886 resultados para real option analysis


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The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

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Esta comunicação, baseando-se num extenso corpus oral que está a ser recolhido, procurará refletir de que modo a língua realizada oralmente nos permite perceber o que realmente são e como funcionam as línguas para além da dimensão formalizada da escrita. Pretende-se demonstrar que é a linguagem em uso que melhor evidencia muitos aspetos impossíveis de perceber por uma designada do sistema. Assim, procurar-se-á verificar até que ponto a verdadeira realização linguística da oralidade respeita a noção de frase e de norma, bem assim como especificamente realiza várias dimensões lexicais e pragmáticas.

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Timber connections represent the crucial part of a timber structure and a great variability exists in terms of types of connections and mechanisms. Taking as case study the widespread traditional timber frame structures, in particular the Portuguese Pombalino buildings, one of the most common timber connection is the half-lap joint. Connections play a major role in the overall behaviour of a structure, particularly when assessing their seismic response, since damage is concentrated at the connections. For this reason, an experimental campaign was designed and distinct types of tests were carried out on traditional half-lap joints to assess their in-plane response. In particular, pull-out and in-plane cyclic tests were carried out on real scale unreinforced connections. Subsequently, the connections were retrofitted, using strengthening techniques such as self-tapping screws, steel plates and GFRP sheets. The tests chosen were meant to capture the hysteretic behaviour and dissipative capacity of the connections and characterise their response and, therefore, their influence on the seismic response of timber frame walls, particularly concerning their uplifting and rotation capacity, that could lead to rocking in the walls. In this paper, the results of the experimental campaign are presented in terms of hysteretic curves, dissipated energy and equivalent viscous damping ratio. Moreover, recommendations are provided on the most appropriate retrofitting solutions.

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Nowadays, the concrete production sector is challenged by attempts to minimize the usage of raw materials and energy consumption, as well as by environmental concerns. Therefore, it is necessary to choose better options, e.g. new technologies or materials with improved life-cycle performance. One solution for using resources in an efficient manner is to close the materials' loop through the recycling of materials that result either from the end-of-life of products or from being the by-product of an industrial process. It is well known that the production of Portland cement, one of the materials most used in the construction sector, has a significant contribution to the environmental impacts, mainly related with carbon dioxide emission. Therefore, the study and utilization of by-products or wastes usable as cement replacement in concrete can supply more sustainable options, provided that these type of concrete produced has same durability and equivalent quality properties as standard concrete. This work studied the environmental benefits of incorporating different percentages of two types of fly ashes that can be used in concrete as cement replacement. These ashes are waste products of power and heat production sectors using coal or biomass as fuels. The results showed that both ashes provide a benefit for the concrete production both in terms of environmental impact minimization and a better environmental performance through an increase in cement replacement. It is possible to verify that the incorporation of fly ashes is a sustainable option for cement substitution and a possible path to improve the environmental performance of the concrete industry.

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Following detailed studies of Portuguese vernacular building typologies, this paper deals with buildings located in historical urban centres. An analysis of the history of the urban centre and, in particular, of some vernacular buildings is enhanced. Additionally, a discussion on the influence of changes of the geometry, and on added built volumes to original buildings in the seismic vulnerability of the buildings is also provided.

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Dissertação de mestrado em Educação Especial (área de especialização em Intervenção Precoce)

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An empirical system was developed to obtain a quality index for rock slopes in road infrastructures, named Slope Quality Index (SQI), and it was applied to a set of real slopes.The SQI is supported in nine factors affecting slope stability that contemplate the evaluation of different parameters. Consequently, each factor is classified by the degree of importance and influence by assigned weights. These weights were established through a statistical analysis of replies to a survey that was distributed to several experienced professionals in the field. The proposed SQI varies between1 and 5, corresponding to slopes in very good and very bad condition state, respectively. Besides the advantage linked to a quantitative and qualitative evaluation of slopes, theSQI also allows identifying the most critical factors on the slope stability, which is a fundamental issue for an efficient management of the slope network in the road infrastructure, namely in the planning of conservation and maintenance operations.

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The monitoring data collected during tunnel excavation can be used in inverse analysis procedures in order to identify more realistic geomechanical parameters that can increase the knowledge about the interested formations. These more realistic parameters can be used in real time to adapt the project to the real structure in situ behaviour. However, monitoring plans are normally designed for safety assessment and not especially for the purpose of inverse analysis. In fact, there is a lack of knowledge about what types and quantity of measurements are needed to succeed in identifying the parameters of interest. Also, the optimisation algorithm chosen for the identification procedure may be important for this matter. In this work, this problem is addressed using a theoretical case with which a thorough parametric study was carried out using two optimisation algorithms based on different calculation paradigms, namely a conventional gradient-based algorithm and an evolution strategy algorithm. Calculations were carried for different sets of parameters to identify several combinations of types and amount of monitoring data. The results clearly show the high importance of the available monitoring data and the chosen algorithm for the success rate of the inverse analysis process.

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The observational method in tunnel engineering allows the evaluation in real time of the actual conditions of the ground and to take measures if its behavior deviates considerably from predictions. However, it lacks a consistent and structured methodology to use the monitoring data to adapt the support system in real time. The definition of limit criteria above which adaptation is required are not defined and complex inverse analysis procedures (Rechea et al. 2008, Levasseur et al. 2010, Zentar et al. 2001, Lecampion et al. 2002, Finno and Calvello 2005, Goh 1999, Cui and Pan 2012, Deng et al. 2010, Mathew and Lehane 2013, Sharifzadeh et al. 2012, 2013) may be needed to consistently analyze the problem. In this paper a methodology for the real time adaptation of the support systems during tunneling is presented. In a first step limit criteria for displacements and stresses are proposed. The methodology uses graphics that are constructed during the project stage based on parametric calculations to assist in the process and when these graphics are not available, since it is not possible to predict every possible scenario, inverse analysis calculations are carried out. The methodology is applied to the “Bois de Peu” tunnel which is composed by two tubes with over 500 m long. High uncertainty levels existed concerning the heterogeneity of the soil and consequently in the geomechanical design parameters. The methodology was applied in four sections and the results focus on two of them. It is shown that the methodology has potential to be applied in real cases contributing for a consistent approach of a real time adaptation of the support system and highlight the importance of the existence of good quality and specific monitoring data to improve the inverse analysis procedure.

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Tese de Doutoramento em Ciências da Educação (área de especialização em Tecnologia Educativa).

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Tese de Doutoramento em Arquitectura / Cultura Arquitectónica.

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Dissertação de mestrado integrado em Engenharia e Gestão Industrial

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Dissertação de mestrado integrado em Biomedical Engineering Biomaterials, Biomechanics and Rehabilitation

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Dissertação de mestrado em Biologia Molecular, Biotecnologia e Bioempreendedorismo em Plantas