill and upper beam in RC frame, the infill bends in two directions but the failure of that interface which is known as weakest interface due to difficulties in filling the mortar between bricks of last row and upper beam results in the crack opening trough a well-defined path and the consequent collapse of the infill.

In-plane and out-of plane experimental characterization of rc masonry infilled frames

Seismic investigations of typical south European masonry infilled frames were performed by testing two reduced scale specimens: one in the in-plane direction and another in the out-ofplane direction. Information about geometry and reinforcement scheme of those structures constructed in 1980s were obtained by [1]. The specimen to be tested in the in-plane direction was constructed as double leaf masonry while the specimen for testing in the out-of-plane direction is constructed with only its exterior leaf since the recent earthquakes have highlighted the vulnerability of the external leaf of the infills in out-of-plane direction [2]. The tests were performed by applying the pre-defined values of displacements in the in-plane and out-of-plane directions in the control points. For in-plane testing it was done by hydraulic actuator and for out-of-plane testing through the application of an airbag. Input and output air in the airbag was controlled by using a software to apply a specific displacement in the control point of the infill wall. Mid-point of the infill was assumed as a control point for outof- plane testing. Deformation and crack patterns of the infill confirm the formation of two-way arching mechanism of the masonry infill until collapse of the upper horizontal interface between infill and frame which is known as weakest interface due to difficulties in filling the mortar between bricks of last row and upper beam. This results in the crack opening through a welldefined path and the consequent collapse of the infill.

Preschool education in Brazil: does public supply crowd out private enrollment?

Expanding access to preschool education is a particularly important policy issue in developing countries, where enrollment rates are generally much lower, and where private institutions constitute a much larger share of the formal preschool sector, than in developed countries. This paper examines if an expansion in the supply of public preschool crowds-out private enrollment using rich data for municipalities in Brazil from 2000 to 2006, where federal transfers to local governments change discontinuously with given population thresholds. Results from a regression-discontinuity design reveal that larger federal transfers lead to a significant expansion of local public preschool services, but show no evidence of crowding-out of private enrollment, nor of negative impacts on the quality of private providers. This finding is consistent with a theory in which households differ in willingness-to-pay for preschool services, and private suppliers optimally adjust prices in response to an expansion of lower-quality, free-of-charge public supply. In the context of the model, the absence of crowding-out effects of more public preschool providers can be rationalized by the existence of relatively large differences in willingness-to-pay for preschool services across different demand segments. Our theoretical and empirical findings therefore suggest that in developing country settings characterized by relatively high income inequality, an expansion in public preschool supply will likely significantly increase enrollment among the poorest segments of society, and need not have adverse effects on the quantity or quality of local private supply.

Dynamic interface model for masonry walls subjected to high strain rate out-of-plane loads

The present study proposes a dynamic constitutive material interface model that includes non-associated flow rule and high strain rate effects, implemented in the finite element code ABAQUS as a user subroutine. First, the model capability is validated with numerical simulations of unreinforced block work masonry walls subjected to low velocity impact. The results obtained are compared with field test data and good agreement is found. Subsequently, a comprehensive parametric analysis is accomplished with different joint tensile strengths and cohesion, and wall thickness to evaluate the effect of the parameter variations on the impact response of masonry walls.

Girls out of school. State, culture and education in poor rural Lao People's Democratic Republic

Tese de Doutoramento em Sociologia

Risk factors for atherosclerosis in an elderly out patient population in the City of São Paulo

OBJECTIVE: To analyze in out clinic elderly patients of both sexes for the prevalence of risk factors for atherosclerosis and study their association with the complications of atherosclerosis. METHODS: Five hundred and sixteen outpatients, 152 men and 364 women, 60 years or older, were studied. The prevalences of hypertension, dyslipidemia, diabetes mellitus, cigarette smoking and obesity were determined in both sexes and compared using the chi-square test. The association between these factors and the presence of atherosclerotic complications was analyzed by logistic regression. RESULTS: The comparative analysis of the factors in both sexes showed that hypertension, total cholesterol > or = 240mg/dL, LDL-cholesterol > or = 160mg/dL, and body mass index >27.5 were more frequent among women, but HDL-cholesterol <35mg/dL and cigarette smoking were more frequent among men, and no difference occurred between sexes in relation to the frequency of triglycerides > or = 250mg/dL and diabetes mellitus. After adjustment of the variables in the regression model, we observed that in the total of elderly patients, risk factors for complications of atherosclerosis were: triglycerides > or = 250mg/dL, hypertension, and male sex. Among men, the risk factors were: LDL-cholesterol > or = 160mg/dL, diabetes mellitus, HDL-cholesterol <35mg/dL and hypertension. Among women, the risk factors were: tryglicerides > or = 250mg/dL and hypertension. CONCLUSION: The results showed that, in the elderly, the risk factors for atherosclerosis persist, but with different behaviors between men and women. The study suggests that the relative importance of the risk factors can change with the aging process.

Electricidad, industria y cooperativismo en la provincia de Córdoba, 1946-1980

Esta investigación intenta demostrar que el importante impulso de electrificación operado desde la creación de EPEC permitió extender la cobertura del servicio eléctrico y facilitó una rápida incorporación de hogares y empresas al sistema, lo que se tradujo en un importante crecimiento de la cantidad de usuarios conectados tanto en las zonas urbanas como rurales y en una transformación de la estructura sectorial del consumo que benefició a los rubros industrial y cooperativo. Dos objetivos fundamentales la guían: a) estudiar el proceso de electrificación, el papel jugado en el mismo por EPEC y su influencia en el desenvolvimiento industrial y en el desarrollo del interior provincial a través de las cooperativas eléctricas, y b) la formación de recursos humanos, en tanto que los objetivos específicos son: profundizar el estudio del proceso de electrificación como instrumento utilizado por el Estado para promover el desarrollo industrial y agropecuario y al mismo tiempo mejorar las condiciones de vida de los cordobeses; estudiar la actividad empresaria de EPEC; reconstruir la historia de algunas cooperativas eléctricas cordobesas prestando atención al desarrollo económico, social y cultural de sus zonas de influencia; analizar las particularidades que distinguen al movimiento cooperativo eléctrico cordobés, considerando que las mismas pueden ser fruto tanto del accionar del Estado provincial como de las características propias de los lugares en que se crean; proseguir con el estudio del avance del proceso de industrialización, especialmente en el sector automotriz, relacionando la demanda de fuerza motriz con la evolución de la oferta de energía eléctrica