The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

The weilburg painting showing the lisbon entry of 1619 in its historical and pictorial context

This article deals with the splendid panoramic painting depicting the Joyeuse Entrée of King Philipp III (Filipe II de Portugal) in Lisbon in 1619 which the author discovered at Weilburg castle in Germany. The author places the painting in its historical and pictorial context by comparing it to the written reports of the entry and comparable 16th and 17th century views of Lisbon. Apparently, the painting is based on a strictly planned choreography that largely follows the previous entry of Philipp II, and is identical in the painted, engraved and written descriptions of the event published between 1619 and 1622.

How servant leadership is perceiver by leaders and followers in a Portuguese organizational context

Servant leadership theory has been the subject of great academic discussion, namely in what concerns reaching a consensus for its definition. As many frameworks have been designed in order to define the servant leader’s characteristics, we based ourselves in van Dierendonck’s review and synthesis on servant leadership (2011) to assess how it is perceived in a Portuguese organizational context. After performing several interviews in a private health care organization, we conclude that the perception of servant leadership is generally positive and that its characteristics seem to be in line with academic literature. However, some issues arose such as a seemingly lack of relevance given to authenticity and humility, the latter being a unique attribute of servant leadership. Also, we found a discrepancy between hierarchical levels’ perception of servant leadership characteristics as well as questioning if an over emphasis on service can diminish the servant leader’s impact on organizational performance.

A harmonização fiscal europeia

With this dissertation we aim to analyze the most relevant aspects of the excise duties harmonized regime, considering Community origins, but having also in attention all legal specifications of its implementation in Portugal. The legal regime of excise duties is presented as an ambitious theme, considering the challenge of different branches of law that influence this subject, such as Tax, Economic and Community laws, the inescapable influence of customs procedures, or regarding environmental objectives. In the European context, the harmonization of excise duties was seen as a condition for the implementation of the internal market, contributing to undo secular tax barriers between Member States and, since so, ensure fair competition and free movement of services and goods. Along with VAT, the excise duties harmonization process could represent a potential European tax system, essential for a full and integrated single market. In this context, it is essential to pay special attention to specific characteristics of excise duties regime, such as ‘duty suspension arrangement’ applicable during the production phase, storage and movement in certain conditions. The growing importance of excise duties, as for revenue or extra-fiscal purposes, recommends new academic studies on this subject, seeking new opportunities and challenges.

Critical incident study on forgiveness in the organizational context

Forgiveness has been subject of interest, mainly in the psychology fields of study. Relatively to the organizational context, this topic has been somehow put aside and settled as something that is purely an intra-individual phenomenon which organizations cannot force, or even stimulate. As conflicts are common within organizations and being often difficult to overcome, eyes have turned into the role forgiveness might take in this scenario. Despite forgiveness being accepted as an intrapersonal decision and a result of predisposition as it is a result of education and culture. This study, as some already done, refuses to accept forgiveness as an unchangeable behavior that cannot be manipulated or induced by managers or by organizational context. Therefore, offering a set of incidents as well as their classification, that have been identified by individuals performing different types organizational roles in different organization which is believed as being a genuine way of delivering to the reader a set of actions and behaviors that if taken, may incentivize or inhibit forgiveness.

Context costs and comparative advantages in the telecommunications sector in Portugal and China

This Work Project aims to discuss the Context Costs and Comparative Advantages of the Telecommunications sector both in Portugal and China. The work was built mostly on primary research by interviews with relevant people (business persons, University Professors and Agencies directors), and by economic data publicly available. A list of context costs and comparative advantages was drawn for each country and possible resolutions suggestions were made in the end. The context costs depend heavily on the economic situation of the countries and it should be taken into account when assessing the degree of magnitude of each cost of context. The competitive advantages of each country were drawn in comparison with one another. Some key results stand out: firstly, Portugal’s costs of context depend mainly on governmental decisions, uncertainties and instability and China’s cost of context depend primarily on cultural norms, mainly the Guanxi; second, the telecommunications sector shares most of its context costs and advantages with other sectors; third, China as an economic power could use the telecommunications sector as a way to further develop and boost its economy.

A continuous solvent- and oil-free method to prepare injectable PEGylated fibrinogen cell-laden microparticles

Injectable biomaterials with in situ cross-linking reactions have been suggested to minimize the invasiveness associated with most implantation procedures. However, problems related with the rapid liquid-to-gel transition reaction can arise because it is difficult to predict the reliability of the reaction and its end products, as well as to mitigate cytotoxicity to the surrounding tissues. An alternative minimally invasive approach to deliver solid implants in vivo is based on injectable microparticles, which can be processed in vitro with high fidelity and reliability, while showing low cytotoxicity. Their delivery to the defect can be performed by injection through a small diameter syringe needle. We present a new methodology for the continuous, solvent- and oil-free production of photopolymerizable microparticles containing encapsulated human dermal fibroblasts. A precursor solution of cells in photo-reactive PEG-fibrinogen (PF) polymer was transported through a transparent injector exposed to light-irradiation before being atomized in a jet-in-air nozzle. Shear rheometry data provided the cross-linking kinetics of each PF/cell solution, which was then used to determine the amount of irradiation required to partially polymerize the mixture prior to atomization. The partially polymerized drops fell into a gelation bath for further polymerization. The system was capable of producing cell-laden microparticles with high cellular viability, with an average diameter of between 88.1 µm to 347.1 µm and a dispersity of between 1.1 and 2.4, depending on the parameters chosen.

Tendon regeneration through a scaffold-free approach: development of tenogenic magnetic hASCs sheets

Tendon's regeneration is limited, demanding for cell-based strategies to fully restore their functionality upon injury. The concept of magnetic force-based TE(1), generally using magnetic nanoparticles may enable, for example, stem cell stimulation and/or remote control over TE constructs. Thus, we originally propose the development of magnetic cell sheets (magCSs) with tenogenic capability, aimed at promoting tendon's regeneration. A Tenomodulin (TNMD+) subpopulation was sorted from human adipose stem cells (hASCs), using TNMD-coated immunomagnetic beads(2) and used as cell source for the development of magCSs. Briefly, cells were labeled with iron oxide composite particles (Micromod) and cultured for 7 days in α-MEM medium with or without magnetic stimulation provided by a magnetic device (nanoTherics). CSs were retrieved from the plates using magnet attraction as contiguous sheets of cells within its own deposited ECM.

Multifunctional converter to interface renewable energy sources and electric vehicles with the power grid in smart grids context

This paper proposes a multifunctional converter to interface renewable energy sources (e.g., solar photovoltaic panels) and electric vehicles (EVs) with the power grid in smart grids context. This multifunctional converter allows deliver energy from the solar photovoltaic panels to an EV or to the power grid, and exchange energy in bidirectional mode between the EV and the power grid. Using this multifunctional converter are not required multiple conversion stages, as occurs with the traditional solutions, where are necessary two power converters to integrate the solar photovoltaic system in the power grid and also two power converters to integrate an off-board EV battery charger in the power grid (dc-dc and dc-ac power converters in both cases). Taking into account that the energy provided (or delivered) from the power grid in each moment is function of the EV operation mode and also of the energy produced from the solar photovoltaic system, it is possible to define operation strategies and control algorithms in order to increase the energy efficiency of the global system and to improve the power quality of the electrical system. The proposed multifunctional converter allows the operation in four distinct cases: (a) Transfer of energy from the solar photovoltaic system to the power grid; (b) Transfer of energy from the solar photovoltaic system and from the EV to the power grid; (c) Transfer of energy from the solar photovoltaic system to the EV or to the power grid; (d) Transfer of energy between the EV and the power grid. Along the paper are described the system architecture and the control algorithms, and are also presented some computational simulation results for the four aforementioned cases. It is also presented a comparative analysis between the traditional and the proposed solution in terms of operation efficiency and estimated cost of implementation.

The greener grass: da autorrepresentação em Alanis Morissette

Tese de Doutoramento em Ciências da Literatura - Especialidade em Teoria da Literatura

A liberdade de circulação de pessoas no contexto da cidadania da União Europeia: acesso aos benefícios sociais

Dissertação de mestrado em Direitos Humanos

Para um (novo) modelo de intervenção penal na União Europeia: uma reflexão a partir do princípio de legalidade como limite material de atuação da Procuradoria Europeia

Tese de Doutoramento em Ciências Jurídicas (área de especialização em Ciências Jurídicas - Públicas)

Connecting free volume with shape memory properties in noncytotoxic gamma-irradiated polycyclooctene

The free volume holes of a shape memory polymer have been analysed considering that the empty space between molecules is necessary for the molecular motion, and the shape memory response is based on polymer segments acting as molecular switches through variable flexibility with temperature or other stimuli. Therefore, thermomechanical analysis (TMA) and positron annihilation lifetime spectroscopy (PALS) have been applied to analyse shape recovery and free volume hole sizes in gamma irradiated polycyclooctene (PCO) samples, as a non-cytotoxic alternative to more conventional PCO crosslinked via peroxide for future applications in medicine. Thus, a first approach relating structure, free volume holes and shape memory properties in gamma irradiated PCO is presented. The results suggest that free volume holes caused by gamma irradiation in PCO samples facilitate the recovery process by improving movement of polymer chains and open t possibilities for the design and control of the macroscopic response.

Filamentous fungi in free water and biofilms from Brazilian drinking water systems

In some regions of Brazil, especially where the water is scarce, drinking water is stored in water storage tanks. This practice gives the consumer the guarantee of available water. The water storage conditions such as the exposure to hot weather when the tanks are on rooftops allow the development of microorganisms and microbial biofilms which can deteriorate the water quality and increase the risk to human health [1,2]. This study describes the filamentous fungi (FF) detected in free water and biofilms in drinking water storage tanks in Recife - Pernambuco, Brazil. Five sampling times in triplicate were performed at two distinct points. Colony-forming units (CFU) of FF fungi were determined with 0.45 µm filtration membranes using peptone glucose rose Bengal agar (PGRBA). From the 30 samples analysed a total of 1136 CFU were obtained. The water biofilms were collected from samplers consisting of polyethylene coupons, previously installed in the reservoirs. These coupons were transferred to PGRBA plates and incubated using with the same conditions described for free FF. For the in situ detection of FF in biofilms the Calcofluor White staining technique was used. This procedure demonstrated FF forming biofilms on the surfaces of the coupons. Brazilian legislation does not define limits for FF in drinking water. However considering the potential risk of fungal contamination, the data obtained in this study will contribute to developing future quantitative and qualitative parameters for the presence of fungi in drinking water distribution systems in Brazil. [1] HageskaL, G, Lima, N, Skaar, I. The study of fungi in drinking water. Mycological Research, 113, 2009, 165-172. [2] Skaar I, Hageskal G. Fungi in Drinking Water. In.: Paterson RRM, Lima N. (Eds.) Molecular Biology of Food and Water Borne Mycotoxigenic and Mycotic Fungi. CRC Press, Taylor & Francis Group, Boca Raton, 2015, 597-606.

The importance of risk assessment in the context of investment project management: a case study

Risk management is an important component of project management. Nevertheless, such process begins with risk assessment and evaluation. In this research project, a detailed analysis of the methodologies used to treat risks in investment projects adopted by the Banco da Amazonia S.A. was made. Investment projects submitted to the FNO (Constitutional Fund for Financing the North) during 2011 and 2012 were considered for that purpose. It was found that the evaluators of this credit institution use multiple indicators for risk assessment which assume a central role in terms of decision-making and contribute for the approval or the rejection of the submitted projects; namely, the proven ability to pay, the financial records of project promotors, several financial restrictions, level of equity, level of financial indebtedness, evidence of the existence of a consumer market, the proven experience of the partners/owners in the business, environmental aspects, etc. Furthermore, the bank has technological systems to support the risk assessment process, an internal communication system and a unique system for the management of operational risk.