Fair value measurement: Is the debate around level II and level III assets and liabilities relevant

Double Degree. A Work Project presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA- School of Business and Economics and a Masters Degree in Business Engineering from Louvain school of Management

Avaliação da monitorização diária da proteína C-Reativa no doente crítico

RESUMO: O objectivo desta Tese de Doutoramento foi estudar o valor da Proteína CReactiva(PCR) como marcador de infecção e sepsis. Por definição, um marcador da infecção não está presente se o doente não está infectado, deve aparecer concomitantemente ou idealmente preceder a instalação da infecção, deve desaparecer com a instituição de terapêutica antimicrobiana adequada e permanecer elevado se a infecção for refractária ao tratamento. Do ponto de vista biológico, a PCR é o protótipo das proteínas de fase aguda, com uma marcada elevação da sua concentração sérica em resposta a diversos estímulos inflamatórios em particular infecções bacterianas. A sua concentração sérica depende apenas da intensidade do estímulo e da velocidade de síntese hepática, não sendo influenciada por nenhum factor ou tratamento a não ser que este tenha influência directa sobre o estímulo desencadeante, o que a torna um marcador de infecção com grande potencial. Nesta Tese comparou-se a PCR com marcadores clássicos de infecção, temperatura e contagem leucocitária, em diversas situações clínicas analisando doentes com infecções documentadas e doentes controlos, sem infecção. Globalmente os resultados dos trabalhos desta Tese mostram que a PCR é um bom marcador de infecção de acordo com a definição previamente apresentada. Em conjunto com a restante avaliação clínica e laboratorial, a monitorização diária da PCR nos doentes sem infecção mostrou ser útil como sentinela da infecção, isto é, apresenta valores baixos nos doentes sem infecção e sobe precocemente nos doentes que desenvolvem uma infecção. Nos doentes com infecção documentada revelou um ser bom marcador de resposta à terapêutica e evolução clínica, diminuindo naqueles que melhoravam e persistindo elevada nos que tinham mau prognóstico, bem assim como identificar diferentes perfis evolutivos. Em suma, a monitorização diária da PCR mostrou utilidade ao longo de todo o internamento na Unidade de Cuidados Intensivos, quer na presença quer na ausência de infecção. Deste todo, a monitorização diária da PCR pode a possibilitar uma utilização mais racional e judiciosa da terapêutica antimicrobiana, contribuindo dessa forma para uma diminuição da toxicidade e da pressão antibiótica, menor risco de emergência de resistências e finalmente diminuição dos custos. Uma vez que, os doentes internados nas Unidades de Cuidados Intensivos apresentam as mesmas doenças que os restantes doentes admitidos no hospital apenas se distinguindo pela sua maior gravidade, poder-se-á extrapolar que a PCR também é potencialmente um bom marcador de infecção nestes doentes. ----------------ABSTRACT: The aim of this PhD Thesis was to assess the value of C-Reactive Protein (CRP) as a marker of infection and sepsis. A marker of infection should be absent in a non-infected patient, should increase alongside or ideally precede the development of an infection, and finally should assess the therapeutic response, that is to say decrease or even disappear with adequate antimicrobial therapy or on the opposite remain elevated if the infection is refractory to the prescribed treatment. The biology of CRP makes it the prototype of acute phase proteins, with marked and sharp elevations of its serum concentration in response to several inflammatory stimulus in particular bacterial infections. Besides, CRP level depends only of the intensity of the stimulus and the rate of hepatic synthesis. Its concentration is not modified by any therapy or intervention. Only those interventions affecting the inflammatory process responsible for the acute phase reaction can change the CRP level. These properties make CRP a potentially good marker of infection. In this Thesis the value of CRP was studied in comparison to traditional markers of infection, like temperature and white cell count, in different clinical situations analysing patients with documented infections and a control group without infection. The aggregated results of the analysis presented in this Thesis illustrate that CRP could be used as a marker of infection. In conjunction with other clinical and laboratory manifestations of sepsis, daily CRP measurement in patients without infection was useful in prediction of infection as its concentration remains low in patients without infection whereas if an infection appears its levels raise markedly. In addition, in patients with documented infections CRP was useful as a marker of therapeutic response and follow-up, with marked decreases in patients with good outcome and remaining elevated in those with poor prognosis, as well as the recognition of different patterns of evolution. In summary, daily CRP measurement was helpful in critical ill patients along the entire Intensive Care Unit stay, both in the presence and in the absence of infection. As a result, daily CRP measurement can assure a better and more rational use of antibiotics and consequently contribute to a decrease in the antibiotic toxicity and demand, reducing the risks of emergence of resistant strains aas well as costs. Provided that patients admitted to an Intensive Care Unit presented the same clinical diagnosis as those admitted to the wards but with higher severity, one can speculate that CRP is also a potentially good marker of infection in these of patients.

Intervenção da fisiopetarpia em indivíduos com osteoartrose do joelho: características da prática clínica e resultados obtidos em contexto de prática convencionada

RESUMO: Introdução: A osteoartrose do joelho em particular constitui uma das maiores causas de incapacidades no dia-a-dia, morbilidade e aumento dos custos de saúde na população, na medida em que é uma condição que quando sintomática progride para um padrão que incluí dor articular, perda de força, incapacidade para a marcha e redução da aptidão física. A sua prevalência aumenta com a idade, 7% entre pessoas dos 65-70 anos, e 11,2% para aqueles com 80 anos ou mais, pouco variando entre os estudos existentes. Um recente estudo da Organização Mundial da Saúde (OMS) refere que a osteoartrose é a quarta causa mais importante de incapacidade entre as mulheres e a oitava entre os homens. Objetivo do estudo: Descrever a intervenção da fisioterapia em contexto de prática clínica convencionada e os resultados obtidos em indivíduos com OA, ao nível da intensidade da dor, capacidade funcional e perceção global de melhoria. Desenho Metodológico: Trata-se de um Estudo de coorte prospetivo onde foram incluídos indivíduos de ambos os géneros, entre os 60 e os 80 anos, com osteoartrose do joelho referenciada clinicamente. Após o consentimento informado, os pacientes foram, avaliados em quatro momentos: num primeiro momento (T0), antes de iniciarem o tratamento; (T1) após 4 semanas do início do tratamento; (T2) coincidente com o final do tratamento; e (T3) 3 meses após o início do tratamento. Foi utilizado um Questionário de Caracterização Sócio-Demográfica e Clínica, a Escala numérica da dor – END, o questionário KOOS (Knee Injury and Osteoarthritis Outcome Score) e a versão portuguesa da Patient Global Impression Change (PGIC-PT). A base de seleção dos indivíduos foi realizada numa clínica convencionada do Algarve. Resultados: Foi observado um aumento significativo em todos os outcomes avaliados pelo KOOS, END e PGIC num período até 3 meses após a intervenção. Na avaliação da END em T3 o valor da média foi de 1,63(±0,71). Para o KOOS nas subescalas Sintomas foi de 87,60(±5,86), Dor 85,71(±3,99), AVD 78,23(±3,48), ADL 67,71(±7,16), QV 80,71(±9,14), para a PGIC-AVD 5,29(±0,57), PGIC-DOR 5,97(±0,61). Os resultados obtidos pelo teste de Friedman, revelaram um valor de p<0,005. Assim, a melhoria da incapacidade funcional reportada pelos participantes neste grupo é estatisticamente diferente, e de forma significativa nos diferentes momentos de recolha de dados, durante e após o tratamento (X2 (3)=208,862, p<0,005)/ (X2(3)=205,041, p<0,005). Por fim os valores do somatório dos participantes, que estão inseridos em no grupo dos “Bons Resultados”( ≥5) foi de 27,14% em T0 passando para 100,00% em T3, enquanto que o grupo dos “Maus Resultados”(<5) foi de 72,86% em T0 e 100% em T3. Conclusão: Os resultados do presente estudo sugerem que a intervenção da Fisioterapia efetuadas em clínicas convencionadas nos casos da Osteoartrose do joelho são efetivas na redução significativa dos níveis de dor e incapacidade funcional e na Perceção global de melhoria em pacientes com Osteoartrose do joelho. ---------- ABSTRACT: Introduction: Osteoarthritis of the knee in particular is a major cause of disabilities in their day-to-day morbidity and increased healthcare costs in the population, in that it is a disease that when symptomatic progresses to a pattern that included joint pain, strength loss, inability to walk and reduction of physical fitness. It is referred as a risk factor for falls and fractures. Its prevalence increases with age, 7% of people between 65-70 years, and 11.2% for those aged 80 or more, ranging from some existing studies. A recent study by the World Health Organization (WHO) reports that osteoarthritis is the fourth leading cause of disability among women and eighth among men. Objective: To describe the characteristics and the outcomes of the physiotherapy practice in patients with knee osteoarthritis. Methodology: A prospective cohort study, with 70 individuals, aged between 60 and 80 years with the diagnosis of knee osteoarthritis and referred to physiotherapy treatment, was carried out. After informed consent, patients were evaluated in four different moments: at baseline (T0), before starting treatment; 4 weeks after starting their treatment (T1); 8 weeks after starting their treatment (T2); and in a 3 months follow-up (T3). Patients were assessed for their socio-demographic and clinical characteristics, pain intensity (using the numeric pain rating scale- NRS), disability (using the Knee Injury and Osteoarthritis Outcome Score), and for their global impression of change (using the Portuguese version of the Patient Glogal Impression of Change scale). Results: The findings of this study indicate a significant increase in all outcomes assessed (pain, disability and global impression of change), during and after the physiotherapy treatment. At T3, the average value for the NRS was 1.63 (± 0.71). For KOOS in the symptoms subscales was 87.60 (± 5.86), pain 85.71 (± 3.99), ADL 78.23 (± 3.48), ADL 67.71 (± 7.16), QV 80.71 (± 9.14) for the PGIC-AVD 5.29 (± 0.57), PGIC-PAIN 5.97 (± 0.61). The results obtained though the Friedman test revealed a p-value <0.005. Thus, the improvement of functional capacity reported by participants in the group was statistically different at the different moments of data collection, during and after treatment (X 2 (3) = 208.862, p <0.005) / (X 2 (3) = 205.041, p <0.005). Conclusion: The results of this study show that the physiotherapy treatments made on agreed clinics in cases of osteoarthritis of the knee, are effective in significant reduction in the levels of pain and disability and in perception of overall improvement perception in patients with osteoarthritis of the Knee.

Modeling and forecasting value-at-risk for the Portuguese stock market

The aim of this work project is to find a model that is able to accurately forecast the daily Value-at-Risk for PSI-20 Index, independently of the market conditions, in order to expand empirical literature for the Portuguese stock market. Hence, two subsamples, representing more and less volatile periods, were modeled through unconditional and conditional volatility models (because it is what drives returns). All models were evaluated through Kupiec’s and Christoffersen’s tests, by comparing forecasts with actual results. Using an out-of-sample of 204 observations, it was found that a GARCH(1,1) is an accurate model for our purposes.

Contribution to a strategic plan for the implementation of continuous improvement process in an MRO

This Work Project studies the Continuous Improvement and Processes (CIP) department at TAP Maintenance & Engineering. The project has the objective to provide insights to align the activities of the department with the strategy of the organization. For such, two focuses were taken: (i) an internal analysis which highlighted a need for transversal change to ensure the adoption of Continuous Improvement at TAP, and (ii) a process which outlined objectives and projects to be pursued to prioritize CIP’s activities in accordance with the organization’s goals. The outcome includes (a) important recommendations concerning strategic planning and competition evaluation and (b) a process’ output that reflects a balance among factors influencing the priority of projects.

Market value of corruption

This paper studies the impact of the Brazilian anticorruption legislation, PL 6826/2010, on stock returns. I show that, around the law approval date, the greater the link between the corporate and political worlds, the worse is the companies’ performance. Companies awarded with public contracts in 2012 suffer more with the new legislation approval. Firms with above median contract values have 2.9% lower returns than its peers. The negative effect is more pronounced for bigger and more complex entities, associated with higher levels of Corporate Responsibility and Governance and not subject to the US FCPA.

The accuracy of the escrowed dividend model on the value of European options on a stock paying discrete dividend

This project characterizes the accuracy of the escrowed dividend model on the value of European options on a stock paying discrete dividend. A description of the escrowed dividend model is provided, and a comparison between this model and the benchmark model is realized. It is concluded that options on stocks with either low volatility, low dividend yield, low ex-dividend to maturity ratio or that are deep in or out of the money are reasonably priced with the escrowed dividend model.

Evaluating the potential of yeast strains to produce added value products for the food and/or pharmaceutical industries

This study focus in the valorization of the apple pomace with the main goal of obtaining added value products. For that, hot compressed water technology was used for the extraction of phenolic compounds and hydrolysis of polysaccharides presents in the lignocellulosic structure of apple pomace to obtain simple sugars. The sugars have been utilized as alternative carbon source for growth, lipid accumulation and carotenoids production by five different yeast Yarrowia lipolytica, Rhodotorula mucilaginosa, Rhodotorula glutinis, Rhodosporidium babjevae and Rhodosporidium toruloides. Hydrolysis experiments were carried out with constant pressure of 100 bar, flow rate of 2mL/min and temperatures between 50°C and 250°C. The amount of total sugars present in apple pomace hydrolysates showed maximum values for the hydrolysis temperatures of 110°C and 190°C. In fact, these temperatures revealed the best results regarding the monosaccharides quantities. The amount of 5-HMF and furfural in each hydrolysate varied through the different temperatures. Maximum values for 5-HMF were obtained with 170°C, while furfural showed to be maximum at 210°C. Extraction of phenolic compounds were performed in simultaneously with hydrolysis reactions. Total phenolic compounds (TPC) increased along the temperature, however with small variations between 170°C and 250°C. Hydrolysates were then used as alternative carbon source to yeast growth. R. mucilaginosa shows the highest optical density, with the hydrolysate obtained at 130°C. Carotenoids produced by these yeast scored a total of 7.02μg carotenoids/g cell dry weight, while for the control assay, the same yeast scored 9.31μg caratonoides/g cell dry weight. β-carotene was quantified by HPLC, were 33% of the carotenoid production by R. mucilaginosa with hydrolysate as carbon source, corresponded to β-caroteno.

Gallo Worldwide: Sustainability of competitive position in Brazil

Case Study

How can packaging change children's eating habits from un-healthy food towards healthier options?

Field Lab: Children consumer behaviour

Evaluation of the diagnostic value of the tourniquet test in predicting severe dengue cases in a population from Belo Horizonte, State of Minas Gerais, Brazil

Introduction Dengue is prevalent in many tropical and sub-tropical regions. The clinical diagnosis of dengue is still complex, and not much data are available. This work aimed at assessing the diagnostic accuracy of the tourniquet test in patients with suspected dengue infection and its positivity in different classifications of this disease as reported to the Information System for Notifiable Disease in Belo Horizonte, State of Minas Gerais, Brazil between 2001 and 2006. Methods Cross-section analysis of the diagnostic accuracy of the tourniquet test for dengue, using IgM-anti-DENV ELISA as a gold standard. Results We selected 9,836 suspected cases, of which 41.1% were confirmed to be dengue. Classic dengue was present in 95.8%, dengue with complications in 2.5% and dengue hemorrhagic fever in 1.7%. The tourniquet test was positive in 16.9% of classic dengue cases, 61.7% of dengue cases with complications and 82.9% of cases of dengue hemorrhagic fever. The sensitivity and specificity of the tourniquet test were 19.1% and 86.4%, respectively. Conclusions A positive tourniquet test can be a valuable tool to support diagnosis of dengue where laboratory tests are not available. However, the absence of a positive test should not be read as the absence of infection. In addition, the tourniquet test was demonstrated to be an indicator of dengue severity.

Comprehensive income: evidence from Portuguese listed companies on reporting choices and value relevance

This work project aims at analysing choices related to Comprehensive income (CI) of Portuguese listed firms and understanding the reasons behind them. Additionally, it studies the relevance of CI versus Net Income (NI). It was found that firm’s size and volume of Other comprehensive income (OCI) are positively related with the choice for separate statements while smaller firms with positive NI and negative OCI tend to disclose less information about taxes. The value relevance of CI proved to be superior to that of NI but OCI seems to have no incremental value relevance.

Lifetime-value creation through a customized offer adressed to diferent lifestyles

This paper purposes a method for marketing segmentation based on customers‟ lifestyle. A quantitative and qualitative segmentation established by the Whitaker Lifestyle™ Method was created in order to define a concrete and clear identification of the customer, by understanding the behavior, style and preferences of each segment. After conducting 18 in-depth interviews, it was concluded that four main personas characterize the customer base of the company. These four personas will be the support for the creation of „quick-wins‟ that address to the expectations of each lifestyle, projecting a significant impact on the lifetime-value of the company‟s customer base

Developing a gamification system to increase customer lifetime value at MyGon

There have never been so many touch points between companies and consumers as there are today, which paradoxically makes it very challenging for companies to be able to retain and engage customers. Gamification is a strategy used by a large number of companies to increase customer engagement and customer lifetime value. This work aims at developing a gamification system for MyGon, a Portuguese startup working in the market of discounts and experiences. In addition to examining the literature concerning gamification, its elements and characteristics, recommendations were developed for addressing MyGon’s business goals of increasing conversion and customer engagement. The gamification mechanisms suggested include badges, missions, points, leaderboards and levels.

Value creation in the nursing home real estate investment market - A case study

The underlying thesis examines the value drivers of direct investments in nursing home real estate in Germany. A survey among investors and operators is conducted in order to identify significant value drivers. Moreover, based on survey results, a framework for assessing German nursing home real estate is developed. This is applied in a case-study about the set-up of a nursing home value-add fund which will demonstrate the value creation process of redeveloping an existing nursing home real estate portfolio. Through a concluding analysis the sources of value creation, sensitivities and future prospects of direct investing into German nursing home real estate are concluded.