Award for the Best Cornell Quarterly Article in 2002

[Excerpt] I am pleased to announce that the following article has been named Cornell Quarterly article of the year for 2002 (it appeared in the August 2002 issue): "Assessing the Profitability of Premium Players," by Anthony Lucas, Jim Kilby, and Jocelina Santos

Development of new technologies for the selective removal of volatile compounds with applications in forensic science and natural aromas

Tese de doutoramento, Farmácia (Química Farmacêutica e Terapêutica), Universidade de Lisboa, Faculdade de Farmácia, 2015

Essays on Applications of the Factor Model

Thesis (Ph.D.)--University of Washington, 2013

Micromorphology of the labellum and structure of the osmophore in a group of closely related species of the sexually deceptive Orchid genus Ophrys (orchidaceae)

Tese de doutoramento, Biologia (Biologia Celular), Universidade de Lisboa, Faculdade de Ciências, 2016

Consumers' willingness to pay for ethical attributes

Purpose: In recent years, there has been a big increase in the use of ethical attributes as marketing appeals. This paper examines consumers’ willingness to pay for three selected ethical attributes, namely ‘Organic’, ‘Recyclable Packaging’ and ‘Fairtrade’ in monetary terms. Design/Methodology/Approach: A modified choice-based experimental design with manipulation of the key constructs was used to estimate the mean value of how much consumers are willing to pay for the selected attributes attached to a box of premium chocolates. The results are based on the responses of a total of 208 consumers. Findings: Of the three attributes, ‘Recyclable Packaging’ has the strongest influence on the purchase decision, although this attribute generates the least additional value. The aggregated result shows that although consumers are willing to pay more for the product with ethical attributes than the one that is without, still around a half of them are not willing to pay more. In terms of demographics, the results show no significant differences between the two genders or different age groups in their willingness to pay for ethical attributes. As might be expected, willingness to pay was correlated with the level of consciousness of the ethical attributes. Originality/Value: The findings of this study help management to think practically about the value consumers willing to pay for the selected attributes. The results show a significant synergy in a combination of ethical attributes in products.

The relation between content providers and distributors: Lessons from the regulation of television distribution in the United Kingdom

Using the United Kingdom (UK) as a case study, this article analyses the growing commercial and regulatory significance of broadcaster-distributor relations within the contemporary television industry. The first part of the article argues that despite important changes in broadcast delivery technology, more recently shaped by the growth of the Internet, and the associated growth of options of receiving television content, the traditional delivery platforms (digital terrestrial, satellite and cable) remain by far the preferred choice for viewers in Britain. At the same time, public service broadcasters continue to be the biggest investors in domestic original non-sport content and account for over half of all television viewing. The strength of PSBs in content and their growing reliance on commercial proprietary subscription platforms (cable and satellite) and gradually on the Internet presents challenges in the nexus between broadcasters and distributors. The article focuses on the debate over retransmission fees between PSBs and Sky, and on the question of whether Sky should be required to offer some of its premium content to rival pay-TV platforms. These two examples highlight the impact regulatory intervention can have on the balance of power between broadcasters and distributors. The article concludes that such debates concerning the commercial relations between content providers and distributors will remain pivotal and become more heated given that similar issues are raised in the Internet environment.

Do financial distress and liquidity crises affect value and size premiums?

This study investigates the impact of liquidity crises on the relationship between stock (value and size) premiums and default risk in the US market. It first examines whether financial distress can explain value and size premiums, and then, subsequently, aims to determine whether liquidity crises increase the risk of value and size premium investment strategies. The study employs a time-varying approach and a sample of US stock returns for the period between January 1982 and March 2011, a period which includes the current liquidity crisis, so as to examine the relationship between default risk, liquidity crises and value and size premiums. The findings indicate that the default premium has explanatory power for value and size and premiums, which affect firms with different characteristics. We also find that liquidity crises may actually increase the risks related to size and value premium strategies.

An artificial neural network approach for short-term wind power forecasting in Portugal

This paper presents an artificial neural network approach for short-term wind power forecasting in Portugal. The increased integration of wind power into the electric grid, as nowadays occurs in Portugal, poses new challenges due to its intermittency and volatility. Hence, good forecasting tools play a key role in tackling these challenges. The accuracy of the wind power forecasting attained with the proposed approach is evaluated against persistence and ARIMA approaches, reporting the numerical results from a real-world case study.

A risk-averse optimization model for trading wind energy in a market environment under uncertainty

In this paper, a stochastic programming approach is proposed for trading wind energy in a market environment under uncertainty. Uncertainty in the energy market prices is the main cause of high volatility of profits achieved by power producers. The volatile and intermittent nature of wind energy represents another source of uncertainty. Hence, each uncertain parameter is modeled by scenarios, where each scenario represents a plausible realization of the uncertain parameters with an associated occurrence probability. Also, an appropriate risk measurement is considered. The proposed approach is applied on a realistic case study, based on a wind farm in Portugal. Finally, conclusions are duly drawn. (C) 2011 Elsevier Ltd. All rights reserved.

Application of adaptive neuro-fuzzy inference for wind power short-term forecasting

The increased integration of wind power into the electric grid, as nowadays occurs in Portugal, poses new challenges due to its intermittency and volatility. Hence, good forecasting tools play a key role in tackling these challenges. In this paper, an adaptive neuro-fuzzy inference approach is proposed for short-term wind power forecasting. Results from a real-world case study are presented. A thorough comparison is carried out, taking into account the results obtained with other approaches. Numerical results are presented and conclusions are duly drawn. (C) 2011 Institute of Electrical Engineers of Japan. Published by John Wiley & Sons, Inc.

A short-term risk management tool applied to OMEL electricity market using particle swarm optimization

Short-term risk management is highly dependent on long-term contractual decisions previously established; risk aversion factor of the agent and short-term price forecast accuracy. Trying to give answers to that problem, this paper provides a different approach for short-term risk management on electricity markets. Based on long-term contractual decisions and making use of a price range forecast method developed by the authors, the short-term risk management tool presented here has as main concern to find the optimal spot market strategies that a producer should have for a specific day in function of his risk aversion factor, with the objective to maximize the profits and simultaneously to practice the hedge against price market volatility. Due to the complexity of the optimization problem, the authors make use of Particle Swarm Optimization (PSO) to find the optimal solution. Results from realistic data, namely from OMEL electricity market, are presented and discussed in detail.

A long-term risk management tool for electricity markets using swarm intelligence

This paper addresses the optimal involvement in derivatives electricity markets of a power producer to hedge against the pool price volatility. To achieve this aim, a swarm intelligence meta-heuristic optimization technique for long-term risk management tool is proposed. This tool investigates the long-term opportunities for risk hedging available for electric power producers through the use of contracts with physical (spot and forward contracts) and financial (options contracts) settlement. The producer risk preference is formulated as a utility function (U) expressing the trade-off between the expectation and the variance of the return. Variance of return and the expectation are based on a forecasted scenario interval determined by a long-term price range forecasting model. This model also makes use of particle swarm optimization (PSO) to find the best parameters allow to achieve better forecasting results. On the other hand, the price estimation depends on load forecasting. This work also presents a regressive long-term load forecast model that make use of PSO to find the best parameters as well as in price estimation. The PSO technique performance has been evaluated by comparison with a Genetic Algorithm (GA) based approach. A case study is presented and the results are discussed taking into account the real price and load historical data from mainland Spanish electricity market demonstrating the effectiveness of the methodology handling this type of problems. Finally, conclusions are dully drawn.

A importância do relacionamento bancário no financiamento das PME

Dissertação de Mestrado em Finanças Empresariais

Análise do mercado de serviços de regulação de frequência secundária e terciária no sistema eléctrico português

Dissertação para obtenção do grau de Mestre em Engenharia Electrotécnica Ramo Energia

Análise de Integridade Estrutural de uma Flare Industrial

Para garantir que um equipamento opere com segurança e fiabilidade durante o seu ciclo de vida, desde a sua instalação ao desmantelamento, devem ser realizadas inspeções e/ou monitorizações que, dependendo dos dados recolhidos, podem implicar avaliações Fitness- For-Service (FFS) que definirão a necessidade de reparação ou alteração do equipamento ou das condições processuais. A combinação de inspeção ou monitorização com os melhores procedimentos e técnicas de avaliação atuais fazem sobressair insuficiências dos procedimentos mais antigos. Usando métodos mais avançados de avaliação, validados e suportados através de uma vasta experiência de campo, pode-se agora avaliar defeitos nos ativos (equipamentos) e determinar a adequação ao serviço com uma análise FFS. As análises FFS tornaram-se cada vez mais aceites em toda a indústria ao longo dos últimos anos. A norma API 579 - 1/ASME FFS-1: 2007 fornece diretrizes para avaliar os tipos de danos que afetam os equipamentos processuais e a norma API RP 571: 2011 descreve os mecanismos de degradação que afetam os equipamentos nas petroquímicas e refinarias, que incluem os danos por corrosão, desalinhamentos, deformações plásticas, laminações, fissuras, entre outros. Este trabalho consiste na análise de Integridade Estrutural de uma Flare Industrial que surgiu da necessidade real de análise do equipamento no âmbito da atividade profissional do candidato. O estudo realizado a nível profissional é de grande abrangência, incluindo a inspeção do equipamento, identificação da falha ou dano, recolha e registo de dados, definição de estratégia de atuação e seleção de técnicas de avaliação da condição para posterior alteração, reparação ou desmantelamento. Na presente dissertação de mestrado em Engenharia Mecânica, Ramo Construções Mecânicas, pretende-se efetuar o estudo aprofundado de uma das etapas de projeto, nomeadamente estudar a causa, avaliar a falha e implicações estruturais ou processuais devido à degradação interior do riser de uma flare, com base numa análise FFS, assumindo a operabilidade em segurança e garantindo resolutas condições de funcionamento. A presente análise FFS tem como finalidade validar ou não a integridade atual (avaliação técnica quantitativa) de modo a conhecer se o item em questão é seguro e confiável para continuar a operar em condições específicas durante um período de tempo determinado, tendo em consideração as condições verificadas no ato de inspeção e especificações de projeto, segundo os itens de verificação de segurança estabelecidos na norma EN 1990:2002/A1:2005/AC:2010 e com base na norma API 579-1/ASME FFS-1: 2007. No âmbito do presente trabalho foram realizadas as seguintes tarefas: - Identificar e analisar os mecanismos de degradação com base na norma API RP 571: 2011, face às condições processuais e geométricas que o equipamento em análise está sujeito de modo a perceber a evolução da degradação estrutural e quais as implicações na sua longevidade. - Avaliar e propor soluções de reparação e ou alterações processuais e ou geométricas do equipamento em análise de modo a permitir a continuidade em funcionamento sem afetar as condições de segurança e por conseguinte minimizar ou evitar o elevado custo económico associado a um novo equipamento e tempo de paragem processual. - Assumir limites estruturais face às condições processuais e ações externas ou adjacentes. - Garantir a segurança e qualidade da vida humana ou meio que o rodeia, do equipamento, das instalações, das infraestruturas envolventes e evitar o colapso económico, quer por motivos processuais, quer indeminizações ou agravamento do prémio do seguro. Verificou-se que os resultados serão a base para as alterações inerentes, tais como reforço estrutural, alteração da geometria do defletor, ajuste no tensionamento dos cabos e controlo da espessura mínima, de modo a alargar o período de vida útil da flare com segurança.