Constructing good deals in discrete time arbitrage-free dynamic pricing models

Recent literature has proved that many classical pricing models (Black and Scholes, Heston, etc.) and risk measures (V aR, CV aR, etc.) may lead to “pathological meaningless situations”, since traders can build sequences of portfolios whose risk leveltends to −infinity and whose expected return tends to +infinity, i.e., (risk = −infinity, return = +infinity). Such a sequence of strategies may be called “good deal”. This paper focuses on the risk measures V aR and CV aR and analyzes this caveat in a discrete time complete pricing model. Under quite general conditions the explicit expression of a good deal is given, and its sensitivity with respect to some possible measurement errors is provided too. We point out that a critical property is the absence of short sales. In such a case we first construct a “shadow riskless asset” (SRA) without short sales and then the good deal is given by borrowing more and more money so as to invest in the SRA. It is also shown that the SRA is interested by itself, even if there are short selling restrictions.

Innovation through virtual communities of Practice: motivation and constraints in the knowledge-creation process

Communities of Practice are places which provide a sound basis for organizational learning, enabling knowledge creation and acquisition thus improving organizational performance, leveraging innovation and consequently increasing competitively. Virtual Communities of Practice (VCoP‟s) can perform a central role in promoting communication and collaboration between members who are dispersed in both time and space. The ongoing case study, described here, aims to identify both the motivations and the constraints that members of an organization experience when taking part in the knowledge creating processes of the VCoP‟s to which they belong. Based on a literature review, we have identified several factors that influence such processes; they will be used to analyse the results of interviews carried out with the leaders of VCoP‟s in four multinationals. As future work, a questionnaire will be developed and administered to the other members of these VCoP‟s

Virtual communities of practice: investigating motivations and constraints in the processes of knowledge creation and transfer

With accelerated market volatility, faster response times and increased globalization, business environments are going through a major transformation and firms have intensified their search for strategies which can give them competitive advantage. This requires that companies continuously innovate, to think of new ideas that can be transformed or implemented as products, processes or services, generating value for the firm. Innovative solutions and processes are usually developed by a group of people, working together. A grouping of people that share and create new knowledge can be considered as a Community of Practice (CoP). CoP’s are places which provide a sound basis for organizational learning and encourage knowledge creation and acquisition. Virtual Communities of Practice (VCoP's) can perform a central role in promoting communication and collaboration between members who are dispersed in both time and space. Nevertheless, it is known that not all CoP's and VCoP's share the same levels of performance or produce the same results. This means that there are factors that enable or constrain the process of knowledge creation. With this in mind, we developed a case study in order to identify both the motivations and the constraints that members of an organization experience when taking part in the knowledge creating processes of VCoP's. Results show that organizational culture and professional and personal development play an important role in these processes. No interviewee referred to direct financial rewards as a motivation factor for participation in VCoPs. Most identified the difficulty in aligning objectives established by the management with justification for the time spent in the VCoP. The interviewees also said that technology is not a constraint.

Virtual communities of practice: examining the motivations and constraints in their knowledge creation and knowledge transfer preocesses

Paper accepted for the OKLC 2009 - International Conference on Organizational Learning, Knowledge and Capabilities (26-28th, April 2009, Amsterdam, the Netherlands).

Developing multiple - choice questions in mathematics

In this paper we wish to illustrate different perspectives used to create Multiple-Choice questions and we will show how we can improve these in the construction of math tests. As it is known, web technologies have a great influence on student’s behaviour. Based on an on-line project beginning at 2007 which has been contributing to help students on their individual work, we would like to share our experience and thoughts with colleagues who have a common concern when they have the task of constructing Multiple-Choice tests. We feel that Multiple-Choice tests play an important and a very useful supporting role in selfevaluation or self-examination of our students. Nonetheless, good Multiple–Choice Test Items are generally more complex and time-consuming to create than other types of tests. It requires a certain amount of skill. However, this skill maybe increases through study, practice and experience. This paper discusses a number of issues related to the use of Multiple-Choice questions, lists the advantages and disadvantages of this question format contrasting it with open questions. Some examples are given in this context.

Visual Screening Competencies Questionnaire (VSCQ) and orthoptic practice

The identification of core competencies which are important for undertaking accurate visual screening by orthoptists is considered in this study. The aim was to construct and validate a questionnaire for orthoptists to assess visual screening competency. This study comprised three steps. The first step involved a 69-item self-assessment questionnaire constructed to assess orthoptists' perception of their competencies in visual screening programs for children. This questionnaire was constructed with statements from the Orthoptic Benchmark Statement for Health Care Programmes (Quality Assurance Agency for Higher Education, UK) and included three competency dimensions: interpersonal (IP), instrumental (IT) and systemic (ST). The second step involved questionnaire translation.

Becoming a teacher: student teachers´ experiences and perceptions about teaching practice

In an attempt to build a more comprehensive and holistic understanding of the complexity, dynamics and idiosyncrasies involved in becoming a teacher, this study focussed on the experiences of 295 student teachers. Their feelings, cognitions and perceptions regarding teaching practice were analysed using the short version of the Inventory of Experiences and Perceptions of the Teaching Practice. Results emphasise some of the difficulties experienced during this period (e.g., stress, sense of weariness and ‘vulnerability’), as well the positive perceptions of these student teachers regarding their growing knowledge and skilfulness, as well as their sense of efficacy, flexibility and spontaneity in their performance and interactions. Their perception of their accomplishments in achieving reasonable levels of acceptance and recognition within the school community and their positive evaluation of the guidance and support provided by their supervisors are also emphasised. Differences were found – in terms of gender and graduate course background – in the way these student teachers experienced some aspects of teaching practice.

O papel da supervisão na avaliação de desempenho docente

Com as várias reformulações do processo de avaliação de desempenho docente (ADD), passou-se de um processo de avaliação dos professores assente na autoavaliação do docente, para um sistema de heteroavaliação que visa a prestação de contas e a seleção, mas também a melhoria de práticas e o desenvolvimento profissional, através do acompanhamento supervisivo. No entanto, a conciliação entre estas duas perspetivas não é fácil e tem gerado perplexidades e inquietações entre os avaliadores e entre os avaliados. Com este estudo, pretendemos conhecer a perspetiva de avaliadores e avaliados sobre o papel que a Supervisão detém no processo de avaliação de desempenho do professor e o seu contributo para o desenvolvimento profissional do professor e melhoria das práticas. Assim desenhou-se um plano de estudo qualitativo, exploratório e descritivo procurando captar o ponto de vista dos principais intervenientes no processo. O principal meio de recolha de dados foi a entrevista semiestruturada a 4 professores avaliadores e 4 professores avaliados do Departamento de Matemática e Ciências Experimentais de um Agrupamento de Escolas. Os resultados mostram que os docentes discordam do modelo de ADD, mas que o processo vivenciado teve caraterísticas positivas, dando os avaliadores especial relevância à oportunidade de conhecer outros processos de trabalho, a partir da observação de aulas. Avaliadores e avaliados referem ainda o bom relacionamento estabelecido entre ambos, contradizendo as preocupações expressas quando se pronunciaram sobre os problemas do modelo de avaliação. No entanto, ambos os subgrupos focam a falta de formação e qualificação profissional dos avaliadores. Em termos gerais, é possível concluir que a maior parte das dificuldades atribuídas pelos docentes ao modelo de ADD não foi depois sentida na implementação prática. Por outro lado, na opinião dos docentes, o processo experienciado não teve verdadeiro impacto na melhoria das práticas ou no desenvolvimento profissional dos docentes envolvidos. - Abstract The several reformulations of the process of the teacher performance evaluation made the process of evaluating teachers, which was first based on a self-evaluation change into a straight assessment system, which aims not only accountability and selection, but also the improvement of the practice and professional development through the supervision of the teaching practice. However, the conciliation between these perspectives has not been easy and has generated anxieties and perplexities among evaluators and evaluated. With this study we intend to know the perspective of the evaluators and of the evaluated concerning the role supervision has hold in the process of evaluating a teacher’s performance and its contribution to the professional development of the teacher and to the improvement of his practices. Thus, a qualitative, exploratory and descriptive study plan was drawn to get to know the viewpoint of the intervening ones in the process. The main means for data collection was based on a semi structured interview, targeting 4 teacher evaluators and 4 evaluated teachers of the Experimental Sciences and Mathematics Department of a group of Schools. The results show that teachers disagree with the teacher’s evaluation model, but the experienced process had positive characteristics. Besides, evaluators have given special relevance to the opportunity of getting to know other working methods thanks to the lessons’ observations. Evaluators and evaluated also refer the good relationship between both parts contradicting the fears they had when they first pronounced themselves about this evaluation model. However, both subgroups focus the lack of training and professional qualifications of the evaluators. So it’s possible to conclude that most worries mentioned by the teachers when referring to this model of teacher performance evaluation were not verified during its practical implementation. On the other hand, in the opinion of the involved teachers, the experienced process had no real impact on their practice improvement or on their professional development.

A Manipulação de resultados em Portugal através do Goodwill

Dissertação para obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Doutor José Manuel da Veiga Pereira

Intelligent Bio-Inspired system for manufacturing scheduling under uncertainties

A novel approach to scheduling resolution by combining Autonomic Computing (AC), Multi-Agent Systems (MAS), Case-based Reasoning (CBR), and Bio-Inspired Optimization Techniques (BIT) will be described. AC has emerged as a paradigm aiming at incorporating applications with a management structure similar to the central nervous system. The main intentions are to improve resource utilization and service quality. In this paper we envisage the use of MAS paradigm for supporting dynamic and distributed scheduling in Manufacturing Systems with AC properties, in order to reduce the complexity of managing manufacturing systems and human interference. The proposed CBR based Intelligent Scheduling System was evaluated under different dynamic manufacturing scenarios.

Self-optimization for dynamic scheduling in manufacturing systems

Scheduling is a critical function that is present throughout many industries and applications. A great need exists for developing scheduling approaches that can be applied to a number of different scheduling problems with significant impact on performance of business organizations. A challenge is emerging in the design of scheduling support systems for manufacturing environments where dynamic adaptation and optimization become increasingly important. In this paper, we describe a Self-Optimizing Mechanism for Scheduling System through Nature Inspired Optimization Techniques (NIT).

MASDSheGATS – Scheduling System for Dynamic Manufacturing Environments

This chapter addresses the resolution of scheduling in manufacturing systems subject to perturbations. The planning of Manufacturing Systems involves frequently the resolution of a huge amount and variety of combinatorial optimisation problems with an important impact on the performance of manufacturing organisations. Examples of those problems are the sequencing and scheduling problems in manufacturing management, routing and transportation, layout design and timetabling problems.

Self-organization for scheduling in agile manufacturing

Agility refers to the manufacturing system ability to rapidly adapt to market and environmental changes in efficient and cost-effective ways. This paper addresses the development of self-organization methods to enhance the operations of a scheduling system, by integrating scheduling system, configuration and optimization into a single autonomic process requiring minimal manual intervention to increase productivity and effectiveness while minimizing complexity for users. We intend to conceptualize real manufacturing systems as interacting autonomous entities in order to build future Decision Support Systems (DSS) for Scheduling in agile manufacturing environments.

Collective intelligence on dynamic manufacturing scheduling optimization

Swarm Intelligence (SI) is a growing research field of Artificial Intelligence (AI). SI is the general term for several computational techniques which use ideas and get inspiration from the social behaviours of insects and of other animals. This paper presents hybridization and combination of different AI approaches, like Bio-Inspired Techniques (BIT), Multi-Agent systems (MAS) and Machine Learning Techniques (ML T). The resulting system is applied to the problem of jobs scheduling to machines on dynamic manufacturing environments.

Autonomic computing for scheduling in manufacturing systems

We describe a novel approach to scheduling resolution by combining Autonomic Computing (AC), Multi-Agent Systems (MAS) and Nature Inspired Optimization Techniques (NIT). Autonomic Computing has emerged as paradigm aiming at embedding applications with a management structure similar to a central nervous system. A natural Autonomic Computing evolution in relation to Current Computing is to provide systems with Self-Managing ability with a minimum human interference. In this paper we envisage the use of Multi-Agent Systems paradigm for supporting dynamic and distributed scheduling in Manufacturing Systems with Autonomic properties, in order to reduce the complexity of managing systems and human interference. Additionally, we consider the resolution of realistic problems. The scheduling of a Cutting and Treatment Stainless Steel Sheet Line will be evaluated. Results show that proposed approach has advantages when compared with other scheduling systems.