Beyond the carry trade: Optimal currency portfolios

Author's Pre-print

Cost-to-serve customers’ optimization: Macro project Unilever – Jerónimo Martins

The objective of this work project is to analyse and discuss the importance of the “Cost to Serve” as a differentiation key factor, by accessing cost to serve customers of a Portuguese subsidiary of a multinational company, which is operating in the sector of fast moving consumer goods (FMCG) – Unilever – Jerónimo Martins (UJM). I will also suggest and quantify key proposals to decrease costs and increase customers’ value. Hence, the scope of this work project is focused on logistics and distribution processes of the company supply chain.

Low cost carriers: The case of Oporto Airport and its touristic impact in the region

Both Oporto and the North Region of Portugal definitions of tourism have evolved significantly during the past decade. In this journey it is relevant to highlight the contribution of the arrival of Low Cost Carriers (LCCs) at Francisco Sá Carneiro Airport, thus contributing to a rapid expansion of this region as a tourism destination. Hence, this work project aims to understand the touristic and economic impact motivated by the entry of LCCs in Oporto and in the North Region of Portugal and tries to understand if this event was in fact an asset in the development of the aforementioned tourism destinations.

The economic valuation of noise reduction projects: A cost-benefit analysis approach

The main purpose of this Work Project consists in performing a practical Cost-Benefit Analysis from a social perspective of two noise reduction projects in industrial sites that aim at complying with the existing regulation. By doing so, one may expect a more comprehensive view of the benefits and costs of both projects, as well as relevant insight to the way noise exposure regulation must be optimally defined in Portugal and within the EU area.

Getting the carry trade's jackpot

This Working Project studies five portfolios of currency carry trades formed with the G10 currencies. Performance varies among strategies and the most basic one presents the worst results. I also study the equity and Pure FX risk factors which can explain the portfolios’ returns. Equity factors do not explain these returns while the Pure FX do for some of the strategies. Downside risk measures indicate the importance of using regime indicators to avoid losses. I conclude that although using VAR and threshold regression models with a variety of regime indicators do not allow the perception of different regimes, with a defined exogenous threshold on real exchange rates, an indicator of liquidity and the volatilities of the spot exchange rates it is possible to increase the average returns and reduce drawdowns of the carry trades

Switching mode power amplifier for bluetooth applications

Modern fully integrated transceivers architectures, require circuits with low area, low cost, low power, and high efficiency. A key block in modern transceivers is the power amplifier, which is deeply studied in this thesis. First, we study the implementation of a classical Class-A amplifier, describing the basic operation of an RF power amplifier, and analysing the influence of the real models of the reactive components in its operation. Secondly, the Class-E amplifier is deeply studied. The different types of implementations are reviewed and theoretical equations are derived and compared with simulations. There were selected four modes of operation for the Class-E amplifier, in order to perform the implementation of the output stage, and the subsequent comparison of results. This led to the selection of the mode with the best trade-off between efficiency and harmonics distortion, lower power consumption and higher output power. The optimal choice was a parallel circuit containing an inductor with a finite value. To complete the implementation of the PA in switching mode, a driver was implemented. The final block (output stage together with the driver) got 20 % total efficiency (PAE) transmitting 8 dBm output power to a 50 W load with a total harmonic distortion (THD) of 3 % and a total consumption of 28 mW. All implementations are designed using standard 130 nm CMOS technology. The operating frequency is 2.4 GHz and it was considered an 1.2 V DC power supply. The proposed circuit is intended to be used in a Bluetooth transmitter, however, it has a wider range of applications.

Cost of drugs manufactured by the University Hospital - role of the Central Pharmacy

The hospital pharmacy in large and advanced institutions has evolved from a simple storage and distribution unit into a highly specialized manipulation and dispensation center, responsible for the handling of hundreds of clinical requests, many of them unique and not obtainable from commercial companies. It was therefore quite natural that in many environments, a manufacturing service was gradually established, to cater to both conventional and extraordinary demands of the medical staff. That was the case of Hospital das Clinicas, where multiple categories of drugs are routinely produced inside the pharmacy. However, cost-containment imperatives dictate that such activities be reassessed in the light of their efficiency and essentiality. METHODS: In a prospective study, the output of the Manufacturing Service of the Central Pharmacy during a 12-month period was documented and classified into three types. Group I comprised drugs similar to commercially distributed products, Group II included exclusive formulations for routine consumption, and Group III dealt with special demands related to clinical investigations. RESULTS: Findings for the three categories indicated that these groups represented 34.4%, 45.3%, and 20.3% of total manufacture orders, respectively. Costs of production were assessed and compared with market prices for Group 1 preparations, indicating savings of 63.5%. When applied to the other groups, for which direct equivalent in market value did not exist, these results would suggest total yearly savings of over 5 100 000 US dollars. Even considering that these calculations leave out many components of cost, notably those concerning marketing and distribution, it might still be concluded that at least part of the savings achieved were real. CONCLUSIONS: The observed savings, allied with the convenience and reliability with which the Central Pharmacy performed its obligations, support the contention that internal manufacture of pharmaceutical formulations was a cost-effective alternative in the described setting.

Building 3D City Models: Testing and Comparing Laser Scanning and Low-Cost UAV Data Using FOSS Technologies

Contém resumo

Drilling deeper: Understanding trade in Angola

The present study analyzes Angola’s trading partners from 2005 to 2015 in order to understand the main drivers of Exports and Imports growth. Departing from a gravity model, foreign GDP growth and real exchange rate fluctuations were interpreted as demand and supply disturbances on Exports. While nominal and real exports both increase with demand expansions, they react differently to supply shocks. Imports are growing at the same rate as Angola’s economy while exchange rate fluctuations capture the wealth effect of Oil price in the economy.

The implications of mandatory low-cost fuel provision

This work studies fuel retail firms’ strategic behavior in a two-dimensional product differentiation framework. Following the mandatory provision of “low-cost” fuel we consider that capacity constraints force firms to eliminate of one the previously offered qualities. Firms play a two-stage game choosing fuel qualities from three possibilities (low-cost, medium quality and high quality fuel) and then prices having exogenous opposite locations. In the highest level of consumers’ heterogeneity, a subgame perfect Nash equilibrium exists in which firms both choose minimum quality differentiation. Consumers’ are worse off if no differentiation occurs in medium and high qualities. The effect over prices from the mandatory “low-cost” fuel law is ambiguous.

The emergence of product certification systems as trade barriers

This paper addresses the growing difficulties automobile manufacturers face within their after sales business: an increasing number of trade obstacles set up by import countries discriminates against the foreign suppliers and impedes the international sales of genuine parts. The purpose of the study is to explore the emergence of trade restrictive product certification systems, which affect spare parts exports of automobile manufacturers. The methodology used includes review of the literature and an empirical study based on qualitative interviews with representatives of major stakeholders of the automotive after sales business. Relevant key drivers, which initiate the introduction of technical regulations in importing countries, are identified and analysed to evaluate their effect on the emerging trade policy. The analysis of the key drivers outlines that several interacting components, such as the global competitiveness of the country, macroeconomic and microeconomic factors, and certain country-specific variables induce trade restrictive product certification systems. The findings allow for an early detection of the emergence of product certification systems and provide a means to early recognise the risks and opportunities for the sales of automotive spare parts in the automakers’ target markets. This allows the manufacturers to react immediately and adapt in time to the upcoming changes.

[Editorial] Introduction to the special issue on COST Action FA1001

This Special Issue gathers selected contributions from experts of the action on several aspects of food structure design explored throughout the actions activity, from basic science to applications and behavior of foods during digestion.

Comparing standard and low-cost tools for gradient evaluation along potential cycling paths

Promoting the use of non-motorized modes of transport, such as cycling, is an important contribution to the improvement of mobility, accessibility and equity in cities. Cycling offers a fast and cheap transportation option for short distances, helping to lower pollutant emissions and contributing to a healthier way of life. In order to make the cycling mode more competitive in relation to motorized traffic, it is necessary to evaluate the potential of alternatives from the perspective of the physical effort. One way to do so consists of assessing the suitability of locations for implementing cycling infrastructures. In this work, four tools to determine the gradient along potential cycling paths are compared. Furthermore, an evaluation of the reliability of some low-cost tools to measure this parameter was conducted, by comparison with standard measurements using cartographic plans, on a field case study applied to the city of Braga, Portugal. These tools revealed a good level of accuracy for the planning stage, but proved to be less reliable for use in design.

Princípios para a reabilitação sustentável low cost de edifícios antigos: estudo de um quarteirão no centro da cidade do Porto

Dissertação de mestrado em Construção e Reabilitação Sustentável