Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

The role of information systems in business process redesign : a case of Turkish electricity market

This study is specifically concerned with the effect of the Enterprise Resource Planning (ERP) on the Business Process Redesign (BPR). Researcher’s experience and the investigation on previous researches imply that BPR and ERP are deeply related to each other and a study to found the mentioned relation further is necessary. In order to elaborate the hypothesis, a case study, in particular Turkish electricity distribution market and the phase of privatization are investigated. Eight companies that have taken part in privatization process and executed BPR serve as cases in this study. During the research, the cases are evaluated through critical success factors on both BPR and ERP. It was seen that combining the ERP Solution features with business processes lead the companies to be successful in ERP and BPR implementation. When the companies’ success and efficiency were compared before and after the ERP implementation, a considerable change was observed in organizational structure. It was spotted that the team composition is important in the success of ERP projects. Additionally, when the ERP is in driver or enabler role, the companies can be considered successful. On the contrary, when the ERP has a neutral role of business processes, the project fails. In conclusion, it can be said that the companies, which have implemented the ERP successfully, have accomplished the goals of the BPR.

Welle tecnologia laser internationalization analysis US market

Welle Laser is a Brazilian company that manufactures marking and engraving machines mainly for large-scale industry segments providing solutions that help increase productivity. Welle laser has 60% market share in Brazil and decided to go internationally in 2015, mainly to increase revenues and diversify business risks. Welle opened an office in Switzerland and celebrated a contract with a Mexican company to distribute their machines in Mexico. The next step for Welle is expanding its operation to USA. In my project I accessed the viability and reasons to enter the US market, the region where Welle should start its operation, and the best entry mode strategy.

The enchained potential of the local food market

There is a rising demand for local food which traveled only short distances and is marketed directly by the producer. With growing importance of local food also the amount of literature in this field increased. Yet, literature is lacking to examine the challenges and burdens consumers face while trying to purchase local food. Evidence is shown that a gap exists between the intention of consumers who would like to purchase local food and their actual behavior. However, reasons for this gap are only discovered as byproducts of other research objectives. Consequently, this study investigates the specific reasons for the intention-behavior gap of consumers in the local food market. The study makes use of semi-structured face-to-face interviews with rural and urban respondents. The interviews are analyzed by qualitative content analysis based on Elo and Kyngäs (2008). Revealed key drivers for the intention-behavior gap are (1) the lack of awareness where to purchase local food products, (2) the limited reachability of local food producers, (3) the assortment of the local producer in regard to size and composition and (4) the lack in transparency of the prices of local food. Consequently, it is the producers turn to eliminate the revealed barriers by proactively bringing their products closer to the consumer.

The role of temporary accommodation buildings for post-disaster housing reconstruction

The number of houses damaged or destroyed after disasters is frequently large, and re-housing of homeless people is one of the most important tasks of reconstruction programmes. Reconstruction works often last long and during that time, it is essential to provide victims with the minimum conditions to live with dignity, privacy, and protection. This research intends to demonstrate the crucial role of temporary accommodation buildings to provide spaces where people can live and gradually resume their life until they have a permanent house. The study also aims to identify the main problems of temporary accommodation strategies and to discuss some principles and guidelines in order to reach better design solutions. It is found that temporary accommodation is an issue that goes beyond the simple provision of buildings, since the whole space for temporary settlement is important. Likewise, temporary accommodation is a process that should start before a disaster occurs, as a preventive pre-planning. In spite of being temporary constructions, these housing buildings are one of the most important elements to provide in emergency scenarios, contributing for better recovery and reconstruction actions.

HLT Hilotec: self-building manual for sustainable housing

The future of the construction industry will require changes at many levels. One is the ability of companies to adapt to new challenges, converting needs to opportunities and simultaneously contributing to the solving of social and environmental problems. In the coming decades we will see a change in attitude in the industry, with a strong tendency to adopt natural and recycled materials, as well as bet on green technology and social innovation oriented to emerging countries. On the other hand, emerging countries have a high demand for housing construction on a large scale, but the current techniques in the developed countries for building requires a large amount of natural resources and skilled labor. This contextualization brings sustainability problems for the construction sector in emerging countries, often with scarce natural resources and with the construction sector underdeveloped. Through a cooperative action between the construction company Mota-Engil Engineering and the University of Minho in Portugal, a construction technology was developed based on the use of Compressed Earth Blocks as part of a social concept for innovative small houses, favoring the adoption of local and natural materials and with the main premise of being dedicated to self-construction. The HiLoTec project - Development of a Sustainable Self-Construction System for Developing Countries was based on this idea. One of the several results of this project is this construction manual. To Mota-Engil the project was a platform for incubation of knowledge about earth construction and to obtain a constructive solution validated technically and scientifically, suitable to be implemented in the markets where it operates. For the University of Minho the project was an opportunity to strengthen skills in research, laboratory and scientific development, through the development of engineering studies, architecture and sustainability, as well as supporting the doctoral scholarships and dissemination of scientific publications. May the knowledge of this project be of benefit, in the future, for the welfare of those who build a HiLoTec house.

Avaliação do desempenho de fundos de investimento de ouro nos EUA: influência dos diferentes regimes de mercado na seletividade e market-timing

Dissertação de mestrado em Finanças

Re-Design of ribbon for new applications

O conceito de qualidade de vida surge pela primeira vez em 1920, através do economista inglês Arthur Cecil Pigou, que utiliza este termo para descrever o impacto governamental sobre a vida das pessoas mais desfavorecidas. Com a instalação de uma era industrializada e com o fim da 2º Guerra Mundial, a sociedade mudou de paradigma e iniciou uma procura incessante de formas para melhorar a sua qualidade de vida. Este conceito desenvolve-se juntamente com o desenvolvimento do conceito de educação, saúde, habitação, transporte, trabalho e lazer, bem como indicadores do aumento da esperança de vida, a diminuição da mortalidade infantil e dos níveis de poluição. O avanço da tecnologia teve um papel fundamental para a evolução desses conceitos, bem como o Design na procura de soluções para aplicação dessas mesmas tecnologias. No caso concreto da indústria tèxtil, a tendência é o desenvolvimento de têxteis inteligentes envolvendo a engenharia electrónica no seu processo de conceptualização e de fabrico. A chamada tecnologia wearable abre novos horizontes para a criação de soluções inovadoras, abrindo novos nichos de mercado com elevado valor acrescentado. Existem atualmente vários produtos no mercado cuja funcionalidade e utilidade lhes conferiu um estatuto imutável ao longo dos anos, onde a evolução não avançou na tendência atual. Esse é o caso dos tecidos estreitos, cuja funcionalidade poderá adquirir novas capacidades e ser utilizada em diferentes componentes têxteis nas mais variadas áreas. Essas capacidades poderão ser acrescentadas pela incorporação de materiais com luminosidade (Led’s e L-Wire) nas suas estruturas. Neste estudo realizado o design de produtos com novas funcionalidades, adaptando as tecnologias até agora desenvolvidas em novas soluções e/ou novas recriações de produto.

Energy and carbon prices: a comparison of interactions in the European Union Emissions Trading Scheme and the Western Climate Initiative market

We provide a comparative analysis of how short-run variations in carbon and energy prices relate to each other in the emerging greenhouse gas market in California (Western Climate Initiative [WCI], and the European Union Emission Trading Scheme [EU ETS]). We characterize the relationship between carbon, gas, coal, electricity and gasoline prices and an indicator for economic activity, and present a first analysis of carbon prices in the WCI. We also provide a comparative analysis of the structures of the two markets. We estimate a vector autoregressive model and the impulse--response functions. Our main findings show a positive impact from a carbon shock toward electricity, in both markets, but larger in the WCI electricity price, indicating more efficiency. We propose that the widening of carbon market sectors, namely fuels transport and electricity imports, may contribute to this result. To conclude, the research shows significant and coherent relations between variables in WCI, which demonstrate some degree of success for a first year in operation. Reversely, the EU ETS should complete its intended market reform, to allow for more impact of the carbon price. Finally, in both markets, there is no evidence of carbon pricing depleting economic activity.

Desenvolvimento de um Módulo Habitacional “embrionário” “Plug-in” de habitação unifamiliar

Dissertação de mestrado integrado em Arquitectura

Investor sentiment and the cross-section of stock returns in the French stock market

Dissertação de mestrado em Finanças

Adaptive facade systems - review of performance requirements, design approaches, use cases and market needs

The paper reflects the work of COST Action TU1403 Workgroup 3/Task group 1. The aim is to identify research needs from a review of the state of the art of three aspects related to adaptive façade systems: (1) dynamic performance requirements; (2) façade design under stochastic boundary conditions and (3) experiences with adaptive façade systems and market needs.

Análise de sustentabilidade de soluções construtivas inovadoras para a reabilitação de edifícios antigos

Dissertação de mestrado integrado em Engenharia Civil

Behavior-based price discrimination in a multi-dimensional preferences market

NIPE WP 04/ 2016

The housing evolution of Braga between late antiquity and the early meddle ages

The study of the domestic architecture evolution in Late Antiquity performs a fairly recent research subject within Hispanic historiography and represents one of the most significant results emerging from urban archaeology that has uncovered a relevant and innovative group of data related with the occupation of cities with Roman foundation between the fourth and eight centuries. In Braga the excavations conducted since 1976 identified remains of several domus that have been the object of systematic research studies in the past decade.2 In reality, the vast majority of the city Late Antiquity occupation continued to privilege areas where the previous domus of High Empire foundation were located. They were object of important reforms between the late third/early fourth centuries in a time when Bracara Augusta was elevated to capital of the new Callaecia province and endured an important urban renovation.