The determinants of trade credit: a study of portuguese industrial companies

Despite the relevance of trade credit as a source of business financing, the topic is far from being considered exhausted, especially because there is no general and integrated theory explaining the causes and consequences of trade credit.Our research aims to contribute towards the literature that studies the determinants for granting and receiving trade credit. In this sequence, the present study seeks to empirically test some theories about the reasons why companies grant and receive commercial credit. For this purpose we apply a fixed effect model to a panel of 11 040 Portuguese industrial companies, of which 360 are large companies and the majority 10 680 are Small and Medium Enterprises (SME) for the period between 2003 and 2009. We conclude that large companies (with greater access to credit market) serve as financial intermediaries to their clients with less access to finance. In addition, it was observed that the supplier companies use trade credit as a legal means of price discrimination. Finally, financially constrained enterprises, especially in times of financial crisis, use commercial credit as an alternative source of funding, endorsing the hypothesis of substitution between trade credit and bank credit.

Paleolítico médio e superior em Portugal: datas 14C, estado actual dos conhecimentos, síntese e discussão

New radiocarbon measurements were obtained from middle and upper Paleolithic sites currendy under research by the CEPUNL, in well defined stratigraphical situations. With other dates, they yield an approximative chronological global view. Measurement dístribution in function of time does not seem to be an hazardous one. ln the actual status of our knowledge, this distribution seems to fit in some assemblages: (a) 14000 to 15000 BP, Solurrean ; (b) about 20 000 BP, Solurrean ; (e) area 25 000 BP, already Solurrean, and slightly older than 26 000 BP, still Mousterian ; (d) between 29 000 and 31 000 BP, Mousterian. The persistance of Mousterian much later than its acknowledged upper limit at about 34 000 BP (and hence the survival of its neanderthalian authors) is demonstrated. For the first time it has been possible to ascertain the upper time limit of the marine 5-8 metres raised beach (Tyrrhenian III) at Serra da Arrábida, and also the age of archaeological sires wirhout srone arrifacts, or with uncharacteristic ones. The obtained measurements allow us to correlate localities and sedimentary units with last glaciation events. There seems to have been a distinct correlation between cave and shelter human occupation and events marked by the worsening of climate.

The role of cultural mega events in the enhancement of city’s image attributes: differences between engaged and attendee participants

In a time of fierce competition between regions, an image serve as a basis to develop a strong sense of community, which fosters trust and cooperation that can be mobilized for regional growth. A positive image and reputation could be used in the promotional activities of the region benefiting all the stakeholders as a whole. Mega cultural events are frequently used to attract tourists and investments to a region, but also to enhance the city’s image. This study adopts a marketing/communication perspective of city’s image, and intends to explain how the image of the city is perceived by their residents. Specifically, we intend to compare the perceptions of residents that effectively participated in the Guimarães European Capital of Culture (ECOC) 2012 (engaged residents), and the residents that only assisted to the event (attendees). Several significant findings are reported and their implications for event managers and public policy administrators presented, along with the limitations of the study

Volcanic events in the Eastern part of the Adriatic foreland (Northern Marchean Italy)

Proceedings of the 1'I R.C.A.N.S. Congress, Lisboa, October 1992

Dynamic load management in a smart home to participate in demand response events

In future power systems, in the smart grid and microgrids operation paradigms, consumers can be seen as an energy resource with decentralized and autonomous decisions in the energy management. It is expected that each consumer will manage not only the loads, but also small generation units, heating systems, storage systems, and electric vehicles. Each consumer can participate in different demand response events promoted by system operators or aggregation entities. This paper proposes an innovative method to manage the appliances on a house during a demand response event. The main contribution of this work is to include time constraints in resources management, and the context evaluation in order to ensure the required comfort levels. The dynamic resources management methodology allows a better resources’ management in a demand response event, mainly the ones of long duration, by changing the priorities of loads during the event. A case study with two scenarios is presented considering a demand response with 30 min duration, and another with 240 min (4 h). In both simulations, the demand response event proposes the power consumption reduction during the event. A total of 18 loads are used, including real and virtual ones, controlled by the presented house management system.

El paisaje del área fuente cenozoica, evolución e implicaciones; correlación con el registro sedimentario de las cuencas

Erosion surfaces are the main geomorphological features of the Hesperian Massif. However, three other physiographic elements define the present state of the landscape. Such are big mountain blocks with polygonal borders building at great scale mountain chains, some more modest ridges following hercynian structural trends, and finally the strong incision of the fluvial net. On the other hand, paleoalterations and associated sediments are the only available ways for relief correlation and interpretation. It consists of a triple relationship giving good results when the regional stratigraphy is well known. Tectonic massifs, differential relief sand incisions are originated by geotectonic alpine disturbances during the Tertiary. The three events are consecutive in time with overlapping lapses which the prior and following element: differencial reliefs as a mesozoic heritage occur first, afterwards morphostructural blocks responding directly to the alpine deformation, and finally the fluvial incision as a delayed answer to the preceding morphostructural changes. The relationship relief sedimentation confirms widely this idea, since an association exists between a siderolitic Cretaceous-lower Paleogene and the differential reliefs, between arkoses from the upper Paleogene and the tectonic morphostructural blocks and between the Neogene Series Ocres and the terraces.

Invertebrados y micropaleontología en la evolución de la Cuenca del Guadalquivir (España) y la Plataforma del Algarve (Portugal)

Based upon the depositional sequences in the Guadalquivir basin and the bio-events defined (foraminifera and nanoplancton) we present the synthesis of the paleontological results in correlation with the Neogene of Algarve (Portugal). We present the most representative outcrops for micropaleonlologic results, as well as paleoenvironmental correlations between Algarve and the Guadalquivir basin.

High resolution stratigraphy and miocene facies correlation in Lisbon and Setúbal Peninsula (Lower Tagus basin, Portugal)

Correlation between facies associations (marine, estuarine and distal fluviatile environments) and disconformities, observed between Foz da Fonte (SW of Setúbal Peninsula) and Santa Iria da Azóia (NE of Lisbon) are presented. The precise definition of the marine-continental facies relationships improved very much the chronology of the depositional sequence boundaries. Tectonic and eustatic controls are discussed on the basis of subsidence rates variation.

High-resolution correlation of coastal cliff sections in the Lagos- Portimao Formation (Lower - Middle Miocene, central Algarve, Portugal)

This paper describes a high-resolution stratigraphic correlation scheme for the early to middle Miocene Lagos-Portimão Formation of central Algarve, southern Portugal. The Lagos Portimão-Formation of central Algarve is a 60 m thick package of horizontally bedded siliciclastics and carbonates. The bryozoan and mollusc dominated biofacies is typical of a shallow marine, warm-temperate climatic environment. We define four stratigraphic marker beds based on biofacies, lithology, and gamma-ray signatures. Marker bed 1 is a reddish shell bed composed predominantly of bivalve shells in various stages of fragmentation. Marker bed 2 is a fossiliferous sandstone / sandy rudstone characterized by bryozoan masses. Marker bed 3 is also a fossiliferous sandstone with abundant larger foraminifers and foliate bryozoans. Marker bed 4 is composed of three distinct layers; two fossiliferous sandstones with an intercalated shell bed. The upper sandstone unit displays thickets of the bryozoan Celleporaria palmate associated with the coral Culizia parasitica. This stratigraphic framework allows to correlate isolated outcrops within the stratigraphic context of the Lagos-Portimão Formation and to establish high resolution chronostratigraphic Sr-isotopic dating.

Upper miocene planktonic foraminifera from Algarve. Chronostratigraphical implications

New data on the planktonic foraminifera from the Upper Miocene Cacela Formation and Mem Moniz spongoliths are presented. The coiling type of Globorotalia menardii from Cacela and Quelfes and the occurrence at Quelfes of G. miotumida allow correlation with the bio-events I to 3 (7,512 to 7,24 Ma; Sierro et al., 1993; 2001) that have been recognized in the Guadalquivir Basin (Spain). The presence of Neogloboquadrina acostaensis and N. humerosa at Mem Moniz points out to the Upper Miocene (Tortonian, upper N16, or even NI7). Mem Moniz spongoliths are correlated with the Cacela Formation. Some 87Sr/86Sr isotopic ages of mollusc or foraminifera shells don't fit well with finer biostratigraphic record and present wide error margins.

Angular distributions in t(t)over-barH(H -> b(b)over-bar) reconstructed events at the LHC

The associated production of a Higgs boson and a top-quark pair, t (t) over barH, in proton-proton collisions is addressed in this paper for a center of mass energy of 13 TeV at the LHC. Dileptonic final states of t (t) over barH events with two oppositely charged leptons and four jets from the decays t -> bW(+) -> bl(+)v(l), (t) over bar -> (b) over barW(-) -> (b) over barl(-)(v) over bar (l) and h -> b (b) over bar are used. Signal events, generated with MadGraph5_aMC@NLO, are fully reconstructed by applying a kinematic fit. New angular distributions of the decay products as well as angular asymmetries are explored in order to improve discrimination of t (t) over barH signal events over the dominant irreducible background contribution, t (t) over barb (b) over bar. Even after the full kinematic fit reconstruction of the events, the proposed angular distributions and asymmetries are still quite different in the t (t) over barH signal and the dominant background (t (t) over barb (b) over bar).

The role of the efflux mechanisms in multidrug resistance in Mycobacterium tuberculosis

Abstract The emergence of multi and extensively drug resistant tuberculosis (MDRTB and XDRTB) has increased the concern of public health authorities around the world. The World Health Organization has defined MDRTB as tuberculosis (TB) caused by organisms resistant to at least isoniazid and rifampicin, the main first-line drugs used in TB therapy, whereas XDRTB refers to TB resistant not only to isoniazid and rifampicin, but also to a fluoroquinolone and to at least one of the three injectable second-line drugs, kanamycin, amikacin and capreomycin. Resistance in Mycobacterium tuberculosis is mainly due to the occurrence of spontaneous mutations and followed by selection of mutants by subsequent treatment. However, some resistant clinical isolates do not present mutations in any genes associated with resistance to a given antibiotic, which suggests that other mechanism(s) are involved in the development of drug resistance, namely the presence of efflux pump systems that extrude the drug to the exterior of the cell, preventing access to its target. Increased efflux activity can occur in response to prolonged exposure to subinhibitory concentrations of anti-TB drugs, a situation that may result from inadequate TB therapy. The inhibition of efflux activity with a non-antibiotic inhibitor may restore activity of an antibiotic subject to efflux and thus provide a way to enhance the activity of current anti-TB drugs. The work described in this thesis foccus on the study of efflux mechanisms in the development of multidrug resistance in M. tuberculosis and how phenotypic resistance, mediated by efflux pumps, correlates with genetic resistance. In order to accomplish this goal, several experimental protocols were developed using biological models such as Escherichia coli, the fast growing mycobacteria Mycobacterium smegmatis, and Mycobacterium avium, before their application to M. tuberculosis. This approach allowed the study of the mechanisms that result in the physiological adaptation of E. coli to subinhibitory concentrations of tetracycline (Chapter II), the development of a fluorometric method that allows the detection and quantification of efflux of ethidium bromide (Chapter III), the characterization of the ethidium bromide transport in M. smegmatis (Chapter IV) and the contribution of efflux activity to macrolide resistance in Mycobacterium avium complex (Chapter V). Finally, the methods developed allowed the study of the role of efflux pumps in M. tuberculosis strains induced to isoniazid resistance (Chapter VI). By this manner, in Chapter II it was possible to observe that the physiological adaptation of E. coli to tetracycline results from an interplay between events at the genetic level and protein folding that decrease permeability of the cell envelope and increase efflux pump activity. Furthermore, Chapter III describes the development of a semi-automated fluorometric method that allowed the correlation of this efflux activity with the transport kinetics of ethidium bromide (a known efflux pump substrate) in E. coli and the identification of efflux inhibitors. Concerning M. smegmatis, we have compared the wild-type M. smegmatis mc2155 with knockout mutants for LfrA and MspA for their ability to transport ethidium bromide. The results presented in Chapter IV showed that MspA, the major porin in M. smegmatis, plays an important role in the entrance of ethidium bromide and antibiotics into the cell and that efflux via the LfrA pump is involved in low-level resistance to these compounds in M. smegmatis. Chapter V describes the study of the contribution of efflux pumps to macrolide resistance in clinical M. avium complex isolates. It was demonstrated that resistance to clarithromycin was significantly reduced in the presence of efflux inhibitors such as thioridazine, chlorpromazine and verapamil. These same inhibitors decreased efflux of ethidium bromide and increased the retention of [14C]-erythromycin in these isolates. Finaly, the methods developed with the experimental models mentioned above allowed the study of the role of efflux pumps on M. tuberculosis strains induced to isoniazid resistance. This is described in Chapter VI of this Thesis, where it is demonstrated that induced resistance to isoniazid does not involve mutations in any of the genes known to be associated with isoniazid resistance, but an efflux system that is sensitive to efflux inhibitors. These inhibitors decreased the efflux of ethidium bromide and also reduced the minimum inhibitory concentration of isoniazid in these strains. Moreover, expression analysis showed overexpression of genes that code for efflux pumps in the induced strains relatively to the non-induced parental strains. In conclusion, the work described in this thesis demonstrates that efflux pumps play an important role in the development of drug resistance, namely in mycobacteria. A strategy to overcome efflux-mediated resistance may consist on the use of compounds that inhibit efflux activity, restoring the activity of antimicrobials that are efflux pump substrates, a useful approach particularly in TB where the most effective treatment regimens are becoming uneffective due to the increase of MDRTB/XDRTB.

Age-period-cohort effects in the incidence of hip fractures: political and economic events are coincident with changes in risk

Introduction: Healthcare improvements have allowed prevention but have also increased life expectancy, resulting in more people being at risk. Our aim was to analyse the separate effects of age, period and cohort on incidence rates by sex in Portugal, 2000–2008. Methods: From the National Hospital Discharge Register, we selected admissions (aged ≥49 years) with hip fractures (ICD9-CM, codes 820.x) caused by low/moderate trauma (falls from standing height or less), readmissions and bone cancer cases. We calculated person-years at risk using population data from Statistics Portugal. To identify period and cohort effects for all ages, we used an age–period–cohort model (1-year intervals) followed by generalised additive models with a negative binomial distribution of the observed incidence rates of hip fractures. Results: There were 77,083 hospital admissions (77.4 % women). Incidence rates increased exponentially with age for both sexes (age effect). Incidence rates fell after 2004 for women and were random for men (period effect). There was a general cohort effect similar in both sexes; risk of hip fracture altered from an increasing trend for those born before 1930 to a decreasing trend following that year. Risk alterations (not statistically significant) coincident with major political and economic change in the history of Portugal were observed around birth cohorts 1920 (stable–increasing), 1940 (decreasing–increasing) and 1950 (increasing–decreasing only among women). Conclusions: Hip fracture risk was higher for those born during major economically/politically unstable periods. Although bone quality reflects lifetime exposure, conditions at birth may determine future risk for hip fractures.

P53 and Cancer-Associated Sialylated Glycans Are Surrogate Markers of Cancerization of the Bladder Associated with Schistosoma haematobium Infection

BACKGROUND: Bladder cancer is a significant health problem in rural areas of Africa and the Middle East where Schistosoma haematobium is prevalent, supporting an association between malignant transformation and infection by this blood fluke. Nevertheless, the molecular mechanisms linking these events are poorly understood. Bladder cancers in infected populations are generally diagnosed at a late stage since there is a lack of non-invasive diagnostic tools, hence enforcing the need for early carcinogenesis markers. METHODOLOGY/PRINCIPAL FINDINGS: Forty-three formalin-fixed paraffin-embedded bladder biopsies of S. haematobium-infected patients, consisting of bladder tumours, tumour adjacent mucosa and pre-malignant/malignant urothelial lesions, were screened for bladder cancer biomarkers. These included the oncoprotein p53, the tumour proliferation rate (Ki-67>17%), cell-surface cancer-associated glycan sialyl-Tn (sTn) and sialyl-Lewisa/x (sLea/sLex), involved in immune escape and metastasis. Bladder tumours of non-S. haematobium etiology and normal urothelium were used as controls. S. haematobium-associated benign/pre-malignant lesions present alterations in p53 and sLex that were also found in bladder tumors. Similar results were observed in non-S. haematobium associated tumours, irrespectively of their histological nature, denoting some common molecular pathways. In addition, most benign/pre-malignant lesions also expressed sLea. However, proliferative phenotypes were more prevalent in lesions adjacent to bladder tumors while sLea was characteristic of sole benign/pre-malignant lesions, suggesting it may be a biomarker of early carcionogenesis associated with the parasite. A correlation was observed between the frequency of the biomarkers in the tumor and adjacent mucosa, with the exception of Ki-67. Most S. haematobium eggs embedded in the urothelium were also positive for sLea and sLex. Reinforcing the pathologic nature of the studied biomarkers, none was observed in the healthy urothelium. CONCLUSION/SIGNIFICANCE: This preliminary study suggests that p53 and sialylated glycans are surrogate biomarkers of bladder cancerization associated with S. haematobium, highlighting a missing link between infection and cancer development. Eggs of S. haematobium express sLea and sLex antigens in mimicry of human leukocytes glycosylation, which may play a role in the colonization and disease dissemination. These observations may help the early identification of infected patients at a higher risk of developing bladder cancer and guide the future development of non-invasive diagnostic tests.

A gestão do risco em instituições bancárias: uma análise com recurso a medidas de avaliação da performance ajustadas ao risco

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Auditoria sob orientação do Mestre Carlos Mota