Does ownership structure matter? Three essays in finance

Management

Otimização da técnica de micro Fluorescência de Raios- X para o estudo de ossos

Nos países desenvolvidos, as doenças reumáticas são o grupo de doenças mais fre-quentes da espécie humana, sendo por isso o primeiro motivo de consulta nos cuidados de saúde primários e a principal causa de incapacidade temporária para o trabalho e de reformas antecipadas por doença/invalidez (Canhão & Branco, 2013). O estudo destas doenças torna-se cada vez mais urgente visto que estas têm tendência crescente, tendo em conta os atuais esti-los de vida e o aumento da longevidade da população. Nesta dissertação foi estudada e otimi-zada a técnica de Micro Fluorescência de Raios-X (μ-XRF) de forma a permitir um estudo de elementos maioritários e elementos traço em ossos com doenças reumáticas, tendo em espe-cial atenção a razão Ca/P, já que, por estudos até agora efetuados, esta razão é considerada um biomarcador adequado para a avaliação da saúde dos ossos. Foram então verificados os erros aleatórios e sistemáticos existentes nesta técnica e concluiu-se quais os tipos de parâme-tros que devem ser tidos em conta para este estudo, tais como corrente, tensão do tubo, filtros, entre outros. As amostras foram ainda analisadas com a técnica de PIGE (Particle Induced Gamma-ray Emission) e comparados os resultados com os de μ-XRF de forma a avaliar a in-fluência da topologia da amostra. Pretende-se que este estudo seja o início do desenvolvimen-to de um método alternativo de diagnóstico precoce de doenças reumáticas, conduzindo a um tratamento mais eficaz e melhorando assim a qualidade de vida da população.

The Multidimensional and Centred Structure of Our Interested Perception in Hierocles

O objectivo desta dissertação é identificar a estrutura da percepção tal como ela é desenhada por Hiérocles nos <,(#= >1!(?$%&'(). Para alcançar este objectivo focar-me-ei na análise que o filósofo estóico leva a cabo em torno da percepção. O foco começa por incindir sobre a distinção entre percepção de si e percepção do exterior, com todas as suas subtilezas. Tal análise implicará então a consideração da importância da não-indiferença nessa estrutura de percepção. O objectivo é compreender como a percepção é sempre relacional e interessada. . Centrar-me-ei então na noção de !"#$%&'(), tentanto explorar a complexidade e multiplicidade do fenómeno em causa. Será também estabalecida a relação com o fragmento de Estobeu (6.671), que é, a par da obra, a fonte mais importante do pensamento de Hiérocles. Através desta relação introduzir-se-á a estrutura circular e concêntrica de uma percepção relacional e interessada. Toda esta dissertação será levada a cabo focando-se principalmente nos textos do próprio Hiérocles.

Inovcity- Structure of trials evaluation

In 2007, the UK government commissioned the Energy Demand Research Project to conduct a large scale experiment of smart metering technologies to test the impacts from many different forms of feedback to residential consumers. A full evaluation of the results was completed in 2011. In Portugal, EDP is also conducting smart meter trials in a project called InovCity in the city of Évora whose results will be evaluated during 2012. In this work, the case of Great Britain is studied as a reference on how an evaluation of trial results should be conducted. I also discuss potential limitations of the experiments, implications for national roll-out decisions, and finally draw some lessons that can be applied to the Portuguese case.

Impact of chromossomal structure on the evolution of Schizosaccharomyces pombe undergoing Mutation Accumulation

Large chromosomal rearrangements are common in natural populations and thought to be involved in speciation events. In this project, we used experimental evolution to determine how the speed of evolution and the type of accumulated mutations depend on the ancestral chromosomal structure and genotype. We utilized two Wild Type strains and a set of genetically engineered Schizosaccharomyces pombe strains, different solely in the presence of a certain type of chromosomal variant (inversions or translocations), along with respective controls. Previous research has shown that these chromosomal variants have different fitness levels in several environments, probably due to changes in the gene expression along the genome. These strains were propagated in the laboratory at very low population sizes, in which we expect natural selection to be less efficient at purging deleterious mutations. We then measured these strains’ changes in fitness throughout this accumulation of deleterious mutations, comparing the evolutionary trajectories in the different rearrangements to understand if the chromosomal structure affected the speed of evolution. We also tested these mutations for possible epistatic effects and estimated their parameters: the number of arising deleterious mutations per generation (Ud) and each one’s mean effect (sd).

Caraterização metrológica de contadores de micro caudal

Nas últimas décadas, as empresas têm sido sujeitas a uma maior concorrência, ao desenvolvimento tecnológico mais acelerado e a novos desafios no que respeita à qualidade. A Metrologia deverá assim acompanhar estas tendências do mercado. O Departamento de Metrologia (DMET) do Instituto Português da Qualidade, I.P. (IPQ) tem vindo a desenvolver esforços significativos que visam a melhoria contínua das técnicas e dos processos de medição e de calibração realizados nos laboratórios. A presente dissertação de mestrado foi realizada no Laboratório de Volume e Caudal (LVC) do DMET. Os objetivos iniciais do trabalho centraram-se na caraterização metrológica de contadores de fluidos, tendo como base a medição do caudal, utilizando como método de referência o método gravimétrico. De forma a validar o sistema de medição foram realizados ensaios entre 1 mL/h a 100 mL/h, em condições de reprodutibilidade, com dois sistemas padrão distintos de acordo com o caudal a ensaiar. Em todos os ensaios efetuados foi necessário monitorizar as condições ambientais, i.e. temperatura, pressão atmosférica, humidade relativa e a temperatura do líquido padrão, para a aplicação das correções necessárias. Outro feito importante foi a caraterização das fontes de incerteza, que permitiram caraterizar o resultado das medições. A metodologia utilizada para a avaliação e para a estimativa da incerteza de medição encontra-se descrita no Guide to the Expression of Uncertainty in Measurement (GUM). Neste projeto foram contempladas fontes de incerteza como as associadas à evaporação, à impulsão do tubo, à resolução da balança, entre outras. Com os resultados obtidos foi possível elaborar um procedimento técnico para a Calibração de Caudalímetros de Líquidos. Os resultados obtidos permitiram garantir a rastreabilidade das medições de caudal de líquidos ao SI, essencial para a calibração de equipamentos no Laboratório Nacional de Metrologia (LNM) do IPQ, nomeadamente para micro caudalímetros no intervalo de medição entre 0,12 mL/h e 600 mL/h.

Orthogonal models, structure crossing, nesting and inference

We intend to study the algebraic structure of the simple orthogonal models to use them, through binary operations as building blocks in the construction of more complex orthogonal models. We start by presenting some matrix results considering Commutative Jordan Algebras of symmetric matrices, CJAs. Next, we use these results to study the algebraic structure of orthogonal models, obtained by crossing and nesting simpler ones. Then, we study the normal models with OBS, which can also be orthogonal models. We intend to study normal models with OBS (Orthogonal Block Structure), NOBS (Normal Orthogonal Block Structure), obtaining condition for having complete and suffcient statistics, having UMVUE, is unbiased estimators with minimal covariance matrices whatever the variance components. Lastly, see ([Pereira et al. (2014)]), we study the algebraic structure of orthogonal models, mixed models whose variance covariance matrices are all positive semi definite, linear combinations of known orthogonal pairwise orthogonal projection matrices, OPOPM, and whose least square estimators, LSE, of estimable vectors are best linear unbiased estimator, BLUE, whatever the variance components, so they are uniformly BLUE, UBLUE. From the results of the algebraic structure we will get explicit expressions for the LSE of these models.

Nest structure of a Euglossa sp. n. In a fruit of Theobroma subincanum from Ecuadorean Amazonas

A nest of an undescribed species of Euglossa was found inside a fruit of Theobroma subincanum (Sterculiaceae) in the Amazonian rainforest, Ecuador. It contained 3-4 living females and one dead and 37 cells in all. Total length of bee 12.5mm; frons blue-green; thorax blue; abdomen bronze above, green and dark ventrally; and kind tibia blue. Tongue about 11 mm long.

Cumprimento de ordens, obediência hierárquica e disciplina militar versus perpetração (in)voluntária de crimes

Following orders, hierarchical obedience and military discipline are essential values for the survival of the armed forces. Without them, it is not possible to conceive the armed forces as an essential pillar of a democratic state of law and a guarantor of national independence. As issuing orders as well as receiving and following them are inextricably linked to military discipline, and as such injunctions entail the workings of a particular obedience regime within the specific kind of organized power framework which is the Armed Forces, only by analysing the importance of such orders within this microcosm – with its strict hierarchical structure – will it be possible to understand which criminal judicial qualification to ascribe to the individual at the rear by reference to the role of the front line individual (i.e. the one who issues an order vs the one who executes it). That is, of course, when we are faced with the practice of unlawful acts, keeping in mind the organizational framework and its influence over the will of the executor. One thing we take as read, if the orders can be described as unlawful, the boundary line of the duty of obedience, which cannot be overstepped, both because of a legal as well as a constitutional imperative, will have been crossed. And the military have sworn an oath of obedience to the fundamental law. The topic of hierarchical obedience cannot be separated from the analysis of current legislation which pertains to the topic within military institutions. With that in mind, it appeared relevant to address the major norms which regulate the matter within the Portuguese military legal system, and, whenever necessary and required by the reality under analysis, to relate that to civilian law or legal doctrine.

Garland, since 1776- a unique ownership structure

The case is based on Garland, a 240 years old Portuguese family business, now owned by the Dawson family. It focuses on a decision made 50 years ago, aligned with what had been the company’s history, about the ownership rules for family members, which influences the ownership structure of the firm. It addresses the main issues about ownership in family businesses, and tackles the problem of succession planning and fair process. It contains a teaching note to support the utilization of the case in a classroom context, with learning objectives, target audience, a teaching plan, questions and proposed answers, and theory that relates to the case. It is also complemented with an epilogue and an overview of the case.

Distributed solar micro generation

Taking into account the fact that the sun’s radiation is estimated to be enough to cover 10.000 times the world’s total energy needs (BRAKMANN & ARINGHOFF, 2003), it is difficult to understand how solar photovoltaic systems (PV) are still such a small part of the energy source matrix across the globe. Though there is an ongoing debate as to whether energy consumption leads to economic growth or whether it is the other way around, the two variables appear correlated and it is clear that ensuring the availability of energy to match a country’s growth targets is one of the prime concerns for any government. The topic of centralized vs distributed electricity generation is also approached, especially in what regards the latter fit to developing countries needs, namely the lack of investment capabilities and infrastructure, scattered population, and other factors. Finally, Brazil’s case is reviewed, showing that the current cost of electricity from the grid versus the cost from PV solutions still places an investment of this nature with 9 to 16 years to reach breakeven (from a 25 year panel lifespan), which is too high compared to the required 4 years for most Brazilians. Still, recently passed legislation opened the door, even if unknowingly, to the development of co-owned solar farms, which could reduce the implementation costs by as much as 20% and hence reduce the number of years to breakeven by 3 years.

Does the existing Corporate Governance structure and strict Legal Framework, affect the strategic decisionmaking of CEOs?

This thesis is a case study on Corporate Governance and Business Ethics, using the Portuguese Corporate Law as a general setting. The thesis was conducted in Portugal with illustrations on past cases under the Business Judgment Rule of the State of Delaware, U.SA along with illustrations on current cases in Portugal under the Portuguese Judicial setting, along with a comparative analysis between both. A debate is being considered among scholars and executives; a debate on best practices within corporate governance and corporate law, associated with recent discoveries of unlawful investments that lead to the bankruptcy of leading institutions and an aggravation of the crisis in Portugal. The study aimed at learning possible reasons and causes for the current situation of the country’s corporations along with attempts to discover the best way to move forward. From the interviews and analysis conducted, this paper concluded that the corporate governance structure and legal frameworks in Portugal were not the sole influencers behind the actions and decisions of Corporate Executives, nor were they the main triggers for the recent corporate mishaps. But it is rather a combination of different factors that played a significant role, such as cultural and ethical aspects, individual personalities, and others all of which created gray areas beyond the legal structure, which in turn accelerated and aggravated the corporate governance crisis in the country.

Experimental and numerical approaches for structural assessment in new footbridge designs (SFRSCC–GFPR hybrid structure)

Within the civil engineering field, the use of the Finite Element Method has acquired a significant importance, since numerical simulations have been employed in a broad field, which encloses the design, analysis and prediction of the structural behaviour of constructions and infrastructures. Nevertheless, these mathematical simulations can only be useful if all the mechanical properties of the materials, boundary conditions and damages are properly modelled. Therefore, it is required not only experimental data (static and/or dynamic tests) to provide references parameters, but also robust calibration methods able to model damage or other special structural conditions. The present paper addresses the model calibration of a footbridge bridge tested with static loads and ambient vibrations. Damage assessment was also carried out based on a hybrid numerical procedure, which combines discrete damage functions with sets of piecewise linear damage functions. Results from the model calibration shows that the model reproduces with good accuracy the experimental behaviour of the bridge.

Effects of residues on the degradation of PHA produced from mixed microbial cultures and processed in extrusion

Thermal degradation upon melting is one of the major drawbacks reported for polyhydroxyalkanoates (PHA). However, the role of residues originating from the fermentation and the extraction steps on the thermal stability of this class of biopolymers still needs to be clarified. In the particular case of PHA produced from mixed microbial cultures (MMC), this topic is even less documented in the literature. Here, two polyhydroxy(butyrate-co-valerate) (PHBV) produced from MMC enriched in PHA accumulating organisms and fed with cheese whey were studied. A micro extrusion line is used to produce filaments and assess the processability and the degradation of processed PHBV. The prototype micro extrusion line allows for studying grams of materials. The two PHBV contain 18 mol% HV. PHBV was recovered with 11 wt% residues, and further submitted to a purification procedure resulting in a second biopolyester containing less than 2 wt% impurities. The thermorheological characterization of the two PHBV is first presented, together with their semicrystalline properties. Then the processing windows of the two biopolyesters are presented. Finally, the properties of extruded filaments are reported and the thermomechanical degradation of PHBV is extensively studied. The structure was assessed by wide angle X-ray diffraction, mechanical and rheological properties are reported, thermal properties are studied with differential scanning calorimetry and thermogravimetric analysis, whereas Fourier Transform Infrared spectroscopy was used to assess the impact of the extrusion on PHBV chemical structure. All results obtained with the two PHBV are compared to assess the effects of residues on both PHBV processability and degradation.

Biofunctionalization of titanium surfaces for dental implants: osteogenic, anti-microbial and tribocorrosion resistant surfaces

PhD thesis in Biomedical Engineering