Money laundering and virtual money: the bitcoin example

Money laundering operations faced multiple changes and become more complex, in line with financial innovation. Often, regulation does not follow that innovation, giving opportunity to take advantage of thes e gaps in less lawful activities. The bitcoin is a virtual currency that has grown significantly, both in value and in volume of transactions, in recent years. The dimension of the phenomenon led to an increasing surveillance from the financial supervisors . We search for evidence of the relationship between money laundering and transactions carried out in bitcoins, the most popular virtual currency at the moment. We analyse the official publications relating the two themes, academic research and the notori ety within the international media. The attitudes toward the bitcoin are diverse, but all share concerns about its future impact. Some sparse evidence indicates that bitcoin may be an opportunity for money laundering, however more data is required.

A relação entre a performance ambiental e a performance financeira das empresas

This study examines the relationship between the environmental performance and the financial performance of Portuguese corporations, based on a sample of 35 stocks listed in the Euronext Lisbon stock exchange, for the period from 2000 to 2004. Corporate environmental performance is measured by an analysis of the environmental information disclosed in 2003 corporate annual financial reports. Stock market-based measures, such as return, risk and risk-adjusted return measures, are used to evaluate corporate financial performance, for the 5 years observation period. We use the portfolio studies and contingency tables methodology to evaluate the relationship between corporate environmental disclosures and corporate stock market performance. The empirical results suggest that companies that do not disclose environmental information have a superior financial performance – as measured by return, risk and risk-adjusted return – than those that disclose environmental information. In particular, companies with better environmental reporting, which disclose qualitative and quantitative environmental information, are the ones with worse financial performance. Nevertheless the differences found in financial performance are not statistically significant. The empirical results are thus adverse to the more recent view of environmental performance as a competitive advantage, maybe due to the still relatively small importance of environmental issues to companies and investors.

Improving The Robustness Of Interventional 4D Ultrasound Segmentation Through The Use Of Personalized Shape Priors

While fluoroscopy is still the most widely used imaging modality to guide cardiac interventions, the fusion of pre-operative Magnetic Resonance Imaging (MRI) with real-time intra-operative ultrasound (US) is rapidly gaining clinical acceptance as a viable, radiation-free alternative. In order to improve the detection of the left ventricular (LV) surface in 4D ultrasound, we propose to take advantage of the pre-operative MRI scans to extract a realistic geometrical model representing the patients cardiac anatomy. This could serve as prior information in the interventional setting, allowing to increase the accuracy of the anatomy extraction step in US data. We have made use of a real-time 3D segmentation framework used in the recent past to solve the LV segmentation problem in MR and US data independently and we take advantage of this common link to introduce the prior information as a soft penalty term in the ultrasound segmentation algorithm. We tested the proposed algorithm in a clinical dataset of 38 patients undergoing both MR and US scans. The introduction of the personalized shape prior improves the accuracy and robustness of the LV segmentation, as supported by the error reduction when compared to core lab manual segmentation of the same US sequences.

Semi-automatic 3D Segmentation Of Costal Cartilage In CT Data From Pectus Excavatum Patients

One of the current frontiers in the clinical management of Pectus Excavatum (PE) patients is the prediction of the surgical outcome prior to the intervention. This can be done through computerized simulation of the Nuss procedure, which requires an anatomically correct representation of the costal cartilage. To this end, we take advantage of the costal cartilage tubular structure to detect it through multi-scale vesselness filtering. This information is then used in an interactive 2D initialization procedure which uses anatomical maximum intensity projections of 3D vesselness feature images to efficiently initialize the 3D segmentation process. We identify the cartilage tissue centerlines in these projected 2D images using a livewire approach. We finally refine the 3D cartilage surface through region-based sparse field level-sets. We have tested the proposed algorithm in 6 noncontrast CT datasets from PE patients. A good segmentation performance was found against reference manual contouring, with an average Dice coefficient of 0.75±0.04 and an average mean surface distance of 1.69±0.30mm. The proposed method requires roughly 1 minute for the interactive initialization step, which can positively contribute to an extended use of this tool in clinical practice, since current manual delineation of the costal cartilage can take up to an hour.

Financial strategies for minimizing corporate income taxes under Brazil's new global tax system

In 1996, Brazil adopted a worldwide income tax system for corporations. This system represents a fundamental change in how the Brazílian government treats multinational transactions and the tax minimizing strategies relevant to businesses. In this article, we describe the conceptual basis for worldwide tax systems and the problem of double taxation that they create. Responses to double taxation by both the governments and the priva te sector are considered. Namely, the imperfect mechanisms developed by Brazil and other countries for mitigating double taxation are analyzed. We ultimately focus on the strategies that companies utilize in order not only to avoid double texetion, but also to take advantage of tax havens.

Linking strategy and the knowledge of the firm

Discovering the ways through which firms develop and maintain competitive advantage is a central research stream in management theory. The objective of this paper is to present a contribution to the discussion of the knowledge of the firm as a source of competitive advantage. The paper states that a firm's success is a consequence of its ability in the continuous development of core competencies that will sustain its competitiveness over time. Core competencies are understood as the sets of knowledge that differentiate a company strategically. The firm must discover, develop, share and update the knowledge that sustains the present and future core competencies. Knowledge management, through processes of knowledge creation and integration, is one way of doing this.

STRATEGIES FOR SUPERIOR PERFORMANCE IN RECESSIONS: PRO OR COUNTER-CYCLICAL?

Recessions are recurring events in which most firms suffer severe impacts while others are less affected or may even prosper. Strategic management has made little progress in understanding such performance differences. In a scenario of decreased demand, intensified competition, and higher uncertainty, most firms try to survive by pro-cyclically cutting costs and investments. But firms could take advantage of undervalued resources in the market to counter-cyclically invest in new business opportunities to overtake competitors. We survey Brazilian firms in various industries about the 2008-2009 recession and analyze data using PLS-SEM. We find that while most firms pro-cyclically reduce costs and investments in recessions, a counter-cyclical strategy of investing in opportunities created by changes in the market enables superior performance. Most successful are firms with a propensity to recognize opportunities, an entrepreneurial orientation to invest, and the flexibility to efficiently implement investments.

Ensuring dynamic strategic fit of firms that compete globally in alliances and networks: proposing the Global SNA - Strategic Network Analysis - framework

In order to sustain their competitive advantage in the current increasingly globalized and turbulent context, more and more firms are competing globally in alliances and networks that oblige them to adopt new managerial paradigms and tools. However, their strategic analyses rarely take into account the strategic implications of these alliances and networks, considering their global relational characteristics, admittedly because of a lack of adequate tools to do so. This paper contributes to research that seeks to fill this gap by proposing the Global Strategic Network Analysis - SNA - framework. Its purpose is to help firms that compete globally in alliances and networks to carry out their strategic assessments and decision-making with a view to ensuring dynamic strategic fit from both a global and relational perspective.

Estudo das diferenças de género nas cognições antecipatórias, estratégias de coping e depressão em adultos

RESUMO: A presente dissertação tem o objectivo de estudar a relação das diferenças de género nas cognições antecipatórias, estratégias de coping e depressão. Para o efeito, constituiu-se duas amostras, uma de indivíduos do género feminino (n=224) de 57,9% (com uma média de idades de 36,2 e um DP=10,5), e outra por indivíduos do género masculino (n=163), perfazendo uma percentagem de 42,1% (com uma média de idades de 41,1 e um DP=12,5). Foi elaborado um protocolo de investigação composto por: Questionário de dados sócio-demográficos, Questionário de Cognições Antecipatórias (QCA), de Figueira & Ramos, 1995, o Questionário de Modos de Lidar com os Acontecimentos (QMLA), de J. Pais Ribeiro, C. Santos, 2001 e o Inventário de Avaliação Clínica da Depressão (IACLIDE), de A, Vaz Serra, 1995. Os resultados demonstraram que não existem diferenças estatisticamente significativas entre géneros nas cognições antecipatórias (p=0,594). Em relação às estratégias de coping, os resultados foram estatisticamente significativos, com as mulheres a recorrerem mais à procura de suporte social (p=0,042) e à fuga-evitamento (p=0,006). O índice de depressão mostra, de forma estatisticamente significativa, que o género feminino apresenta valores mais elevados (p=0,038). A escala de depressão permitiu ainda verificar de forma estatisticamente significativa que as mulheres revelam mais dificuldades no desempenho das tarefas associadas a queixas biológicas e cognitivas (p=0,003), tal como nas dimensões biológica (p=0,002) e de desempenho da tarefa (p=0,007). A relação entre as três variáveis, permite concluir que o índice global da escala de depressão está relacionado positivamente com as Cognições Antecipatórias (p=,000), e nas estratégias de coping, as dimensões fuga-evitamento (p=,002), resolução planeada do problema (p=,000) e a reavaliação positiva (p=,034) também estão relacionadas com esta escala da depressão de forma estatisticamente significativa. ABSTRACT: This dissertation aims to study the relationship of gender differences in anticipatory cognitions, coping strategies and depression. For this purpose, it was constituted two samples, one for female gender (n = 224) 57.9% (with a mean age of 36.2 and a SD=10.5), and other of male gender (n = 163), giving a percentage of 42.1% (with an average age of 41.1 and a SD=12.5). It was prepared a research protocol composed of data questionnaire included social-demographic, Anticipatory Cognitions Questionnaire (QCA), Figueira & Ramos, 1995, the Ways of Coping Questionnaire (WCQ), J. Pais Ribeiro, C. Santos, 2001, and the Inventory and Evaluation of Clinical Depression (IACLIDE) A, Vaz Serra, 1995. The results have shown no statistically significant differences between genders in anticipatory cognitions (p= 0.594). In the coping strategies, the results were statistically significant, with women looking to take more advantage of social support (p= 0.042) and escape-avoidance (p= 0.006). The rate of depression shows a statistically significant with females having higher values (p=0.038). The depression scale allowed us to verify statistically significant that women shows more difficulty in performing tasks associated with biological and cognitive complaints (p=0,003), as in the biological (p=0,002) and task performance (p=0,007). The relationship between the three variables, shows that the overall rate of depression scale is positively related to the Anticipatory Cognitions (p =, 000), and strategies for coping, escape-avoidance dimensions (p =, 002), resolution of the planned problem (p =, 000) and positive reappraisal (p =, 034) are also related to the scale of depression and were also statistically significant.

An approach to absorptive capacity based on the Portuguese textile industry

The main purpose of this research is to identify the hidden knowledge and learning mechanisms in the organization in order to disclosure the tacit knowledge and transform it into explicit knowledge. Most firms usually tend to duplicate their efforts acquiring extra knowledge and new learning skills while forgetting to exploit the existing ones thus wasting one life time resources that could be applied to increase added value within the firm overall competitive advantage. This unique value in the shape of creation, acquisition, transformation and application of learning and knowledge is not disseminated throughout the individual, group and, ultimately, the company itself. This work is based on three variables that explain the behaviour of learning as the process of construction and acquisition of knowledge, namely internal social capital, technology and external social capital, which include the main attributes of learning and knowledge that help us to capture the essence of this symbiosis. Absorptive Capacity provides the right tool to explore this uncertainty within the firm it is possible to achieve the perfect match between learning skills and knowledge needed to support the overall strategy of the firm. This study has taken in to account a sample of the Portuguese textile industry and it is based on a multisectorial analysis that makes it possible a crossfunctional analysis to check on the validity of results in order to better understand and capture the dynamics of organizational behavior.

An approach to absorptive capacity based on the Portuguese textile industry(Final version)

The main purpose of this research is to identify the hidden knowledge and learning mechanisms in the organization in order to disclosure the tacit knowledge and transform it into explicit knowledge. Most firms usually tend to duplicate their efforts acquiring extra knowledge and new learning skills while forgetting to exploit the existing ones thus wasting one life time resources that could be applied to increase added value within the firm overall competitive advantage. This unique value in the shape of creation, acquisition, transformation and application of learning and knowledge is not disseminated throughout the individual, group and, ultimately, the company itself. This work is based on three variables that explain the behaviour of learning as the process of construction and acquisition of knowledge, namely internal social capital, technology and external social capital, which include the main attributes of learning and knowledge that help us to capture the essence of this symbiosis. Absorptive Capacity provides the right tool to explore this uncertainty within the firm it is possible to achieve the perfect match between learning skills and knowledge needed to support the overall strategy of the firm. This study has taken in to account a sample of the Portuguese textile industry and it is based on a multisectorial analysis that makes it possible a crossfunctional analysis to check on the validity of results in order to better understand and capture the dynamics of organizational behavior.

Design of improved rail-to-rail low-distortion and low-stress switches in advanced CMOS technologies

This paper describes the efficient design of an improved and dedicated switched-capacitor (SC) circuit capable of linearizing CMOS switches to allow SC circuits to reach low distortion levels. The described circuit (SC linearization control circuit, SLC) has the advantage over conventional clock-bootstrapping circuits of exhibiting low-stress, since large gate voltages are avoided. This paper presents exhaustive corner simulation results of a SC sample-and-hold (S/H) circuit which employs the proposed and optimized circuits, together with the experimental evaluation of a complete 10-bit ADC utilizing the referred S/H circuit. These results show that the SLC circuits can reduce distortion and increase dynamic linearity above 12 bits for wide input signal bandwidths.

Advances on the development of novel heterogeneous catalysts for transesterification of triglycerides in biodiesel

This paper describes experimental work done towards the search for more profitable and sustainable alternatives regarding biodiesel production, using heterogeneous catalysts instead of the conventional homogenous alkaline catalysts, such as NaOH, KOH or sodium methoxide, for the methanolysis reaction. This experimental work is a first stage on the development and optimization of new solid catalysts, able to produce biodiesel from vegetable oils. The heterogeneous catalytic process has many differences from the currently used in industry homogeneous process. The main advantage is that, it requires lower investment costs, since no need for separation steps of methanol/catalyst, biodiesel/catalyst and glycerine/catalyst. This work resulted in the selection of CaO and CaO modified with Li catalysts, which showed very good catalytic performances with high activity and stability. In fact FAME yields higher than 92% were observed in two consecutive reaction batches without expensive intermediate reactivation procedures. Therefore, those catalysts appear to be suitable for biodiesel production.

Implementação de sistemas da qualidade numa empresa de transporte rodoviário fraccionado de mercadorias: indicadores de competitividade

A certificação deixou de ser “apenas” uma vantagem competitiva para passar a ser um critério seleccionador de empresas diferenciando-as das concorrentes. O conceito de melhoria contínua subjacente à norma ISO 9001 transmite para o mercado a imagem de empresas capazes de satisfazer e superar as exigências dos clientes, direccionando todos os colaboradores para esse objectivo comum. O sector dos Transportes aderiu em força a esta inovação mostrando interesse em melhorar a qualidade do serviço prestado e dos processos. O objectivo deste estudo é contribuir para a avaliação da implementação do Sistema de Gestão da Qualidade (SGQ) ISO 9001:2008 numa empresa de Transportes rodoviários de mercadorias porta a porta (TRMPP) – também designado por Transporte Fraccionado de Mercadorias. Elaborou-se um questionário a clientes construindo-se os indicadores de forma a identificar pontos fortes e pontos fracos no sentido da melhoria contínua da qualidade. Destacam-se a competitividade relativamente às devoluções, grau de satisfação relativamente à competitividade geral, classificação do serviço prestado pelos motoristas/ ajudantes. Conclui-se que a principal razão que levou a empresa a implementar o SGQ foi a necessidade de responder a alguns requisitos nomeadamente concursos públicos onde implicitamente existem indicadores de satisfação dos clientes e outros de melhoria da qualidade do produto/serviço. Durante o processo de implementação do SGQ, surgiram dificuldades relacionadas essencialmente com o tempo necessário para tratar de burocracias e com os custos da Qualidade. Concluiu-se ainda que a Gestão de topo, os Directores e os Chefes de Secção, são os principais responsáveis pela detecção e correcção de não conformidades, bem como a empresa que implementou novos métodos de motivação dos colaboradores, destacando a formação e a comunicação.

Simulação interactiva do mercado de energia eléctrica

A área de comercialização de energia eléctrica conheceu uma profunda mudança após a liberalização do sector eléctrico, que levou à criação de algumas entidades, as quais gerem os mercados de electricidade europeus. Relativamente a Portugal e Espanha, durante esse processo de liberalização, deu-se também um acordo que os levou à criação de um mercado conjunto, um mercado Ibérico (MIBEL). Dentro deste mercado estão contemplados dois operadores, sendo que um deles representa o pólo Português (OMIP) e o outro representa o pólo Espanhol (OMEL). O OMIP contempla os mercados a prazo, ou futuros, normalmente apresenta contratos de energia comercializada com durabilidade de semanas, meses, trimestres, semestres ou mesmo anos. Diariamente estes contratos poderão vencer no OMEL, que engloba os mercados, diário e intradiário. Este, ao contrário do OMIP negoceia para o dia seguinte (mercado diário) ou para uma determinada altura do dia (mercado intra diário). O mercado diário será o exemplo usado para a criação do simulador interactivo do mercado de energia eléctrica. Este será composto por diversos utilizadores (jogadores), que através de uma plataforma HTML irão investir em centrais de energia eléctrica, negociar licitações e analisar o funcionamento e resultados deste mercado. Este jogo subdividir-se-á então em 3 fases: 1. Fase de investimento; 2. Fase de venda (licitações); 3. Fase de mercado. Na fase do investimento, o jogador terá a possibilidade de adquirir unidades de geração de energia eléctrica de seis tipos de tecnologia: 1. Central a Carvão; 2. Central de Ciclo Combinado; 3. Central Hídrica; 4. Central Eólica; 5. Central Solar; 6. Central Nuclear. Com o decorrer das jogadas o jogador poderá aumentar a sua capacidade de investimento, com a venda de energia, sendo o vencedor aquele que mais saldo tiver no fim do número de jogadas previamente definidos, ou aquele que mais depressa atingir o saldo definido como limite pelo administrador do jogo. A nível pedagógico este simulador é muito interessante pois para além de o utilizador ficar a conhecer as tecnologias em causa e as vantagens e desvantagens das centrais de energia renovável e das centrais a combustíveis fósseis, este ganha igualmente uma sensibilidade para questões de nível ambiental, tais como o aumento dos gases de estufa e o degelo resultante do aquecimento global provocado por esses gases. Para além do conhecimento adquirido na parte de energia eléctrica este jogo dará a conhecer ao utilizador o funcionamento do mercado da energia eléctrica, bem como as tácticas que este poderá usar a seu favor neste tipo de mercado.