Financial reporting and inventory disclosure in the extractive industry

Companies in the Extractive Industry (E.I) have some particularities and special regulation that provides an interesting study of inventory and reporting in their financial statements. The theme thus chosen here, aims to make a comparison of the various methods of reporting inventories (recognition, measurement, presentation and disclosures) as well as the different accounting regulations in place. Moreover, inventories are a current asset which represents a large per cent of total assets. Another is that it also provides an opportunity for analysis of the different regulations in place for disclosures; the different standards implemented- IAS, US GAAP and/or regional standards.

O crédito bancário

The aim of the present dissertation is the analysis of the regime established by Decree-Law No. 227/2012 of 25 October. Reflecting on the referred regime, as a measure to prevent and manage situations of failure to meet the obligations assumed by consumers, the study focuses on the plan of action for debt risk and the extrajudicial procedure to regularize situations of default. The main point is to analyze the purpose and the scope of the regime, and to discuss some key-concepts relevant to its application. In addition, another two figures presented in the regime of Decree-Law No. 227/2012 are considered, namely: the Credit Mediator and the Extrajudicial Network for Bank Clients Support, making reference to their role and the scope of their intervention. Finally, along the work on the present Decree-Law, the some international practices are also analyzed, making reference to the problem of financial illiteracy, and mentioning three foreign examples regarding the adopted solutions to the problem of different legal systems, with reference to consumers’ over-indebtedness.

A obrigação alimentar

There is an undeniable link between child support and scholarship, under article 1880 of the portuguese Civil Code. Of course, by being within family relationships, such link could not be out of controversy. At a time when the continuation of studies is more and more urgent, this link between the two, is often subject of disputes, especially resultant from the interpretation of the law, due to the wide extension that it is entitle to; and many times is also insufficient to the most interested people – the youngsters that want to study. Regardless of the imprecision that rules under article 1880 of the portuguese Civil Code, this article reveals a huge importance by enabling young adults and students to continue their studies, with the financial help from their parents - the responsibility of the parents with the support of their children should have ended by the time they have become legal adults, but it is extended by this article, once the criteria is filled, especially related to the reasonableness of what is required to the parents and the temporal duration of the education chosen. That is, considering that reaching adulthood does not cease the duty of support from the parents, it is important to know how much can parents provide to their children, bearing in mind their income and the child’s and his/her needs, behavior and the intellectual capacity of the child as a student and also the parent-child relationship; and, until when is such support due, taking in to account several circumstances of life and the difficulties inherent to the degree chosen and even the extension of the studies to a master or to a PhD degree that justifies the extension of the parent’s duty. Anyway, the application of article 1880 of the portuguese Civil Code is always based on a case by case analysis and on the economic insufficient of the youngsters to suffice themselves and the simultaneous desire to continue their studies.

Relatório de estágio no departamento central de investigação e acção penal

The means of obtaining evidence, the amount of evidence obtained, the number of defendants related to each criminal case and the gravity of the crimes for which the magistrates of the Department are holders of penal action, define its real importance to the Rule of Law. I have deeply studied the subject of the institution of hierarchical intervention required by the assistant and the application of an opening statement by the defendant, starting from a hypothetical case, provided when the query of an investigation with the subject of the crime of active corruption, where this institution was called as a reaction to the archiving dispatch delivered by the Public Ministry. I have study about the implementation of the institution of provisional suspension of the process, specifically in the scope of fiscal criminality, analyzing the effective satisfaction of the purposes of the sentences in two slopes: general prevention and special prevention. I went for my first time to a Central Court of Criminal Instruction, where I attended the measures of inquiry and instructive debate of a process that culminated with the prosecution and pronunciation of the defendants. In addition to this criminal experience, I have deepened and consolidated the academic knowledge with the study of various criminal cases from various fields in the scope of criminality investigated by the Department. I could therefore check the basis of procedural delays, regarding to our legal system, especially in this type of crime, raising issues that I analyzed and discussed, always in a critical and academic way. I had the opportunity to attend and witness a seminar in the Lisbon Directorate of Finance as well of entering the Centre for Judicial Studies to attend a conference on the International Anti-Corruption Day. Focus on the investigatory importance of the international judicial cooperation, through the various organs, with special interest to EUROJUST. I comprehended the organization and functioning of these communitarian organs and means of communication of procedural acts, in particular, the rogatory letters and european arrest warrants. This involvement is motivated by the moratorium factor of the investigations where rogatory letters are necessary for the acquisition of evidence or information relevant to the good continuation of the process. For this reason the judicial cooperation through the relevant communitarian organs, translates a streamlined response between the competent judicial authorities of the Member States, through the National Member that integrates EUROJUST. This report aims to highlight some of the difficulties and procedural issues that Public Prosecutors of DCIAP and criminal police bodies that assist them, face in combating violent and organized crime, of national and transnational nature, of particular complexity, according to the specifics of criminal types.

`When I'm sixty-four': old age, family values, and private financial transfers

Private financial transfers are becoming more and more important as ageing levels increase in Europe, with elders acting as both givers and receivers. Our study is divided in two main parts. In the first part we analyse the determinants of private financial transfers, using the Survey of Health, Ageing, and Retirement in Europe (SHARE). In the second part we analyse the importance of family values for these transfers, combining SHARE with European Values Study. We show that family functions as the main agent of private transfers. We conclude that family values drive financial transfers, mainly gifts provided by elderly individuals. We find that receipts by old-aged people are more related with need cases, such as illness and poorness; moreover, for these particular cases, family network plays a very important role, working as a safety net.

A publicidade na advocacia

The aim of this dissertation is the analysis of the rules on advertising in advocacy. Presently this is a controversial issue that is far from being consensual. As we will demonstrate through the text, the arguments presented are, one the one hand, a safeguard of the deontological values of the profession that govern this professional class and, on the other hand, the interests of the legal service providers, in the current context. Opinions differ substantially among professionals who exercise the profession in individual practice, that defend balanced and fair rules to assert the true brightness of the professional lawyer, and those who work in an organized structure, such as the law firms, who defend more flexible rules in advertising and promoting the offices. Currently the rules of advertising for lawyers are provided by article 89º of the Statue of the Portuguese Bar Association. However, these rules will soon suffer adjustments that will take into consideration the Law no. 2/2013 of january 10, which will extend the scope of advertising for public associations, in order to increase the competition among these, at national or European level. Following this logic, arguments such as unequal access to available means of advertising for financial reasons or that the better publicized service is not always the most advantageous to the costumer will be analyzed and criticized.

Banco BPI SA financial institutions

Equity research report

The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

Transparency in financial reporting by European Foundations

The increasing role of the European Foundations, urges for more transparency. The prevalent accounting frameworks in which they operate and report their activities are mostly based on national laws. This lack of harmonization, limits comparison between European foundations. Thus, this Work Project analyzes the current financial reporting by European foundations, and evaluates the similarities, differences and data availability between countries. The research provides evidence about little information available, deficiency in the financial reporting, within and between countries. The research recommends the need to ensure uniformity by providing a clear definition for public-benefit purpose, harmonization of laws and financial reporting.

Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

Tensile stress–crack width law for steel fibre reinforced self-compacting concrete obtained from indirect (splitting) tensile tests

In this work, the fracture mode I parameters of steel fibre reinforced self-compacting concrete (SFRSCC) were derived from the numerical simulation of indirect splitting tensile tests. The combined experimental and numerical research allowed a comparison between the stress-crack width (σ - w) relationship acquired straightforwardly from direct tensile tests, and the σ - w response derived from inverse analysis of the splitting tensile tests results. For this purpose a comprehensive nonlinear 3D finite element (FE) modeling strategy was developed. A comparison between the experimental results obtained from splitting tensile tests and the corresponding FE simulations confirmed the good accuracy of the proposed strategy to derive the σ – w for these composites. It is concluded that the post-cracking tensile laws obtained from inverse analysis provided a close relationship with the ones obtained from the experimental uniaxial tensile tests.

Plastic-damage smeared crack model to simulate the behaviour of structures made by cement based materials

This work proposes a constitutive model to simulate nonlinear behaviour of cement based materials subjected to different loading paths. The model incorporates a multidirectional fixed smeared crack approach to simulate crack initiation and propagation, whereas the inelastic behaviour of material between cracks is treated by a numerical strategy that combines plasticity and damage theories. For capturing more realistically the shear stress transfer between the crack surfaces, a softening diagram is assumed for modelling the crack shear stress versus crack shear strain. The plastic damage model is based on the yield function, flow rule and evolution law for hardening variable, and includes an explicit isotropic damage law to simulate the stiffness degradation and the softening behaviour of cement based materials in compression. This model was implemented into the FEMIX computer program, and experimental tests at material scale were simulated to appraise the predictive performance of this constitutive model. The applicability of the model for simulating the behaviour of reinforced concrete shear wall panels submitted to biaxial loading conditions, and RC beams failing in shear is investigated.

Annular flow of viscoelastic fluids: Analytical and numerical solutions

This work provides analytical and numerical solutions for the linear, quadratic and exponential Phan–Thien–Tanner (PTT) viscoelastic models, for axial and helical annular fully-developed flows under no slip and slip boundary conditions, the latter given by the linear and nonlinear Navier slip laws. The rheology of the three PTT model functions is discussed together with the influence of the slip velocity upon the flow velocity and stress fields. For the linear PTT model, full analytical solutions for the inverse problem (unknown velocity) are devised for the linear Navier slip law and two different slip exponents. For the linear PTT model with other values of the slip exponent and for the quadratic PTT model, the polynomial equation for the radial location (β) of the null shear stress must be solved numerically. For both models, the solution of the direct problem is given by an iterative procedure involving three nonlinear equations, one for β, other for the pressure gradient and another for the torque per unit length. For the exponential PTT model we devise a numerical procedure that can easily compute the numerical solution of the pure axial flow problem

Ensaios sobre a responsabilidade social corporativa e sua divulgação no setor portuário

Tese de Doutoramento em Contabilidade

Assessing the production of jet mix columns using alkali activated waste based on mechanical and financial performance and CO2 (eq) emissions

Recent research has proved the potential of alkaline activated fly-ash for soil stabilisation. However, such studies have not focused on the link between financial, mechanical and environmental aspects of this solution, but only on their absolute mechanical properties. The present paper characterises the mechanical behaviour of a large spectrum of activator-ash-soil combinations used to build jet mixing columns, analysing also the cost and CO2 (eq) emissions. The concern with these two vectors forced a decrease in the quantity of stabilising agent added to the soil, relatively to previous research, and the effects of such low quantities have not yet been published. However, the results clearly showed a significant improve in strength, still well above the average values expected when improving the stressstrain behaviour of a weak soil. Uniaxial compressive strength tests were used to assess the effects of the fly-ash percentage, the alkalieash ratio and the water content. The carbon calculator recently developed by the European Federation of Foundation Contractors and the Deep Foundations Institute was used to quantify the CO2 (eq) emissions associated with this technique. The financial cost was estimated based on the experience of a major Portuguese contractor. For comparison purposes, soil cement mixtures were also analysed, using similar conditions and tools used for the soil-ash analysis. Results showed that the cement and ash solutions are very similar in terms of overall performance, with some advantage of the former regarding financial cost, and a significant advantage of the latter regarding the CO2 (eq) emissions. This new grout, although it is in an embryonic stage, it has the potential for broader developments in the field.