Long-term dependence in financial prices: evidence from the Belgian stock market returns

This article aims to contribute to the discussion of long-term dependence, focusing on the behavior of the main Belgian stock index. Non-parametric analyzes of the general characteristics of temporal frequency show that daily returns are non-ergodic and non-stationary. Therefore, we use the rescaled-range analysis (R/S) and the detrended fluctuation analysis (DFA), under the fractional Brownian motion approach, and we found slight evidence of long-term dependence. These results refute the random walk hypothesis with i.i.d. increments, which is the basis of the EMH in its weak form, and call into question some theoretical modeling of asset pricing. Other more localized complementary study, to identify the evolution of the degree of dependence over time windows, showed that the index has become less persistent from 2010. This may mean a maturing market by the extension of the effects of current financial crisis.

Persistência no desempenho dos fundos de investimento em ações

Mestrado em Contabilidade e Análise Financeira

Long-term memory in financial prices: evidence from the Dutch stock market returns

Prepared for presentation at the Portuguese Finance Network International Conference 2014, Vilamoura, Portugal, June 18-20

A new horizon for online teaching and learning

The Polytechnic Institute of Oporto (IPP), which has a solid history of online education and innovation through the use of technology, has been particularly interested and focused on Massive Open Online Courses (MOOC) developments. The aim of this paper is to present the whole process from initial discussions to completion of the “Mathematics Without Limits” MOOC Project that exists in IPP and also to contribute for a change in the way as teaching and learning Mathematics is seen and practiced nowadays. In 2013, IPP developed its own platform, which gave us the opportunity to explore new educational techniques as a pedagogical resource as well as to enhance students’ motivation, through a set of interactive materials at their disposal, totally adapted to their needs. Students lack of motivation is mainly justified by their weak Math preparation, poor consolidated basis on the subject and different backgrounds of the students. To tackle this issue and based on our Math online courses teaching experience, we decided to create short duration MOOC, expecting to aid retention of students and also to reverse the path of students giving up on Math by giving them a friendly way of managing their own learning commitment. We also think that this MOOC will be a good approach to level out some math skills among freshmen.

A new horizon for online teaching and learning

The Polytechnic Institute of Oporto (IPP), which has a solid history of online education and innovation through the use of technology, has been particularly interested and focused on Massive Open Online Courses (MOOC) developments. The aim of this paper is to present the whole process from initial discussions to completion of the “Mathematics Without Limits” MOOC Project that exists in IPP and also to contribute for a change in the way as teaching and learning Mathematics is seen and practiced nowadays. In 2013, IPP developed its own platform, which gave us the opportunity to explore new educational techniques as a pedagogical resource as well as to enhance students’ motivation, through a set of interactive materials at their disposal, totally adapted to their needs. Students lack of motivation is mainly justified by their weak Math preparation, poor consolidated basis on the subject and different backgrounds of the students. To tackle this issue and based on our Math online courses teaching experience, we decided to create short duration MOOC, expecting to aid retention of students and also to reverse the path of students giving up on Math by giving them a friendly way of managing their own learning commitment. We also think that this MOOC will be a good approach to level out some math skills among freshmen.

A New horizon for online teaching and learning

The Polytechnic Institute of Oporto (IPP), which has a solid history of online education and innovation through the use of technology, has been particularly interested and focused on Massive Open Online Courses (MOOC) developments. The aim of this paper is to present the whole process from initial discussions to completion of the “Mathematics Without Limits” MOOC Project that exists in IPP and also to contribute for a change in the way as teaching and learning Mathematics is seen and practiced nowadays. In 2013, IPP developed its own platform, which gave us the opportunity to explore new educational techniques as a pedagogical resource as well as to enhance students’ motivation, through a set of interactive materials at their disposal, totally adapted to their needs. Students lack of motivation is mainly justified by their weak Math preparation, poor consolidated basis on the subject and different backgrounds of the students. To tackle this issue and based on our Math online courses teaching experience, we decided to create short duration MOOC, expecting to aid retention of students and also to reverse the path of students giving up on Math by giving them a friendly way of managing their own learning commitment. We also think that this MOOC will be a good approach to level out some math skills among freshmen.

Context-aware multi-factor authentication

Trabalho apresentado no âmbito do Mestrado em Engenharia Informática, como requisito parcial para obtenção do grau de Mestre em Engenharia Informática

Geography of the Information Society

All every day activities take place in space. And it is upon this that all information and knowledge revolve. The latter are the key elements in the organisation of territories. Their creation, use and distribution should therefore occur in a balanced way throughout the whole territory in order to allow all individuals to participate in an egalitarian society, in which the flow of knowledge can take precedence over the flow of interests. The information society depends, to a large extent, on the technological capacity to disseminate information and, consequently, the knowledge throughout territory, thereby creating conditions which allow a more balanced development, from the both the social and economic points of view thus avoiding the existence of info-exclusion territories. Internet should therefore be considered more than a mere technology, given that its importance goes well beyond the frontiers of culture and society. It is already a part of daily life and of the new forms of thinking and transmitting information, thus making it a basic necessity essential, for a full socio-economic development. Its role as a platform of creation and distribution of content is regarded as an indispensable element for education in today’s society, since it makes information a much more easily acquired benefit.”…in the same way that the new technologies of generation and distribution of energy allowed factories and large companies to establish themselves as the organisational bases of industrial society, so the internet today constitutes the technological base of the organisational form that characterises the Information Era: the network” (CASTELLS, 2004:15). The changes taking place today in regional and urban structures are increasingly more evident due to a combination of factors such as faster means of transport, more efficient telecommunications and other cheaper and more advanced technologies of information and knowledge. Although their impact on society is obvious, society itself also has a strong influence on the evolution of these technologies. And although physical distance has lost much of the responsibility it had towards explaining particular phenomena of the economy and of society, other aspects such as telecommunications, new forms of mobility, the networks of innovation, the internet, cyberspace, etc., have become more important, and are the subject of study and profound analysis. The science of geographical information, allows, in a much more rigorous way, the analysis of problems thus integrating in a much more balanced way, the concepts of place, of space and of time. Among the traditional disciplines that have already found their place in this process of research and analysis, we can give special attention to a geography of new spaces, which, while not being a geography of ‘innovation’, nor of the ‘Internet’, nor even ‘virtual’, which can be defined as one of the ‘Information Society’, encompassing not only the technological aspects but also including a socio-economic approach. According to the last European statistical data, Portugal shows a deficit in terms of information and knowledge dissemination among its European partners. Some of the causes are very well identified - low levels of scholarship, weak investments on innovation and R&D (both private and public sector) - but others seem to be hidden behind socio-economical and technological factors. So, the justification of Portugal as the case study appeared naturally, on a difficult quest to find the major causes to territorial asymmetries. The substantial amount of data needed for this work was very difficult to obtain and for the islands of Madeira and Azores was insufficient, so only Continental Portugal was considered for this study. In an effort to understand the various aspects of the Geography of the Information Society and bearing in mind the increasing generalised use of information technologies together with the range of technologies available for the dissemination of information, it is important to: (i) Reflect on the geography of the new socio-technological spaces. (ii) Evaluate the potential for the dissemination of information and knowledge through the selection of variables that allow us to determine the dynamic of a given territory or region; (iii) Define a Geography of the Information Society in Continental Portugal.

MASS CONSERVATION ENHANCEMENT OF FREE BOUNDARY FLOWS IN COMPOSITES MANUFACTURING

Undesirable void formation during the injection phase of the liquid composite molding process can be understood as a consequence of the non-uniformity of the flow front progression, caused by the dual porosity of the fiber perform. Therefore the best examination of the void formation physics can be provided by a mesolevel analysis, where the characteristic dimension is given by the fiber tow diameter. In mesolevel analysis, liquid impregnation along two different scales; inside fiber tows and within the spaces between them; must be considered and the coupling between these flow regimes must be addressed. In such case, it is extremely important to account correctly for the surface tension effects, which can be modeled as capillary pressure applied at the flow front. When continues Galerkin method is used, exploiting elements with velocity components and pressure as nodal variables, strong numerical implementation of such boundary conditions leads to ill-posing of the problem, in terms of the weak classical as well as stabilized formulation. As a consequence, there is an error in mass conservation accumulated especially along the free flow front. This article presents a numerical procedure, which was formulated and implemented in the existing Free Boundary Program in order to significantly reduce this error.

Mass Conservation Enhancement of Free Boundary Mesolevel Flows during LCM Processes of Composites Manufacturing

Undesirable void formation during the injection phase of the liquid composite moulding process can be understood as a consequence of the non-uniformity of the flow front progression, caused by the dual porosity of the fibre perform. Therefore the best examination of the void formation physics can be provided by a mesolevel analysis, where the characteristic dimension is given by the fibre tow diameter. In mesolevel analysis, liquid impregnation along two different scales; inside fibre tows and within the open spaces between them; must be considered and the coupling between these flow regimes must be addressed. In such case, it is extremely important to account correctly for the surface tension effects, which can be modelled as capillary pressure applied at the flow front. Numerical implementation of such boundary conditions leads to ill-posing of the problem, in terms of the weak classical as well as stabilized formulation. As a consequence, there is an error in mass conservation accumulated especially along the free flow front. This contribution presents a numerical procedure, which was formulated and implemented in the existing Free Boundary Program in order to significantly reduce this error.

Numerical Method to Predict Void Formation during The Liquid Composite Molding Process

Void formation during the injection phase of the liquid composite molding process can be explained as a consequence of the non-uniformity of the flow front progression. This is due to the dual porosity within the fiber perform (spacing between the fiber tows is much larger than between the fibers within in a tow) and therefore the best explanation can be provided by a mesolevel analysis, where the characteristic dimension is given by the fiber tow diameter of the order of millimeters. In mesolevel analysis, liquid impregnation along two different scales; inside fiber tows and within the open spaces between the fiber tows must be considered and the coupling between the flow regimes must be addressed. In such cases, it is extremely important to account correctly for the surface tension effects, which can be modeled as capillary pressure applied at the flow front. Numerical implementation of such boundary conditions leads to illposing of the problem, in terms of the weak classical as well as stabilized formulation. As a consequence, there is an error in mass conservation accumulated especially along the free flow front. A numerical procedure was formulated and is implemented in an existing Free Boundary Program to reduce this error significantly.

Implicações do contexto político-legal para o lançamento de novas iniciativas sociais em Portugal

O propósito deste artigo é compreender se a existência de um ambiente político-legal favorável pode influenciar o lançamento de novas iniciativas de empreendedorismo social em Portugal. A investigação adota uma metodologia quantitativa. Os dados primários foram recolhidos através de um inquérito por questionário, on-line, enviado aos responsáveis que estiveram na base da constituição das Organizações Não-Governamentais de Cooperação para o Desenvolvimento existentes em Portugal, bem como aos responsáveis pelos projetos, que à data do inquérito, se encontravam cotados na Bolsa de Valores Sociais. No teste das hipóteses de investigação foram utilizadas técnicas de análise descritiva, técnicas de redução de dados (análise fatorial por componentes principais), e o teste t-student. Os resultados revelaram que um ambiente político-legal favorável tem uma importância baixa na decisão de lançar uma nova iniciativa social. Os resultados obtidos encontram suporte para o facto de muitos empreendedores sociais tenderem a localizar as suas atividades em ambientes político-legais desfavoráveis, contribuindo deste modo para a atenuação das assimetrias sociais e económicas entre as regiões do território nacional.

Y Trinuclear Cu-II structural isomers coordination, magnetism, electrochemistry and catalytic activity towards the oxidation of alkanes

The reaction of the Schiff base (3,5-di-tert-butyl-2-hydroxybenzylidene)-2-hydroxybenzohydrazide (H3L) with copper(II) nitrate, acetate or metaborate has led to the isomeric complexes [Cu-3(L)(2)(MeOH)(4)] (1), [Cu-3(L)(2)(MeOH)(2)]2MeOH (2) and [Cu-3(L)(2)(MeOH)(4)] (3), respectively, in which the ligand L exhibits dianionic (HL2-, in 1) or trianionic (L3-, in 2 and 3) pentadentate 1O,O,N:2N,O chelation modes. Complexes 1-3 were characterized by elemental analysis, IR spectroscopy, single-crystal X-ray crystallography, electrochemical methods and variable-temperature magnetic susceptibility measurements, which indicated that the intratrimer antiferromagnetic coupling is strong in the three complexes and that there exists very weak ferromagnetic intermolecular interactions in 1 but weak antiferromagnetic intermolecular interactions in both 2 and 3. Electrochemical experiments showed that in complexes 1-3 the Cu-II ions can be reduced, in distinct steps, to Cu-I and Cu-0. All the complexes act as efficient catalyst precursors under mild conditions for the peroxidative oxidation of cyclohexane to cyclohexyl hydroperoxide, cyclohexanol and cyclohexanone, leading to overall yields (based on the alkane) of up to 31% (TON = 1.55x10(3)) after 6 h in the presence of pyrazinecarboxylic acid.

Low temperature structural transitions in dipolar hard spheres: the influence on magnetic properties

We investigate the structural chain-to-ring transition at low temperature in a gas of dipolar hard spheres (DRS). Due to the weakening of entropic contribution, ring formation becomes noticeable when the effective dipole-dipole magnetic interaction increases, It results in the redistribution of particles from usually observed flexible chains into flexible rings. The concentration (rho) of DI-IS plays a crucial part in this transition: at a very low rho only chains and rings are observed, whereas even a slight increase of the volume fraction leads to the formation of branched or defect structures. As a result, the fraction of DHS aggregated in defect-free rings turns out to be a non-monotonic function of rho. The average ring size is found to be a slower increasing function of rho when compared Lo that of chains. Both theory and computer simulations confirm the dramatic influence of the ring formation on the rho-dependence of the initial magnetic susceptibility (chi) when the temperature decreases. The rings clue to their zero total dipole moment are irresponsive to a weak magnetic field and drive to the strong decrease of the initial magnetic susceptibility. (C) 2014 Elsevier B.V. All rights reserved.

Prestadores de cuidados familiares a doentes com VIH/SIDA: perfil psico-emocional e social

RESUMO: Com o presente estudo pretendemos identificar a sobrecarga resultante do envolvimento familiar com os doentes portadores de VIH/SIDA. Numa breve introdução teórica, procedemos à revisão dos conceitos sobrecarga familiar e dos sentimentos/emoções vivenciados pelos prestadores de cuidados. Metodologia: Estudo do tipo descritivo e exploratório, com uma amostra de 51 indivíduos, cuja finalidade consiste na caracterização dos prestadores de cuidados familiares a doentes com VIH/SIDA. Objectivos: Identificar quem o doente com VIH/SIDA, considera ser a pessoa significativa nos cuidados informais. Caracterizar, do ponto de vista sócio-demográfico, os doentes e os prestadores de cuidados familiares. Identificar sentimentos e emoções de vivências, que justifiquem o sofrimento emocional e as repercussões na sobrecarga familiar nos prestadores de cuidados informais. Instrumentos: Na avaliação da sobrecarga familiar, utilizámos o Questionário de Problemas Familiares”- FPQ (Family Problemas Questionnaire). Para identificação dos Acontecimentos de Vida, adoptámos a escala de Holmes e Rahe (Life Events); Para identificação do estrato social escolhemos escala de Graffar. Finalmente, para a caracterização sócio-demografica concebemos dois questionários: um dirigido aos doentes e o outro aos prestadores de cuidados informais. Conclusões: A sobrecarga da doença VIH/SIDA, nos prestadores de cuidados familiares, não é uniforme nas diferentes dimensões. A dimensão sobrecarga subjectiva é superior à objectiva. O suporte social revela-se fraco, relacionado com as perdas familiares, devidas a morte, pelas relações familiares disfuncionais, entre os membros da família, pela falta de apoio e informação dos técnicos de saúde. O sexo feminino é predominante nos cuidadores. As mães e esposas são o grau de parentesco dominante. Os solteiros são o grupo mais afectado pelo VIH/SIDA. Os cuidadores apresentam idade superior à dos doentes. O estrato social preponderante é o médio baixo e o baixo. Os familiares, apesar da atitude negativa dos doentes perante os cuidadores, mantêm-se envolvidos. Segundo a avaliação multiaxial proposta pelo DM-IV, constatámos, ao nível do eixo I, sintomatologia clínica do tipo das perturbações depressivas e perturbações da ansiedade. No eixo IV, os cuidadores evidenciam problemas psicossociais e ambientais, nomeadamente nas categorias problemas com o grupo de apoio primário, problemas relacionados como grupo social, problemas educacionais, problemas de alojamento, problemas económicos. Os problemas relacionados com o grupo de apoio primário, são os que mais parecem contribuir para os problemas psicossociais e ambientais.---------------------------------------ABSTRACT: This study wants to describe several problems as a result of the family’s relationship with HIV/AIDS patients, like overload. In a brief theoric introduction, we made a small revision about the concepts of family’s overload, and feelings or emotions that have been lived by the people who provide cares to the patients with this chronic disease. Methodology: This is a describing and exploratory study, with a sample with 51 individuals, with the aim to characterize the people inside the family who give care HIV/AIDS patients. Aim: To identify who are the most important people in informal cares from the patient perspective. To characterize, in a social-demographic point of view, patients and the people who take care of them. To identify feelings and emotions that could explain an emotional suffer, and some causes in the family burden. Means: to evaluate the family’s overload we used the Family Problems Questionnaire (FPQ). To identify life events we adopted the Holmes and Rahe scale. To identify the social stratum we used the Graffer scale. Finally to do a socio-economic characterization we did two kinds of questionnaire, the first one was directed for the patients, and the second one was chosen for the people who give care. Conclusions: The HIV/AIDS disease burden on the people who takes familiar cares isn’t uniform on several areas that we studied. The subjective overload it is superior to the objective. The social support is weak and poor, and related with family losses by dead, dysfunctional family relationships, and the lack of support and information by the medical staff. Mothers and wives are the dominant relative degree. And the singles are the major group with HIV/AIDS disease. The people who take care are usually older than the sick. The major social status is low or medium-low. The relatives keep evolved though the negative attitude of the sick. According with the evaluation multiaxial proposed by the DM-IV, in axle 1 we note clinic sintomatologic belonging to the type depressive perturbations and perturbations of the anxiety. Regarding with axle IV the caretakers show up psycho-social and environmental problems, namely on the categories: problems with the primary support group and problems related as social group, educational problems, accommodation problems and.