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.

Social entrepreneurship: does institutional environment make a difference?

The purpose of this paper is to contribute to a better understanding of the link between social entrepreneurs and institutional environment in Portugal. A quantitative approach is used in the study, and primary data were collected through an online survey. A questionnaire was emailed to, both, Portuguese Non-Governmental organizations and projects available on the Portuguese social stock exchange. In the analysis of the data were used descriptive statistics, factorial analysis and t-student tests to validate (or not) the research hypotheses. The results show that a favorable institutional environment has a low importance in the decision to develop social initiatives. This conclusion supports the idea that many social entrepreneurs can emerge even in developing regions where the institutional environment is weak. Therefore, social entrepreneurship could be an instrument of regional development and contribute to attenuate the social and economic differences among Portuguese regions.

Projeto FOSTER: facilitar a formação e a disseminação das práticas de ciência aberta na Europa

O projeto FOSTER – Facilitate Open Science Training for European Research é uma iniciativa que pretende apoiar diferentes intervenientes envolvidos no processo de comunicação científica, principalmente jovens investigadores. Este apoio visa a adoção do Acesso Aberto no contexto do Espaço Europeu da Investigação (EEI) e a conformidade com as políticas de Acesso Aberto e com as regras de participação do Horizonte 2020 (H2020). Para atingir este objetivo, o FOSTER, pretende focar-se na integração dos princípios e práticas de Acesso Aberto no atual sistema de investigação e contribuir para o desenvolvimento de sessões de formação nas instituições que realizam investigação científica de forma a manter níveis de conformidade satisfatórios com as políticas de Acesso Aberto no EEI e H2020. Para tal, tem desenvolvido um programa de formação sobre Acesso Aberto e dados abertos para consolidar as atividades de formação dirigidas a diversas comunidades e países do EEI. Este programa propõe incluir pacotes de formação que incluam aconselhamento, apoio técnico na utilização de sistemas e-learning, b-learning e de autoformação, disponibilização de materiais/conteúdos, sessões presenciais, principalmente formação de formadores, escolas de verão, seminários, etc.

FOSTER: facilitate open science training for european research

FOSTER aims to support different stakeholders, especially young researchers, in adopting open access in the context of the European Research Area (ERA) and in complying with the open access policies and rules of participation set out for Horizon 2020 (H2020). FOSTER establish a European-wide training programme on open access and open data, consolidating training activities at downstream level and reaching diverse disciplinary communities and countries in the ERA. The training programme includes different approaches and delivery options: elearning, blearning, self-learning, dissemination of training materials/contents, helpdesk, face-to-face training, especially training-the-trainers, summer schools, seminars, etc.

Financial stress and sovereign debt composition

"Published online: 19 Oct 2015"

Rhetoric on the economy: have European parties changed their economic messages?

This study analyses the determinants of dispersion of economic issue mentions in European party manifestos. We examined three main economic domains (governmental control of the economy, free market capitalism and support for the welfare state) as consequences of globalization forces, economic conditions, partisanship and electoral turnout. Employing aggregate-level Comparative Manifesto Project (CMP) data from legislative elections in 15 European countries from 1970 to 2010, we confirm that parties hold a common view of the salience of economic control of the state as a consequence of globalization pressure and economic growth levels. Partisanship of the cabinets (regardless of the political orientation) counteracted issue salience concentration in the welfare domain. Government size favoured dispersion in the free market realm. Our results do not indicate clear homogenization of parties’ economic messages in elections over the last 40 years.

Consumption, wealth, stock and housing returns: evidence from emerging markets

We test the predictive ability of the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, for both future equity and housing risk premia in emerging market economies. Using quarterly data for 31 markets, our country-level evidence shows that forecasting power of cay vis-à-vis stock returns is high for Brazil, China, Colombia, Israel, Korea, Latvia and Malaysia. As for housing returns, the empirical evidence suggests that financial and housing assets are perceived as complements in the case of Chile, Russia, South Africa and Thailand, and as substitutes in Argentina, Brazil, Hong Kong, Indonesia, Korea, Malaysia, Mexico and Taiwan. Using a panel econometric framework, we find that the cross-country heterogeneity observed in asset return predictability does not accrue to regional location, but can be attributed to differences in the degree of equity market development and in the level of income.

Experimental evidence that quorum rules discourage turnout and promote election boycotts

Many democratic decision making institutions involve quorum rules. Such rules are commonly motivated by concerns about the “legitimacy” or “representativeness” of decisions reached when only a subset of eligible voters participates. A prominent example of this can be found in the context of direct democracy mechanisms, such as referenda and initiatives. We conduct a laboratory experiment to investigate the consequences of the two most common types of quorum rules: a participation quorum and an approval quorum. We find that both types of quora lead to lower participation rates, dramatically increasing the likelihood of full-fledged electoral boycotts on the part of those who endorse the Status Quo. This discouraging effect is significantly larger under a participation quorum than under an approval quorum.

Specification and testing of multiplicative time-varying GARCH models with applications

In this article, we develop a specification technique for building multiplicative time-varying GARCH models of Amado and Teräsvirta (2008, 2013). The variance is decomposed into an unconditional and a conditional component such that the unconditional variance component is allowed to evolve smoothly over time. This nonstationary component is defined as a linear combination of logistic transition functions with time as the transition variable. The appropriate number of transition functions is determined by a sequence of specification tests. For that purpose, a coherent modelling strategy based on statistical inference is presented. It is heavily dependent on Lagrange multiplier type misspecification tests. The tests are easily implemented as they are entirely based on auxiliary regressions. Finite-sample properties of the strategy and tests are examined by simulation. The modelling strategy is illustrated in practice with two real examples: an empirical application to daily exchange rate returns and another one to daily coffee futures returns.

Development of auxetic structures from braided composites produced from basalt fiber

In this work, novel auxetic structure has been developed from braided composites produced from basalt fiber. The paper reported the auxetic and tensile behavior of the structures produced from basalt fiber and also compared with structures developed from braided composites having glass fiber as core. The basic design is modified with straight rod to improve the strengthening behavior of structure with structural elements. The Poisson’s ratio of the modified structure are studied. The Poisson’s ratio of the structure made from basalt and glass reinforced BCRs are almost similar but the tensile behavior of basalt based structure is good than glass fiber.

Novel auxetic structures from basalt braided composites for structural applications

Auxetic materials are a class of materials behaves unusual way compared to regular materials i.e. possess negative Poisson’s ratio. This paper reports, the development of auxetic structures based on re-entrant hexagon design from braided composite materials and testing of the mechanical properties (tensile property, auxetic property and work of rupture). The structure developed from glass and basalt braided composite rods and properties were compared between them. Later, the basic re-entrant hexagon design was modified with vertical straight rods to improve their mechanical behavior and their auxetic property was studied. Auxetic behavior of these structures was studied in a tensile testing machine taking video during testing by Digital camera, later the video converted into images to measure the strain values using simple software, ImageJ. Along with experimental work, analytical model was used to calculate the Poisson’s ratio of basic structure and results were compared

Holistic approach, tourism

Holistic refers to something that emphasizes the whole and the interdependence of its parts. It can be conceptualized as interdisciplinary: the claim that most social and economic phenomena cannot be fully understood or explained without adopting an approach that goes beyond the aims of a single scientific discipline.

Development of sandwich panels of customized functionalities for the rehabilitation of the built patrimony

Dissertação de International Master in Sustainable Built Environment

Biosurfactants produced by marine microorganisms with therapeutic applications

Marine microorganisms possess unique metabolic and physiological features and are an important source of new biomolecules, such as biosurfactants. Some of these surface-active compounds synthesized by marine microorganisms exhibit antimicrobial, anti-adhesive and anti-biofilm activity against a broad spectrum of human pathogens (including multi-drug resistant pathogens), and could be used instead of the existing drugs to treat infections caused by them. In other cases, these biosurfactants show anti-cancer activity, which could be envisaged as an alternative to conventional therapies. However, marine biosurfactants have not been widely explored, mainly due to the difficulties associated with the isolation and growth of their producing microorganisms. Culture-independent techniques (metagenomics) constitute a promising approach to study the genetic resources of otherwise inaccessible marine microorganisms without the requirement of culturing them, and can contribute to discover novel biosurfactants with significant biological activities. This paper reviews the most relevant biosurfactants produced by marine microorganisms with potential therapeutic applications and discusses future perspectives and opportunities to discover novel molecules from marine environments.

Design of bio-based supramolecular structures through self-assembly of α-lactalbumin and lysozyme

Bovine α-lactalbumin (α-La) and lysozyme (Lys), two globular proteins with highly homologous tertiary structures and opposite isoelectric points, were used to produce bio-based supramolecular structures under various pH values (3, 7 and 11), temperatures (25, 50 and 75 °C) and times (15, 25 and 35 min) of heating. Isothermal titration calorimetry experiments showed protein interactions and demonstrated that structures were obtained from the mixture of α-La/Lys in molar ratio of 0.546. Structures were characterized in terms of morphology by transmission electron microscopy (TEM) and dynamic light scattering (DLS), conformational structure by circular dichroism and intrinsic fluorescence spectroscopy and stability by DLS. Results have shown that protein conformational structure and intermolecular interactions are controlled by the physicochemical conditions applied. The increase of heating temperature led to a significant decrease in size and polydispersity (PDI) of α-La–Lys supramolecular structures, while the increase of heating time, particularly at temperatures above 50 °C, promoted a significant increase in size and PDI. At pH 7 supramolecular structures were obtained at microscale – confirmed by optical microscopy – displaying also a high PDI (i.e. > 0.4). The minimum size and PDI (61 ± 2.3 nm and 0.14 ± 0.03, respectively) were produced at pH 11 for a heating treatment of 75 °C for 15 min, thus suggesting that these conditions could be considered as critical for supramolecular structure formation. Its size and morphology were confirmed by TEM showing a well-defined spherical form. Structures at these conditions showed to be stable at least for 30 or 90 days, when stored at 25 or 4 °C, respectively. Hence, α-La–Lys supramolecular structures showed properties that indicate that they are a promising delivery system for food and pharmaceutical applications.