Portfolio valuation in banks

Frequent references are made to the use of portfolio spread rates in managing financial risks in banks, but indications as to the procedures for determining such rates are very scant.The purpose of this article is to present some initial ideas on the subject: a Standard Funding system indicates what each portfolio should have earned, while an Actual Funding system points out what each portfolio did, in fact, earn; additionally, by comparing the outcomes of the two funding systems for each portfolio, it is possible to determine what each portfolio earned (or lost) in the way of arbitrage.

Adimplendum est hodie

Este artigo pretende mostrar a evolução política dos PALOP na fase que se seguiu à independência e provar que, apesar da grande abertura ao multipartidarismo, na maioria destes países não há uma cultura da democracia. Mostra também que, sem boa governação, trabalho e paz, não haverá desenvolvimento.

Reelection incentives and political budget cycle: evidence from Brazil

This article tests the presence of political budget cycle (PBC) in municipal elections in Brazil and checks whether mayors who adopt such policy have greater probability of reelection. Based on fiscal and electoral data of 5,406 Brazilian municipalities and applying the difference-in-differences econometric method as well as logistic regressions, the results provide some evidence of PBC in Brazil, although its magnitude and consistency varies depending on the years used as electoral and non-electoral years. On average, reelectable mayors spend close to 3% more in election years than nonreelectables. Moreover, reelectables who do run for reelection present a variation in spending which is close to 5% superior to that of non-reelectables and non-runners. Additionally, the results suggest that mayors who increase public spending during electoral periods have greater chances of being reelected, as long as such spending is done within deficit limits acceptable by voters.

Improving Remote Voting Security with Code Voting

One of the major problems that prevents the spread of elections with the possibility of remote voting over electronic networks, also called Internet Voting, is the use of unreliable client platforms, such as the voter's computer and the Internet infrastructure connecting it to the election server. A computer connected to the Internet is exposed to viruses, worms, Trojans, spyware, malware and other threats that can compromise the election's integrity. For instance, it is possible to write a virus that changes the voter's vote to a predetermined vote on election's day. Another possible attack is the creation of a fake election web site where the voter uses a malicious vote program on the web site that manipulates the voter's vote (phishing/pharming attack). Such attacks may not disturb the election protocol, therefore can remain undetected in the eyes of the election auditors. We propose the use of Code Voting to overcome insecurity of the client platform. Code Voting consists in creating a secure communication channel to communicate the voter's vote between the voter and a trusted component attached to the voter's computer. Consequently, no one controlling the voter's computer can change the his/her's vote. The trusted component can then process the vote according to a cryptographic voting protocol to enable cryptographic verification at the server's side.

Occupational exposure to environmental tobacco smoke in hospitality venues: are genetic- or proteomics-based biomarkers predictive of respiratory diseases?

Environmental tobacco smoke (ETS) is recognized as an occupational hazard in the hospitality industry. Although Portuguese legislation banned smoking in most indoor public spaces, it is still allowed in some restaurants/bars, representing a potential risk to the workers’ health, particularly for chronic respiratory diseases. The aims of this work were to characterize biomarkers of early genetic effects and to disclose proteomic signatures associated to occupational exposure to ETS and with potential to predict respiratory diseases development. A detailed lifestyle survey and clinical evaluation (including spirometry) were performed in 81 workers from Lisbon restaurants. ETS exposure was assessed through the level of PM 2.5 in indoor air and the urinary level of cotinine. The plasma samples were immunodepleted and analysed by 2D-SDSPAGE followed by in-gel digestion and LC-MS/MS. DNA lesions and chromosome damage were analysed innlymphocytes and in exfoliated buccal cells from 19 cigarette smokers, 29 involuntary smokers, and 33 non-smokers not exposed to tobacco smoke. Also, the DNA repair capacity was evaluated using an ex vivo challenge comet assay with an alkylating agent (EMS). All workers were considered healthy and recorded normal lung function. Interestingly, following 2D-DIGE-MS (MALDI-TOF/TOF), 61 plasma proteins were found differentially expressed in ETS-exposed subjects, including 38 involved in metabolism, acute-phase respiratory inflammation, and immune or vascular functions. On the other hand, the involuntary smokers showed neither an increased level of DNA/chromosome damage on lymphocytes nor an increased number of micronuclei in buccal cells, when compared to non-exposed non-smokers. Noteworthy, lymphocytes challenge with EMS resulted in a significantly lower level of DNA breaks in ETS-exposed as compared to non-exposed workers (P<0.0001) suggestive of an adaptive response elicited by the previous exposure to low levels of ETS. Overall, changes in proteome may be promising early biomarkers of exposure to ETS. Likewise, alterations of the DNA repair competence observed upon ETS exposure deserves to be further understood. Work supported by Fundação Calouste Gulbenkian, ACSS and FCT/Polyannual Funding Program.

New insights into functional regulation in MS-based drug profiling

We present a novel data analysis strategy which combined with subcellular fractionation and liquid chromatography-mass spectrometry (LC-MS) based proteomics provides a simple and effective workflow for global drug profiling. Five subcellular fractions were obtained by differential centrifugation followed by high resolution LC-MS and complete functional regulation analysis. The methodology combines functional regulation and enrichment analysis into a single visual summary. The workflow enables improved insight into perturbations caused by drugs. We provide a statistical argument to demonstrate that even crude subcellular fractions leads to improved functional characterization. We demonstrate this data analysis strategy on data obtained in a MS-based global drug profiling study. However, this strategy can also be performed on other types of large scale biological data.

Caracterização da amostra portuguesa da área da saúde na Web of Science

Introdução: A produção e o uso da literatura científica são analisados, quantificados e interpretados pela bibliometria, ciência utilizada para estudos métricos da informação publicada e que estuda as questões relacionadas com a comunicação científica e a atividade científica. Objetivo: O estudo apresentado é uma análise bibliométrica da produção científica portuguesa da área da saúde indexada na Web of Science. Métodos: Analisa-se a produção referente ao período entre 1992 e final de 2011. A análise da produção científica centrou-se nas seguintes variáveis: categorias de classificação da Web of Science, tipologia de documentos indexados, títulos de revistas, distribuição por anos de publicação, afiliação institucional, idiomas, países de origem dos autores com quem foram estabelecidas relações de parceria científica e quem facultou os financiamentos à investigação científica. Resultados: Foram contabilizados 34.208 trabalhos. Destes, o artigo é a forma mais utilizada pelos autores portugueses para a divulgação dos resultados de investigação (58,5%). A década mais recente é contemplada com 75,4% dos registos. A maioria da produção com visibilidade internacional é oriunda de universidades e de centros de investigação hospitalar; institutos, laboratórios da indústria farmacêutica e universidades estrangeiras têm valores residuais. A colaboração com outros investigadores internacionais destaca-se no caso da Europa (73,2%). O financiamento da investigação científica é suportado basicamente pela Fundação para a Ciência e Tecnologia (59,5%), seguida da Comissão Europeia (17,8%). O inglês é o idioma mais usado para a divulgação dos resultados de investigação nacional na área da saúde (97,8%). Conclusões: O uso de bases de dados ou de plataformas científicas para estudos bibliométricos é um processo moroso e difícil. O total de trabalhos em análise foi sempre o mesmo mas, em algumas variáveis, os valores não coincidem, quer porque alguns dos registos foram classificados em mais do que uma categoria temática, quer pelos trabalhos multidisciplinares oriundos das mesmas instituições, quer pelos trabalhos de colaboração internacional. Também no presente estudo os artigos são o veículo privilegiado para a divulgação dos resultados científicos. Apontamento final: deve encorajar-se a utilização de outras plataformas científicas e de outras bases de dados para uma mais completa recuperação da produção científica nacional na área da saúde. Introduction: The production and the use of the scientific literature are analyzed, quantified and interpreted by bibliometry. Bibliometry is the science used in published information metric studies and studies the questions of scientific communication and the scientific production. Aim of the study: This study presents a bibliometric analysis of the indexed Web of Science Portuguese scientific production in the health field. Methods: We analyzed the production from 1992 to the end of 2011. This analysis focused in several variables: general categories areas of Web of Science, indexed document types, source titles, publication years, group/corporate authors, languages, identification of the countries with scientific partnerships and identification of the funding agencies for scientific research. Results: We found 34.208 works. From this, the article is the most common channel for disseminating the research results (58.5%). The most recent decade has 75.4% of the total of records. Most of the production with international visibility becomes from universities and hospital research centers; institutes, pharmaceutical labs or foreign universities have residual values. Collaborating with other international researchers is very common, particularly with Europe (73.2%). In general, the Fundação para a Ciência e Tecnologia supports the scientific research (59.5%), followed by the European Commission (17.8%). The language commonly used for disseminating the research results in health is the English (97.8%). Conclusions: Using databases or scientific platforms for bibliometric studies is a hard and difficult process. The total of works analyzed was always the same but, with some variables, the numbers does not coincide: a) some of the registries were classified in several categories; b) some of the multidisciplinary works were from the same institution; c) the large number of international partnership. In this study, articles are the privileged way for disseminating the scientific results. A last thought: the use of other scientific platforms and databases should be encouraged for a more complete retrieval of the national research production in health.

Caracterização da amostra portuguesa da área da saúde na Web of Science

Introdução: A produção e o uso da literatura científica são analisados, quantificados e interpretados pela bibliometria, ciência utilizada para estudos métricos da informação publicada e que estuda as questões relacionadas com a comunicação científica e a atividade científica. Objetivo: O estudo apresentado é uma análise bibliométrica da produção científica portuguesa da área da saúde indexada na Web of Science. Métodos: Analisa-se a produção referente ao período entre 1992 e final de 2011. A análise da produção científica centrou-se nas seguintes variáveis: categorias de classificação da Web of Science, tipologia de documentos indexados, títulos de revistas, distribuição por anos de publicação, afiliação institucional, idiomas, países de origem dos autores com quem foram estabelecidas relações de parceria científica e quem facultou os financiamentos à investigação científica. Resultados: Foram contabilizados 34.208 trabalhos. Destes, o artigo é a forma mais utilizada pelos autores portugueses para a divulgação dos resultados de investigação (58,5%). A década mais recente é contemplada com 75,4% dos registos. A maioria da produção com visibilidade internacional é oriunda de universidades e de centros de investigação hospitalar; institutos, laboratórios da indústria farmacêutica e universidades estrangeiras têm valores residuais. A colaboração com outros investigadores internacionais destaca-se no caso da Europa (73,2%). O financiamento da investigação científica é suportado basicamente pela Fundação para a Ciência e Tecnologia (59,5%), seguida da Comissão Europeia (17,8%). O inglês é o idioma mais usado para a divulgação dos resultados de investigação nacional na área da saúde (97,8%). Conclusões: O uso de bases de dados ou de plataformas científicas para estudos bibliométricos é um processo moroso e difícil. O total de trabalhos em análise foi sempre o mesmo mas, em algumas variáveis, os valores não coincidem, quer porque alguns dos registos foram classificados em mais do que uma categoria temática, quer pelos trabalhos multidisciplinares oriundos das mesmas instituições, quer pelos trabalhos de colaboração internacional. Também no presente estudo os artigos são o veículo privilegiado para a divulgação dos resultados científicos. Apontamento final: deve encorajar-se a utilização de outras plataformas científicas e de outras bases de dados para uma mais completa recuperação da produção científica nacional na área da saúde. Introduction: The production and the use of the scientific literature are analyzed, quantified and interpreted by bibliometry. Bibliometry is the science used in published information metric studies and studies the questions of scientific communication and the scientific production. Aim of the study: This study presents a bibliometric analysis of the indexed Web of Science Portuguese scientific production in the health field. Methods: We analyzed the production from 1992 to the end of 2011. This analysis focused in several variables: general categories areas of Web of Science, indexed document types, source titles, publication years, group/corporate authors, languages, identification of the countries with scientific partnerships and identification of the funding agencies for scientific research. Results: We found 34.208 works. From this, the article is the most common channel for disseminating the research results (58.5%). The most recent decade has 75.4% of the total of records. Most of the production with international visibility becomes from universities and hospital research centers; institutes, pharmaceutical labs or foreign universities have residual values. Collaborating with other international researchers is very common, particularly with Europe (73.2%). In general, the Fundação para a Ciência e Tecnologia supports the scientific research (59.5%), followed by the European Commission (17.8%). The language commonly used for disseminating the research results in health is the English (97.8%). Conclusions: Using databases or scientific platforms for bibliometric studies is a hard and difficult process. The total of works analyzed was always the same but, with some variables, the numbers does not coincide: a) some of the registries were classified in several categories; b) some of the multidisciplinary works were from the same institution; c) the large number of international partnership. In this study, articles are the privileged way for disseminating the scientific results. A last thought: the use of other scientific platforms and databases should be encouraged for a more complete retrieval of the national research production in health.

Aplicação do ABC no sector de transporte público rodoviário de mercadorias: estudo de caso em PME

Mestrado em Contabilidade e Finanças Orientado por: Doutora Cláudia Lopes

New challenges in mathematics for the european higher education

In this paper we will talk about a math project submitted to the Lifelong Learning Programme. European higher education needs a reform in order to play its full role in the Europe of Knowledge. Modernisation of higher education is necessary in the areas of curricula (Bologna process), funding and governance so that higher education institutions can face the challenges posed by globalisation and contribute more effectively to the training and retraining of the European workforce. On the other hand Mathematics is an essential component of all educational systems. Mathematical literacy is being scrutinized in assessment efforts such as the OCDE Programme for International Student Assessment (PISA). This showed a low level in Europe. Due to the Bologna Process, which brought several didactical implications for Higher Education (HE) institutions, there is the need of lifelong learning. This evolution is in conflict with the earlier mentioned lack of competencies on basic sciences, such as Mathematics. Forced by this duality, efforts are combined to share expertise in the Math field and the integration of pedagogical methodologies becomes a necessity. Thus, several European countries have proposed an International Project to the Lifelong Learning Programme, Action ERASMUS Modernisation of Higher Education, to make institutions more attractive and more responsive to the needs of the labour market, citizens and society at large. One of the main goals of the project is to attract students to math through high-quality instructional units in an understandable, exciting and attractive way.

Accuracy of polls in Portugal

This study has a vast analysis, studying almost all the pre-electoral polls published or issued in Portugal in the month previous to each of the elections, since 1991 until the last one that took place in February 2005. The accuracy measures I used were adapted from the study carried out by Frederick Mosteller in the report to the Committee on Analysis of Pre-election Polls, regarding the USA elections of 1948.

O empreendedorismo como fator dinamizador da competitividade regional: o papel do financiamento

Dissertação de Mestrado em Finanças Empresariais

Introduction to the special issue on real world applications of intelligent tutoring systems

The idea behind creating this special issue on real world applications of intelligent tutoring systems was to bring together in a single publication some of the most important examples of success in the use of ITS technology. This will serve as a reference to all researchers working in the area. It will also be an important resource for the industry, showing the maturity of ITS technology and creating an atmosphere for funding new ITS projects. Simultaneously, it will be valuable to academic groups, motivating students for new ideas of ITS and promoting new academic research work in the area.

Mental health research in Brazil: policies, infrastructure, financing and human resources

The objective of this descriptive study was to map mental health research in Brazil, providing an overview of infrastructure, financing and policies mental health research. As part of the Atlas-Research Project, a WHO initiative to map mental health research in selected low and middle-income countries, this study was carried out between 1998 and 2002. Data collection strategies included evaluation of governmental documents and sites and questionnaires sent to key professionals for providing information about the Brazilian mental health research infrastructure. In the year 2002, the total budget for Health Research was US$101 million, of which US$3.4 million (3.4) was available for Mental Health Research. The main funding sources for mental health research were found to be the São Paulo State Funding Agency (Fapesp, 53.2%) and the Ministry of Education (CAPES, 30.2%). The rate of doctors is 1.7 per 1,000 inhabitants, and the rate of psychiatrists is 2.7 per 100,000 inhabitants estimated 2000 census. In 2002, there were 53 postgraduate courses directed to mental health training in Brazil (43 in psychology, six in psychiatry, three in psychobiology and one in psychiatric nursing), with 1,775 students being trained in Brazil and 67 overseas. There were nine programs including psychiatry, neuropsychiatry, psychobiology and mental health, seven of them implemented in Southern states. During the five-year period, 186 students got a doctoral degree (37 per year) and 637 articles were published in Institute for Scientic Information (ISI)-indexed journals. The investment channeled towards postgraduate and human resource education programs, by means of grants and other forms of research support, has secured the country a modest but continuous insertion in the international knowledge production in the mental health area.

O Voluntariado enquanto promotor do empreendedorismo social: o caso da Associação Humanitária dos Bombeiros Voluntários de Mangualde

Dissertação de Mestrado apresentada ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Empreendedorismo e Internacionalização, sob orientação de Doutora Deolinda Meira e Mestre Paula Alferes