Marine toxins in bivalves: accumulation, kinetics and subcellular responses

Sociedade Polis Litoral Ria Formosa,Projects Quasus and Project Toxigest financed by PROMAR (2007-2013)

Indexing and active fund management: International evidence

Author's pre-print

The scramble for the seas : the ballad evidence of Sir Andrew Barton

The presence and importance of the sea as a factor that has helped shape the history of England since at least the Roman invasions of 55-54 BC (less successful, incidentally, than most of Caesar’s other military ventures ...) need no particular urging or demonstration. Nonetheless, a bird’s-eye view would necessarily survey the waves of invasions and settlements that, one after the other, came dashing over the centuries upon England’s shores; not to mention the requested invasion of 1688, Angles and Saxons, Scandinavians, Normans, they all crossed the whale’s path and cast anchor in England’s green and pleasant land. In the course of this retrospective voyage through the oceans of History, one would inevitably stop at the so-called ‘Discoveries’ of the 15th-16th centuries, meet their navigators, sailors and pirates extolled by Richard Hakluyt (1553?-1616), face an anonymous crowd of merchants and witness the huge expansion of trade, largely to the benefit of the ‘discovering’ countries as prescribed by the economic Gospel Adam Smith (1723-90) would later baptize as “mercantilism”.

Evaluation of neuroprotective effects of natural extracts obtained from portuguese agro-food residues

Countries are currently faced with problems derived from changes in lifespan and an increase in lifestyle-related diseases. Neurodegenerative disorders such Parkinson’s (PD) and Alzheimer’s (AD) diseases are an increasing problem in aged societies. Data from World Alzheimer Report 2011 indicate that 36 million people worldwide are living with dementia. Oxidative stress has been associated with the development of AD and PD. Therefore there is interest to search for effective compounds or therapies to combat the oxidative damage in these diseases. Current evidence strongly supports a contribution of phenolic compounds present in fruits and vegetables to the prevention of neurodegenerative diseases such AD and PD. The industrial processing of a wide variety of fruits results in the accumulation of by-products without commercial value. Opuntia ficus-indica (cactus pear) is consumed fresh and processed like in juice. Prunnus avium (sweet cherry) is consumed fresh but the organoleptics characteristics of the fruits leads to the smaller and ragged fruits have no commercial value. Fruit extracts of both species has described to be rich in phenolic compounds and to have high antioxidant activities due to its composition. The aim of this work was assessing the efficacy of O. ficus-indica and P. avium by-products extracts obtained with conventional solvent extraction and pressurized liquid extraction in a neurodegeneration cell model. All extracts have protected neuroblastoma cells from H2O2-induced death at low, non-toxic levels, which approach to physiologically-relevant serum concentration. However, cherry extract has a slighter neuroprotective activity. The protective effect of Opuntia extracts are not conducted by a direct antioxidant activity since there are not decreases in intracellular ROS levels in cell treated with extracts and challenged with H2O2, while cherry extract neuroprotection seems to be due to a direct scavenging activity. Extracts from different biological matrixes seems to protect neuronal cells trough different cellular mechanisms.

A model to screen and improve business potential of micro and small enterprises in developing countries: Evidence from the Island of Mozambique

Programmes supporting micro and small enterprises in developing countries have been showing that capital is not enough to allow business success: survival and growth. Literature does not provide comprehensive and practical tool to support business development in this context, but allowed the collection of forty-nine success variables that were studied in a sample of successful and unsuccessful businesses in the Island of Mozambique to discover what were the key factors affecting those businesses’ performance. Empirical data gave the insights for the development of a model to screen and improve business potential of micro and small enterprises in this context.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Spinoffs and other entrants: Evidence from Portugal

This thesis studies the prevalence and survival of spinoff entrants in Portugal from 1987 to 2008. Information on worker flows is used to identify them at a population level, providing evidence on other operations such as mergers and acquisitions. We show that the number of spinoffs has been increasing at a higher rate than other entrants of comparable size. Studying the determinants of their exit suggests that the most important predictor is whether the spinoff was motivated by the failure of the parent firm. The effect of industry specific knowledge and previous experience of the founders from working together in the parent firm is seemingly negligible, with only weak evidence supporting the latter.

Mental health and the crisis: Evidence from share

Mental health constitutes a significant share of the global burden of disease. It is shaped to a great extent by socioeconomic factors and is vulnerable to external shocks. The recent financial crisis brought about stressors prone to trigger and aggravate mental illnesses. This project presents a micro analysis of the effect of the economic crisis on mental health in eleven European countries, through the estimation of individual health production functions accounting for socioeconomic controls and macroeconomic indicators. We find that mental health has deteriorated since 2007, even though the development of depression episodes is unchanged. Additionally, his variation can be partially attributed to economic recession and budgetary cuts in health spending.

Is low worker mobility evidence for monopsony power?

Major in Competition and Regulation

Do the psychological impacts of war cause poverty?: Evidence from Mozambique

This paper evaluates the extent to which war-related psychological distress causes poverty. The endogeneous nature of mental distress is addressed by using exposure to the civil war in Mozambique as an instrument. It is found that exposure to war has a significant and positive long-lasting impact on mental distress. Furthermore, the causal impact of war-related psychological distress on income and wealth is shown to be significant, negative, and nonnegligible. One standard deviation increase in mental distress decreases income by half a standard deviation. These findings are robust to alternative specifications, including the use of an alternative database on the incidence of PTSD in Mozambique.

Evidence of a higher prevalence of HPV infection in HTLV-1-infected women: a cross-sectional study

INTRODUCTION:HTLV-1 infection increases susceptibility to other infections. Few studies have addressed the co-infection between HPV and HTLV-1 and the immune response involved in this interaction. The aim of this study was to determine the prevalence of cervical HPV infection in HTLV-1-infected women and to establish the risk factors involved in this co-infection. METHODS: A cross-sectional study was carried out in Salvador, Brazil, between September 2005 and December 2008, involving 50 HTLV-1-infected women from the HTLV Reference Center and 40 uninfected patients from gynecological clinic, both at the Bahiana School of Medicine. HPV infection was assessed using hybrid capture. HTLV-1 proviral load was quantified using real-time polymerase chain reaction (PCR). RESULTS: The mean age of HTLV-1-infected women (38 ± 10 years) was similar to that of the control group (36 ± 13 years). The prevalence of HPV infection was 44% in the HTLV-1-infected group and 22.5% in uninfected women (p = 0.03). HTLV-1-infected women had lower mean age at onset of sexual life (17 ± 3 years versus 19 ± 3 years; p = 0.03) and greater number of lifetime partners compared with the control group (4 ± 3 versus 2 ± 1; p < 0.01). In the group of HTLV-1-infected patients, there was neither difference in HTLV-1 proviral load between HPV-infected women and the uninfected. CONCLUSIONS: The prevalence of HPV infection was higher in HTLV-1-infected women. Further studies should be performed to evaluate the progression of this co-infection.

Evidence of market anomalies in the Eurozone: A practical implementation

A Work Project, presented as part of the requirements for the Award of a Master’s Double Degree in Finance and Financial Economics from NOVA – School of Business and Economics and Maastricht University

Pair trading: Clustering based on principal component analysis

This study focuses on the implementation of several pair trading strategies across three emerging markets, with the objective of comparing the results obtained from the different strategies and assessing if pair trading benefits from a more volatile environment. The results show that, indeed, there are higher potential profits arising from emerging markets. However, the higher excess return will be partially offset by higher transaction costs, which will be a determinant factor to the profitability of pair trading strategies. Also, a new clustering approach based on the Principal Component Analysis was tested as an alternative to the more standard clustering by Industry Groups. The new clustering approach delivers promising results, consistently reducing volatility to a greater extent than the Industry Group approach, with no significant harm to the excess returns.

Empirical evidence on the difference between the effective and the statutory tax rates for listed groups in Germany

The difference between the statutory and effective tax rate for listed groups is a complex variable influenced by a variety of factors. This paper aims to analyze whether this difference exists for listed groups in the German market and tests which factors have an impact on it. Thus the sample consists of 130 corporations listed in the three major German stock indices. The findings suggest that the companies that pay less than the statutory rate clearly outweigh the ones that pay more, and that the income earned from associated companies has a significant impact on this difference.

Tracking error of exchange-traded funds: Evidence from the UK

This paper is mainly concerned with the tracking accuracy of Exchange Traded Funds (ETFs) listed on the London Stock Exchange (LSE) but also evaluates their performance and pricing efficiency. The findings show that ETFs offer virtually the same return but exhibit higher volatility than their benchmark. It seems that the pricing efficiency, which should come from the creation and redemption process, does not fully hold as equity ETFs show consistent price premiums. The tracking error of the funds is generally small and is decreasing over time. The risk of the ETF, daily price volatility and the total expense ratio explain a large part of the tracking error. Trading volume, fund size, bid-ask spread and average price premium or discount did not have an impact on the tracking error. Finally, it is concluded that market volatility and the tracking error are positively correlated.