Microstructural changes befor macroeconomic announcements: Predictability of economic surprises in the U.S. market

Flow of new information is what produces price changes, understanding if the market is unbalanced is fundamental to know how much inventory market makers should keep during an important economic release. After identifying which economic indicators impact the S&P and 10 year Treasuries. The Volume Synchronized Probability of Information-Based Trading (VPIN) will be used as a predictability measure. The results point to some predictability power over economic surprises of the VPIN metric, mainly when calculated using the S&P. This finding appears to be supported when analysing depth imbalance before economic releases. Inferior results were achieved when using treasuries. The final aim of this study is to fill the gap between microstructural changes and macroeconomic events.

The economic impact of the event Volta a Portugal em Bicicleta 2015

This thesis is a Field Lab project requested by the organizer of the Volta a Portugal em Bicicleta 2015, Podium Events. Its purpose is to determine the economic impact of the event for the 21 host economies and Portugal as a whole. The Volta started in Viseu and ended in Lisboa, and lasted for two weeks from the 29th July until the 8th August. Results were computed by accessing data provided by the different economic agents involved in the event (spectators, attendees and organizer), through face-to-face surveys and contact via e-mail. The Volta generated a total economic impact of €76.261.876.

A maritimidade portuguesa : a extensão da plataforma continental

As potencialidades da plataforma continental estendida são enormes e variadas, desde as que podem ser obtidas através de sectores tradicionais – como portos e marinas ou turismo náutico – até as que advirão de novos sectores como a exploração dos fundos do mar ou a energia das ondas, entre outras. Com efeito, devido ao alargamento resultante das negociações nas Nações Unidas, é praticamente garantido que Portugal passe a controlar um espaço marítimo, acrescido de 2.1 milhões de km2, isto é, vinte vezes a extensão da sua superfície terrestre. A maritimidade de Portugal constitui um traço profundamente marcado na sua história, bem como nas suas tradicionais práticas económicas, sociais e simbólicas. Na verdade, os últimos anos testemunharam a criação de um amplo consenso quanto ao papel determinante que o desenvolvimento costeiro, a superfície e o comprimento dos limites do “Mar Português” terá no futuro do país. Da articulação entre o Território Nacional, o Oceano Atlântico e o Continente Europeu, associada à confluência das vias de comunicação marítimas que ligam a Europa à América do Norte e do Sul configurar-e-ão os aspectos essenciais do designado “Espaço Estratégico de Interesse Nacional Permanente”. A área geográfica prioritária para o desenvolvimento das acções militares de Defesa Nacional e dos interesses vitais permanentes inclui assim – para além do Território Nacional – o Espaço Interterritorial, o Mar Territorial (MT), o espaço aéreo sob responsabilidade nacional e a Zona Económica Exclusiva (ZEE). O País é titular de soberania no território continental e nos arquipélagos da Madeira dos Açores, para além de estar comprometido com alguns Estados da CPLP, que têm no Atlântico Sul uma importante e poderosa presença. Pela geografia e pela definição dos interesses dos Estados e dos grandes espaços em que estão incluídos, Portugal está na articulação da segurança do Atlântico Norte com a segurança do Atlântico Sul. Esta realidade acarreta novos desafios para a Defesa Nacional, assumindo como preocupações acrescidas o terrorismo, o tráfico e a pirataria marítimas, entre outras.

A indústria de defesa na cooperação Brasil-Portugal

The global dynamics of alliances are strongly determined by the level of cooperation among states. This cooperation can be embodied in various aspects, but the level of defense and security cooperation becomes usually more doctrinal and lasting. By the nature of sovereignty that instills in the bilateral relationship, cooperation at defense and security level can leverages other forms of cooperation. The circumstances and relational balance between Brazil and Portugal seem to evolve towards distancing opportunities, despite they are culturally and institutionally untainted. The economic dynamics, the strategic projection in global sustainability terms, the scale and ambition of Brazilian regional leadership, contrasts with the actual context of Portugal, distancing himself both on the stage where they operate. On the other hand, the historical and cultural roots, the language, the affinity of the peoples of CPLP and some opportunities for economic niches, trend to attract both countries. The condition of Portugal in NATO and Europe, coupled with the ability to export technical and human resources to value-added for Brazil, seems also to become approaching factors. On the balance of these dynamics, there is a set of exogenous factors (economic, external global relations matrix, regional stability, among others), which are not always controlled by any of both countries. These factors call for strong capacity for foresight analysis and decision making, with the inherent risk. There is cooperation vectors that are not apparently penalized by geographic distance, or by the difference of realities. Among these vectors we shall highlight synergies in technological niches, highly tradable goods and, mostly, using the domain of dual technologies. The thirteen niches herein identified are: Monitoring, Navigation, Command and Control, Electronics, Optoelectronics, Communication and remote sensing, Information Technologies, Flight Simulation, Specialized Training, Fiber Optic Sensors, Materials Engineering, Nanotechnology and Communications. Cumulating with identified opportunities in traditional relational framework, both countries are growing (in geography and economic terms) into the Atlantic, making it a central element in the bilateral approach. By being at the same time a growing stage of disputes and which stability tends to be threatened, it will be done an analysis of these synergistic vectors, superimposed on the impact on Atlantic securitization process.

Safety classification using GIS in decision-making process to define priority road interventions

Given the current economic situation of the Portuguese municipalities, it is necessary to identify the priority investments in order to achieve a more efficient financial management. The classification of the road network of the municipality according to the occurrence of traffic accidents is fundamental to set priorities for road interventions. This paper presents a model for road network classification based on traffic accidents integrated in a geographic information system. Its practical application was developed through a case study in the municipality of Barcelos. An equation was defined to obtain a road safety index through the combination of the following indicators: severity, property damage only and accident costs. In addition to the road network classification, the application of the model allows to analyze the spatial coverage of accidents in order to determine the centrality and dispersion of the locations with the highest incidence of road accidents. This analysis can be further refined according to the nature of the accidents namely in collision, runoff and pedestrian crashes.

The economic assessment of health benefits of active transport

Purpose:This chapter addresses the economic assessment of health benefits of active transport and presents most recent valuation studies with an overview of progresses made towards the inclusion of health benefits in the cost-benefit analysis (CBA) of active transport. Methodology/approach: It is built upon the contracted study for the World Health Organization (WHO) on the economic appraisal of health benefits of walking and cycling investments at the city of Viana do Castelo, the former pilot study in Portugal for evaluating the health benefits of non-motorized transport using the WHO Health Economic Assessment Tool (HEAT). The relative risk values adopted in the HEAT for walking refer to adult population of the age group 20â 74 years and the assessment focus in on average physical activity/regular behaviour of groups of pedestrians and all-cause mortality health impacts. During the case study, it was developed and implemented a mobility survey which aimed to collect behavioural data before and after a street intervention in the historic centre. Findings: Most recent appraisal guidance of walking and cycling and health impact modelling studies reviewed confirm that further research is expected before a more comprehensive appraisal procedure can be adopted in Europe, able to integrate physical activity effects along with other health risks such as those related to road traffic injuries and exposure to air pollution. Social implications: The health benefits assessment of walking investments helped local decision-makers to progress towards sustainable mobility options in the city. Making the population aware of the potential health benefits of regular walking can encourage more people to uptake active transport as part of their daily activities. Originality/value: This study provides a useful review of the health benefits of active transport with a comprehensive analysis of valuation studies, presenting value-added information. It then reports a former assessment of the health effects of active transport in the Portuguese context (case study) using the state-of-the-art economic analysis tool (HEAT) of the World Health Organization which is believed to contribute to a paradigm shift in the transport policy and appraisal practice given the need of shaping future cities (and their citizens) for health through more investments in active transport.

Economic evaluation of occupational safety preventive measures in a hospital

BACKGROUND: When an organization performs an integrated analysis of risks through its Occupational Health and Safety Management System, several steps are suggested to address the implications of the identified risks. Namely, the organization should make a detailed analysis of the monetary impact for the organization of each of the preventive measures considered. However, it is also important to perform an analysis of the impact of each measure on society (externalities). OBJECTIVE: The aim of this paper is to present a case study related to the application of the proposed economic evaluation methodology. METHODS: An analysis of the work accidents in a hospital has been made. Three of the major types of accidents have been selected: needle stings, falls and excessive strain. Following the risk assessment, some preventive measures have been designed. Subsequently, the Benefit/Cost ratio (B/C) of these measures has been calculated, both in financial terms (from the organization’s perspective) and in economic terms (including the benefits for the worker and for the Society). RESULTS: While the financial ratio is only advantageous in some cases, when the externalities are taken into account, the B/C ratio increases significantly. CONCLUSIONS: It is important to consider external

Promoting sustainability as a strategy to mitigate the effects of economic downturn on the construction industry

During the recent years followed by the Global Financial Crisis (GFC), most of business and industries around the globe have been hardly hit to the limit that it still struggling to survive, suffering from the crisis financial consequences. For instance, in the construction industry; many construction projects have been suspended or totally cancelled. Nevertheless, among this dilemma, a call has been raised to use the sustainable practices to mitigate the effects of the GFC on construction industry. For the first look, it seems that there is contradiction since the sustainable solutions are often associated with an increase in the initial cost, undoubtedly, the sustainable practices have many advantages in both economic and environment aspects, however, the question which needs to be addressed here is, to what extent using such sustainable practices can mitigate the negative effects of the economic downturn on construction industry. Therefore, it is a challenging argument for using such sustainable construction from its economic perspective, however, this paper is aiming to present the economical benefits of sustainable practices in construction industry, and trying to clear the doubt of the high initial costs of the sustainable construction through studying the life cycle benefit of green building.

Portuguese publication in the aim of regional science: a study of articles published in RPER from 2003 to 2015

This paper is a study of the full content of articles published by RPER, the Portuguese Review of Regional Studies, from the time it was launched in 2003 until the first quarter of 2015. RPER is a journal edited by the Portuguese section of the European Regional Science Association, which was established in the first half of the 1980s. The Association (APDR) and the journal are the result of contributions by researchers and technicians from different scientific fields, including mainly Economics, Geography, Sociology, Engineering and Architecture. The main focus of these contributions is the socio-economic life of concrete sites, and the way this life is conditioned by resources and capabilities, the historical and cultural heritage and institutions. Content analysis was undertaken to identify the main subjects chosen during the total period under analysis, the nature of the articles published (theoretical or empirical) and the main analytical framework used. The analysis also covers sub-periods to investigate major trends found in terms of subjects chosen and analytical methods, questioning the rationale behind them. The paper concludes with a few notes regarding the social echo the research received and an identification of the main limitations of the research. In the first part of the article, we conduct a summary review of the genesis and evolution of Regional Science at international level to serve as a basis for the empirical approach developed.

The economic crisis in Portugal and children’s rights to non-discrimination

The consequences that arose from the ‘global economy’ have been significant in Portuguese children’s lives and we believe it is fundamental to reflect on the ongoing structuring of childhood through this global culture/ideology and the concrete implications that they have. It is also important to understand how childhood is constructed and experienced, as well as to consider the impacts of political economic conditions on children’s lives and in childhood in general, taking into account the effects brought on by public policies. The aim of this paper is to reflect on the ways through which the economic crisis affecting the general Portuguese population has impacted children in particular and promoted discrimination and a lack of opportunities in childhood. We will focus on two dimensions: first, on general data about the ongoing policies that have been reducing social rights, increasing poverty rates and threatening basic rights such as educational and health rights, to show their impact on children´s lives. Second, we will discuss some data collected with children throughout different research projects in order to characterize the meanings and impacts of the crisis in their lives from their points of view

Rhetoric on the economy: have European parties changed their economic messages?

This study analyses the determinants of dispersion of economic issue mentions in European party manifestos. We examined three main economic domains (governmental control of the economy, free market capitalism and support for the welfare state) as consequences of globalization forces, economic conditions, partisanship and electoral turnout. Employing aggregate-level Comparative Manifesto Project (CMP) data from legislative elections in 15 European countries from 1970 to 2010, we confirm that parties hold a common view of the salience of economic control of the state as a consequence of globalization pressure and economic growth levels. Partisanship of the cabinets (regardless of the political orientation) counteracted issue salience concentration in the welfare domain. Government size favoured dispersion in the free market realm. Our results do not indicate clear homogenization of parties’ economic messages in elections over the last 40 years.

Holistic approach, tourism

Holistic refers to something that emphasizes the whole and the interdependence of its parts. It can be conceptualized as interdisciplinary: the claim that most social and economic phenomena cannot be fully understood or explained without adopting an approach that goes beyond the aims of a single scientific discipline.

Self-compacting concrete and conventional concrete in the arena Pernambuco: comparative study of durability indicators and economic feasibility

This study addressed the application, strength and durability of self-compacting concrete (SCC) in a large-scale construction site, comparing its performance with vibrated conventional concrete (CC) with similar characteristics, assessing its economic feasibility. The studies were undertaken in the Arena Pernambuco project and involved the concreting during May, June and July 2012, for data collection, accompanying the routine concrete control tests and performing specific strength and durability tests. The SCC compressive strength was on average 4.5% higher than the CC one, and its formwork reinforced to withstand greater lateral pressure of the fresh concrete. The durability indicators results were in favour of SCC, which cost was 13.5% higher than CC.

VET: a strategic approach for economic, organisational and personal development in EU countries

Vocational Education and Training (VET) is a continuous long-term process of economic, organisational and personal development. It envisions the construction of dynamic skills to improve performance, productivity and organisational, personal and social development. This article focuses on generating skills. It frames training as a process of work-linked training and as a primary source for generating skills whilst seeking to boost creativity. It sheds light upon the discussion pertaining to learning transfer as a necessary condition to structure performance and competitiveness. It highlights the Learning Transfer System Inventory (LTSI), because it allows to measure the effectiveness of training and it identifies the organisations' weaknesses. The data used were collected from the Eurostat Database.