Basel III new capital requirements, impacts and bank behavior

For some years, researchers could not find a clear effect of capital adequacy on the risk profile of banks, as shareholders could increase the riskiness of the assets (qualitative effect), crowding-out the effect of reduced leverage (volume effect). Some shareholders might have the will to increase the riskiness of the assets, but they may lack the power to do so. Considering only ”powerful” shareholders, definitive conclusions were drawn but with constant ownership profile. In this paper I investigate whether there is a significant change in the type of shareholders in response to regulatory capital shocks and, if so, will the banking system be in the hands of more “desired” shareholders. I find that ownership profile responds to a regulatory shock, changing the risk appetite of the ruling power at the bank. I find more banks and the government in the ownership of undercapitalised banks and much less institutional shareholders and free float. I claim that these new shareholders may not the desired ones, given the objective of the regulatory change, as they are associated with a preference for more leverage. One possible explanation for this crowding-out effect is that regulators are trying to contain idiosyncratic risk (more linked to the riskiness of the assets) with a rule that contains systematic risk (capital adequacy). This has a distorting effect on ownership. Another insight can be drawn from the tests: supervisors should be aware of significant ownership movements that cause the crowding-out.

Capital requirements and loan market conditions insight into Portuguese Banking system (2004-2011)

Capital Requirements have been gaining importance in the current macroeconomic and financial environment and Portugal is no exception. Nonetheless, despite the several media articles on this subject, the associations with Loan Market Conditions, namely availability and pricing are still unstudied. Thus, this project adds to the existing literature a characterization of Portuguese four biggest banks on capital reporting and requirements fulfillment. It is concluded that banks under analysis need to increase capital and that there is an association between the variables under study: Share Capital is negatively correlated with Credit Volume, and it is positively correlated with Net Commercial Income.

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

Mitigating the impact of occupational noise exposure for elderly workers: Setting the functional requirements for an ANC system

Noise affects people in very different aspects and in almost every aspect of our daily life. The most prominent impact of noise exposure is hearing loss. However, it can also impair people at their work settings due to other effects rather than hearing loss. Older works tend to be more susceptible to noise exposure effects at work, firstly because most of them already have some ‘natural’ hearing loss, as a results of the ageing process, and secondly because they also tend to be more susceptible at an psychological level. The current study is an attempt to describe the potential problem and to make a survey to identify the available active noise cancelation systems, as well as to specific the main requirements of this type of systems to be applied in such contexts. Several aspects of characteristics of the ANC systems were identified and are presented in this study. From the obtained results it was possible to have a clearer idea about the potential of this technology, and to confirm that this type of solution can be extremely important as a component of an active ageing program, as the preservation of hearing will also impact on the social life of the exposed workers.

Refinement and variability techniques in model transformation of software requirements

Tese de Doutoramento em Tecnologias e Sistemas de Informação

Technical requirements for the use of C&DW recycled aggregates in municipal and rural roads and trenches

The use of construction and demolition waste (C&DW) in the construction industry is an important contribution to attain sustainability in the sector. The roads are among the civil engineering works which can use larger quantities of C&DW recycled aggregates. In Portugal, the limit values for the properties of C&DW recycled aggregates that can be used in the roads of Portuguese Road Network are defined by two Laboratório Nacional de Engenharia Civil (LNEC) technical specifications (TS), in accordance to Portuguese Decree-law no. 46/2008 of May 12th. Municipal and rural roads and trenches have specific characteristics that can enable the use of C&DW of lower quality than those required by existing LNEC TS, and even then ensuring an adequate performance. However, given the absence of specific regulation for those applications, the Portuguese Environment Agency requires compliance with the existing LNEC TS, which represents an obstacle to recycling a significant part of the C&DW, in particular at a local government level. This paper presents guidelines for the recycling of C&DW in municipal and rural roads and in trenches, which could be considered in a new forthcoming LNEC TS. In the preparation of the guidelines, the bibliography collected and analysed, the information gathered from the application of C&DW in a municipal and rural roads of a Portuguese municipality and in the roadways of a Portuguese resort, and the results of laboratory tests carried out on samples collected in the Portuguese municipality were taken into consideration.

Adaptive facade systems - review of performance requirements, design approaches, use cases and market needs

The paper reflects the work of COST Action TU1403 Workgroup 3/Task group 1. The aim is to identify research needs from a review of the state of the art of three aspects related to adaptive façade systems: (1) dynamic performance requirements; (2) façade design under stochastic boundary conditions and (3) experiences with adaptive façade systems and market needs.

Repository managers: guidelines to meet H2020 requirements

Apresentação realizada em 23 outubro de 2015 no: National Workshop for Open Access: «Open Access to research publications & data», Nicosia, Chipre. Também acessível em: http://hdl.handle.net/10797/14460

An investigation into system security requirements and implementation in an Application Service Provider (ASP) environment

Although the ASP model has been around for over a decade, it has not achieved the expected high level of market uptake. This research project examines the past and present state of ASP adoption and identifies security as a primary factor influencing the uptake of the model. The early chapters of this document examine the ASP model and ASP security in particular. Specifically, the literature and technology review chapter analyses ASP literature, security technologies and best practices with respect to system security in general. Based on this investigation, a prototype to illustrate the range and types of technologies that encompass a security framework was developed and is described in detail. The latter chapters of this document evaluate the practical implementation of system security in an ASP environment. Finally, this document outlines the research outputs, including the conclusions drawn and recommendations with respect to system security in an ASP environment. The primary research output is the recommendation that by following best practices with respect to security, an ASP application can provide the same level of security one would expect from any other n-tier client-server application. In addition, a security evaluation matrix, which could be used to evaluate not only the security of ASP applications but the security of any n-tier application, was developed by the author. This thesis shows that perceptions with regard to fears of inadequate security of ASP solutions and solution data are misguided. Finally, based on the research conducted, the author recommends that ASP solutions should be developed and deployed on tried, tested and trusted infrastructure. Existing Application Programming Interfaces (APIs) should be used where possible and security best practices should be adhered to where feasible.

A manual of human physiology, including histology and microscopical anatomy, with special reference to the requirements of practical medicine by Dr. L. Landois ... Tr. from the 4th German ed. With additions by William Stirling ...

v. 1

A Case of Framing Effects: The Elicitation of Time Preferences.

We compare three methods for the elicitation of time preferences in an experimental setting: the Becker-DeGroot-Marschak procedure (BDM); the second price auction; and the multiple price list format. The first two methods have been used rarely to elicit time preferences. All methods used are perfectly equivalent from a decision theoretic point of view, and they should induce the same ‘truthful’ revelation i dominant strategies. In spite of this, we find that framing does matter: the money discount rates elicited with the multiple price list tend to be higher than those elicited with the other two methods. In addition, our results shed some light on attitudes towards time, and they permit a broad classification of subjects depending on how the size of the elicited values varies with the time horizon.

Temperature requirements of Chrysomya albiceps (Wiedemann, 1819) (Diptera, Calliphoridae) under laboratory conditions

Chrysomya albiceps specimens were obtained from colonies established with larvae and adults collected at the Federal Rural University in Rio de Janeiro, Seropédica, State of Rio de Janeiro. The larval stage of C. albiceps was allowed to develop in climatic chambers at temperatures of 18, 22, 27 and 32ºC, and the pupal stage was allowed to develop at 22, 27 and 32ºC (60 ± 10% RH and 14 hr photoperiod). The duration and viability of the larval stage of C. albiceps at 18, 22, 27 and 32ºC were 21.30, 10.61, 5.0 and 4.0 days and 76.5, 88.5, 98.5 and 99.5%, respectively, with mean mature larval weights of 45.16, 81.86, 84.35 and 70.53 mg, respectively. Mean duration and viability of the pupal stage at 22, 27 and 32ºC were 9.36, 4.7 and 3.0 days and 93.8, 100 and 100%, respectively. The basal temperature for the larval and pupal stage and for the larval and adult phase were 15.04, 17.39 and 15.38ºC, corresponding to 65.67, 44.15 and 114.23 DD.

Biophysical requirements of power-supply systems: nuclear energy and fossil energy

The report presents a grammar capable of analyzing the process of production of electricity in modular elements for different power-supply systems, defined using semantic and formal categories. In this way it becomes possible to individuate similarities and differences in the process of production of electricity, and then measure and compare “apples” with “apples” and “oranges” with “oranges”. For instance, when comparing the various unit operations of the process of production of electricity with nuclear energy to the analogous unit operations of the process of production of fossil energy, we see that the various phases of the process are the same. The only difference is related to characteristics of the process associated with the generation of heat which are completely different in the two systems. As a matter of facts, the performance of the production of electricity from nuclear energy can be studied, by comparing the biophysical costs associated with the different unit operations taking place in nuclear and fossil power plants when generating process heat or net electricity. By adopting this approach, it becomes possible to compare the performance of the two power-supply systems by comparing their relative biophysical requirements for the phases that both nuclear energy power plants and fossil energy power plants have in common: (i) mining; (ii) refining/enriching; (iii) generating heat/electricity; (iv) handling the pollution/radioactive wastes. This report presents the evaluation of the biophysical requirements for the two powersupply systems: nuclear energy and fossil energy. In particular, the report focuses on the following requirements: (i) electricity; (ii) fossil-fuels, (iii) labor; and (iv) materials.