Assessing performance drivers in cross-border M&A

This research is an investigation on the deal-specific factors impacting long-term performance of cross-border M&A and on the nature of such relations. The analysis is conducted on a sample of 187 cross-border deals completed within the pharmaceutical and biotech industries by Western European bidders between 2000 and 2009. Findings suggest that post-deal variation in gross profit improves when bidders diversify in other businesses, when assets are purchased instead of equity, and when stock is used as deal currency. Furthermore, the method of payment is found to moderate the effects geographical distance has on deal outcomes.

CD8+ T cells in situ in different clinical forms of human cutaneous leishmaniasis

Introduction Leishmania braziliensis infection induces a large spectrum of lesions that clinically manifest as nodules or papules that progress to ulcers. Although it is already known that T helper cells predominate in the lesions, cytotoxic T cells have also been reported to be present, and their role in leishmaniasis immunopathogenesis is not well known. This study investigated the amounts of CD8+ and granzyme B+ cells in different clinical forms of human cutaneous leishmaniasis (CL). Methods Forty tissue fragments from early (E-CL) and late CL (L-CL) lesions and from disseminated leishmaniasis (DL) - papules and ulcers - were characterized. The inflamed area per fragment was calculated, and the CD8 and granzyme B expression levels in the infiltrates were quantified by counting positive cells in 15 fields. The localization of CD8 and granzyme B was graded subjectively. Results Inflammation was higher in L-CL and DL ulcers. CD8 expression was increased in late ulcerated lesions compared to recent lesions. The increase in CD8+ cells also correlated with the duration of the lesion. Papules had a higher frequency of granzyme B+ cells than E-CL lesions, although the frequency was similar to those for late and DL ulcers. CD8+ cells were mostly found in the papillary dermis. Conclusions CD8+ T and granzyme B+ cells are present in the inflammatory infiltrates of CL and DL and may participate in the immunopathogenesis of Leishmania infection.

Management consulting Winning

A few decades ago, global management consulting was considered to be one of the most attractive industries due to its abnormal high profit margins and above-average growth rates. However, after the dot-com bubble in 2000 and the last global financial crisis, firms folded and growth rates declined sharply. In an attempt to overcome the uncertainty and information volatility, internationalization is commonly cited as a good strategy. WMC, a Portuguese SME founded in 2012, has now decided to expand its management consulting services. Therefore, a scoring model was created to assess selected European countries’ attractiveness taking into consideration macro and microeconomic data. Results show that Spain is the best option at the moment, mainly because it is where the company has the larger number of projects already developed and is more likely to leverage its network.

Historic and recent occurrences of pinnipeds in the Archipelago of the Azores

The Archipelago of the Azores (Portugal) is located between 378 and 418N and 258 and 318W and crosses the Mid-Atlantic Ridge. It is the most isolated archipelago in the Atlantic, situated 1600 km west of mainland Portugal and 3500 km from the eastern coast of the United States of America. At present, the only population of seals occurring in the Portuguese territory is found on Desertas Islands, Archipelago of Madeira, where a colony of 24 Mediterranean monk seals, Monachus monachus (Hermann, 1779), still persists (Pires and Neves 2001). Nonetheless, historical accounts reported by Frutuoso (1983) dating from the early to late 1500s mention sightings of ‘‘sea wolves’’ (the old Portuguese folk term for the Mediterranean monk seal) at several sites along the Azorean Island of Santa Maria. Little is known about the occurrence of monk seals in this area over the past five centuries, but the species certainly did not escape deliberate killing by the first settlers. While the early monk seal reports by Frutuoso (1983) are the only reports referring to the presence of colonies of seals in the Azores, more recently several sightings and strandings of vagrant seals of other species have been noted.

Why aren't brand names regognized as intangible assets in the financial Statements? A study of the subjectivity of brand valuation

The goal of this paper is to determine and to quantify how subjective brand valuation is. To do so, we review the different valuation methods and apply the Hirose model to a sample of 20 US companies from the technology sector. Even if the results vary in function of the rankings we choose as a comparison, we may identify the trend that brands are usually overvalued in those rankings. It explains why internally generated goodwill (which includes brand names) is not recognized as an intangible asset in the financial statements.

Caracterização de filmes poliméricos para conversão de energia solar em energia eléctrica

Os polímeros são materiais de grande interesse científico e tecnológico já que podem ser utilizados no desenvolvimento de dispositivos para aplicação em electrónica e fotónica. Tendo em conta a sua aplicação em dispositivos de conversão de energia solar em energia eléctrica, o estudo das propriedades eléctricas e ópticas de filmes destes materiais, quando irradiados por radiação ultravioleta e visível, é fundamental. Neste trabalho caracterizaram-se as propriedades eléctricas e ópticas de filmes finos obtidos pelas técnicas de derramamento e de camada-por-camada (Layer-by-Layer (LbL)) obtidos a partir do poli(cloreto de xilideno tetrahidrotiofeno) (PTHT) que após aquecimento é convertido em poli(p-fenileno vinileno) (PPV). Assim, e através da técnica de derramamento, foram preparados filmes sobre suportes sólidos com eléctrodos interdigitais de forma a proceder à medição da condutividade em modo de corrente alternada (AC), isto é, à medição da resistência e da capacidade em função da frequência. Verificou-se, portanto, que a presença de luz leva à formação de portadores de carga, ou seja, na presença de luminosidade os filmes apresentam uma menor capacitância e resistência, para além de degradar o material. Esta degradação foi verificada, também, a partir da espectrofotometria de Ultravioleta-Visível (UV-Vis) e de infravermelho (IV). Medições de condutividade de volume, isto é, colocando os filmes entre eléctrodos paralelos de funções de trabalho diferentes, permitiram traçar as curvas características e verificar que os dispositivos obtidos se comportam como díodos. Recorreu-se, também, a técnicas de espectrofotometria de ultravioleta do vácuo (VUV) e UV-Vis para caracterizar filmes LbL obtidos a partir do PTHT e de um polieletrólito comum o poli(estireno sulfonado) (PSS) antes e após aquecimento. Os espectros obtidos, após análise dos picos, mostram que a técnica de VUV é a técnica indicada para analisar a conversão do PTHT em PPV. Este trabalho permitiu concluir que as propriedades eléctricas e ópticas destes filmes, estão dependentes da presença de luminosidade, de oxigénio e da humidade relativa pelo que dispositivos obtidos a partir deste polímero devem ser, sempre, encapsulados.

Responsabilidade Social Empresarial (RSE) e Gestão de Interesses Contrastantes dos Stakeholders

Devido ao papel dos media e, especialmente, à (r)evolução da Internet, o mundo está cada vez mais vigiado. As empresas estão mais expostas, não escapando ao poder dos jornalistas, bem como dos activistas e das ONGs. Para além disso, tem havido um aumento das exigências por parte dos stakeholders; um aumento da concorrência no mundo empresarial, devido ao crescimento da oferta; mais informação por parte dos consumidores e das suas, por vezes, poderosas associações; e o despertar de uma consciência ecológica, causado pela ocorrência de alguns desastres naturais. Todos estes aspectos têm contribuído para uma alteração na forma de actuação das empresas: a Responsabilidade Social Empresarial (RSE) tem vindo a ganhar terreno. Importa referir que, apesar de serem visíveis as vantagens da adopção da RSE no mundo empresarial, a sua execução nem sempre é fácil. Tendo em conta a Teoria dos Stakeholders, uma empresa deve agir sempre em função dos interesses dos vários stakeholders que a compõem. Por outras palavras, não devem ser tidos em conta apenas os accionistas, mas também os clientes, os empregados, os fornecedores, etc. Como é natural, nem todos os membros de uma organização têm os mesmos objectivos. De facto, há sempre interesses divergentes em jogo na gestão de uma organização, sendo muito difícil satisfazer toda a gente. Como é que as empresas gerem e priorizam, então, os interesses contrastantes dos seus stakeholders, mantendo-se socialmente responsáveis? Esta é uma pergunta que, para ser respondida, exige a análise de diferentes estratégias comunicacionais e de gestão

Remoção em fase líquida do fármaco Diclofenac por adsorção em biocarvão

Grande parte dos resíduos de biomassa gerados na indústria agro-alimentar encontram-se subvalorizados. Como tal, é fundamental desenvolver processos capazes de converter esses resíduos em produtos de valor acrescentado. Por outro lado, os compostos farmacêuticos são considerados contaminantes emergentes das águas residuais e com efeitos nocivos para a saúde humana e dos animais. Tendo em conta este enquadramento, resíduos industriais de processamento de batata, foram convertidos em biocarvão activado e utilizados como adsorventes do fármaco Diclofenac, em fase líquida. Os resíduos de biomassa, maioritariamente casca de batata, foram submetidos a caracterização química e a análise termogravimétrica. O biocarvão foi obtido por activação química dos resíduos de biomassa com K2CO3 a 700ºC durante 1 hora, em atmosfera de azoto. Seguidamente foi submetido a caracterização textural e química. O biocarvão (CRB) foi aplicado à remoção de diclofenac sódico (DCF), em fase aquosa, e o seu desempenho foi comparado com o de um carvão activado comercial (GAC). Ambos os carvões, apresentaram-se como materiais microporosos, mas o CRB revelou possuir uma extensa rede macroporosa que se reflectiu numa cinética de adsorção do DCF significativamente mais rápida que a do GAC. Concluiu-se que a cinética de adsorção do DCF com o biocarvão obedecia a um modelo de pseudo 2ªordem e a cinética do GAC se ajustava a um modelo de pseudo 1ª ordem. Apesar do GAC apresentar uma capacidade superior de adsorção no equilíbrio, a sua constante cinética foi inferior à do CRB. No estudo das isotérmicas de adsorção, observou-se que ambos os carvões seguiam o modelo de Langmuir. Apesar da maior capacidade de adsorção do carvão comercial, a constante de Langmuir para o carvão CRB apresentou-se acentuadamente superior, revelando maior afinidade do DCF com este carvão. Para além disso, a cinética superior do CRB representa uma vantagem para processos em que este parâmetro seja determinante.

Design and characterization of novel biopolymeric structure using biocompatible ionic liquids

The main objective of this thesis was the development of polymeric structures from the dissolution of FucoPol, a bacterial exopolysaccharide (EPS), in a biocompatible ionic liquid, choline acetate. The FucoPol was produced by the bacteria Enterobacter A47 using glycerol as carbon source at controlled temperature and pH (30ºC and 7, respectively). At the end of 3 days it was produced 7 g/L of FucoPol. The net yield of Fucopol in glycerol (YP/S) was 0.22 g/g and the maximum productivity 2.37 g/L.d This polymer was characterized about its composition in sugars and acyl groups (by High-Performance Liquid Chromatography - HPLC), containing fucose (35 % mol), galactose (21 % mol), glucose (29 % mol), rhamnose (3% mol) and glucuronic acid (12% mol) as well as acetate (14.28 % mol), pyruvate (2.15 % mol) and succinate (1.80 % mol). Its content of water and ash was 15% p/p and 2% p/p, respectively, and the chemical bonds (determined by Infrared Spectroscopy - FT-IR) are consistent to the literature reports. However, due to limitations in Differential Scanning Calorimetry (DSC) equipment it was not possible to determine the glass transition temperature. In turn, the ionic liquid showed the typical behavior of a Newtonian fluid, glass transition temperature (determined by DSC) -98.03ºC and density 1.1031 g/cm3. The study of chemical bonds by FT-IR showed that amount of water (8.80%) influenced the visualization of the bands predicted to in view of their chemical structure. After the dissolution of the FucoPol in the ionic liquid at different temperatures (50, 60, 80 and 100 ° C) it was promoted the removal of this by the phase inversion method using deionized water as a solvent, followed by drying in an oven at 70 ° C. The mixtures before and after the phase inversion method were characterized through the studies mentioned above. In order to explore possible application field’s biocompatibility assays and collage on balsa wood tests were performed. It was found that the process of washing with water by the phase inversion method was not totally effective in removing the biocompatible ionic liquid, since all FucoPol – IL mixtures still contained ionic liquid in their composition as can be seen by the DSC results and FT-IR. In addition, washing the mixtures with water significantly altered the composition of FucoPol. However, these mixtures, that developed a viscous behavior typical of a non-Newtonian fluid (shear-thinning), have the potential to be applied in the biomedical field as well as biological glues.

Metodologia de avaliação em planeamento urbano - Caso de Cabo Verde

O planeamento territorial, independentemente do nível hierárquico em que na prática é desenvolvido, só é credível se sujeito a um processo de avaliação. Esta avaliação deverá ser vista não como uma etapa adicional ao processo de planeamento, mas como parte integrante do processo. Neste contexto é entendível a necessidade de avaliação do planeamento, que ao nível municipal se fixa na figura da implementação do Plano Director Municipal (PDM). Esta avaliação, para além de tornar mais robusto e credível o processo de planeamento de âmbito municipal, permite também tornar visível o grau de sucesso de concretização das políticas municipais e possibilita ajustes do plano à nova realidade municipal. O PDM constitui um instrumento de carácter estratégico e a avaliação da sua implementação deve também ser de carácter estratégico. Contudo, a avaliação estratégica acarreta incertezas derivadas das dinâmicas territoriais, principalmente ao nível socioeconómico. É, então, fundamental que se construa um modelo de avaliação aplicável às diferentes políticas e mudanças de paradigmas, e que permita, em simultâneo, a sua adequação a um processo participativo, contínuo no tempo, e que, incluído no processo de planeamento, promova um desenvolvimento sustentável do território. O processo de avaliação da implementação do PDM que se propõe, construído para o contexto da República de Cabo Verde, afigura-se como um contributo muito válido para a capacitação dos técnicos que intervêm no processo de planeamento do território no arquipélago, processo que nos últimos anos viu reformulado o seu sistema de gestão territorial pela via legislativa. Afigura-se também como elemento de auxílio para o aumento da qualidade de vida da população municipal. Da aplicação da metodologia de avaliação proposta, e já testada no Município do Tarrafal de Santiago em Cabo Verde, pôde concluir-se que os valores dos indicadores utilizados permitiram um melhor conhecimento do estado do município, construir caminhos para a melhoria dos pontos negativos identificados e reforçar as bases dos pontos positivos através de novas linhas de acção que garantam a solução dos principais problemas da sociedade tarrafalense.

Sweetening abroad

This project aims to plan the internationalization strategy of the Portuguese small firm A Tarte, producer of a gourmet pie, to a European country in order to enlarge its sales. Therefore, a thorough analysis of the company and of the bakery market is performed to understand the complete environment. It is followed by a quantitative analysis of fourteen countries to select the most attractive market, whose results indicated United Kingdom as the best option. After, the direct exporting entry mode was analysed and costs estimated. Lastly, the expansion to London is recommended to be pursued with a UK local agent/distributor support

Lucuma as an exotic high quality fruit imported into Portugal and the UE

This project has two different goals, one of them is to promote the consumption of exotic fruits with high quality. The other goal of the project is to look for the viability of turning this work project into a real business, focusing in two different channels to diversify its revenues: B2B and B2C. In order to achieve this second goal, this project aims to see the best way to commercialize this product (Lucuma powder and Pulp of Lucuma) and how to make it in an efficient way with right companies. Therefore, the project aims to create a company to commercialize the product between the producers in Peru and possibly small businesses interested in acquire the processed fruit and also individuals interested in own consumption in small quantities. This project, if successful, tries to diversify the consumption into other good organic healthy products in the long-term.

The thermal effects on the methanol-to-olefins reaction: A modelling and experimental approach

With the projection of an increasing world population, hand-in-hand with a journey towards a bigger number of developed countries, further demand on basic chemical building blocks, as ethylene and propylene, has to be properly addressed in the next decades. The methanol-to-olefins (MTO) is an interesting reaction to produce those alkenes using coal, gas or alternative sources, like biomass, through syngas as a source for the production of methanol. This technology has been widely applied since 1985 and most of the processes are making use of zeolites as catalysts, particularly ZSM-5. Although its selectivity is not especially biased over light olefins, it resists to a quick deactivation by coke deposition, making it quite attractive when it comes to industrial environments; nevertheless, this is a highly exothermic reaction, which is hard to control and to anticipate problems, such as temperature runaways or hot-spots, inside the catalytic bed. The main focus of this project is to study those temperature effects, by addressing both experimental, where the catalytic performance and the temperature profiles are studied, and modelling fronts, which consists in a five step strategy to predict the weight fractions and activity. The mind-set of catalytic testing is present in all the developed assays. It was verified that the selectivity towards light olefins increases with temperature, although this also leads to a much faster catalyst deactivation. To oppose this effect, experiments were carried using a diluted bed, having been able to increase the catalyst lifetime between 32% and 47%. Additionally, experiments with three thermocouples placed inside the catalytic bed were performed, analysing the deactivation wave and the peaks of temperature throughout the bed. Regeneration was done between consecutive runs and it was concluded that this action can be a powerful means to increase the catalyst lifetime, maintaining a constant selectivity towards light olefins, by losing acid strength in a steam stabilised zeolitic structure. On the other hand, developments on the other approach lead to the construction of a raw basic model, able to predict weight fractions, that should be tuned to be a tool for deactivation and temperature profiles prediction.

Teste de um modelo preditor de satisfação com a vida em adultos idosos

Dissertação de Mestrado apresentada ao ISPA - Instituto Universitário

Effects of ocean acidification on the swimming ability, development and biochemical responses of sand smelt larvae

Ocean acidification, recognized as a major threat to marine ecosystems, has developed into one of the fastest growing fields of research in marine sciences. Several studies on fish larval stages point to abnormal behaviours, malformations and increased mortality rates as a result of exposure to increased levels of CO2. However, other studies fail to recognize any consequence, suggesting species-specific sensitivity to increased levels of CO2, highlighting the need of further research. In this study we investigated the effects of exposure to elevated pCO2 on behaviour, development, oxidative stress and energy metabolism of sand smelt larvae, Atherina presbyter. Larvae were caught at Arrábida Marine Park (Portugal) and exposed to different pCO2 levels (control: ~600μatm, pH=8.03; medium: ~1000μatm, pH=7.85; high: ~1800μatm, pH=7.64) up to 15days, after which critical swimming speed (Ucrit), morphometric traits and biochemical biomarkers were determined. Measured biomarkers were related with: 1) oxidative stress - superoxide dismutase and catalase enzyme activities, levels of lipid peroxidation and DNA damage, and levels of superoxide anion production; 2) energy metabolism - total carbohydrate levels, electron transport system activity, lactate dehydrogenase and isocitrate dehydrogenase enzyme activities. Swimming speed was not affected by treatment, but exposure to increasing levels of pCO2 leads to higher energetic costs and morphometric changes, with larger larvae in high pCO2 treatment and smaller larvae in medium pCO2 treatment. The efficient antioxidant response capacity and increase in energetic metabolism only registered at the medium pCO2 treatment may indicate that at higher pCO2 levels the capacity of larvae to restore their internal balance can be impaired. Our findings illustrate the need of using multiple approaches to explore the consequences of future pCO2 levels on organisms.