Welfare analysis of regulating mobile termination rates in the UK with an application to the Orange/T-Mobile merger

We present a calibrated model of the UK mobile telephony market with four mobile networks; calls to and from the fixed network; network-based price discrimination; and call externalities. Our results show that reducing mobile termination rates broadly in line with the recent European Commission Recommendation to either pure long-run incremental cost ; reciprocal termination charges with fixed networks; or Bill & Keep (i.e. zero termination rates), increases social welfare, consumer surplus and networks profits. Depending on the strength of call externalities, social welfare may increase by as much as £ 990 million to £ 4.5 billion per year, with Bill & Keep leading to the highest increase in welfare. We also apply the model to estimate the welfare effects of the 2010 merger between Orange and T-Mobile under different scenarios concerning MTRs, and predict that consumer surplus decreases strongly.

Comparing exchange market pressure in West and Southern African countries

We compare the performance of Cape Verde and Mozambique concerning financial credibility as measured by Exchange Market Pressure, an institutional feature that has often been overlooked in the literature as a relevant institution for economies. Drawing on previous research by Macedo et al. (2009), we expand their analysis and, using several definitions of “financial credibility”, all related to different angles on Exchange Market Pressure indices, we conclude that - against reasonable benchmarks in their respective regions - financial credibility has been very good for Cape Verde and fairly good for Mozambique.

R&D spillovers in an endogenous growth model with physical capital, human capital and varieties

There is a family of models with Physical, Human capital and R&D for which convergence properties have been discussed (Arnold, 2000a; Gómez, 2005). However, spillovers in R&D have been ignored in this context. We introduce spillovers in this model and derive its steady-state and stability properties. This new feature implies that the model is characterized by a system of four differential equations. A unique Balanced Growth Path along with a two dimensional stable manifold are obtained under simple and reasonable conditions. Transition is oscillatory toward the steady-state for plausible values of parameters.

Positioning of Ontario University Business Programs - Guelph-Humber

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Barriers to micro-enterprise development

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Positive self-image in tournaments

This paper analyzes the implications of worker overestimation of productivity for firms in which incentives take the form of tournaments. Each worker overestimates his productivity but is aware of the bias in his opponent’s self-assessment. The manager of the firm, on the other hand, correctly assesses workers’ productivities and self-beliefs when setting tournament prizes. The paper shows that, under a variety of circumstances, firms make higher profits when workers have positive self-image than if workers do not. By contrast, workers’ welfare declines due to their own misguided choices.

Porous structures for the purification of biopharmaceuticals

This work aimed at the development of a (bio)polymeric monolithic support for biopharmaceuticals purification and/or capture. For that, it was assured that functional groups on its surface were ready to be involved in a plethora of chemical reactions for incorporation of the desired and most suitable ligand. Using cryogelation as preparation method a screening on multiple combinations of materials was performed in order to create a potentially efficient support with the minimal footprint, i.e. a monolithic support with reasonable mechanical properties, highly permeable, biocompatible, ready to use, with gravitational performance and minimal unspecific interactions towards the target molecules, but also biodegradable and produced from renewable materials. For the pre-selection all monoliths were characterized physico-chemically and morphologically; one agarose-based and two chitosan-based monoliths were then subjected to further characterizations before and after their modification with magnetic nanoparticles. These three specimens were finally tested towards adenovirus and the recovery reached 84% for the chitosan-GMA plain monolith prepared at -80°C. Monoliths based on chitosan and PVA were prepared in the presence and absence of magnetic particles, and tested for the isolation of GFP directly from crude cellular extracts. The affinity ligand A4C7 previously selected for GFP purification was synthesized on the monolith. The results indicated that the solid-phase synthesis of the ligand directly onto the monolith might require optimization and that the large pores of the monoliths are unsuitable for the purification of small proteins, such as GFP.

Development of principle culture medium formulations for Saccharomyces cerevisiae

Saccharomyces cerevisiae as well as other microorganisms are frequently used in industry with the purpose of obtain different kind of products that can be applied in several areas (research investigation, pharmaceutical compounds, etc.). In order to obtain high yields for the desired product, it is necessary to make an adequate medium supplementation during the growth of the microorganisms. The higher yields are typically reached by using complex media, however the exact formulation of these media is not known. Moreover, it is difficult to control the exact composition of complex media, leading to batch-to-batch variations. So, to overcome this problem, some industries choose to use defined media, with a defined and known chemical composition. However these kind of media, many times, do not reach the same high yields that are obtained by using complex media. In order to obtain similar yield with defined media the addition of many different compounds has to be tested experimentally. Therefore, the industries use a set of empirical methods with which it is tried to formulate defined media that can reach the same high yields as complex media. In this thesis, a defined medium for Saccharomyces cerevisiae was developed using a rational design approach. In this approach a given metabolic network of Saccharomyces cerevisiae is divided into a several unique and not further decomposable sub networks of metabolic reactions that work coherently in steady state, so called elementary flux modes. The EFMtool algorithm was used in order to calculate the EFM’s for two Saccharomyces cerevisiae metabolic networks (amino acids supplemented metabolic network; amino acids non-supplemented metabolic network). For the supplemented metabolic network 1352172 EFM’s were calculated and then divided into: 1306854 EFM’s producing biomass, and 18582 EFM’s exclusively producing CO2 (cellular respiration). For the non-supplemented network 635 EFM’s were calculated and then divided into: 215 EFM’s producing biomass; 420 EFM’s producing exclusively CO2. The EFM’s of each group were normalized by the respective glucose consumption value. After that, the EFMs’ of the supplemented network were grouped again into: 30 clusters for the 1306854 EFMs producing biomass and, 20 clusters for the 18582 EFM’s producing CO2. For the non-supplemented metabolic network the respective EFM’s of each metabolic function were grouped into 10 clusters. After the clustering step, the concentrations of the other medium compounds were calculated by considering a reasonable glucose amount and by accounting for the proportionality between the compounds concentrations and the glucose ratios. The approach adopted/developed in this thesis may allow a faster and more economical way for media development.

Grau de dependência e grau de ajuda em idosos em serviço de apoio domiciliário: perspectivas do idoso, do ajudante familiar e do fisioterapeuta

RESUMO:O envelhecimento e a preocupação com a dependência da população idosa é uma prioridade social. A permanência em casa onde se encontram todas as referências é importante em diversos aspectos, nomeadamente para uma maior independência. Quando a dependência surge, o Serviço de Apoio Domiciliário (SAD) é um dos serviços sociais a que se pode recorrer. Numa análise dos serviços de SAD nas vertentes de legislação, instituições, cuidadores e utentes, não são relacionados o grau de dependência e a atribuição da ajuda, o que parece pertinente para equacionar as necessidades das pessoas idosas em SAD. Nesse sentido, este estudo teve como objectivo verificar a percepção dos utentes de SAD do grau de dependência e do grau de ajuda na realização de taferas de auto-cuidado e mobilidade, avaliados pelo próprio idoso, pelo ajudante familiar e pelo fisioterapeuta. O presente estudo, transversal (Agosto 2013 – Abril 2014), de natureza quantitativa e qualitativa, e abordagem descritiva, observacional e correlacional, avaliou uma amostra de 51 idosos do SAD da Amadora, dos quais 80,4% eram mulheres, com média de idade de 82,4 anos (dp 6,81), principalmente viúvas, com escolaridade primária incompleta ou completa, orientada no tempo e no espaço, e com estado emocional por si considerado razoável. A investigadora, fisioterapeuta de formação, inquiriu idosos e ajudantes familiares que cuidavam dos mesmos, para recolher as suas opiniões sobre o grau de dependência e o respectivo grau de ajuda, observou o meio envolvente dos idosos, e recolheu comentários dos participantes. Os resultados obtidos apontam para um grau de dependência relacionado com a necessidade de meios e um grau de ajuda que indica ajuda de conveniência. Para a sua análise foram avaliadas tarefas de auto-cuidado e mobilidade, cuja relação foi comprovada estatisticamente. As opiniões dos intervenientes sobre a realização das tarefas e sobre o grau de dependência são parcialmente diferentes, sendo mais sobreponíveis em relação ao grau de ajuda necessária. A analise da correlação entre o grau de dependência e o grau de ajuda indica-nos que quanto maior o grau de dependência maior é o grau de ajuda. Ou seja, que a ajuda prestada nas situações de maior dependência era realmente necessária, mas também, que a ajuda prestada nas situações de menor dependência não era realmente necessária, sendo neste trabalho designada de ajuda de conveniência.------------ABSTRACT: Aging and concern about the dependence of the elderly population is a social priority. The ability to stay at home where all the references are, is important in several aspects, in particular for a greater independence. When the dependency arises, the Home Support Service (SAD in short for the portuguese "Serviço de Apoio Domiciliário") is a social service that can be appealed to. In an analysis of the SAD services in the areas of legislation, institutions, caregivers and users, the degree of dependence and aid allocation are not related, which seems relevant to equate the needs of older people in SAD. Thus, this study aimed to verify the perception of users of SAD towards the degree of dependency and the degree of help in the realization of self-care and mobility, valued by the user, the home support workers and the physiotherapist. This cross-sectional study (August 2013 - April 2014), of quantitative and qualitative nature, taking a descriptive approach, observational and correlational, assessed a sample of 51 elderly of SAD from Amadora, of which 80.4% were women, with an age average of 82.4 years (SD 6.81), mainly widows with incomplete or complete primary schooling, oriented in time and space, and emotional state by itself considered reasonable. The researcher, physiotherapist by training, inquired elderly and the home support workers who cared for them, to gather their opinions on the degree of dependency and the degree of the help provided, while observing the surrounding environment of the elderly. The results point to a degree related to the need for resources and a degree of help pointing towards a high level of convenience. For its analysis tasks of self-care and mobility were evaluated, whose relationship was confirmed statistically. The views of stakeholders on the realization of the tasks and on the degree of dependence are partly different, being more overlapping in the degree of help needed. The analysis of the correlation between the degree of dependency and the degree of help tells us that the greater the degree of dependence is, the greatest degree of help becomes. Which, that the help provided in situations of increased dependence was really needed, but also that the help provided in situations of reduced dependence was not really necessary, being designated in this work help of convenience.

Rethinking the Portuguese banking sector in a post-crisis context

As the financial crisis hit the Portuguese banks, the profitability of the whole sector squeezed to historical minimums. Reinventing the banking business model in the post-crisis context is an overriding issue to achieve sustainable profits and a low cost-to-income ratio. We propose banks to adopt a true multichannel approach, proceeding to a branch network reformatting and a relocation of services to online channels; adopt a true customer-centric approach and reduce the product and services portfolio complexity; finally, industrialize operations and rationalize the structure. With these measures in place, Portuguese banks will become leaner and more efficient, aspiring to a cost-to-income ratio below 45%.

Evaluation of the welfare impact of regulating mobile termination rates in Portugal

Following the European Commission’s 2009 Recommendation on the Regulatory Treatment of Fixed and Mobile Termination Rates in the EU, the Portuguese regulatory authority (ANACOM) decided to reduce termination prices in mobile networks to their long-run incremental cost (LRIC). Nevertheless, no serious quantitative assessment of the potential effects of this decision was carried out. In this paper, we adapt and calibrate the Harbord and Hoernig (2014) model of the UK mobile telephony market to the Portuguese reality, and simulate the likely impact on consumer surplus, profits and welfare of four different regulatory approaches: pure LRIC, reciprocal termination charges with fixed networks, “bill & keep”, and asymmetric termination rates. Our results show that reducing MTRs does increase social welfare, profits and consumer surplus in the fixed market, but mobile subscribers are seriously harmed by this decision.

A arbitragem como alternativa para diminuir a morosidade do sistema judiciário brasileiro

This thesis is about arbitration, a form of alternative dispute resolution, as a solution for the slowness of the Brazilian Judiciary. The paper starts with an approach of the fundamental rights, highlighting their positivation, important to distinguish them from human rights, the four dimensions of the fundamental rights and, lastly, the analysis of their features, emphasizing their characters of complementarity and universality. After, it starts to discourse about the “access to Justice”, an important fundamental right, and, to delimitate the role of the Judiciary and the problems related to solve cases in a reasonable amount of time. Next, it exposes other alternative forms of dispute resolutions that, like the arbitration, can help to the concretization of a faster and more effective Justice. Then, it discusses the historical evolution of the arbitration in Brazil, highlighting the contemporary features of the institute, which were more visible with the ratification of the New York Convention and the promulgation of Law nº 9.307/1996. In addition, it analyses the possible changes that will come with the New Brazilian Procedure Law Code and the PL 7.108/2014, intended to change the current Arbitration Law. It also explains the main arbitration attributes, describing the peculiarities of the arbitral convention, the arbitrator role, and the arbitral award aspects. At least, it lists the main reasons someone should choose arbitration instead the Judiciary, considering the Brazilian Courts reality.

Assessment by doppler ultrasound of entheseal lesions in spondyloarthritis : a longitudial study to determine structural damage and disease activity lesions

RESUMO: Enthesitis is the hallmark of spondyloarthritis (SpA), and is observed in all subtypes. Wide information on SpA abnormalities, including synovitis, tendinitis and enthesitis, can be efficiently perceived by Doppler ultrasound. Furthermore, several studies on imaging of enthesis showed that imaging techniques are better than clinical examination to detect enthesis alterations; and vascularized enthesitis detected by Doppler ultrasound appears to be a valuable diagnostic tool to confirm SpA diagnosis. However, data published until now concerning entheseal elementary alterations that characterize SpA enthesitis (enthesis inflammatory activity) or enthesopathy (permanent structural changes) reflect rather the authors’ empiric opinion than a methodological validation process. In this sense it seems crucial to identify elementary entheseal lesions associated with activity or damage, in order to improve monitoring and treatment response in SpA patients. The development of better assessment tools is today a challenge and a need in SpA. The first study of this thesis focused on the analysis of the reliability of inter-lector and inter-ultrasonography equipment of Madrid sonography enthesitis index (MASEI). Fundamental data for the remaining unrolling project validity. In the second and third studies we concerned about two entheseal elemental lesions: erosions and bursa. In literature erosions represent a permanent structural damage, being useful for monitoring joint injury, disease activity and therapeutic response in many rheumatic diseases; and to date, this concept has been mostly applied in rheumatoid arthritis (RA). Unquestionably, erosion is a tissue-related damage and a structural change. However, the hypothesis that we decided to test was if erosions represent a permanent structural change that can only grow and worsen over time, as occurs in RA, or a transitory alteration. A longitudinal study of early SpA patients was undertaken, and the Achilles enthesis was used as a model. Our results strongly suggested that previously detected erosions could disappear during the course of the disease, being consistent with the dynamic behavior of erosion over time. Based on these striking results it seems reasonable to suggest that the new-bone formation process in SpA could be associated with the resolution of cortical entheseal erosion over time. These results could also be in agreement with the apparent failure of anti-tumor necrosis factor (TNF) therapies to control bone proliferation in SpA; and with the relation of TNF-α, Dickkopf-related protein 1 (Dkk-1) and the regulatory molecule of the Wnt signaling pathway in the bone proliferation in SpA. In the same model, we then proceeded to study the enthesis bursa. Interestingly, the Outcome Measures in Rheumatology Clinical Trials (OMERACT) enthesopathy definition does not include bursa as an elementary entheseal lesion. Nonetheless, bursa was included in 46% of the enthesis studies in a recently systematic literature review, being in agreement with the concept of “synovio-entheseal complex” that includes the link between enthesitis and osteitis in SpA. It has been clarified in recent data that there is not only a close functional integration of the enthesis with the neighboring bone, but also a connection between enthesitis and synovitis. Therefore, we tried to assess the prevalence and relevance of the bursa-synovial lesion in SpA. Our findings showed a significant increase of Achilles bursa presence and thickness in SpA patients compared to controls (healthy/mechanical controls and RA controls). These results raise awareness to the need to improve the enthesopathy ultrasonographic definition. In the final work of this thesis, we have explored new perspectives, not previously reported, about construct validity of enthesis ultrasound as a possible activity outcome in SpA. We performed a longitudinal Achilles enthesis ultrasound study in patients with early SpA. Achilles ultrasound examinations were performed at baseline, six- and twelve-month time periods and compared with clinical outcome measures collected at basal visit. Our results showed that basal erythrocyte sedimentation rate (ESR) and C-reactive protein (CRP) are higher in patients with Doppler signal in enthesis, and even that higher basal ESR, CRP and Ankylosing Spondylitis Disease Activity Score (ASDAS) predicted a higher Doppler signal (an ultrasound alteration accepted as representative of inflammation) six months later. Patients with very high disease activity assessed by ASDAS (>3.5) at baseline had significantly higher Achilles total ultrasound score verified at the same time; and ASDAS <1.3 predicted no Doppler signal at six and twelve months. This seems to represent a connection between classical biomarkers and clinical outcomes associated with SpA activity and Doppler signal, not only at the same time, but also for the following months. Remarkably, patients with inactive disease (ASDAS < 1.3) at baseline had no Doppler signal at six and twelve months. These findings reinforce the potential use of ultrasound related techniques for disease progression assessment and prognosis purposes. Intriguingly, Ankylosing Spondylitis Disease Activity Index (BASDAI) didn’t show significant differences between different cut-offs concerning ultrasound lesions or Doppler signal, while verified with ASDAS. These results seem to indicate that ASDAS reflects better than BASDAI what happens in the enthesis. The work herein discussed clearly shows the potential utility of ultrasound in enthesis assessment in SpA patients, and can be important for the development of ultrasound activity and structural damage scores for diagnosis and monitoring purposes. Therefore, local promotion of this technique constitutes a medical intervention that is worth being tested in SpA patients for diagnosis, monitoring and prognosis purposes.

Pair trading: Clustering based on principal component analysis

This study focuses on the implementation of several pair trading strategies across three emerging markets, with the objective of comparing the results obtained from the different strategies and assessing if pair trading benefits from a more volatile environment. The results show that, indeed, there are higher potential profits arising from emerging markets. However, the higher excess return will be partially offset by higher transaction costs, which will be a determinant factor to the profitability of pair trading strategies. Also, a new clustering approach based on the Principal Component Analysis was tested as an alternative to the more standard clustering by Industry Groups. The new clustering approach delivers promising results, consistently reducing volatility to a greater extent than the Industry Group approach, with no significant harm to the excess returns.

Case study preparation: The whatsApp acquisition from Facebook

The purpose of this work project is to analyze the acquisition of WhatsApp from Facebook occurred on 19th February 2014. The main research has the aim to understand if the price tag of $19 billion paid by Mark Zuckerberg was fair. Along the reaction of Facebook’s EPS on the keydays after the purchase, a balanced assessment of the acquisition was obtained and discussed. Results suggest that the price tag could be reasonable. However, taking into account the industry in which the two companies operate, where competition is quite intense, Facebook should assess this deal in a longerterm perspective.