Elaboração e estruturação de um modelo de rating interno

Temos vindo a assistir nos últimos anos a uma evolução no que respeita à avaliação do risco de crédito. As constantes alterações de regulamentação bancária, que resultam dos Acordos de Basileia, têm vindo a impor novas normas que condicionam a quantidade e a qualidade do risco de crédito que as Instituições de Crédito podem assumir nos seus balanços. É de grande importância as Instituições de Crédito avaliarem o risco de crédito, as garantias e o custo de capital, pois têm um impacto direto na sua gestão nomeadamente quanto à afetação de recursos e proteção contra perdas. Desta forma, pretende-se com o presente trabalho elaborar e estruturar um modelo de rating interno através de técnicas estatísticas, assim como identificar as variáveis estatisticamente relevantes no modelo considerado. Foi delineada uma metodologia de investigação mista, considerando na primeira parte do trabalho uma pesquisa qualitativa e na segunda parte uma abordagem quantitativa. Através da análise documental, fez-se uma abordagem dos conceitos teóricos e da regulamentação que serve de base ao presente trabalho. No estudo de caso, o modelo de rating interno foi desenvolvido utilizando a técnica estatística designada de regressão linear múltipla. A amostra considerada foi obtida através da base de dados SABI e é constituída por cem empresas solventes, situadas na zona de Paredes, num horizonte temporal de 2011-2013. A nossa análise baseou-se em três cenários, correspondendo cada cenário aos dados de cada ano (2011, 2012 e 2013). Para validar os pressupostos do modelo foram efetuados testes estatísticos de Durbin Watson e o teste de significância - F (ANOVA). Por fim, para obtermos a classificação de rating de cada variável foi aplicada a técnica dos percentis. Pela análise dos três cenários considerados, verificou-se que o cenário dois foi o que obteve maior coeficiente de determinação. Verificou-se ainda que as variáveis independentes, rácio de liquidez geral, grau de cobertura do ativo total pelo fundo de maneio e rácio de endividamento global são estatisticamente relevantes.

As garantias financeiras e o seu controlo na atividade seguradora

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Professor Doutor Armindo Licínio da Silva Macedo

Cessão de créditos - uma opção de financiamento

Dissertação de Mestrado em Solicitaria

O dever de obediência a ordens ilegais na Guarda Nacional Republicana

The Republican National Guard (GNR) is a military structure and hierarchical force where discipline and obedience is a serious matter, but at the same time, the scope of its activity relates to the protection of the rights, freedoms and guarantees of citizens and the primacy of public interest. While security force, GNR ensures democratic law, guarantee the internal security and the rights of citizens. The controversial issue that lies at the heart of this work its related with the balance between the hierarchy and the written law. The hierarchy, also established by law, with given powers, exist to apply the law. However, the rule of law has exceptions. Which institute to prioritize, hierarchy or the law. And within the law, its rules or the exceptions. Who decides? The GNR's officers have to obey the laws and regulations and comply with the accuracy and timeliness determinations, orders and instructions issued by a superior, given in terms of service, as long as does not involve the practice of crime. The GNR´s officer with command tasks exercises power of authority inherent in these functions, and the corresponding disciplinary authority, being responsible for acts by himself or by his order are practiced. Identify situations of exception to law enforcement, the situations in which one must obey illegal orders, is difficult and thankless, it requires conferred authority and raises the weight of responsibility for decisions and orders issued.

Produção de electricidade em Portugal

In the present work we intend to do an analysis of the production of electricity in special regime in Portugal. We will focus in particular in the remuneration system through the feed-in tariffs. First, we will excurse throughout different legal diplomas that regulated the special regime in Portugal, exploring which guarantees were conferred to electricity generators throughout the years. We intend to also evaluate how the producers remunerative rights were (or not) protected in the various legislative changes. In the second part of the dissertation we will examine whether the feed-in tariffs may be considered as State aid. Due to the inclusion of the subject in EU Law, we will analyze EU regulation and case law to support our position about the Portuguese regime. Finally, and to the extent that the production of electricity in special regime has undergone several changes to its remunerative regime in the last few years, we propose to analyze more carefully the amendments in question. We will scrutinize the reasons that based the amendments in question, which are mainly based on the economic crisis suffered by the country. We will also examine how those changes may jeopardize the remunerative rights of the producers.

Modeling and forecasting value-at-risk for the Portuguese stock market

The aim of this work project is to find a model that is able to accurately forecast the daily Value-at-Risk for PSI-20 Index, independently of the market conditions, in order to expand empirical literature for the Portuguese stock market. Hence, two subsamples, representing more and less volatile periods, were modeled through unconditional and conditional volatility models (because it is what drives returns). All models were evaluated through Kupiec’s and Christoffersen’s tests, by comparing forecasts with actual results. Using an out-of-sample of 204 observations, it was found that a GARCH(1,1) is an accurate model for our purposes.

O sigilo bancário e a fraude fiscal

Tax evasion and fraud threaten the economic and social objectives of modern tax systems, precluding the state funding for the satisfaction of collective needs and the fair distribution of wealth, being a violation of basic principles and values of our society. In tax law, to give tax administration the necessary powers to supervise and control the information provided by taxpayers and combat tax evasion and fraud, over the last years the grounds for a derogation of bank secrecy without judicial authorization have been extended, which raises some constitutional compatibility issues. Similarly, this tendency of making this legal regime more flexible and increasing automatic exchange of information has been followed by the European Union and the international community. Banking secrecy, as a professional secrecy, is an instrument to protect the right to privacy but also appears as an anti-abuse and repressive mechanism of evasive and fraudulent behaviors. Because of the conflict of interests will always be necessary to make a practical agreement between them, ensuring the legality and the due guarantees of the taxpayers but also an effective way to combat tax evasion and fraud. Bank secrecy cannot be one method to, behind the right to privacy, taxpayers practice illegal activities. But the practice of these irregular conducts also does not justify a total annihilation of the right to banking secrecy, uncovering all documents and bank information’s. Although considering the legislative changes, the administrative derogation of bank secrecy will always be what the tax administration does of it.

O processo sumário e a reforma do Código do Processo Penal de 2013

The present work aims to develop the theme "The summary procedure and the reform of 2013". The purpose of its analysis serves the interest to understand the virtues and disadvantages of the changes introduced by Act n.º 20/2013 to our Code of Criminal Procedure, and the main focus of the present reflection is to further the impact of the measures taken by the legislator to the summary proceedings. The opening of the most serious crimes to summary procedure is a reform measure duly highlighted because it is a true innovation in the Portuguese penal system. Therefore, it urges to analyse not only the consequences of this measure, as well as if the objectives of its introduction in the summary procedure system are met. It should be noted that the legislator intends to promote speedy trial, and at the same time, ensure compliance with the Constitutional rights associated to the accused. At this point it is important to realize if there is a restriction of the accused essential guarantees. On the other hand, it should be noted that the typical characteristics of summary proceedings might have been invariably modified, due to the innovative aspect of the reform. That said, the changes might have fostered a mischaracterization of the typical format of the summary procedure, both in terms of the nature of the proceedings and in terms of its space and objectives within the penal system. Reflecting on the above will provide a deeper understanding of the volatile balance between the Portuguese governing prosecution efficiency and the Constitution, as well as the future of the criminal policy in Portugal.

A protecção jurídica do consumidor em Angola

The scope of the present work is to study the legal protection conferred upon the consumer in Angola, especially as regards electronic communication agreements. Its purpose is to promote consumers’ rights and contribute to its defence given the relatively privileged position of professionals in their relationship with consumers. With this in mind, we have made a description of the Consumer Law in Angola based on the Angolan Constitution (as the law that establishes the fundamental rights and guarantees of citizens) and on the Consumer’s Defence Law, which, as the basic law regarding consumers’ rights, provides the framework for this dissertation. We have analysed several aspects relating to consumer relationships, starting from its concept and rights of consumers and covering the legal and contractual mechanisms put in place for their protection. We have also analysed the Advertising Law with a view to better understand consumer’s rights before advertising campaigns carried out by professionals whilst promoting their goods and services and, additionally, to understand the duties and principles that shall be complied with in such campaigns with the purpose to protect the rights and interests of consumers. From a criminal point of view, we have briefly covered the crimes against consumers provided for in the Penal Code and the Law of Infractions against the Economy. In the second part of this work, we have summarised the institutions that protect the rights and interests of consumers, which include the Public Prosecutor Office, the National Institute for the Defence of the Consumers and the Consumers’ Associations. The third and last part of this work covers electronic communications agreements. Given the fact that there is no specific legislation in this matter, our analysis was based on the Civil Code – specifically the part relating to contracts – the Law on General Contractual Terms and Conditions and the Consumer’s Defence Law. We have analysed the formation of contracts, compliance and consumers’ rights resulting from contract breach. We further have appealed to the Angolan legislator to legislate certain aspects of consumer relationships, especially those where breach of consumers’ rights are blatant and facilitated by the lack of specific laws addressing such cases.

Sistema de segurança interna : a unificação do sistema em Portugal

A aceleração do ritmo de mudança verificado nas sociedades atuais, tem sido impulsionado pela globalização, fenómeno decorrente da evolução das tecnologias da informação, das telecomunicações, das comunicações e transportes e do desaparecimento de fronteiras. Viver na “aldeia global” ou à escala global como o previu Marshall McLuhan (1964) no livro Understanding Media, é hoje uma realidade inquestionável. As consequências desta transformação foram múltiplas quer do ponto de vista dos benefícios, quer do ponto de vista dos problemas gerados. No plano da segurança, face ao multiculturalismo envolvido e ao aumento crescente do crime transfronteiriço, tornou-se essencial a partilha de informação a nível internacional tendo em vista o seu combate não só olhando a situação dos cidadãos como a defesa dos princípios democráticos. Realça-se que os progressos tecnológicos e as facilidades que criam aos seus utilizadores, neste caso os criminosos, fazem com que as ações por estes praticadas sejam cada vez mais meticulosas, imprevisíveis, sofisticadas e complexas o que impõe uma resposta correspondente e adequada. Por essa razão, as políticas de segurança existentes mostraram-se insuficientes e esgotadas requerendo novas respostas capazes de produzir os efeitos desejáveis para uma efetiva prevenção da criminalidade. Pelas dimensões que tem vindo a tomar, a criminalidade tornou-se uma preocupação que ultrapassou o domínio da segurança interna de cada país para ser encarada a nível internacional ou mesmo mundial. Para o efeito urge concertar processos e procedimentos securitários agregando vontades que convirjam e defendam a unificação dos sistemas dos países a nível mundial. A verificar-se tal intento, daí resultariam significativas melhorias da segurança a todos os níveis (nacional, internacional e mundial). Além disso também resultariam ganhos em termos de tempo, redução de custos, impacto na qualidade dos serviços prestados, na gestão das pessoas e na eficiência das organizações. Realça-se que a democracia ao promover a dignidade do homem densificando os seus direitos, liberdades e garantias, criou indiretamente condições para que fosse gerada instabilidade e o desenvolvimento de comportamentos criminosos. Importa, portanto, face à situação existente e à previsível complexidade do crime no futuro, estudar profundamente a nova realidade neste domínio, para tomar as medidas preventivas tendentes a reporem a estabilidade e a promoverem a paz social. Foi neste contexto que a presente investigação, desenvolvida no âmbito académico, mas também suportado na realidade profissional, pretendeu refletir sobre o estado da segurança global e dar o seu contributo nesta matéria.

The Mechanism of Centriole Inactivation in Starfish Oocytes

The centrosome is the major organizing center in a cell, composed by two centrioles, one mother and one daughter, and surrounded by a pericentriolar material, which nucleates microtubules. Centriole duplication and segregation is tightly coupled to cell cycle, which guarantees that centriole number is maintained over generations. During the somatic cell cycle, a pair of centrioles duplicates, after which each daughter cell receives a pair, forming a closed cycle. However, during fertilization, if both cells were to contribute with their pair of centrioles, gamete fusion would result in the double of the normal centriole number.(...)

Sentido evolutivo do controle de constitucionalidade no Brasil

Consabido que para uma sociedade organizada se desenvolver política e juridicamente, indispensável se faz a existência de um documento formal, dotado de observância obrigatória, capaz de definir as competências públicas e delimitar os poderes do Estado, resguardando os direitos fundamentais de eventuais abusos dos entes políticos. Este documento é a Constituição, que, em todos os momentos da história, sempre se fez presente nos Estados, mas, inicialmente, não de forma escrita, o que fez com que surgisse, então, o constitucionalismo, movimento que defendia a necessidade de elaboração de constituições escritas, munidas de normatividade e supremacia em relação às demais espécies normativas, que visassem organizar a separação dos poderes estatais e declarar os direitos e as liberdades individuais. Porém, de nada adiantaria a edição de uma Lei Maior sem que houvesse mecanismos de defesa, no intuito de afastar qualquer ameaça à segurança jurídica e à estabilidade social, por conta de alguma lei ou ato normativo contrário aos preceitos estabelecidos na Constituição. O controle de constitucionalidade, pilar do Estado de Direito, consiste em verificar a compatibilidade entre uma lei ou qualquer ato normativo infraconstitucional e a Lei Excelsa e, em havendo contraste, a lei ou o ato viciado deverá ser expurgado do ordenamento jurídico, para que a unidade constitucional seja restabelecida. No Brasil, o controle de constitucionalidade foi instituído sob forte influência do modelo norte-americano e obteve diversos tratamentos ao longo das constituições brasileiras, porém, o sistema de fiscalização de constitucionalidade teve seu ápice com o advento da atual Constituição Federal, promulgada em 05.10.88, com a criação de instrumentos processuais inovadores destinados à verificação da constitucionalidade das leis e atos normativos. Além disso, a Carta da República de 1988, ao contrário das anteriores, fortaleceu a figura do Poder Judiciário no contexto político, conferindo, assim, maior autonomia aos magistrados na solução de casos de grande repercussão nacional, redundando em um protagonismo judicial atual. Nesse contexto, o Supremo Tribunal Federal, órgão de cúpula do Judiciário nacional e guardião da Constituição, tem se destacado no cenário nacional, em especial na defesa dos direitos e garantias fundamentais insculpidos na Lei Fundamental, fazendo-se necessária, desta forma, uma análise na jurisprudência da Corte, no sentido de verificar se, de fato, tem havido evolução no controle de constitucionalidade no Brasil ao longo dos últimos anos e, em caso afirmativo, em que circunstâncias isso tem se dado.

Primary isolated aortic valve surgery in octogenarians.

We reviewed our surgery registry, to identify predictive risk factors for operative results, and to analyse the long-term survival outcome in octogenarians operated for primary isolated aortic valve replacement (AVR). A total of 124 consecutive octogenarians underwent open AVR from January 1990 to December 2005. Combined procedures and redo surgery were excluded. Selected variables were studied as risk factors for hospital mortality and early neurological events. A follow-up (FU; mean FU time: 77 months) was obtained (90% complete), and Kaplan-Meier plots were used to determine survival rates. The mean age was 82+/-2.2 (range: 80-90 years; 63% females). Of the group, four patients (3%) required urgent procedures, 10 (8%) had a previous myocardial infarction, six (5%) had a previous coronary angioplasty and stenting, 13 patients (10%) suffered from angina and 59 (48%) were in the New York Heart Association (NYHA) class III-IV. We identified 114 (92%) degenerative stenosis, six (5%) post-rheumatic stenosis and four (3%) active endocarditis. The predicted mortality calculated by logistic European System for Cardiac Operative Risk Evaluation (EuroSCORE) was 12.6+/-5.7%, and the observed hospital mortality was 5.6%. Causes of death included severe cardiac failure (four patients), multi-organ failure (two) and sepsis (one). Complications were transitory neurological events in three patients (2%), short-term haemodialysis in three (2%), atrial fibrillation in 60 (48%) and six patients were re-operated for bleeding. Atrio-ventricular block, myocardial infarction or permanent stroke was not detected. The age at surgery and the postoperative renal failure were predictors for hospital mortality (p value <0.05), whereas we did not find predictors for neurological events. The mean FU time was 77 months (6.5 years) and the mean age of surviving patients was 87+/-4 years (81-95 years). The actuarial survival estimates at 5 and 10 years were 88% and 50%, respectively. Our experience shows good short-term results after primary isolated standard AVR in patients more than 80 years of age. The FU suggests that aortic valve surgery in octogenarians guarantees satisfactory long-term survival rates and a good quality of life, free from cardiac re-operations. In the era of catheter-based aortic valve implantation, open-heart surgery for AVR remains the standard of care for healthy octogenarians.

Epidemiology of pulmonary hypertension: new data from the Swiss registry.

since 1999 data from pulmonary hypertension (PH) patients from all PH centres in Switzerland were prospectively collected. We analyse the epidemiological aspects of these data. PH was defined as a mean pulmonary artery pressure of >25 mm Hg at rest or >30 mm Hg during exercise. Patients with pulmonary arterial hypertension (PAH), PH associated with lung diseases, PH due to chronic thrombotic and/or embolic disease (CTEPH), or PH due to miscellaneous disorders were registered. Data from adult patients included between January 1999 and December 2004 were analysed. 250 patients were registered (age 58 +/- 16 years, 104 (41%) males). 152 patients (61%) had PAH, 73 (29%) had CTEPH and 18 (7%) had PH associated with lung disease. Patients <50 years (32%) were more likely to have PAH than patients >50 years (76% vs. 53%, p <0.005). Twenty-four patients (10%) were lost to followup, 58 patients (26%) died and 150 (66%) survived without transplantation or thrombendarterectomy. Survivors differed from patients who died in the baseline six-minute walking distance (400 m [300-459] vs. 273 m [174-415]), the functional impairment (NYHA class III/IV 86% vs. 98%), mixed venous saturation (63% [57-68] vs. 56% [50-61]) and right atrial pressure (7 mm Hg [4-11] vs. 11 mm Hg [4-18]). PH is a disease affecting adults of all ages. The management of these patients in specialised centres guarantees a high quality of care. Analysis of the registry data could be an instrument for quality control and might help identify weak points in assessment and treatment of these patients.

Physical access for persons with disabilities

For persons with disabilities, the activities that able-bodied people take for granted can be major, often insurmountable challenges. Attempting to enter a restaurant for lunch with friends can result in lengthy and adversarial litigation if the facility is not accessible to a person with a disability or other mobility impairment. This litigation would be initiated after the individual was effectively refused service; a refusal based on hislher personal physical characteristics. If a shopping mall is not equipped with "access amenities", then the disabled person may be excluded from shopping there and thus exercising consumer freedom. If workplaces are not equipped to accommodate the access needs of persons with disabilities, then those people are effectively barred from gainful employment there. If a municipal goveniment building is inaccessible to disabled persons, then they may be excluded from participating in council meetings. These are all activities that the majority of the population enjoys as a matter of course, in that they represent the functions of a free citizen in a free society. If a person is excluded from such activities because of some personal characteristic, then that person is subjected to differential or discr~minatory treatment. The guarantees provided in Canadian feden! and provincial rights legislation, are such that people are not to be discriminated againsL Where buildings and facilities othen\iise open to the public are not accessible for persens with disabilities, then those people are being discriminated against. To challenge these discriminatory practices, individuals initiate complaints through the administrative justice system. To address the extent to which this is a problem, many sources were consulted. Constitutional lawyers, tribunal members, advocates for the disabled and land use planners were interviewed. Case law and legislation were reviewed. Literature on citizenship theory, dispute resolution and dispute avoidance was compiled and assessed. And, the field of land use planning was analyzed (drawing on the WTiter's educational and experiential background) as a possible alternative method for effecting systemic access for persons with disabilities. The conclusion of this study is that there does exist a proactive method for assuring access, a method that can apply the systemic remedy needed to deal with this problem. The current method, which is an adversarial and piecemeal complaint process, has proven ineffective in remedying this discrimination problem~ Failure to provide an appropriate remedy means that persons with disabilities will not enjoy the degree of citizen status enjoyed by the able-bodied. This is the current circumstance, and since equity is the aim of rights legislation, and since such legislative and administrative frameworks have failed in that purpose, then an alternative method is necessary. An alternative model is the one in which land use planning is based. It has conflict avoidance and conflict minimization as underpinnings. And, most importantly, land use planning is already a proyen method of combatting discrimination.