Pricing corporate bonds in Brazil: 2000 to 2004

This paper analyzes the factors that influence the issuing price of debentures in Brazil in the period from year 2000 to 2004, applying a factor model, in which exogenous variables explain return and price behavior. The variables in this study include: rating, choice of index, maturity, country risk, basic interest rate, long-term and short-term rate spread, the stock market index, and the foreign exchange rate. Results indicate that the index variable, probability of default and bond`s maturity influence pricing and points out associations of long-term bonds with better rating issues. (C) 2008 Elsevier Inc. All rights reserved.

Who chooses to inflation target?

In this article, we seek what are the factors behind a country`s decision to move to Inflation Targeting. We find that high past inflation, low debt levels and the absence of a nominal exchange rate anchor increase the probability that a country will end up opting for it. (C) 2007 Elsevier B.V. All rights reserved.

Tests for the hysteresis hypothesis in Brazilian industrialized exports: A threshold cointegration analysis

This paper examines the hysteresis hypothesis in the Brazilian industrialized exports using a time series analysis. This hypothesis finds an empirical representation into the nonlinear adjustments of the exported quantity to relative price changes. Thus, the threshold cointegration analysis proposed by Balke and Fomby [Balke, N.S. and Fomby, T.B. Threshold Cointegration. International Economic Review, 1997; 38; 627-645.] was used for estimating models with asymmetric adjustment of the error correction term. Amongst sixteen industrial sectors selected, there was evidence of nonlinearities in the residuals of long-run relationships of supply or demand for exports in nine of them. These nonlinearities represent asymmetric and/or discontinuous responses of exports to different representative measures of real exchange rates, in addition to other components of long-run demand or supply equations. (C) 2007 Elsevier B.V. All rights reserved.

Disease-modifying properties of long-term lithium treatment for amnestic mild cognitive impairment: randomised controlled trial

Background Two recent clinical studies support the feasibility of trials to evaluate the disease-modifying properties of lithium in Alzheimer`s disease, although no benefits were obtained from short-term treatment. Aims To evaluate the effect of long-term lithium treatment on cognitive and biological outcomes in people with amnestic mild cognitive impairment (aMCI). Method Forty-five participants with aMCI were randomised to receive lithium (0.25-0.5mmol/l) (n=24) or placebo (n = 21) in a 12-month, double-blind trial. Primary outcome measures were the modification of cognitive and functional test scores, and concentrations of cerebrospinal fluid (CSF) biomarkers (amyloid-beta peptide (A beta(42)), total tau (T-tau), phosphorylated-tau) (P-tau). Trial registration: NCT01055392. Results Lithium treatment was associated with a significant decrease in CSF concentrations of P-tau (P=0.03) and better perform-ance on the cognitive subscale of the Alzheimer`s Disease Assessment Scale and in attention tasks. Overall tolerability of lithium was good and the adherence rate was 91%. Conclusions The present data support the notion that lithium has disease-modifying properties with potential clinical implications in the prevention of Alzheimer`s disease.

Actively shielded multi-layer gradient coil designs with improved cooling properties

In standard cylindrical gradient coils consisting of a single layer of wires, a limiting factor in achieving very large magnetic field gradients is the rapid increase in coil resistance with efficiency. This is a particular problem in small-bore scanners, such as those used for MR microscopy. By adopting a multi-layer design in which the coil wires are allowed to spread out into multiple layers wound at increasing radii, a more favourable scaling of resistance with efficiency is achieved, thus allowing the design of more powerful gradient coils with acceptable resistance values. Previously this approach has been applied to the design of unshielded, longitudinal, and transverse gradient coils. Here, the multi-layer approach has been extended to allow the design of actively shielded multi-layer gradient coils, and also to produce coils exhibiting enhanced cooling characteristics. An iterative approach to modelling the steady-state temperature distribution within the coil has also been developed. Results indicate that a good level of screening can be achieved in multi-layer coils, that small versions of such coils can yield higher efficiencies at fixed resistance than conventional two-layer (primary and screen) coils, and that performance improves as the number of layers of increases. Simulations show that by optimising multi-layer coils for cooling it is possible to achieve significantly higher gradient strengths at a fixed maximum operating temperature. A four-layer coil of 8 mm inner diameter has been constructed and used to test the steady-state temperature model. (C) 2003 Elsevier Inc. All rights reserved.

Cluster de volatilidade no mercado de taxas de câmbio USD/GBP

Mestrado em Controlo de Gestão e dos Negócios

A satisfação profissional dos enfermeiros especialistas em enfermagem de reabilitação

Em termos profissionais, a satisfação no trabalho é sem dúvida um tema bastante debatido e atual. Neste sentido, este estudo teve como objetivo analisar a satisfação profissional dos enfermeiros especialistas em enfermagem de reabilitação e também averiguar se o local de trabalho ou o exercício de cuidados de especialidade influenciam a satisfação profissional deste grupo de enfermeiros. A satisfação profissional foi avaliada através da aplicação da “Escala de Avaliação da Satisfação no Trabalho dos Enfermeiros”, construída e validada por Frederico & Loureiro (2009) a 306 profissionais de Enfermagem, especialistas em enfermagem de reabilitação. O Alpha de Cronbach foi de 0,85, refletindo um bom nível de consistência interna. Foram analisadas seis dimensões da satisfação: satisfação com as chefias; satisfação com benefícios e recompensas; satisfação com a natureza do trabalho; satisfação com a comunicação; satisfação com a equipa e satisfação com os requisitos do trabalho. Foi realizado um estudo transversal analítico. Na análise estatística dos dados, recorreu-se à análise fatorial, ao coeficiente de correlação de Spearman, a testes paramétricos t-student para amostras independentes e One-Way ANOVA. Os resultados mostram que os enfermeiros especialistas em enfermagem de reabilitação encontram-se ligeiramente insatisfeitos. Os fatores de insatisfação estão relacionados com benefícios e recompensas, requisitos do trabalho e com a comunicação. A natureza do trabalho e o relacionamento com a equipa são fatores com os quais obtêm maior satisfação. Em relação às chefias existe uma aproximação à satisfação. Relativamente à avaliação do grau de satisfação profissional global, concluiu-se que os enfermeiros que exercem funções nos Cuidados de Saúde Primários encontram-se mais insatisfeitos profissionalmente, do que os que exercem a sua atividade profissional ao nível hospitalar. Os enfermeiros que exercem cuidados gerais apresentam-se mais insatisfeitos do que os que exercem cuidados de especialidade. Também a idade e a remuneração pelo cargo desempenhado são fatores determinantes. Os enfermeiros mais jovens são os que se apresentam mais insatisfeitos. Os enfermeiros que não são remunerados pelo cargo desempenhado demonstram maior insatisfação profissional.

Política fiscal e crescimento económico

Os recentes desenvolvimentos da teoria do crescimento económico sugerem que a política fiscal pode ter efeitos importantes no crescimento económico de longo prazo. O objectivo deste artigo é investigar o impacto da política fiscal no crescimento económico de longo prazo, utilizando dados em painel para os Estados-membros da UE15 (com excepção de Luxemburgo), no período 1965-2000. Partindo do enquadramento teórico de Barro (1990), formula-se um modelo onde a taxa de crescimento real é determinada por variáveis das finanças públicas, esperando que a redução de impostos distorcionários e o aumento de despesas públicas produtivas fomentem o crescimento económico. No caso da UE15, os resultados sugerem que o aumento da dimensão do sector público (despesas ou impostos) retarda o crescimento e, em particular, uma redução dos impostos sobre o trabalho e o capital podem acelerar o crescimento económico de longo prazo.

Determinantes da procura da Bitcoin

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação da Professora Doutora Celsa Maria Carvalho Machado

Autoconsumo: Um Elemento de Eficiência Energética

Nos últimos anos assistiu-se ao crescente aumento do custo da Energia Elétrica (EE), com grande impacto após o ano 2012 devido à alteração no escalão da taxa de IVA aplicável. Por outro lado tem-se ainda vindo a verificar o aumento do défice tarifário devido a um conjunto de medidas e decisões estratégicas que atualmente estão a ser pagas por todos os consumidores de energia. A introdução dos programas da microprodução seguida da miniprodução, por parte da Direção Geral de Energia e Geologia (DGEG), permitiu aos pequenos e grandes consumidores de EE, efetuar localmente produção de EE por intermedio de fontes renováveis. Contudo, segundo as “limitações” por parte destes programas, apenas era permitido aos novos pequenos produtores injetar toda a eletricidade produzida na rede elétrica, não proporcionando qualquer benefício ao nível do consumo de energia local. Ano após ano, tem-se verificado uma revisão negativa, por parte da DGEG, sobre as tarifas de remuneração da energia produzida por estes sistemas, o que abalou significativamente um setor que até aqui tinha vindo a crescer a passos largos. Tendo em conta esta nova realidade surge a necessidade de procurar alternativas mais viáveis. A alternativa proposta, não é nada mais do que uma “revisão eficiente” dos atuais sistemas em vigor, permitindo assim aos pequenos produtores, atenuar os consumos energéticos e injetar na rede os excedentes de energia. O Autoconsumo revoluciona assim os atuais mecanismos existentes, garantindo deste modo que os consumidores de EE possam reduzir a sua fatura de eletricidade através da geração local de energia.

Determinants of venture capital and private equity investments in renewable energy: A cross-country study

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Snakebite cases in the municipalities of the State of Paraiba, Brazil

Introduction This study investigated the epidemiological and clinical profile of snakebite cases reported from 2007 to 2012 in the municipalities of the Curimataú region, State of Paraíba, in northeastern Brazil. Methods Data were collected from the Health Department of the State of Paraíba using the Injury Notification Information System data banks of the Health Ministry. Results A total of 304 snakebite cases were studied. The cases occurred most frequently from April to June. The genera Bothrops, Crotalus, and Micrurus were responsible for 74.6%, 6.2%, and 1.3% of cases, respectively. Snakebite cases predominated in males living in rural areas and between 10 and 19 years old. The highest incidence of bites occurred on the feet. The majority of the victims received medical assistance within 1 to 3h after being bitten. With regard to severity, 48% of the cases were classified as mild, 26% as moderate, and 2.6% as severe. Successful cures predominated, and no deaths were reported. The average antivenom ampoule dose used for the treatment in some snakebite cases was lower than that recommended by the Health Ministry. Conclusions Although our results show that Paraíba has a good level of medical care, there are serious deficiencies in recording snakebite information. These data indicate the need to improve the recording process for snakebite cases. Further training for health professionals seems to be necessary to optimize their skills in treating snakebite victims.

Getting the carry trade's jackpot

This Working Project studies five portfolios of currency carry trades formed with the G10 currencies. Performance varies among strategies and the most basic one presents the worst results. I also study the equity and Pure FX risk factors which can explain the portfolios’ returns. Equity factors do not explain these returns while the Pure FX do for some of the strategies. Downside risk measures indicate the importance of using regime indicators to avoid losses. I conclude that although using VAR and threshold regression models with a variety of regime indicators do not allow the perception of different regimes, with a defined exogenous threshold on real exchange rates, an indicator of liquidity and the volatilities of the spot exchange rates it is possible to increase the average returns and reduce drawdowns of the carry trades

Use of tacrolimus in rescue therapy of acute and chronic rejection in liver transplantation

PURPOSE: To study the indications and results of tacrolimus as rescue therapy for acute cellular or chronic rejection in liver transplantation. PATIENTS AND METHODS: Eighteen liver transplant recipients who underwent rescue therapy with tacrolimus between March 1995 and August 1999 were retrospectively studied. The treatment indication, patients, and graft situation were recorded as of October 31st, 1999. The response to tacrolimus was defined as patient survival with a functional graft and histological reversal of acute cellular, or for chronic rejection, bilirubin serum levels decreasing to up to twice the upper normal limit. RESULTS: Fourteen cases (77.8%) presented a good response. The response rate for the different indications was: (1) acute cellular + sepsis - 0/1 case; (2) recurrent acute cellular - 1/1 case; (3) OKT3-resistant acute cellular - 2/2 cases; (4) steroid-resistant acute cellular + active viral infection - 3/3 cases; (5) chronic rejection - 8/11 cases (72.7% response rate). The 4 patients who did not respond died. CONCLUSION: Tacrolimus rescue therapy was successful in most cases of acute cellular and chronic rejection in liver transplantation.

Comparing standard and low-cost tools for gradient evaluation along potential cycling paths

Promoting the use of non-motorized modes of transport, such as cycling, is an important contribution to the improvement of mobility, accessibility and equity in cities. Cycling offers a fast and cheap transportation option for short distances, helping to lower pollutant emissions and contributing to a healthier way of life. In order to make the cycling mode more competitive in relation to motorized traffic, it is necessary to evaluate the potential of alternatives from the perspective of the physical effort. One way to do so consists of assessing the suitability of locations for implementing cycling infrastructures. In this work, four tools to determine the gradient along potential cycling paths are compared. Furthermore, an evaluation of the reliability of some low-cost tools to measure this parameter was conducted, by comparison with standard measurements using cartographic plans, on a field case study applied to the city of Braga, Portugal. These tools revealed a good level of accuracy for the planning stage, but proved to be less reliable for use in design.