A divulgação sobre instrumentos derivados : evidência empírica do setor da indústria português

Mestrado em Contabilidade

Contratos de futuros sobre taxas de juro : estudo de caso sobre a Euribor a 3 meses

Mestrado em Contabilidade e Análise Financeira

Estudo da compactabilidade em laboratório de misturas betuminosas com resíduos plásticos

Dissertação para obtenção do grau de Mestre em Engenharia Civil na Área de Especialização em Vias de Comunicação e Transportes

Multidimensional scaling analysis of electricity market prices

This paper studies the impact of energy and stock markets upon electricity markets using Multidimensional Scaling (MDS). Historical values from major energy, stock and electricity markets are adopted. To analyze the data several graphs produced by MDS are presented and discussed. This method is useful to have a deeper insight into the behavior and the correlation of the markets. The results may also guide the construction models, helping electricity markets agents hedging against Market Clearing Price (MCP) volatility and, simultaneously, to achieve better financial results.

Caracterização física e química de fíleres para fabrico de misturas betuminosas

Mestrado em Engenharia Geotécnica e Geoambiente

Utilização de produtos derivados para cobertura do risco: o caso das maiores empresas portuguesas

Com este trabalho pretende-se efetuar um estudo acerca do uso de produtos derivados pelas maiores empresas nacionais através da aplicação de um questionário às 1000 maiores empresas nacionais com base no seu volume de negócios em 2012. Com os dados recolhidos neste questionário, foi possível determinar que 28% das empresas respondentes utilizam produtos derivados na gestão do risco das suas variadas exposições. Das empresas que responderam negativamente, 27% justificaram a não utilização com o facto de não terem exposição suficiente e 23% indicaram que efetuam a cobertura das suas exposições utilizando outros instrumentos e métodos não especificados. De uma forma geral, os Swaps de taxas de juro são os instrumentos derivados mais utilizados pelas empresas nacionais e o objetivo principal que visam cumprir com a utilização destes instrumentos é a gestão do risco decorrente da exposição às taxas de juro.

A influência dos fileres no comportamento viscoso dos mastiques betuminosos

As estradas têm vindo a sofrer um aumento de importância, sendo necessário aplicar pavimentos com melhores características, assim foram desenvolvidos os mastiques betuminosos. Os mastiques são misturas de betume com filer, este material tem propriedades melhoradas em relação ao betume puro. O betume é um material viscoelástico, o que leva a que a viscosidade seja uma propriedade de vital importância estudar. A junção de fileres ao betume promove um aumento de viscosidade, levando a que esta propriedade reológica tenha ainda mais importância, principalmente porque a trabalhabilidade da mistura betuminosa fica comprometida quando a viscosidade não é a correta. Na realização desta dissertação foram realizados ensaios em mastiques betuminosos, com recurso ao viscosímetro rotativo de Brookfield. Os mastiques ensaiados são compostos com fileres de diferentes origens e com diferentes taxas de incorporação, e assim foram analisadas as diferenças obtidas nos valores da viscosidade dinâmica. Os resultados obtidos mostram que os mastiques, à temperatura de fabrico, têm um comportamento viscoso idêntico ao comportamento viscoso do betume puro. Apesar dos mastiques produzidos terem uma viscosidade maior que a do betume puro, o valor desta propriedade reológica tende a igualar ao valor do betume, este comportamento observa-se nas temperaturas mais elevadas. Quando se examinam os resultados dos mastiques produzidos com menor quantidade de filer, na generalidade, os valores da viscosidade obtidos são idênticos. Para taxas de incorporação maiores, os valores da viscosidade dinâmica dos mastiques produzidos são bastante mais altos e distintos. Levando a concluir que quanto maior a percentagem de filer no mastique, maior o valor da viscosidade e maior dispersão dos resultados obtidos, isto para os fileres e taxas de incorporação testadas.

Analysis of Electricity Market Prices Using Multidimensional Scaling

This paper studies the impact of the energy upon electricity markets using Multidimensional Scaling (MDS). Data from major energy and electricity markets is considered. Several maps produced by MDS are presented and discussed revealing that this method is useful for understanding the correlation between them. Furthermore, the results help electricity markets agents hedging against Market Clearing Price (MCP) volatility.

Structured products in the current low interest rate environment

Directed Research Internship

Recycled asphalt mixtures produced with high percentage of different waste materials

The use of sustainable solutions in construction is not just an option, but is increasingly becoming a need of the Society. Thus, nowadays the recycling of waste materials is a growing technology that needs to be continuously improved, namely by researching new solutions for waste valorisation and by increasing the amount of wastes reused. In the paving industry, the reuse of reclaimed asphalt (RA) is becoming common practice, but needs further research work. Thus, this study aims to increase the incorporation of RA and other waste materials in the production of recycled asphalt mixtures in order to improve their mechanical, environmental and economic performance. Recycled mixtures with 50% RA were analysed in this study, including: i) RA selection, preparation and characterization; ii) incorporation of other waste materials as binder additives or modifiers, like used motor oil (UMO) and waste high density polyethylene (HDPE); iii) production of different mixtures (without additives; with UMO; with UMO and HDPE) and comparison of their performance in order to assess the main advantages of each solution. With this study it was concluded that up to 7.5 % of UMO and 4.0 % of HDPE can be used in a new modified binder for asphalt mixtures with 50 % of RA, which have excellent properties concerning the rutting with WTS = 0.02 mm/103 cycles, the fatigue resistance with ε6 = 160.4, and water sensitivity with an ITSR of 81.9 %.

Can oil, plastic and RAP wastes have a new life in novel asphalt mixtures?

The pavement recycling allows to reuse reclaimed asphalt pavement (RAP) or other waste materials in new asphalt mixtures for road construction or rehabilitation, thus re-ducing the use of virgin materials (aggregates and bitumen). Thus, the main aim of this study is to minimize the use of natural resources through the reuse of three waste materials: HDPE, mo-tor oil and RAP. Different amounts of waste motor oil and HDPE were added to an asphalt binder with 50% aged bitumen. The best solutions to produce the modified binders (4.5 to 5.0% HDPE and 10 % waste motor oil) performed as well as a conventional bitumen although they only used 35 % of virgin bitumen. Asphalt mixtures with 50 % RAP were produced with the selected modified binders, improving some characteristics in comparison with conventional asphalt mixtures. In conclusion, these wastes can revive in new asphalt mixtures.

Plastic waste use as aggregate and binder modifier in open-graded asphalts

Road pavements are very important infrastructures for the Society, but they can cause serious environmental impacts during construction, operation and rehabilitation phases. Thus, it is essential to develop surface paving solutions that promote not only the durability but also a comfortable and safe use. In fact, this work aims to study the properties of new opengraded mixtures for surface layers produced with plastic wastes. First, HDPE and EVA wastes were used as bitumen modifiers, and then another plastic waste (PEX) replaced part of the aggregates. After studying the modified binders, the open-graded mixtures were designed, and then they were tested concerning their particle loss, rutting resistance, surface texture and damping effect. It was concluded that both ways of using the plastic wastes can improve the mechanical and functional properties of the open-graded mixtures related to the pavement performance.

Mechanical analysis of asphalt mixtures produced with waste plastic modified binders

This work compares the viscoelastic properties of an asphalt binder (70/100 pen) modified with different waste plastics and the mechanical properties of the resultant asphalt mixtures. Two different plastic wastes were used, namely recycled HDPE and EVA. Three different polymer modified binders were produced with these plastic wastes: i) 5% HDPE modified binder (P5); ii) 5% EVA modified binder (E5) and; iii) a modified binder with 4% of EVA and 2% HDPE (E4P2). Asphalt mixtures were produced with these modified binders, and their mechanical properties were analysed and compared with a conventional mixture produced with a 30/50 pen bitumen. It was possible to conclude that these recycled polymers are able to improve the mechanical performance of the asphalt mixtures used in road paving.

Utilization of waste materials to improve asphalt mixtures performance

This study aims to develop an innovative bitumen with large quantities of waste materials to improve asphalt mixtures performance. Different amounts of waste motor oil and waste HDPE were added to a new bitumen. The bitumen modified with 10% of waste motor oil and 5% of HDPE showed promising characteristics (high softening point temperatures and penetration slightly higher than the conventional bitumen). After the selection of the most promising modified bitumen, three asphalt mixtures were produced with different bitumens (namely conventional bitumen, commercial modified bitumen and the selected modified bitumen). Beyond that, this modified bitumen improved some mechanical characteristics of the asphalt mixture where it was used, in comparison to conventional and modified asphalt mixtures.

Study of the interaction between asphalt and plastic wastes in new polymer modified binders (PMB)

The aim of this study is evaluating the interaction between several base pen grade asphalt binders (35/50, 50/70, 70/100, 160/220) and two different plastic wastes (EVA and HDPE), for a set of new polymer modified binders produced with different amounts of both plastic wastes. After analysing the results obtained for the several polymer modified binders evaluated in this study, including a commercial modified binder, it can be concluded that the new PMBs produced with the base bitumen 70/100 and 5% of each plastic waste (HDPE or EVA) results in binders with very good performance, similar to that of the commercial modified binder.