The impact of size and age of the company on assessing financial risk

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

The impact of size and age of the company on assessing financial risk.

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Active and passive behaviors of soft tissues: Pelvic floor muscles

: A new active-contraction visco-elastic numerical model of the pelvic floor (skeletal) muscle is presented. Our model includes all elements that represent the muscle constitutive behavior, contraction and relaxation. In contrast with the previous models, the activation function can be null. The complete equations are shown and exactly linearized. Small verification and validation tests are performed and the pelvis is modeled using the data from the intra-abdominal pressure tests

Single side damage simulations and detection in beam-like structures

Beam-like structures are the most common components in real engineering, while single side damage is often encountered. In this study, a numerical analysis of single side damage in a free-free beam is analysed with three different finite element models; namely solid, shell and beam models for demonstrating their performance in simulating real structures. Similar to experiment, damage is introduced into one side of the beam, and natural frequencies are extracted from the simulations and compared with experimental and analytical results. Mode shapes are also analysed with modal assurance criterion. The results from simulations reveal a good performance of the three models in extracting natural frequencies, and solid model performs better than shell while shell model performs better than beam model under intact state. For damaged states, the natural frequencies captured from solid model show more sensitivity to damage severity than shell model and shell model performs similar to the beam model in distinguishing damage. The main contribution of this paper is to perform a comparison between three finite element models and experimental data as well as analytical solutions. The finite element results show a relatively well performance.

Эмпирическая радиолокационная модель суперячейкового конвективного облака

სტატიაში გაანალიზებულია საქართველოს მთიანი რეგიონის სუპერუჯრედიან კონვექციურ ღრუბლებზე მრავალწლიანი რადიოლოკაციური დაკვირვებების მონაცემები.

Is football an indicator of development at the international level?

[spa] El objetivo de este trabajo es examinar si el fútbol puede ser considerado como un indicador de desarrollo a nivel internacional. Se ha diseñado un modelo econométrico empírico con el fin de analizar el desarrollo en términos de niveles de PIB per cápita y del crecimiento del PIB. Se utiliza información transversal y temporal. Los resultados sugieren que la clasificación FIFA de las selecciones nacionales se puede utilizar para complementar nuestra comprensión del desarrollo multidimensional en aquellos países donde la disponibilidad de la información no es tan buena como los investigadores quisieran.

Is football an indicator of development at the international level?

[spa] El objetivo de este trabajo es examinar si el fútbol puede ser considerado como un indicador de desarrollo a nivel internacional. Se ha diseñado un modelo econométrico empírico con el fin de analizar el desarrollo en términos de niveles de PIB per cápita y del crecimiento del PIB. Se utiliza información transversal y temporal. Los resultados sugieren que la clasificación FIFA de las selecciones nacionales se puede utilizar para complementar nuestra comprensión del desarrollo multidimensional en aquellos países donde la disponibilidad de la información no es tan buena como los investigadores quisieran.

Climate change and future scenarios for palisade grass production in the state of São Paulo, Brazil

The objective of this work was to analyze future scenarios for palisade grass yield subjected to climate change for the state of São Paulo, Brazil. An empirical crop model was used to estimate yields, according to growing degree-days adjusted by one drought attenuation factor. Climate data from 1963 to 2009 of 23 meteorological stations were used for current climate conditions. Downscaled outputs of two general circulation models were used to project future climate for the 2013-2040 and 2043-2070 periods, considering two contrasting scenarios of temperature and atmospheric CO2 concentration increase (high and low). Annual dry matter yield should be from 14 to 42% higher than the current one, depending on the evaluated scenario. Yield variation between seasons (seasonality) and years is expected to increase. The increase of dry matter accumulation will be higher in the rainy season than in the dry season, and this result is more evident for soils with low-water storage capacity. The results varied significantly between regions (<10% to >60%). Despite their higher climate potential, warmer regions will probably have a lower increase in future forage production.

Tietointensiivisen palvelutuotannon kehittäminen: case televiestintäyrityksen vianhallinta

Tämän tutkimuksen tavoitteena oli luoda tavoitemalli TeliaSonera Finland Oyj:n vianhallintapalveluille. Tavoitemalli tuli muodostaa niin, että se tukee laadukasta ja tuottavaa teollista palvelutuotantoa. Tavoitemalli muodostettiin suhteellisen laajan teoriakatsauksen perusteella, joka tehtiin tiedon näkökulmasta. Palvelujen hallinnan viitekehyksessä tutkittiin palvelujen suorituskykyä, jossa erityisesti paneuduttiin laatuun, tuottavuuteen ja palvelutuotannon psykososiaaliseen työympäristöön. Tähän kokonaisuuteen yhdistettiin tutkimustietoa palvelujen teollistamisesta, sekä otettiin huomioon tietointensiivisen organisaation yleiset menestystekijät. Näin muodostettiin tietointensiivisen palvelutuotannon hallinnan ja kehittämisen viitekehys, jota sovellettiin vianhallintapalvelujen tavoitetilan muodostamiseen. Vianhallinnan tavoitetila testattiinosin empiirisesti, mutta lisätutkimusta tarvitaan työssä muodostetun teoreettisen viitekehyksen arviointiin.

Responsiveness et changement thérapeutique au travers de l'études de cas

Le concept de responsiveness ou « responsivité » a été proposé dans le domaine de la recherche en psychothérapie pour décrire l'influence mutuelle qui s'exerce continuellement entre patient et thérapeute. La nature responsive des psychothérapies pose alors un problème majeur aux chercheurs, qui adoptent généralement des plans de recherche impliquant des liens de cause à effet et sont en échec dans leur entreprise de mieux comprendre le changement thérapeutique. L'objectif de notre travail est de proposer des pistes pour répondre à ce problème. Nous avons adopté la méthode d'étude de cas, qui permet une analyse en profondeur et en contexte des processus de changement. Dans les deux premières phases de la recherche, nous nous situions dans une approche spécifique à la recherche qualitative en psychothérapie. Nous avons tout d'abord analysé comment le changement s'effectuait chez le patient, en identifiant pas à pas le niveau d'assimilation de ses expériences problématiques. Nous avons ensuite tenté d'appréhender le rôle du thérapeute dans le processus de changement. Notre objectif était d'analyser comment la responsivité du thérapeute pouvait faciliter le processus de changement chez le patient à chaque instant de la thérapie. En suivant une procédure inspirée de l'analyse de la tâche, nous avons identifié pour chaque niveau d'assimilation des interventions thérapeutiques suivies de progression, et élaboré un modèle empirique séquentiel. Dans la troisième phase de la recherche, nous avons effectué un tournant dans notre parcours et sommes allée du côté des sciences du langage. En adoptant une approche dialogique du discours, notre objectif était d'éclairer notre objet d'étude à partir d'une nouvelle perspective et d'ouvrir la réflexion. Nous avons ainsi pu répondre à certaines limites rencontrées dans les premières phases de la recherche, et faire émerger de nouvelles questions et perspectives pour l'étude des processus de changement dans une dimension interactive. -- The concept of responsiveness was developed in psychotherapy research to describe the mutual and constant influence between patient and therapist. The responsive nature of psychotherapy is a serious problem for researchers, who generally adopt research designs involving cause-effect reasoning and fail to better understand therapeutic change. The purpose of our work is to propose some viable possibilities to respond to this problem. We chose the case study method, which enables an analysis in depth and in context of change processes. In the two first phases of research, our approach was specific to qualitative psychotherapy research. We first analyzed how change occurred in the patient, by identifying moment-by-moment the level of assimilation of his or her problematic experiences. We then tried to apprehend the therapist role in the change process. Our aim was to analyze how the therapist responsiveness could facilitate the patient change process at any moment of psychotherapy. We followed a procedure inspired by task analysis and, for each level of assimilation, we identified therapist interventions followed by progression, and elaborated an empirical sequential model. The third phase of research was a turning point, as we went in the field of linguistics. We adopted a dialogical approach of discourse to open up reflection. Thus, we could answer some limitations encountered in the first phases of research, and new questions and perspectives to study change process taking into account the interactive dimension emerged.

Wavelet Analysis in Turbulence

The objective of this thesis is to study wavelets and their role in turbulence applications. Under scrutiny in the thesis is the intermittency in turbulence models. Wavelets are used as a mathematical tool to study the intermittent activities that turbulence models produce. The first section generally introduces wavelets and wavelet transforms as a mathematical tool. Moreover, the basic properties of turbulence are discussed and classical methods for modeling turbulent flows are explained. Wavelets are implemented to model the turbulence as well as to analyze turbulent signals. The model studied here is the GOY (Gledzer 1973, Ohkitani & Yamada 1989) shell model of turbulence, which is a popular model for explaining intermittency based on the cascade of kinetic energy. The goal is to introduce better quantification method for intermittency obtained in a shell model. Wavelets are localized in both space (time) and scale, therefore, they are suitable candidates for the study of singular bursts, that interrupt the calm periods of an energy flow through various scales. The study concerns two questions, namely the frequency of the occurrence as well as the intensity of the singular bursts at various Reynolds numbers. The results gave an insight that singularities become more local as Reynolds number increases. The singularities become more local also when the shell number is increased at certain Reynolds number. The study revealed that the singular bursts are more frequent at Re ~ 107 than other cases with lower Re. The intermittency of bursts for the cases with Re ~ 106 and Re ~ 105 was similar, but for the case with Re ~ 104 bursts occured after long waiting time in a different fashion so that it could not be scaled with higher Re.

En respuesta a la ONU : ¿Es el fútbol un indicador del progreso y desarrollo en la esfera internacional?

[spa] El objetivo de este trabajo es corroborar la afirmación de la ONU de que el deporte es una herramienta poderosa para el progreso y el desarrollo. En este contexto, examinamos si el fútbol puede considerarse un indicador de desarrollo a nivel internacional. Un modelo empírico econométrico se diseña con el fin de analizar el desarrollo en términos de PIB per cápita, así como en términos del Índice de Desarrollo Humano. Se utiliza información transversal y temporal. Los resultados sugieren que la clasificación de la FIFA de selecciones nacionales puede ser utilizada para complementar nuestra comprensión del desarrollo multidimensional, en particular, en aquellos países donde la disponibilidad de información no es tan buena como los investigadores desearían.

En respuesta a la ONU : ¿Es el fútbol un indicador del progreso y desarrollo en la esfera internacional?

[spa] El objetivo de este trabajo es corroborar la afirmación de la ONU de que el deporte es una herramienta poderosa para el progreso y el desarrollo. En este contexto, examinamos si el fútbol puede considerarse un indicador de desarrollo a nivel internacional. Un modelo empírico econométrico se diseña con el fin de analizar el desarrollo en términos de PIB per cápita, así como en términos del Índice de Desarrollo Humano. Se utiliza información transversal y temporal. Los resultados sugieren que la clasificación de la FIFA de selecciones nacionales puede ser utilizada para complementar nuestra comprensión del desarrollo multidimensional, en particular, en aquellos países donde la disponibilidad de información no es tan buena como los investigadores desearían.