Options listing and the volatility of the underling asset: a study on the derivative market function

There are basic misunderstandings on derivative markets. Some professionals believe that they are a kind of casinos and have no utility for the investors. This work looks at the effects of options introduction in the Brazilian market, seeking for another benefit for this introduction: changes in the stocks risk leveI. Our results are the same found in the US and other markets: the options introduction reduces the stocks volatility. We also found that there is a slight indication that the volatility becames more stochastic with this alternative.

ABOUT PSYCHOLOGICAL VARIABLES IN APPLICATION SCORING MODELS

The purpose of this study is to investigate the contribution of psychological variables and scales suggested by Economic Psychology in predicting individuals’ default. Therefore, a sample of 555 individuals completed a self-completion questionnaire, which was composed of psychological variables and scales. By adopting the methodology of the logistic regression, the following psychological and behavioral characteristics were found associated with the group of individuals in default: a) negative dimensions related to money (suffering, inequality and conflict); b) high scores on the self-efficacy scale, probably indicating a greater degree of optimism and over-confidence; c) buyers classified as compulsive; d) individuals who consider it necessary to give gifts to children and friends on special dates, even though many people consider this a luxury; e) problems of self-control identified by individuals who drink an average of more than four glasses of alcoholic beverage a day.

Studies on mosquitoes (Diptera: Culicidae) and anthropic environment: 7- Behaviour of adults Nyssorhynchus anophelines with special reference to Anopheles albitarsis s.l. in South-Eastern Brazil

Results obtained with catches performed at several sites of the Ribeira Valley, SP (Brazil) are reported. Collections with Shannon type traps showed a concentration of An.albitarsis s.l. in the Experimental Farm of Pariquera-Açu County, associated with the development of irrigated rice cultivation. Two species of the complex, named A and B, were recognized. Species B predominated in the samples. Indoor and outdoor crepuscular human bait captures were performed a the domiciliary environment. The two species showed a generally low William's media valve of 0.2, the highest value obtained was 1.6. No differences were found between indoor and outdoor behaviours between the two species of the complex.

Environmental exposure to toxicants mixtures from a multi-purpose estuary: perspectives for a biomonitoring study in Portugal

This work was focused on a multi-purpose estuarine environment (river Sado estuary, SW Portugal) around which a number of activities (e.g., fishing, farming, heavy industry, tourism and recreational activities) coexist with urban centres with a total of about 200 000 inhabitants. Based on previous knowledge of the hazardous chemicals within the ecosystem and their potential toxicity to benthic species, this project intended to evaluate the impact of estuarine contaminants on the human and ecosystem health. An integrative methodology based on epidemiological, analytical and biological data and comprising several lines of evidence, namely, human contamination pathways, human health effects, consumption of local produce, estuarine sediments, wells and soils contamination, effects on commercial benthic organisms, and genotoxic potential of sediments, was used. The epidemiological survey confirmed the occurrence of direct and indirect (through food chain) exposure of the local population to estuarine contaminants. Furthermore, the complex mixture of contaminants (e.g., metals, pesticides, polycyclic aromatic hydrocarbons) trapped in the estuary sediments was toxic to human liver cells exposed in vitro, causing cell death, oxidative stress and genotoxic effects that might constitute a risk factor for the development of chronic-degenerative diseases, on the long term. Finally, the integration of data from several endpoints indicated that the estuary is moderately impacted by toxicants that affect also the aquatic biota. Nevertheless, the human health risk can only be correctly assessed through a biomonitoring study including the quantification of contaminants (or metabolites) in biological fluids as well as biomarkers of early biological effects (e.g., biochemical, genetic and omics-based endpoints) and genetic susceptibility in the target population. Data should be supported by a detailed survey to assess the impact of the contaminated seafood and local farm products consumption on human health and, particularly, on metabolic diseases or cancer development.

The Interpretation of Verbal Probability Expressions Used in the IAS/IFRS: the auditors Rrgistered with the portuguese securities market commission

One of the main arguments in favour of the adoption and convergence with the international accounting standards published by the IASB (i.e. IAS/IFRS) is that these will allow comparability of financial reporting across countries. However, because these standards use verbal probability expressions (v.g. “probable”) when establishing the recognition and disclosure criteria for accounting elements, they require professional accountants to interpret and classify the probability of an outcome or event taking into account those terms and expressions and to best decide in terms of financial reporting. This paper reports part of a research we carried out on the interpretation of “in context” verbal probability expressions used in the IAS/IFRS by the auditors registered with the Portuguese Securities Market Commission, the Comissão do Mercado de Valores Mobiliários (CMVM). Our results provide support for the hypothesis that culture affects the CMVM registered auditors’ interpretation of verbal probability expressions through its influence on the accounting value (or attitude) of conservatism. Our results also suggest that there are significant differences in their interpretation of the term “probable”, which is consistent with literature in general. Since “probable” is the most frequent verbal probability expression used in the IAS/IFRS, this may have a negative impact on financial statements comparability.

Contributos de um ambiente de geometria dinâmica (geogebra) e do geoplano na compreensão das propriedades e relações entre quadriláteros: um estudo com alunos do 4.º ano

O estudo insere-se no âmbito da educação matemática, mais especificamente na área da geometria. Com esta investigação pretende-se compreender qual o contributo do Ambiente de Geometria Dinâmica (AGD), GeoGebra, e do material manipulável (geoplano) na identificação das propriedades e relações entre quadriláteros: trapézio, paralelogramo, retângulo, losango e quadrado. De acordo com o objetivo do estudo formularam-se três questões: Qual o papel das representações na identificação das propriedades dos quadriláteros? Que influência tem a visualização na identificação das propriedades dos quadriláteros? Quais os contributos da utilização do AGD, GeoGebra, e do material manipulável (geoplano) na compreensão das propriedades e relações entre os quadriláteros? Atendendo à problemática em estudo, optou-se por uma metodologia de investigação predominantemente qualitativa, baseada em três estudos de caso. A recolha de dados empíricos foi realizada numa turma de 4.º ano do 1.º ciclo do ensino básico onde se implementou uma experiência de ensino, envolvendo todos os alunos e recorrendo ao geoplano e ao GeoGebra. Essa recolha incidiu na observação participante, em sala de aula, no registo de notas da investigadora, nos documentos produzidos pelos alunos e nos registos áudio e vídeo das discussões nos grupos e no coletivo da turma. Em termos de resultados, salienta-se que a utilização de representações evidenciou a compreensão que os alunos têm dos conceitos, facilitou a identificação das propriedades dos quadriláteros e a compreensão das relações entre eles. Os alunos identificaram as propriedades com base nas representações, no entanto focaram-se em casos particulares, de acordo com a imagem mental que têm da figura, especificamente o protótipo, indiciando a influência da visualização. Dos resultados sobressai também a dificuldade que os alunos sentiram em considerar uma figura como representante de uma classe e em distinguir atributos essenciais e não essenciais. Da análise dos dados ressalta também que tanto o geoplano como o GeoGebra foram uma mais-valia na concretização da experiência de ensino deste estudo. Os dois possuem vantagens e limitações e podem ser usados de maneira que um complemente o outro, podendo dessa forma contribuir, favoravelmente, para a aprendizagem da geometria. - ABSTRACT The study falls within the scope of mathematics education, specifically in the area of geometry. This research aims to understand the contribution of the Dynamic Geometry Environment (GeoGebra) and manipulative material (Geoboard) in the identification of properties and relations of quadrilaterals: trapezium, parallelogram, rectangle, diamond and square. According to the purpose of the study three questions were formulated: What is the role of the representations in the identification of the properties of quadrilaterals? What is the influence of visualization on the identification of the properties of quadrilaterals? What are the contributions on the use of Dynamic Geometry Environment (GeoGebra) and manipulative material (Geoboard) to understand the properties and relationships among quadrilaterals? Given the problem under study, it was chosen a predominantly qualitative research methodology based on three case studies. The empirical data collection was carried out on a fourth primary grade class, where it was implemented a teaching experience, involving all students and the use of Geoboard and GeoGebra. This collection was focused on participant observation in the classroom, in the record of the researcher’s notes, the documents produced by the students and the audio and video recordings of group discussions and collective class. In terms of results, it is noted that the use of representations showed the students understanding of the concepts and that it has facilitated the identification of the properties of quadrilaterals and understanding of the relationships between them. The students identified properties based on representations, however they focused in particular cases, according to the mental image that they have of the figure, specifically the prototype, indicating the influence of visualization. Results also highlights the difficulty that students felt in considering a figure as a representation of a group and distinguishing essential and nonessential attributes. Data analysis also highlights that both Geoboard and GeoGebra have been an asset in the delivery of teaching experience in this study. Both have advantages and limitations and they may be used to complement each other and contribute favorably to the learning of geometry.

A Manipulação de resultados em Portugal através do Goodwill

Dissertação para obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Doutor José Manuel da Veiga Pereira

Data mining techniques contributions to support electrical vehicle demand response

The introduction of Electric Vehicles (EVs) together with the implementation of smart grids will raise new challenges to power system operators. This paper proposes a demand response program for electric vehicle users which provides the network operator with another useful resource that consists in reducing vehicles charging necessities. This demand response program enables vehicle users to get some profit by agreeing to reduce their travel necessities and minimum battery level requirements on a given period. To support network operator actions, the amount of demand response usage can be estimated using data mining techniques applied to a database containing a large set of operation scenarios. The paper includes a case study based on simulated operation scenarios that consider different operation conditions, e.g. available renewable generation, and considering a diversity of distributed resources and electric vehicles with vehicle-to-grid capacity and demand response capacity in a 33 bus distribution network.

Integrated vehicle classification system

This paper presents an integrated system for vehicle classification. This system aims to classify vehicles using different approaches: 1) based on the height of the first axle and_the number of axles; 2) based on volumetric measurements and; 3) based on features extracted from the captured image of the vehicle. The system uses a laser sensor for measurements and a set of image analysis algorithms to compute some visual features. By combining different classification methods, it is shown that the system improves its accuracy and robustness, enabling its usage in more difficult environments satisfying the proposed requirements established by the Portuguese motorway contractor BRISA.

Particle swarm optimization based approaches to vehicle-to-grid scheduling

This paper addresses the problem of energy resources management using modern metaheuristics approaches, namely Particle Swarm Optimization (PSO), New Particle Swarm Optimization (NPSO) and Evolutionary Particle Swarm Optimization (EPSO). The addressed problem in this research paper is intended for aggregators’ use operating in a smart grid context, dealing with Distributed Generation (DG), and gridable vehicles intelligently managed on a multi-period basis according to its users’ profiles and requirements. The aggregator can also purchase additional energy from external suppliers. The paper includes a case study considering a 30 kV distribution network with one substation, 180 buses and 90 load points. The distribution network in the case study considers intense penetration of DG, including 116 units from several technologies, and one external supplier. A scenario of 6000 EVs for the given network is simulated during 24 periods, corresponding to one day. The results of the application of the PSO approaches to this case study are discussed deep in the paper.

Dynamic artificial neural network for electricity market prices forecast

This paper presents an artificial neural network applied to the forecasting of electricity market prices, with the special feature of being dynamic. The dynamism is verified at two different levels. The first level is characterized as a re-training of the network in every iteration, so that the artificial neural network can able to consider the most recent data at all times, and constantly adapt itself to the most recent happenings. The second level considers the adaptation of the neural network’s execution time depending on the circumstances of its use. The execution time adaptation is performed through the automatic adjustment of the amount of data considered for training the network. This is an advantageous and indispensable feature for this neural network’s integration in ALBidS (Adaptive Learning strategic Bidding System), a multi-agent system that has the purpose of providing decision support to the market negotiating players of MASCEM (Multi-Agent Simulator of Competitive Electricity Markets).