Dynamic delta hedging of autocallables under a discrete rebalancing context

This work tests different delta hedging strategies for two products issued by Banco de Investimento Global in 2012. The work studies the behaviour of the delta and gamma of autocallables and their impact on the results when delta hedging with different rebalancing periods. Given its discontinuous payoff and path dependency, it is suggested the hedging portfolio is rebalanced on a daily basis to better follow market changes. Moreover, a mixed strategy is analysed where time to maturity is used as a criterion to change the rebalancing frequency.

Nestle's dynamic forecasting process: Anticipating risks and opportunities

Nestlé’s Dynamic Forecasting Process: Anticipating Risks and Opportunities This Work Project discusses the Nestlé’s Dynamic Forecasting Process, implemented within the organization as a way of reengineering its performance management concept and processes, so as to make it more flexible and capable to react to volatile business conditions. When stressing the importance of demand planning to reallocate resources and enhance performance, Nescafé Dolce Gusto comes as way of seeking improvements on this forecasts’ accuracy and it is thus, by providing a more accurate model on its capsules’ sales, as well as recommending adequate implementations that positively contribute to the referred Planning Process, that value is brought to the Project

Characterization of earth-based mortars for rammed earth repair

All over the world, many earth buildings are deteriorating due to lack of maintenance and repair. Repairs on rammed earth walls are mainly done with mortars, by rendering application; however, often the repair is inadequate, resorting to the use of incompatible materials, including cement-based mortars. It has been observed that such interventions, in walls that until that day only had presented natural ageing issues, created new problems, much more dangerous for the building than the previous ones, causing serious deficiencies in this type of construction. One of the problems is that the detachment of the new cement-based mortar rendering only occurs after some time but, until that occurrence, degradations develop in the wall itself. When the render detaches, instead of needing only a new render, the surface has to be repaired in depth, with a repair mortar. Consequently, it has been stablished that the renders, and particularly repair mortars, should have physical, mechanical and chemical properties similar to those of the rammed earth walls. This article intends to contribute to a better knowledge of earth-based mortars used to repair the surface of rammed earth walls. The studied mortars are based on four types of earth: three of them were collected from non-deteriorated parts of walls of unstabilized rammed earth buildings located in Alentejo region, south of Portugal; the fourth is a commercial earth, consisting mainly of clay. Other components were also used, particularly: sand to control shrinkage; binders stabilizers such as dry hydrated air-lime, natural hydraulic lime, Portland cement and natural cement; as well as natural vegetal fibers (hemp fibers). The experimental analysis of the mortars in the fresh state consisted in determining the consistency by flow table and the bulk density. In the hardened state, the tests made it possible to evaluate the following properties: linear and volumetric shrinkage; capillary water absorption; drying capacity; dynamic modulus of elasticity; flexural and compressive strength.

Age related changes in the elastic fiber system of the interfoveolar ligament

In order to evaluate age related changes of the elastic fiber system in the interfoveolar ligament, we studied the deep inguinal ring from 33 male cadavers aged from stillborn to 76 years. Selective and alternated staining methods for elastic fibers were performed to differentiate oxytalan, elaunin, and mature elastic fibers. We confirmed quantitative changes of the elastic fiber system with aging. There was a significant and progressive reduction of the oxytalan fibers (responsible for tissue resistance) and a significant increment in the mature elastic and elaunin fibers (responsible for tissue elasticity). Furthermore, there were structural changes in the thickness, shortness and curling of these mature elastic fibers. These changes induced loss of the elastic fiber function and loss of the interfoveolar ligament compliance. These factors predispose individuals to the development of indirect inguinal hernias that frequently emerge in adults and aged individuals, especially above the fifth decade.

Quantitative analysis of collagen and elastic fibers in the transversalis fascia in direct and indirect inguinal hernia

PURPOSE: Our previous studies demonstrated structural and quantitative age-related changes of the elastic fibers in transversalis fascia, which may play a role in inguinal hernia formation. To verify whether there were differences in the extracellular matrix between direct and indirect inguinal hernia, we studied the amount of collagen and elastic fibers in the transversalis fascia of 36 male patients with indirect inguinal hernia and 21 with direct inguinal hernia. MATERIAL AND METHODS: Transversalis fascia fragments were obtained during surgical intervention and underwent histological quantitative analysis of collagen by colorimetry and analysis of elastic fibers by histomorphometry. RESULTS: We demonstrated significantly lower amounts of collagen and higher amounts of elastic fibers in transversalis fascia from patients with direct inguinal hernia compared to indirect inguinal hernia patients. The transversalis fascia from direct inguinal hernia patients showed structural changes of the mature and elaunin elastic fibers, which are responsible for elasticity, and lower density of oxytalan elastic fibers, which are responsible for resistance. These changes promoted loss of resiliency of the transversalis fascia. CONCLUSION: These results improve our understanding of the participation of the extracellular matrix in the genesis of direct inguinal hernia, suggesting a relationship with genetic defects of the elastic fiber and collagen synthesis.

Dynamic range prediction for an electric vehicle

Electric Vehicles (EVs) have limited energy storage capacity and the maximum autonomy range is strongly dependent of the driver's behaviour. Due to the fact of that batteries cannot be recharged quickly during a journey, it is essential that a precise range prediction is available to the driver of the EV. With this information, it is possible to check if the desirable destination is achievable without a stop to charge the batteries, or even, if to reach the destination it is necessary to perform an optimized driving (e.g., cutting the air-conditioning, among others EV parameters). The outcome of this research work is the development of an Electric Vehicle Assistant (EVA). This is an application for mobile devices that will help users to take efficient decisions about route planning, charging management and energy efficiency. Therefore, it will contribute to foster EVs adoption as a new paradigm in the transportation sector.

Influence of ageing on the properties of bitumen from asphalt mixtures with recycled concrete aggregates

The reuse of recycled concrete aggregates in new hot-mix asphalt can be a more sustainable method of production, but these mixtures may need a heat treatment before compaction to improve their water sensitivity performance. A direct consequence of this treatment is an increase in the hot-mix asphalt resilient modulus. The aim of this paper is to analyse the effect of ageing on the stiffness of asphalt mixtures with different amounts of recycled concrete aggregates, before and after a heat treatment, which was analysed through the assessment of its bitumen properties. Moreover, this paper also aims to analyse whether the rolling thin-film oven test is able to simulate the ageing effect of the heat treatment. In the laboratory work, a paving grade bitumen B50/70 has been used to produce asphalt mixtures with 0% and 30% recycled concrete aggregates, and the bitumen was later characterised (using penetration, softening point, dynamic viscosity and dynamic shear rheometer tests) in various situations, such as when using virgin bitumen, short-term aged bitumen, aged bitumen after heat treatment (simulated with 4 h of rolling thin-film oven test) and bitumen samples recovered from asphalt mixtures with different production mixes (0% and 30% recycled concrete aggregate) and heat treatment conditions (0 and 4 h of curing time in the oven). Based on the results obtained, it could be concluded that the ageing resulting from the heat treatment is the primary cause of the hot-mix asphalt's increased stiffness, while recycled concrete aggregate content has a small influence. Moreover, it could be concluded that when there is no curing time, the recycled concrete aggregate protects the bitumen against ageing. Additionally, it could be stated that the rolling thin-film test is able to adequately simulate the ageing effect of the heat treatment. Thus, this test is useful for determining the ageing suffered by the bitumen when the recycled concrete aggregate mixture is manufactured using a heat treatment.

Mechanical characterization of old chestnut beams

The main objective of this work is to evaluate, by non-destructive techniques, seven old Chestnut beams. For that, after the geometric assessment and the detailed visual inspection that allowed to strength grade the beams, a series of non-destructive tests was setup. In a first step, non-destructive bending tests, under the elastic limit, were performed to quantify the modulus of elasticity in bending (MoE) of the seven beams. Then, Resistograph® and Pilodyn® tests were done to assess the superficial decay and to have aclearer idea of the voids dimensions. Then, two beams were tested in bending until failure to evaluate the bending strength. In a second step, end parts were cut from the beams, one per end of the beams, to perform Resistograph®, Pilodyn® and ultrasound tests, to quantify the density of the beams and to extract meso-specimens to be used in tension parallel to the grain tests

Survey and dynamic behaviour of the Our Lady of Conception Church, Portugal

The Our Lady of Conception church is located in village of Monforte (Portugal) and is not in use nowadays. The church presents structural damage and, consequently, a study was carried out. The study involved the survey of the damage, dynamic identification tests under ambient vibration and the numerical analysis. The church is constituted by the central nave, the chancel, the sacristy and the corridor to access the pulpit. The masonry walls present different thickness, namely 0.65 m in the chancel, 0.70 m in the sacristy, 0.92 in the central nave and 0.65 m in the corridor. The masonry walls present 8 buttresses with different dimensions. The total longitudinal and transversal dimensions of the church are equal to 21.10 m and 14.26 m, respectively. The survey of the damage showed that, in general, the masonry walls are in good conditions, with exception of the transversal walls of the nave, which present severe cracks. The arches of the vault presents also severe cracks along the central nave. As consequence, the infiltrations have increased the degradation of the vault and paintings. Furthermore, the foundations present settlements in the Southwest direction. The dynamic identification test were carried out under the action of ambient excitation of the wind and using 12 piezoelectric accelerometers of high sensitivity. The dynamic identification tests allowed to estimate the dynamic properties of the church, namely frequencies, mode shapes and damping ratios. A FEM numerical model was prepared and calibrated, based on the first four experimental modes estimated in the dynamic identification tests. The average error between the experimental and numerical frequencies of the first four modes is equal to 5%. After calibration of the numerical model, pushover analyses with a load pattern proportional to the mass, in the transversal and longitudinal direction of the church, were performed. The results of the analysis numerical allow to conclude that the most vulnerable direction of the church is in the transversal one and the maximum load factor is equal to 0.35.

Seismic vulnerability of existing masonry buildings: Nonlinear parametric analysis

Existing masonry structures are usually associated to a high seismic vulnerability, mainly due to the properties of the materials, weak connections between floors and load-bearing walls, high mass of the masonry walls and flexibility of the floors. For these reasons, the seismic performance of existing masonry structures has received much attention in the last decades. This study presents the parametric analysis taking into account the deviations on features of the gaioleiro buildings - Portuguese building typology. The main objective of the parametric analysis is to compare the seismic performance of the structure as a function of the variations of its properties with respect to the response of a reference model. The parametric analysis was carried out for two types of structural analysis, namely for the non-linear dynamic analysis with time integration and for the pushover analysis with distribution of forces proportional to the inertial forces of the structure. The Young's modulus of the masonry walls, Young's modulus of the timber floors, the compressive and tensile non-linear properties (strength and fracture energy) were the properties considered in both type of analysis. Additionally, in the dynamic analysis, the influences of the vis-cous damping and of the vertical component of the earthquake were evaluated. A pushover analysis proportional to the modal displacement of the first mode in each direction was also carried out. The results shows that the Young's modulus of the masonry walls, the Young's modulus of the timber floors and the compressive non-linear properties are the pa-rameters that most influence the seismic performance of this type of tall and weak existing masonry structures. Furthermore, it is concluded that that the stiffness of the floors influences significantly the strength capacity and the collapse mecha-nism of the numerical model. Thus, a study on the strengthening of the floors was also carried out. The increase of the thickness of the timber floors was the strengthening technique that presented the best seismic performance, in which the reduction of the out-of-plane displacements of the masonry walls is highlighted.

Dynamic group formation in mobile computer supported collaborative learning environment

Forming suitable learning groups is one of the factors that determine the efficiency of collaborative learning activities. However, only a few studies were carried out to address this problem in the mobile learning environments. In this paper, we propose a new approach for an automatic, customized, and dynamic group formation in Mobile Computer Supported Collaborative Learning (MCSCL) contexts. The proposed solution is based on the combination of three types of grouping criteria: learner’s personal characteristics, learner’s behaviours, and context information. The instructors can freely select the type, the number, and the weight of grouping criteria, together with other settings such as the number, the size, and the type of learning groups (homogeneous or heterogeneous). Apart from a grouping mechanism, the proposed approach represents a flexible tool to control each learner, and to manage the learning processes from the beginning to the end of collaborative learning activities. In order to evaluate the quality of the implemented group formation algorithm, we compare its Average Intra-cluster Distance (AID) with the one of a random group formation method. The results show a higher effectiveness of the proposed algorithm in forming homogenous and heterogeneous groups compared to the random method.

Studying conformally flat spacetimes with an elastic stress energy tensor using 1+3 formalism

Conformally flat spacetimes with an elastic stress energy tensor having diagonal trace-free anisotropic pressure are investigated using 1+3 formalism. The 1+3 Bianchi and Jacobi identities and Einstein field equations are written for a particular case with a conformal factor dependent on only one spatial coordinate. Solutions with non null anisotropic pressure are obtained.

Jute/polypropylene composites: Effect of enzymatic modification on thermo-mechanical and dynamic mechanical properties

In this study, a high-performance composite was prepared from jute fabrics and polypropylene (PP). In order to improve the compatibility of the polar fibers and the non-polar matrix, alkyl gallates with different hydrophobic groups were enzymatically grafted onto jute fabric by laccase to increase the surface hydrophobicity of the fiber. The grafting products were characterized by FTIR. The results of contact angle and wetting time showed that the hydrophobicity of the jute fabrics was improved after the surface modification. The effect of the enzymatic graft modification on the properties of the jute/PP composites was evaluated. Results showed that after the modification, tensile and dynamic mechanical properties of composites improved, and water absorption and thickness swelling clearly decreased. However, tensile properties drastically decreased after a long period of water immersion. The thermal behavior of the composites was evaluated by TGA/DTG. The fiber-matrix morphology in the modified jute/PP composites was confirmed by SEM analysis of the tensile fractured specimens.

Mechanical vs. electrical hysteresis of carbon nanotube/styrene-butadiene-styrene composites and their influence in the electromechanical response

The interesting properties of thermoplastics elastomers can be combined with carbon nanotubes (CNT) for the development of large strain piezoresistive composites for sensor applications. Piezoresistive properties of the composites depend on CNT content, with the gauge factor increasing for concentrations around the percolation threshold, mechanical and electrical hysteresis. The SBS copolymer composition (butadiene/styrene ratio) influences the mechanical and electrical hysteresis of composites and, therefore, the piezoresistive response. This work reports on the electrical and mechanical response of CNT/SBS composites with 4%wt nanofiller content, due to the larger electromechanical response. C401 and C540 SBS copolymers with 80% and 60% butadiene content, respectively have been selected. The copolymer with larger amount of soft phase (C401) shows a rubber-like mechanical behavior, with mechanical hysteresis increasing linearly with strain until 100% strain. The copolymer with the larger amount of hard phase (C540) just shows rubber-like behavior for low strains. The piezoresistive sensibility is similar for both composites for low strains, with a GF≈ 5 for 5% strain. The electrical hysteresis shows opposite behavior than the mechanical hysteresis, increasing with strain for both composites, but with higher increase for softer copolymer, C401. The GF increases with increasing strain, but this increase is larger for composites with lower amounts of soft phase due to the distinct initial modulus and deformation of the soft and hard phases of the copolymer. The soft phase shows larger strain under a given stress than the harder phase and the conductive pathway rearrangements in the composites are different for both phases, the harder copolymer (C540) showing higher piezoresistive sensibility, GF≈ 18, for 20% strain.

Dynamic piezoelectric stimulation enhances osteogenic differentiation of human adipose stem cells

This work reports on the influence of the substrate polarization of electroactive β-PVDF on human adipose stem cells (hASCs) differentiation under static and dynamic conditions. hASCs were cultured on different β-PVDF surfaces (non-poled and “poled -”) adsorbed with fibronectin and osteogenic differentiation was determined using a quantitative alkaline phosphatase assay. “Poled -” β-PVDF samples promote higher osteogenic differentiation, which is even higher under dynamic conditions. It is thus demonstrated that electroactive membranes can provide the necessary electromechanical stimuli for the differentiation of specific cells and therefore will support the design of suitable tissue engineering strategies, such as bone tissue engineering.