Empirical testing of genuine savings as an indicator of weak sustainability: a three-country analysis of long run trends

Genuine Savings has emerged as a widely used indicator of sustainable development. In this paper, we use long -term data stretching back to 1870 to undertake empirical tests of the relationship between Genuine Savings (GS) and future well-being for three countries: Britain, the USA and Germany. Our tests are based on an underlying theoretical relationship between GS and changes in the present value of future consumption. Based on both single country and panel results, we find evidence supporting the existence of javascript:void(0);a cointegrating (long run equilibrium) relationship between GS and future well-being, and fail to reject the basic theoretical result on the relationship between these two macroeconomic variables. This provides some support for the GS measure of weak sustainability.

Estudo da implementação de medidas de eficência energética num hotel

Tese de mestrado integrado em Engenharia da Energia e do Ambiente, apresentada à Universidade de Lisboa, através da Faculdade de Ciências, 2016

Reformulação de um Sistema de Gestão de Consumos de Energia

Atualmente a energia é considerada um vetor estratégico nas diversas organizações. Assim sendo, a gestão e a utilização racional da energia são consideradas instrumentos fundamentais para a redução dos consumos associados aos processos de produção do sector industrial. As ações de gestão energética não deverão ficar pela fase do projeto das instalações e dos meios de produção, mas sim acompanhar a atividade da Empresa. A gestão da energia deve ser sustentada com base na realização regular de diagnósticos energéticos às instalações consumidoras e concretizada através de planos de atuação e de investimento que apresentem como principal objetivo a promoção da eficiência energética, conduzindo assim à redução dos respetivos consumos e, consequentemente, à redução da fatura energética. Neste contexto, a utilização de ferramentas de apoio à gestão de energia promovem um consumo energético mais racional, ou seja, promovem a eficiência energética e é neste sentido que se insere este trabalho. O presente trabalho foi desenvolvido na Empresa RAR Açúcar e apresentou como principais objetivos: a reformulação do Sistema de Gestão de Consumos de Energia da Empresa, a criação de um modelo quantitativo que permitisse ao Gestor de Energia prever os consumos anuais de água, fuelóleo e eletricidade da Refinaria e a elaboração de um plano de consumos para o ano de 2014 a partir do modelo criado. A reformulação do respetivo Sistema de Gestão de Consumos resultou de um conjunto de etapas. Numa primeira fase foi necessário efetuar uma caraterização e uma análise do atual Sistema de Gestão de Consumos da Empresa, sistema composto por um conjunto de sete ficheiros de cálculo do programa Microsoft Excel©. Terminada a análise, selecionada a informação pertinente e propostas todas as melhorias a introduzir nos ficheiros, procedeu-se à reformulação do respetivo SGE, reduzindo-se o conjunto de ficheiros de cálculo para apenas dois ficheiros, um onde serão efetuados e visualizados todos os registos e outro onde serão realizados os cálculos necessários para o controlo energético da Empresa. O novo Sistema de Gestão de Consumos de Energia será implementado no início do ano de 2015. Relativamente às alterações propostas para as folhas de registos manuais, estas já foram implementadas pela Empresa. Esta aplicação prática mostrou-se bastante eficiente uma vez que permitiu grandes melhorias processuais nomeadamente, menores tempos de preenchimento das mesmas e um encurtamento das rotas efetuadas diariamente pelos operadores. Através do levantamento efetuado aos diversos contadores foi possível identificar todas as áreas onde será necessário a sua instalação e a substituição de todos os contadores avariados, permitindo deste modo uma contabilização mais precisa de todos os consumos da Empresa. Com esta reestruturação o Sistema de Gestão de Consumos tornou-se mais dinâmico, mais claro e, principalmente, mais eficiente. Para a criação do modelo de previsão de consumos da Empresa foi necessário efetuar-se um levantamento dos consumos históricos de água, eletricidade, fuelóleo e produção de açúcar de dois anos. Após este levantamento determinaram-se os consumos específicos de água, fuelóleo e eletricidade diários (para cada semana dos dois anos) e procedeu-se à caracterização destes consumos por tipo de dia. Efetuada a caracterização definiu-se para cada tipo de dia um consumo específico médio com base nos dois anos. O modelo de previsão de consumos foi criado com base nos consumos específicos médios dos dois anos correspondentes a cada tipo de dia. Procedeu-se por fim à verificação do modelo, comparando-se os consumos obtidos através do modelo (consumos previstos) com os consumos reais de cada ano. Para o ano de 2012 o modelo apresenta um desvio de 6% na previsão da água, 12% na previsão da eletricidade e de 6% na previsão do fuelóleo. Em relação ao ano de 2013, o modelo apresenta um erro de 1% para a previsão dos consumos de água, 8% para o fuelóleo e de 1% para a eletricidade. Este modelo permitirá efetuar contratos de aquisição de energia elétrica com maior rigor o que conduzirá a vantagens na sua negociação e consequentemente numa redução dos custos resultantes da aquisição da mesma. Permitirá também uma adequação dos fluxos de tesouraria à necessidade reais da Empresa, resultante de um modelo de previsão mais rigoroso e que se traduz numa mais-valia financeira para a mesma. Foi também proposto a elaboração de um plano de consumos para o ano de 2014 a partir do modelo criado em função da produção prevista para esse mesmo ano. O modelo apresenta um desvio de 24% na previsão da água, 0% na previsão da eletricidade e de 28% na previsão do fuelóleo.

Alcohol-attributable mortality in Switzerland in 2011--age-specific causes of death and impact of heavy versus non-heavy drinking.

BACKGROUND: Alcohol use causes high burden of disease and injury globally. Switzerland has a high consumption of alcohol, almost twice the global average. Alcohol-attributable deaths and years of life lost in Switzerland were estimated by age and sex for the year 2011. Additionally, the impact of heavy drinking (40+grams/day for women and 60+g/day for men) was estimated. METHODS: Alcohol consumption estimates were based on the Addiction Monitoring in Switzerland study and were adjusted to per capita consumption based on sales data. Mortality data were taken from the Swiss mortality register. Methodology of the Comparative Risk Assessment for alcohol was used to estimate alcohol-attributable fractions. RESULTS: Alcohol use caused 1,600 (95% CI: 1,472 - 1,728) net deaths (1,768 deaths caused, 168 deaths prevented) among 15 to 74 year olds, corresponding to 8.7% of all deaths (men: 1,181 deaths; women: 419 deaths). Overall, 42,627 years of life (9.7%, 95% CI: 40,245 - 45,008) were lost due to alcohol. Main causes of alcohol-attributable mortality were injuries at younger ages (15-34 years), with increasing age digestive diseases (mainly liver cirrhosis) and cancers (particularly breast cancers among women). The majority (62%) of all alcohol-attributable deaths was caused by chronic heavy drinking (men: 67%; women: 48 %). CONCLUSION: Alcohol is a major cause of premature mortality in Switzerland. Its impact, among young people mainly via injuries, among men mainly through heavy drinking, calls for a mix of preventive actions targeting chronic heavy drinking, binge drinking and mean consumption.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

In this paper we revisit the relationship between the equity and the forward premium puzzles. We construct return-based stochastic discount factors under very mild assumptions and check whether they price correctly the equity and the foreign currency risk premia. We avoid log-linearizations by using moments restrictions associated with euler equations to test the capacity of our return-based stochastic discount factors to price returns on the relevant assets. Our main finding is that a pricing kernel constructed only using information on American domestic assets accounts for both domestic and international stylized facts that escape consumption based models. In particular, we fail to reject the null hypothesis that the foreign currency risk premium has zero price when the instrument is the own current value of the forward premium.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

We build a pricing kernel using only US domestic assets data and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our stochastic discount factor as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)'s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by pricing Lustig and Verdelhan (2007)’s foreign currency portfolios. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward- and the equity-premium puzzles: two symptoms of the same illness?

Using information on US domestic financial data only, we build a stochastic discount factor—SDF— and check whether it accounts for foreign markets stylized facts that escape consumption based models. By interpreting our SDF as the projection of a pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. We address predictability issues associated with the forward premium puzzle by: i) using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations, and; ii) by comparing this out-of-sample results with the one obtained performing an in-sample exercise, where the return-based SDF captures sources of risk of a representative set of developed and emerging economies government bonds. Our results indicate that the relevant state variables that explain foreign-currency market asset prices are also the driving forces behind U.S. domestic assets behavior.

The forward and the equity-premium puzzles: a straightforward test of whether they are two symptoms of the same illness

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

A note on the forward and the equity-premium puzzles: two symptoms of the same illness?

We build a stochastic discount factor—SDF— using information on US domestic financial data only, and provide evidence that it accounts for foreign markets stylized facts that escape SDF’s generated by consumption based models. By interpreting our SDF as the projection of the pricing kernel from a fully specified model in the space of returns, our results indicate that a model that accounts for the behavior of domestic assets goes a long way toward accounting for the behavior of foreign assets prices. In our tests, we address predictability, a defining feature of the Forward Premium Puzzle—FPP— by using instruments that are known to forecast excess returns in the moments restrictions associated with Euler equations both in the equity and the foreign markets.

Studies on the respiration rate of free and immobilized cells of Cephalosporium acremonium in cephalosporin C production

Bioprocesses using filamentous fungi immobilized in inert supports present many advantages when compared to conventional free cell processes. However, assessment of the real advantages of the unconventional process demands a rigorous study of the limitations to diffusional mass transfer of the reagents, especially concerning oxygen. In this work, a comparative study was carried out on the cephalosporin C production process in defined medium containing glucose and sucrose as main carbon and energy sources, by free and immobilized cells of Cephalosporium acremonium ATCC 48272 in calcium alginate gel beads containing alumina. The effective diffusivity of oxygen through the gel beads and the effectiveness factors related to the respiration rate of the microorganism were determined experimentally. By applying Monod kinetics, the respiration kinetics parameters were experimentally determined in independent experiments in a complete production medium. The effectiveness factor experimental values presented good agreement with the theoretical values of the approximated zero-order effectiveness factor, considering the dead core model. Furthermore, experimental results obtained with immobilized cells in a 1.7-L tower bioreactor were compared with those obtained in 5-L conventional fermenter with free cells. It could be concluded that it is possible to attain rather high production rates working with relatively large diameter gel beads (ca. 2.5 mm) and sucrose consumption-based productivity was remarkably higher with immobilized cells, i.e., 0.33 gCPC/kg sucrose/h against 0.24 gCPC/kg sucrose/h in the aerated stirred tank bioreactor process. (C) 1999 John Wiley & Sons, Inc.

Doses de N-Ureia e de esterco bovino na qualidade nutricional da alface em consórcio com a rúcula

Pós-graduação em Agronomia (Ciência do Solo) - FCAV

Efeito da suplementação de erva mate (Ilex paraguariensis) sobre a capacidade antioxidante total em atletas futebolistas em teste exaustivo em esteira

Introduction: Physical exercise are related to high oxygen consumption, leading to increase on reactive oxygen species (ROS) generation and subsequent oxidative stress. Concomitantly, physical training can improve the antioxidant defense systems, reducing the deleterious activity of ROS. The yerba mate (Ilex paraguariensis) has several bioactive compounds in its composition, providing important antioxidant activity in improving defense systems and reducing the damage caused by ROS. Few studies related to yerba mate with antioxidant effects during exercise. Objective: Evaluate whether the consumption-based drink yerba mate (Ilex paraguariensis) is able to increase the total antioxidant performance (TAP) after an exhaustive test on a treadmill. Methods: The sample counted with 15 female soccers players from Botucatu-SP female soccer team with a mean age of 22.1 ± 4.2 years. For laboratory tests , it was evaluated: triglycerides (TG), total cholesterol (TC) and fractions, glucose and gamma-GT were dosed by dry chemistry (Vitros® System, Johnson & Johnson). LDL-cholesterol was obtained by Friedwald formula. Total antioxidant performance (TAP) was obtained by the method of fluorescence assay for the measurement of plasma. Weight, height and body mass index (IMC) were measured, percentage of body fat was obtained by bioeletrical impedance analysis (Biodinâmics, modelo 450, USA). Arterial blood pressure was checked by auscultatory method and cardiorespiratory fitness was determined by ergoespirometric test (Ramp Protocol). Maltodextrin was supplemented (30 g in 400 ml) 30 minutes after M0 with placebo (400 ml) or mate (5 g in 400 ml of water). Statistical analysis: ANOVA for repeated measures followed by Tukey's test set, p<0.05. Results: There was a decrease in the pH after exhaustive testing for water and tea (p<0.0001), the same was observed for bicarbonate (p<0.0001). In both groups pO₂ increased for ...

Análise da qualidade microbiológica em leite pasteurizado, tipo C, recém pasteurizado e na data de validade

The conservation of raw milk for long periods of time under refrigeration can result in the lost of its quality. This happens because bacterias, capable of developing in low temperatures, as psichrotrophics, in milk, associates with its enzymatic activities, are capable to degradate it. Although the pasteurization of milk sufficiently diminishes the transmission of the illnesses, that generally eliminates such microorganisms, is not a total efficient process because many enzymes produced for such bacterias are termostable, being able to resist the treatment and to remain active, leading to the loss of the quality of milk and its derivatives. The Normative Instruction 51 of 2002 established that milk must be cooled and stored in the production property, what resulted increasing the incidence of such bacteria in population destined milk. In some parts of the world contaminated milk is causing serious risks to the health of the population, assuming great importance in Public Health, mainly in relation to the hygienic-sanitary conditions of the product. ANVISA establishes, thus, maximum bacteriological concentration that must be evidenced before commercializing the product, guaranteeing the quality of milk as proper for consumption. Based on these aspects, the objective of this work is the microbiological analysis of 30 milk samples type C, collected in bakeries of the city Botucatu, in the state of São Paulo. Analysis were made to determinate the most likely number of termotolerants coliforms, as well the number of colony units of psichrotrophics bacterias, the presence of Salmonella and the enumeration of positive Staphylococcus aureus, at the moment of purchase and validity of the products

Estudo sobre eficiência energética em uma indústria de injeção plástica

The reason of this work is perform a study about using of electrical energy to identify the opportunities through rational use of electrical energy. For that it was necessary perform an analysis of hired energy against consumption. Based in a guide of energy analysis were found the main consumers and verified the main problems, which generate excessive use of electrical energy in a plastic injection factory. It was also analyzed the painting line because there are some thermal equipment that use electrical energy. Based on the data obtained will be proposed ways to reduce the needless consumption and energy use of rationally and efficiently, in addition to re-evaluate the contracted demand based on the new policy of supplying and charging.It were also proposed thermodynamics solutions to reduce the energy consumed in thermal process