Análise do contágio nos principais índices bolsistas europeu e norte-americano

Mestrado em Controlo de Gestão e dos Negócios

Application of fish biology in management of the fisheries

All biological aspects of the stock are of scientific interest. Specific biological parameters are used either in estimating; yield, or providing a basis for suggesting fisheries management strategies, growth, mortality and stock size are the main determinants of yield, and aspects such as the timing of spawning and recruitment are important in considering management measures. In fisheries science, fish biology contributes in two broad areas; a) Basic biology and distribution of resource spp b) Population dynamics of the species An exploited fish stock is viewed as a simple biological system consisting of stock-biomass which is increased by growth and recruitment, and is reduced by natural-mortality and fishing mortality.

Financing social ventures by crowdfunding: The inflluence of entrepreneurs’ personality traits

Purpose – This research aims to understand the role played by social entrepreneurs’ personality traits on the choice between the traditional donation model and social crowdfunding (CF) to finance social projects. Design/methodology/approach – Social CF is examined as an instrument to capture funds for social projects, and the particular case of the Portuguese Social Stock Exchange (PSSE) is presented. The approach is quantitative in nature and the data were collected through a questionnaire that was emailed to non-governmental organizations in Portugal and founders of the projects listed on PSSE. Logistic regression was employed to predict the probability that a social entrepreneur would use PSSE rather than traditional financing. The predictor variables were based on the big five personality traits. Findings – Our investigation reveals that the agreeableness and neuroticism factors were not even considered in the results of the factorial analysis, which indicates the minor importance of these personality traits in the funding decisions of the Portuguese social entrepreneurs. The same applies to the factors of openness to new experiences and extraversion, which, although considered in the logistic analysis, showed no statistical significance. Finally, the conscientiousness personality trait seems to be the only factor that might explain the use of the PSSE platform.Originality/value – Studies on the profile of the social entrepreneurs that use CF for financing social projects are relatively rare, specifically in the context of Social Stock Exchange platforms. Additionally, there is a need to carry out more empirical evidence about the effect of social entrepreneurs’ personality traits on the decision to finance social projects through social CF platforms vis-a-vis the traditional donation model.

Report of the Working Group for the Bay of Biscay and the Iberian waters Ecoregion (WGBIE). 13-19 May 2016, ICES HQ, Copenhagen, Denmark

The ICES Working Group for the Bay of Biscay and the Iberic waters Ecoregion (WGBIE) met in Copenhagen, Denmark during 13–14 May 2016. There were 22 stocks in its remit distributed from ICES Divisions 3.a–4.a though mostly distributed in Sub Areas 7, 8 and 9. There were 21 participants, some of whom joined the meeting re-motely. The group was tasked with conducting assessments of stock status for 22 stocks using analytical, forecast methods or trends indicators to provide catch forecasts for eight stocks and provide a first draft of the ICES advice for 2016 for fourteen stocks. For the remaining stocks, the group had to update catch information and indices of abundance where needed. Depending on the result of this update, namely if it would change the perception of the stock, the working group drafted new advice. Analytical assessments using age-structured models were conducted for the northern and southern stocks of megrim and the Bay of Biscay sole. The two hake stocks and one southern stock of anglerfish were assessed using models that allow the use of only length-structured data (no age data). A surplus-production model, without age or length structure, was used to assess the second southern stocks of anglerfish. No ana-lytical assessments have been provided for the northern stocks of anglerfish after 2006. This is mostly due to ageing problems and to an increase in discards in recent years, for which there is no reliable data at the stock level. The state of stocks for which no analytical assessment could be performed was inferred from examination of commer-cial LPUE or CPUE data and from survey information. Three nephrops stocks from the Bay of Biscay and the Iberian waters are scheduled for benchmark assessments in October 2016. The WGBIE meeting spent some time review-ing the progress towards the benchmark (see Annex 6) together with longer term benchmarks (2017 and after, see section 1.) for sea bass in the Bay of Biscay, all an-glerfish and hake stocks assessed by the WG. For the northern megrim stock, the sched-ule an inter-benchmark meeting was completed successfully and the group reviewed the outcome and accepted the category 1 update assessment. A recurrent issue significantly constrained the group’s ability to address the terms of reference this year. Despite an ICES data call with a deadline of six weeks before the meeting, data for several stocks were resubmitted during the meeting which lead to increased workloads during the working group, as in that case, the assessments could not be carried out in National Laboratories prior to the meeting as mentioned in the ToRs. This is an important matter of concerns for the group members. Section 1 of the report presents a summary by stock and discusses general issues. Sec-tion 2 provides descriptions of the relevant fishing fleets and surveys used in the as-sessment of the stocks. Sections 3–18 contains the single stock assessments.

Three essays on liquidity

Doutoramento em Gestão.

Design and management of a supply chain: a joint location-inventory problem under uncertainty (Part A)

In this paper, a joint location-inventory model is proposed that simultaneously optimises strategic supply chain design decisions such as facility location and customer allocation to facilities, and tactical-operational inventory management and production scheduling decisions. All this is analysed in a context of demand uncertainty and supply uncertainty. While demand uncertainty stems from potential fluctuations in customer demands over time, supply-side uncertainty is associated with the risk of “disruption” to which facilities may be subject. The latter is caused by external factors such as natural disasters, strikes, changes of ownership and information technology security incidents. The proposed model is formulated as a non-linear mixed integer programming problem to minimise the expected total cost, which includes four basic cost items: the fixed cost of locating facilities at candidate sites, the cost of transport from facilities to customers, the cost of working inventory, and the cost of safety stock. Next, since the optimisation problem is very complex and the number of evaluable instances is very low, a "matheuristic" solution is presented. This approach has a twofold objective: on the one hand, it considers a larger number of facilities and customers within the network in order to reproduce a supply chain configuration that more closely reflects a real-world context; on the other hand, it serves to generate a starting solution and perform a series of iterations to try to improve it. Thanks to this algorithm, it was possible to obtain a solution characterised by a lower total system cost than that observed for the initial solution. The study concludes with some reflections and the description of possible future insights.

Situação epidemiológica da brucelose bovina no Estado de Minas Gerais

Realizou-se um estudo para caracterizar a situação epidemiológica da brucelose bovina no Estado de Minas Gerais. O Estado foi estratificado em sete circuitos produtores. Em cada circuito foram amostradas aleatoriamente cerca de 300 propriedades e, dentro dessas, foi escolhido, de forma aleatória, um número pré-estabelecido de animais, dos quais foi obtida uma amostra de sangue. No total, foram amostrados 20.643 animais, provenientes de 2.204 propriedades. Em cada propriedade visitada aplicou-se um questionário epidemiológico para verificar o tipo de exploração e as práticas zootécnicas e sanitárias que poderiam estar associadas ao risco de infecção pela doença. O protocolo de testes utilizado foi o da triagem com o teste do antígeno acidificado tamponado e a confirmação dos positivos com o teste do 2-mercaptoetanol. O rebanho foi considerado positivo, se pelo menos um animal foi reagente às duas provas sorológicas. As prevalências de focos e de animais infectados do Estado foram de 6,0% [5,0-7,1%] e 1,1% [0,78-1,4%], respectivamente. Os resultados para os circuitos pecuários da prevalência de focos e de animais foram: circuito 1, 4,7% [2,7-7,7%] e 0,82% [0,06-1,6%]; circuito 2, 7,2% [4,6-10,6%] e 1,2% [0,53-1,8%]; circuito 3, 6,8% [4,3-10,0%] e 1,5% [0,47-2,4%]; circuito 4, 6,5% [4,1-9,8%] e 1,1% [0,39-1,7%]; circuito 5, 3,8% [2,0-6,5%] e 0,40% [0,11-0,69%]; circuito 6, 6,2% [3,8-9,6%] e 0,66% [0,29-1,0%]; circuito 7, 11,0% [7,7-15,0%] e 1,7% [0,92-2,6%], respectivamente. Os fatores de risco (odds ratio, OR) associados à condição de foco foram: compra de reprodutores (OR = 1,66 [1,13-2,44]), ocorrência de aborto nos últimos 12 meses (OR = 1,81 [1,26-2,60]) e presença de cervídeos na propriedade (OR = 1,56 [1,08-2,27]). A vacinação contra brucelose foi identificada como fator protetor (OR = 0,38 [0,19-0,79]). Concluiu-se que o programa obrigatório de vacinação de bezerras, iniciado na década de 1990, está sendo eficaz ao reduzir a prevalência em todo o Estado e em todos os sistemas de produção animal. As autoridades sanitárias devem priorizar o controle da compra de animais para reprodução, que não apresentem garantias sanitárias e incorporar essa medida às ações de educativas.

Situação epidemiológica da brucelose bovina no Estado de Goiás

Realizou-se um estudo para caracterizar a situação epidemiológica da brucelose no Estado de Goiás. O Estado foi estratificado em três circuitos produtores. Em cada circuito foram amostradas aleatoriamente 300 propriedades e, dentro dessas, foi escolhido de forma aleatória um número pré-estabelecido de animais, dos quais foi obtida uma amostra de sangue. No total, foram amostrados 10.744 animais, provenientes de 900 propriedades. Em cada propriedade visitada aplicou-se um questionário epidemiológico para verificar o tipo de exploração e as práticas de criação e sanitárias que poderiam estar associadas ao risco de infecção pela doença. O protocolo de testes utilizado foi o da triagem com o teste do antígeno acidificado tamponado e a confirmação dos positivos com o teste do 2-mercaptoetanol. O rebanho foi considerado positivo quando pelo menos um animal foi reagente às duas provas sorológicas. No estrato 1, a prevalência foi de 7,7% [4,7-10,7%] para propriedades, e de 1,4% [0,99-1,7%] para animais. No estrato 2, foi de 19,5% [15,0-24,0%] para propriedades e de 2,6% [2,0-3,1%] para animais. No estrato 3, foi de 21,4% [16,7-26,1] para propriedades e 4,3% [3,7-5,0%] para animais. A prevalência obtida para o Estado foi de 17,5% [14,9-20,2%] para propriedades e de 3,0% [2,7-3,3%] para animais. Os fatores de risco (odds ratio, OR) associados à condição de foco, segundo a análise multivariada, foram: compra de reprodutores a comerciantes de gado (OR = 2,06 [1,12-3,52]), ocorrência de abortos nos últimos 12 meses (OR = 5,83 [3,86-8,8]) e prática de vacinação contra brucelose (OR = 2,07 [1,38-3,09]). Tanto a ocorrência de aborto quanto a vacinação são, neste caso, consequência da presença de brucelose no rebanho.

Ali v Hartley Poynton Limited

The decision in Ali v Hartley Poynton Limited has significant implications for the stockbroking industry and investment advisors - likely to encourage brokers to adopt a more cautious understanding of their obligations to clients - illustrates the ability and willingness of small investors to challenge the quality of service being provided by their stockbroker.

Estudo sobre a captação dos fundos de Private Equity e Venture Capital

O estudo tem por objetivo avaliar os fatores que possam explicar a captação de recursos (fundraising) dos fundos de Private Equity e Venture Capital (PE/VC). Em linhas gerais, a proposta é averiguar empiricamente quais são os fatores que impactam na captação de recursos pelos fundos de PE/VC. A amostra foi formada por 25 países e em um espaço temporal de 6 anos (2006-2011). Foram identificados seis fatores: atividade econômica, desenvolvimento do mercado de capitais, governança corporativa, desenvolvimento socioambiental, empreendedorismo e tributação. Assim, construiu-se através de Análise Fatorial seis fatores que foram compostos por 26 variáveis. Por meio de regressão múltipla foram investigadas as relações entre a captação de recursos por parte dos fundos PE/VC e os fatores gerados. Os resultados demonstraram que apesar dos fatores testados serem significativos, a captação dos recursos é fortemente influenciada pelo nível de desenvolvimento do mercado de capitais. Os resultados aqui encontrados se tornam relevantes, pois discutem uma realidade crescente tanto no Brasil quanto no mundo, visto que o mercado de PE/VC solidifica-se como alternativa de captação de recursos.

DISPOSITION EFFECT AMONG BRAZILIAN EQUITY FUND MANAGERS

The disposition effect predicts that investors tend to sell winning stocks too soon and ride losing stocks too long. Despite the wide range of research evidence about this issue, the reasons that lead investors to act this way are still subject to much controversy between rational and behavioral explanations. In this article, the main goal was to test two competing behavioral motivations to justify the disposition effect: prospect theory and mean reversion bias. To achieve it, an analysis of monthly transactions for a sample of 51 Brazilian equity funds from 2002 to 2008 was conducted and regression models with qualitative dependent variables were estimated in order to set the probability of a manager to realize a capital gain or loss as a function of the stock return. The results brought evidence that prospect theory seems to guide the decision-making process of the managers, but the hypothesis that the disposition effect is due to mean reversion bias could not be confirmed.

Sei whale (Balaenoptera borealis) ecology and management in the North Atlantic

Tese de Doutoramento em Ciências do Mar, especialidade em Ecologia Marinha.

Análise técnica dos principais índices bolsistas europeus

Mestrado em Controlo e Gestão e dos Negócios

Integração da análise energética na gestão Industrial de uma refinaria de açúcar

Mestrado em Engenharia Química - Optimização Energética na Industria Química

Aplicação do princípio das ondas de Elliott à bolsa portuguesa

Tese para a obtenção do grau de Doutor em Economia, especialidade de Economia da Empresa