The financial and environmental performance of firms exposed to the EU Emissions Trading Scheme

This thesis is an empirical-based study of the European Union’s Emissions Trading Scheme (EU ETS) and its implications in terms of corporate environmental and financial performance. The novelty of this study includes the extended scope of the data coverage, as most previous studies have examined only the power sector. The use of verified emissions data of ETS-regulated firms as the environmental compliance measure and as the potential differentiating criteria that concern the valuation of EU ETS-exposed firms in the stock market is also an original aspect of this study. The study begins in Chapter 2 by introducing the background information on the emission trading system (ETS), which focuses on (i) the adoption of ETS as an environmental management instrument and (ii) the adoption of ETS by the European Union as one of its central climate policies. Chapter 3 surveys four databases that provide carbon emissions data in order to determine the most suitable source of the data to be used in the later empirical chapters. The first empirical chapter, which is also Chapter 4 of this thesis, investigates the determinants of the emissions compliance performance of the EU ETS-exposed firms through constructing the best possible performance ratio from verified emissions data and self-configuring models for a panel regression analysis. Chapter 5 examines the impacts on the EU ETS-exposed firms in terms of their equity valuation with customised portfolios and multi-factor market models. The research design takes into account the emissions allowance (EUA) price as an additional factor, as it has the most direct association with the EU ETS to control for the exposure. The final empirical Chapter 6 takes the investigation one step further, by specifically testing the degree of ETS exposure facing different sectors with sector-based portfolios and an extended multi-factor market model. The findings from the emissions performance ratio analysis show that the business model of firms significantly influences emissions compliance, as the capital intensity has a positive association with the increasing emissions-to-emissions cap ratio. Furthermore, different sectors show different degrees of sensitivity towards the determining factors. The production factor influences the performance ratio of the Utilities sector, but not the Energy or Materials sectors. The results show that the capital intensity has a more profound influence on the utilities sector than on the materials sector. With regard to the financial performance impact, ETS-exposed firms as aggregate portfolios experienced a substantial underperformance during the 2001–2004 period, but not in the operating period of 2005–2011. The results of the sector-based portfolios show again the differentiating effect of the EU ETS on sectors, as one sector is priced indifferently against its benchmark, three sectors see a constant underperformance, and three sectors have altered outcomes.

Extracts from pitanga (Eugenia uniflora L.) leaves: Influence of extraction process on antioxidant properties and yield of phenolic compounds

Different extraction processes were employed to extract the polyphenolic compounds from pitanga (Eugenia uniflora L) leaves: a one-step process using water, ethanol or supercritical CO(2) as solvents, and a two-step process using supercritical CO(2) followed by either water or ethanol. The total polyphenolic compounds, total flavonoids and antioxidant activity were determined in all the extracts obtained. The process performance was evaluated with respect to three variables: global extraction yield, concentration and yield of both polyphenols and flavonoids in the extracts. For the one-step extraction, the results showed that the extraction yield increased with solvent polarity. For the two-step process, the results suggested that water was more efficient in extracting the phenolic compounds from E. uniflora when the matrix was previously extracted with scCO(2). With respect to the antioxidant activity, the ethanolic extracts obtained from both processes, using either the DPPH radical scavenging method or the beta-carotene bleaching method, presented high antioxidant activities. (C) 2010 Elsevier B.V. All rights reserved.

Diapocynin versus apocynin as pretranscriptional inhibitors of NADPH oxidase and cytokine production by peripheral blood mononuclear cells

Apocynin has been extensively used as an inhibitor of NADPH oxidase (NOX) in many experimental models using phagocytic and non-phagocytic cells. Currently, there is some controversy about the efficacy of apocynin in non-phagocytic cells, but in phagocytes the reported results are consistent, which could be due to the presence of myeloperoxidase in these cells. This enzyme has been proposed as responsible for activating apocynin by generating its dimer, diapocynin, which is supposed to be the active compound that prevents NADPH oxidase complex assembly and activation. Here, we synthesized diapocynin and studied its effect on inhibition of gp91(phox) RNA expression. We found that diapocynin strongly inhibited the expression of gp91(phox)mRNA in peripheral blood mononuclear cells (PBMC). Only at a higher concentration, apocynin was able to exert the same effect. We also compared the apocynin and diapocynin efficacy as inhibitors of tumor necrosis factor-alpha (TNF-alpha) and interleukin-10 (IL-10) production in response to lipopolysaccharide (LPS)-activated PBMC. Although apocynin did inhibit TNF-alpha production, diapocynin had a much more pronounced effect, on both TNF-alpha and IL-10 production. In conclusion, these findings suggest that the bioconversion of apocynin to diapocynin is an important issue not limited to enzymatic activity inhibition, but also for other biological effects as gp91(phox) mRNA expression and cytokine production. Hence, as diapocynin can be easily prepared from apocynin, a one-step synthesis, we recommend its use in studies where the biological effects of apocynin are searched. (C) 2010 Elsevier Inc. All rights reserved.

Antiferromagnetic spherical spin-glass model

We study the thermodynamic properties and the phase diagrams of a multi-spin antiferromagnetic spherical spin-glass model using the replica method. It is a two-sublattice version of the ferromagnetic spherical p-spin glass model. We consider both the replica-symmetric and the one-step replica-symmetry-breaking solutions, the latter being the most general solution for this model. We find paramagnetic, spin-glass, antiferromagnetic and mixed or glassy antiferromagnetic phases. The phase transitions are always of second order in the thermodynamic sense, but the spin-glass order parameter may undergo a discontinuous change.

Sol-gel prepared AlPO(4) with incorporating Rhodamine 6G

Rhodamine 6G (RH6G) laser dye-doped AlPO(4) xerogel and glass were prepared via a simple sol-gel route by one-step process and two-step process, respectively. The aggregating behavior of dyes in xerogel and glass was studied by excitation and emission spectra. The results indicated the dye aggregates become significantly weak in AlPO(4) glass than in xerogel, which might be attributed to the enhanced interactions between dye and AlPO(4) network as well as the nano-scale separation of dye by the mesoporous structure of AlPO(4) glass. The (27)Al MAS NMR of AlPO(4) glass confirms the interaction of RH6G with AlPO(4) glass network. Incorporation of RH6G into AlPO(4) glass converts Al(4) to Al(6) units, resulting in the increase of Al(6) concentration with the doped RH6G concentration. (C) 2010 Elsevier B.V. All rights reserved.

Fluorescent AlPO(4) gels and glasses doped with Rhodamine 6G: Preparation, structural and optical characterization

Fluorescent AlPO(4) xerogels doped with different amounts of Rhodamine 6G (Rh6G) laser dye were prepared by a one-step sal-gel process. In addition, mesoporous AlPO(4) glasses obtained from undoped gels were loaded with different amounts of Rh6G by wet impregnation. Optical excitation and emission spectra of both series of samples show significant dependences on Rh6G concentration, revealing the influence of dye molecular aggregation. At comparable dye concentrations the aggregation effects are found to be significantly stronger in the gels than in the mesoporous glasses. This effect might be attributed to stronger interactions between the dye molecules and the glass matrix, resulting in more efficient dye dispersion in the latter. The interaction of Rh6G with the glassy AlPO(4) network has been probed by (27)Al and (31)P solid-state NMR techniques. New five- and six-coordinated aluminum environments have been observed and characterized by advanced solid-state NMR techniques probing (27)Al-(1)H and (27)Al-(31)P internuclear dipole couplings. The fractional area of these new Al sites is correlated with the combined fractional area of two new Q(3Al)((0)) and Q(2Al)((0)) phosphate species observed in the (31)P MAS NMR spectra. Based on this correlation as well as detailed composition dependent studies, we suggest that the new signals arise from the breakage of Al-O-P linkages associated with the insertion process. (C) 2010 Elsevier B.V. All rights reserved.

An Improved Procedure for the Preparation of [Bis(2,2,2-trifluoroethyl)phosphono]acetic Acid

A different and improved procedure for the preparation of [bis(2,2,2-trifluoroethyl)phosphono]acetic acid in just one step from bis(2,2,2-trifluoroethyl)phosphonate is described. The protocol employs a Michaelis-Becker reaction between commercially available bis(2,2,2-trifluoroethyl) phosphonate and bromoacetic acid, furnishing [bis(2,2,2-trifluoroethyl)phosphono]acetic acid in 50-54% yield.

Carbon dioxide reforming of ethanol over Ni/Y(2)O(3)-ZrO(2) catalysts

Supported nickel catalysts of composition Ni/Y(2)O(3)-ZrO(2) were synthesized in one step by the polymerization method and compared with a nickel catalyst prepared by wet impregnation. Stronger interactions were observed in the formed catalysts between NiO species and the oxygen vacancies of the Y(2)O(3)-ZrO(2) in the catalysts made by polymerization, and these were attributed to less agglomeration of the NiO during the synthesis of the catalysts in one step. The dry reforming of ethanol was catalyzed with a maximum CO(2) conversion of 61% on the 5NiYZ catalyst at 800 degrees C, representing a better response than for the catalyst of the same composition prepared by wet impregnation. (C) 2009 Published by Elsevier B.V.

The origin of the molecular interaction between amino acids and gold nanoparticles: A theoretical and experimental investigation

This study describes the synthesis of novel biological hybrid materials, where 3D structures were obtained using gold nanoparticles (AuNps) and methionine (Met) in a one-step procedure in aqueous media. The type of nanostructure can be controlled by tuning the intermolecular interactions between Met and AuNp, which strongly depends on the pH used for the synthesis. Computational simulation using the density-functional theory (DFT) showed that the AuNp - Met 3D structures are formed upon reorientation of Met molecules so that the backbone amine groups interact via H-bonds. These findings were experimentally confirmed using FTIR and UV-vis spectroscopy. Crown Copyright (C) 2008 Published by Elsevier B. V. All rights reserved.

Kartläggning av plastkorkar och förslag till förbättringar för den australiensiska marknaden

The project Design analysis and proposals of plastic screw caps in Australia was performed at Högskolan Dalarna incooperation with University of Western Sydney, Australia. The Swedish company Tetra Pak, in Lund, were assigner forthe project that was performed 2006-2007. The commission was to do a survey about the packages for non-carbonateddrinks in Australia. The bottles had to be plastic, able to open in one step and with focus on the caps.The project has result in design analysis and a new proposal of a plastic screw cap for the Australian market. Sixbottles were choosen and they were all testet on 20 consumers each with a Likert-scale test. The result from the test andthe survey underlied the work with a proposal of a new design. The most important qualities for a optimal opening is:a tamper that is easy to break and also guarantee that is not been opened before, wide and soft grip, ergonomics, easyto close and that is good looking.

Portals for microenterprises in rural area : two cases

Research has shown that microenterprises have ability to survive and grow with the support of portals that include eCcommerce. However, almost no research has demonstrated how it’s done and what support microenterprises want. Results of our study shows that the portals have to be improved to support the use of advanced ICT applications, make it usable to use, and give more time for core business for the participating microenterprises. We have seen that portals have to solve problem with the technical solution and the process of payment. The network building activities in the portals do not happen in such extent that we have expected based on previous research. If portals will get businesses to grow in microenterprises, we propose that in addition to providing access to advanced ICT applications need to climbs one step higher in the DTI ladder and create more of eCommerce to increase sales in a greater market. We also propose that portals which support cooperation between microenterprises in rural areas from different branches have the best chances to succeed in the future.

Speed prediction for triggering vehicle activated signs

Accurate speed prediction is a crucial step in the development of a dynamic vehcile activated sign (VAS). A previous study showed that the optimal trigger speed of such signs will need to be pre-determined according to the nature of the site and to the traffic conditions. The objective of this paper is to find an accurate predictive model based on historical traffic speed data to derive the optimal trigger speed for such signs. Adaptive neuro fuzzy (ANFIS), classification and regression tree (CART) and random forest (RF) were developed to predict one step ahead speed during all times of the day. The developed models were evaluated and compared to the results obtained from artificial neural network (ANN), multiple linear regression (MLR) and naïve prediction using traffic speed data collected at four sites located in Sweden. The data were aggregated into two periods, a short term period (5-min) and a long term period (1-hour). The results of this study showed that using RF is a promising method for predicting mean speed in the two proposed periods.. It is concluded that in terms of performance and computational complexity, a simplistic input features to the predicitive model gave a marked increase in the response time of the model whilse still delivering a low prediction error.

Macroeconomic policy and poverty in Brazil

O Brasil é um país onde os 50% mais pobres se apropriam aproximadamente de 10% da renda agregada, e os 10% mais ricos detêm quase 50% deste mesmo. O colorário desse alto grau de desigualdade é que se uma pessoa está somente preocupada em maximizar o nível de GPD, a função de bem–estar social implícita adotada devota parte do seu peso ao bem-estar de 10% da população. Em outras palavras, a concentração brasileira de renda cria uma anomalia dentro da perspectiva de agente representativo implícito na análise macroeconômica aonde as pessoas valem aquilo que ganham. A análise da pobreza inverte esse peso estrutural da população, estipulando zero de peso para o segmento não pobre da sociedade e atribuindo pesos aos indivíduos que aumentam com suas necessidades insatisfeitas. Esse projeto estuda as conexões entre a evolução macroeconômica Brasileira recente e da pobreza. A análise é dividida em duas partes: A primeira parte descreve a evolução da pobreza brasileira e seus principais determinantes macroeconômicos durante os últimos 15 anos. A segunda parte tira proveito das mudanças da pobreza e desigualdades medidas durante o período 1993-96 para estudar seus principais determinantes macroeconômicos. Dado a maior importância do Plano Real, uma especial atenção foi dada a análise dos impactos da desinflação no nível e na distribuição de renda e a possível sinergia entre essas duas dimensões de determinação da pobreza. A terceira parte do projeto decompõe as mudanças dos diversos índices de pobreza através dos diferentes grupos dado pelas características dos chefes de família (i.e.; sexo, anos de estudo, raça, classe trabalhadora, setores de atividades, região, densidade populacional). Depois essa decomposição é avançada um passo desatrelando as mudanças nessa diferentes células de pobreza em termos de suas respectivas mudanças em termos de desigualdade da renda per capita. Esse perfil de pobreza ajuda a mapear as diferentes fontes de mudança da pobreza na análise histórica e fornece consistência interna para os exercícios de análises contra-factuais.

Previsão de inflação utilizando modelos de séries temporais

Este trabalho compara modelos de séries temporais para a projeção de curto prazo da inflação brasileira, medida pelo Índice de Preços ao Consumidor Amplo (IPCA). Foram considerados modelos SARIMA de Box e Jenkins e modelos estruturais em espaço de estados, estimados pelo filtro de Kalman. Para a estimação dos modelos, foi utilizada a série do IPCA na base mensal, de março de 2003 a março de 2012. Os modelos SARIMA foram estimados no EVIEWS e os modelos estruturais no STAMP. Para a validação dos modelos para fora da amostra, foram consideradas as previsões 1 passo à frente para o período de abril de 2012 a março de 2013, tomando como base os principais critérios de avaliação de capacidade preditiva propostos na literatura. A conclusão do trabalho é que, embora o modelo estrutural permita, decompor a série em componentes com interpretação direta e estudá-las separadamente, além de incorporar variáveis explicativas de forma simples, o desempenho do modelo SARIMA para prever a inflação brasileira foi superior, no período e horizonte considerados. Outro importante aspecto positivo é que a implementação de um modelo SARIMA é imediata, e previsões a partir dele são obtidas de forma simples e direta.

Análise de volatilidade, integração de preços e previsibilidade para o mercado brasileiro de camarão

The present paper has the purpose of investigate the dynamics of the volatility structure in the shrimp prices in the Brazilian fish market. Therefore, a description of the initial aspects of the shrimp price series was made. From this information, statistics tests were made and selected univariate models to be price predictors. Then, it was verified the existence of relationship of long-term equilibrium between the Brazilian and American imported shrimp and if, confirmed the relationship, whether or not there is a causal link between these assets, considering that the two countries had presented trade relations over the years. It is presented as an exploratory research of applied nature with quantitative approach. The database was collected through direct contact with the Companhia de Entrepostos e Armazéns Gerais de São Paulo (CEAGESP) and on the official website of American import, National Marine Fisheries Service - National Oceanic and Atmospheric Administration (NMFS- NOAA). The results showed that the great variability in the active price is directly related with the gain and loss of the market agents. The price series presents a strong seasonal and biannual effect. The average structure of price of shrimp in the last 12 years was R$ 11.58 and external factors besides the production and marketing (U.S. antidumping, floods and pathologies) strongly affected the prices. Among the tested models for predicting prices of shrimp, four were selected, which through the prediction methodologies of one step forward of horizon 12, proved to be statistically more robust. It was found that there is weak evidence of long-term equilibrium between the Brazilian and American shrimp, where equivalently, was not found a causal link between them. We concluded that the dynamic pricing of commodity shrimp is strongly influenced by external productive factors and that these phenomena cause seasonal effects in the prices. There is no relationship of long-term stability between the Brazilian and American shrimp prices, but it is known that Brazil imports USA production inputs, which somehow shows some dependence productive. To the market agents, the risk of interferences of the external prices cointegrated to Brazilian is practically inexistent. Through statistical modeling is possible to minimize the risk and uncertainty embedded in the fish market, thus, the sales and marketing strategies for the Brazilian shrimp can be consolidated and widespread