Board independence and innovation

Legislation introduced in the U.S. in 2002/2003 significantly changed board composition of public firms by imposing a 50% independent directors’ ratio. Research on the effect of independent directors is not consensual, implying that this exogenous shock is a unique opportunity to study their importance. This study answers the question of whether or not independent directors can effectively mitigate agency conflicts between shareholders and the management, having a positive impact on the choice of successful R&D projects. We find that an increase of board independence has a positive impact on patent counts. Hence, the results support that independent directors truly spur innovation and risk taking.

Almirante: Evaluating the board game: Board game, startup, discounted cash flow, venture capital method, real options

This thesis evaluates a start-up company (Jogos Almirante Lda) whose single asset is a board game named Almirante. It aims to conclude whether it makes sense to create a company or just earn copyrights. The thesis analyzes the board game’s market, as part of the general toy’s market, from which some data exists: European countries as well as the USA. In this work it is analyzed the several ways to finance a start-up company and then present an overview of the valuation of the Jogos Almirante based on three different methods: Discounted Cash Flow, Venture Capital Method and Real Options.

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

Supplementary private health insurance: The characteristics of subscribers

Despite the fact that public medical care has being heavily subsidized through a statutory national health system there has been a growing number of people who opt to enroll in extra private coverage. Using a two part model to infer the insurance decision and subsequent amount of insurance chosen we found out that people’s decision over private health coverage is not related with their health. The pattern of consumption of medical care that is not available in the public sector and a good socio economic background were found significant modeling the demand for private health insurance.

The impact of the Board of Director's composition on companies performance

The impact of the Board of Directors’ composition on companies’ performance This paper studies the impact that the board of directors’ composition has on companies’ performance in the Italian market. The research has been carried out by using a sample of 10 Italian companies, across different market sectors, over a period of 10 years (2005-2014). The characteristics of the BoD taken into consideration are the following: board size, board diversity (% of female directors), board independence and CEO duality. Results from the sample data collected concluded that these factors have a statistically significant impact on the performance of the companies that have been analysed.

What Fidelidade group should do to convey its human centric brand identity values to millennial insurance consumers

Companies are concerned in attracting and retaining Millennial consumers, especially if their relation with this target audience is weak. This happens in the insurance industry in Portugal and in Fidelidade group specifically. The aim of this study is to recommend a strategy for the insurance group to improve its relationship with these consumers, by conveying its human centric values. In order to address this goal, we developed a qualitative research. The main insight is that Millennials may perceive those values in the industry but do not associate them with insurance brands.

On-board electric vehicle battery charger with enhanced V2H operation mode

This paper proposes an on-board Electric Vehicle (EV) battery charger with enhanced Vehicle-to-Home (V2H) operation mode. For such purpose was adapted an on-board bidirectional battery charger prototype to allow the Grid-to-Vehicle (G2V), Vehicle-to-Grid (V2G) and V2H operation modes. Along the paper are presented the hardware topology and the control algorithms of this battery charger. The idea underlying to this paper is the operation of the on-board bidirectional battery charger as an energy backup system when occurs a power outages. For detecting the power outage were compared two strategies, one based on the half-cycle rms calculation of the power grid voltage, and another in the determination of the rms value based in a Kalman filter. The experimental results were obtained considering the on-board EV battery charger under the G2V, V2G, and V2H operation modes. The results show that the power outage detection is faster using a Kalman filter, up to 90% than the other strategy. This also enables a faster transition between operation modes when a power outage occurs.

Consequências da mora do segurador e o princípio neminem laedere no âmbito contratual

Relatório de atividade profissional de mestrado em Direito dos Contratos e da Empresa

Exercise and heart failure. Relation of the severity of the disease to the anaerobic threshold and the respiratory compensation point

OBJECTIVE - To identify, the anaerobic threshold and respiratory compensation point in patients with heart failure. METHODS - The study comprised 42 Men,divided according to the functional class (FC) as follows: group I (GI) - 15 patients in FC I; group II (GII) - 15 patients in FC II; and group III (GIII) - 12 patients in FC III. Patients underwent a treadmill cardiopulmonary exercise test, where the expired gases were analyzed. RESULTS - The values for the heart rate (in bpm) at the anaerobic threshold were the following: GI, 122±27; GII, 117±17; GIII, 114±22. At the respiratory compensation point, the heart rates (in bpm) were as follows: GI, 145±33; GII, 133±14; GIII 123±22. The values for the heart rates at the respiratory compensation point in GI and GIII showed statistical difference. The values of oxygen consumption (VO2) at the anaerobic threshold were the following (in ml/kg/min): GI, 13.6±3.25; GII, 10.77±1.89; GIII, 8.7±1.44 and, at the respiratory compensation point, they were as follows: GI, 19.1±2.2; GII, 14.22±2.63; GIII, 10.27±1.85. CONCLUSION - Patients with stable functional class I, II, and III heart failure reached the anaerobic threshold and the respiratory compensation point at different levels of oxygen consumption and heart rate. The role played by these thresholds in physical activity for this group of patients needs to be better clarified.

Desarrollo de tableros aglomerados compactos de cáscara de maní. Peanuts husks compact board development

El presente proyecto de investigación solicitado es continuacion de una línea de trabajo con insumos de desecho agroindustrial regional en la provincia de Cordoba. Prevé aportes que contribuyan a la sustentabilidad económica y social, y ambiental. Se trata de aportar valor agregado a importantes cantidades residuales de cascaras de mani. Además promueve la produccion de materiales y componentes de construcción de viviendas saludables y accesibles para sectores con necesidades sociohabitacionales.El deshecho de cáscara de maní constituye hoy en la provincia de Córdoba, un recurso sobre abundante no aprovechado en la escala en que se dispone. Existen desarrollos para su aprovechamiento - camadas de aves, alimento de ganado, carbon activado- , que no alcanzan a consumir las enormes cantidades de cascaras que se disponen hoy: alrededor de 250 000 Tn/ año. (La produccion anual de mani en caja en la provincia de Cordoba es estimada en 700.000 Tn/año)A partir de los resultados ya obtenidos con paneles livianos termoaislantes, utilizados en cielorrasos y tabiques divisorios, el nuevo trabajo de investigación y desarrollo se propone avanzar sobre las condiciones de produccion de tableros compactos, similares a los producidos comercialmente con residuos de la industria de la madera. Se estudiaran y experimentaran las propiedades de uso de resinas poliester, ureaformaldehido y fenolformaldehido, bajo condiciones de alta presion y temperatura. En la primera etapa (1º año) buscamos obtener nuevos materiales en escala de probetas.En una etapa siguiente (2º año), los nuevos materiales obtenidos serán aplicados al diseño de componentes de vivienda. Se estudiarán las posibilidades alternativas de empleo en relación a los parámetros de evaluación : peso, resistencia mecánica, aislación térmica, resistencia a la humedad, y al envejecimiento acelerado.En la última etapa (3º año) los resultados obtenidos serán aplicados en modelos de escala real y/o prototipos demostrativos para evaluar su puesta en servicio.

Validação da versão em português do Minnesota Living with Heart Failure Questionnaire

FUNDAMENTO: O Minnesota Living with Heart Failure Questionnaire (MLHFQ) é uma importante ferramenta de avaliação da qualidade de vida em pacientes com insuficiência cardíaca. Apesar de amplamente usado em nosso meio, não contávamos com a sua tradução e validação em língua portuguesa. OBJETIVO: Este estudo pretendeu traduzir e validar a versão em português do MLHFQ em pacientes com insuficiência cardíaca. MÉTODOS: Quarenta pacientes com insuficiência cardíaca (30 homens, FEVE 30±6%, 55% de etiologia isquêmica, NYHA I a III) com estabilidade clínica e terapia medicamentosa otimizada realizaram teste cardiopulmonar máximo para avaliação da capacidade física. Logo após, o MLHFQ, devidamente traduzido, foi aplicado por um mesmo pesquisador. A classe funcional NYHA foi encaminhada pela equipe medica. RESULTADOS: A versão em português do MLHFQ apresentou-se com a mesma estrutura e métrica da versão original. Não houve dificuldade na aplicação e compreensão do questionário por parte dos pacientes. A versão em português do MLHFQ mostrou-se concordante com o pico de VO2, o tempo de exercício do teste cardiopulmonar e com a classificação funcional da NYHA. Não houve diferença da média do escore do questionário entre os grupos de etiologia isquêmica e não-isquêmica. CONCLUSÃO: A versão em língua portuguesa da MLHFQ, proposta no presente estudo, demonstrou ser válida em pacientes com insuficiência cardíaca, constituindo uma nova e importante ferramenta para avaliar a qualidade de

Report of the State board of agriculture on the work of extermination of the gypsy moth.

1898:Jan.

Report of the State board of agriculture on the work of extermination of the gypsy moth.

1897:Jan.