Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

The impact of size and age of the company on assessing financial risk.

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Modelagem de probabilidade de churn

Clientes podem abandonar uma organização ainda que altos investimentos em prospecção e retenção sejam realizados, o que requer diagnóstico e compreensão. Este artigo objetiva modelar a probabilidade de clientes abandonarem o relacionamento com uma organização, fenômeno conhecido como churn, utilizando dados do histórico de relacionamento cliente/empresa, validar o modelo em uma segunda amostra e descrever as possíveis variáveis que influenciam o abandono/permanência do cliente. Utilizou-se o modelo de regressão logística em uma amostra de calibração de 70.000 clientes que possuíam cartão de crédito próprio de uma grande rede varejista. Dezesseis variáveis explicativas (14 características individuais e duas variáveis comportamentais) foram usadas e o modelo foi validado em uma amostra de 30.000 clientes, usando-se o teste de KS (Kolmogorov-Smirnov) e a curva ROC (Receiver Operating Characteristic), que demonstraram a boa adequação do modelo à amostra de validação. Implicações da pesquisa e sugestões para futuras investigações são discutidas à luz da gestão do relacionamento com o cliente.

Interaction between information systems and work in the Brazilian banking sector

This article presents the results of a research to understand the conditions of interaction between work and three specific information systems (ISs) used in the Brazilian banking sector. We sought to understand how systems are redesigned in work practices, and how work is modified by the insertion of new systems. Data gathering included 46 semi-structured interviews, together with an analysis of system-related documents. We tried to identify what is behind the practices that modify the ISs and work. The data analysis revealed an operating structure: a combination of different practices ensuring that the interaction between agents and systems will take place. We discovered a structure of reciprocal conversion caused by the increased technical skills of the agent and the humanization of the systems. It is through ongoing adjustment between work and ISs that technology is tailored to the context and people become more prepared to handle with technology.

INTERNATIONALIZATION OF BRAZILIAN FRANCHISE CHAINS: A COMPARATIVE STUDY

The primary goal of this paper is to comprehend the fundamental organizational differences between Brazilian franchise chains that only operate in the home market and Brazilian franchise chains that operate internationally. The sample chosen for this study comprehends 96 Brazilian franchises operating in the home market and 67 franchises with international operations; logistic regression was used to analyze data obtained from these sources. Our findings suggest that the development of a brand in international operations can be strategic for certain Brazilian franchise chains; this seems to be, however, a scarce resource for many franchises and it could be developed through international operations. With regard to the fees charged, the outcomes demonstrate that Brazilian franchises with international operations tend to charge lower fees from its franchisees to install new units. Regarding the monitoring and control of franchises, there is evidence that the monitoring capability is one of the determining factors in the development of Brazilian franchises international operations.

THE INTERNATIONAL GROWTH OF A SOCIAL BUSINESS: A CASE STUDY

ABSTRACTIn developing countries, initiatives have often been undertaken in order to fight social and environmental problems. Since the 1990s, an increase can be seen in corporate social responsibility actions, as well as increasingly strong activities by civil society organizations. Tweenty years ago, companies and civil society organizations stood wide apart from each other, with often conflicting agendas and resistance to mutual collaboration. This reality has changed significantly. Besides the phenomenon of cross-sector partnerships, we can also observe the expansion of a particular organization type, i.e., the social business, which combines two objectives that were previously seen as incompatible: financial sustainability and the generation of social value. This article aims to discuss the factors that influence the results of a social business operating in three countries: Botswana, Brazil and Jordan. The results allow understanding the challenges involved in constructing social businesses in developing countries as well as a better understanding of the very nature of those businesses, considering the social realities where they operate.

A influência do controlo do acesso à internet na satisfação com o trabalho

RESUMO: A presente investigação incide no estudo da influência das dimensões do controlo do acesso à Internet, propostas por Hackman e Oldham (1975), e das facetas da satisfação com o trabalho, propostas por Spector (1985) num contexto organizacional. Os dados foram obtidos através da aplicação de três escalas avaliativas: o "Job Diagnostic Survey" (JDS), o "Job Satisfaction Survey" (JSS), e uma escala criada para avaliar as dimensões do controlo do acesso à Internet. O estudo incidiu numa amostra de conveniência, constituída por 135 colaboradores pertencentes a três organizações. Os resultados obtidos demonstraram que apenas três dimensões revelaram relações de antecedência com as dimensões da satisfação com o trabalho: no bloqueio a páginas e aplicações foram identificadas relações de antecedência com a da satisfação com os benefícios adicionais e com a promoção. Quanto à voz nas políticas da organização foram identificadas relações com a satisfação com os colegas, e com a natureza do trabalho. E na legislação foram identificadas relações com a satisfação com as recompensas contingenciais, com as condições operantes e com a comunicação. Os resultados levaram à não confirmação do modelo em análise, por não estar em linha com o quadro teórico estabelecido. Foram discutidas algumas das implicações dos resultados obtidos. ABSTRACT: The current research focus in the study of influence between the Internet Access control dimensions, proposed in this study, and the global Job satisfaction, proposed by Hackman e Oldham (1975) and the job satisfaction facets proposed by Spector (1985) in a organizationsl context. The data eas obtained through the application of three scales: num contexto organizacional. "Job Diagnostic Survey" (JDS), the "Job Satisfaction Survey" (JSS),and a scale that was created to evaluate the internet Access control. The study focused on a convenience sample, constituted by 135 participants from three organizations. The results show that only three dimensions revealed to have an antecedent relationship with the job satisfaction dimensions: in the websites and applications blocking, it was identified as having an antecedent relationship with the satisfaction with fringe benefits and promotion. Voice in the organizational policies was verified as an antecedent to the dimensions of the satisfaction with the coworkers and with the nature of work. And finally, the legislation was confirmed as an antecedent in the relationship with the dimensions satisfaction with contingent rewards, operating conditions and communication. The results led to the non confirmation of the studied theoretical model. Some of these results implications were discussed.

Diagnostic performance of visual screening tests in the elderly

This study aimed to determine and evaluate the diagnostic accuracy of visual screening tests for detecting vision loss in elderly. This study is defined as study of diagnostic performance. The diagnostic accuracy of 5 visual tests -near convergence point, near accommodation point, stereopsis, contrast sensibility and amsler grid—was evaluated by means of the ROC method (receiver operating characteristics curves), sensitivity, specificity, positive and negative likelihood ratios (LR+/LR−). Visual acuity was used as the reference standard. A sample of 44 elderly aged 76.7 years (±9.32), who were institutionalized, was collected. The curves of contrast sensitivity and stereopsis are the most accurate (area under the curves were 0.814−p = 0.001, C.I.95%[0.653;0.975]— and 0.713−p = 0.027, C.I.95%[0,540;0,887], respectively). The scores with the best diagnostic validity for the stereopsis test were 0.605 (sensitivity 0.87, specificity 0.54; LR+ 1.89, LR−0.24) and 0.610 (sensitivity 0.81, specificity 0.54; LR+1.75, LR−0.36). The scores with higher diagnostic validity for the contrast sensibility test were 0.530 (sensitivity 0.94, specificity 0.69; LR+ 3.04, LR−0.09). The contrast sensitivity and stereopsis test's proved to be clinically useful in detecting vision loss in the elderly.

Direct Power Control of Matrix Converter Based Unified Power Flow Controllers

This paper presents the Direct Power Control of Three-Phase Matrix Converters (DPC-MC) operating as Unified Power Flow Controllers (UPFC). Since matrix converters allow direct AC/AC power conversion without intermediate energy storage link, the resulting UPFC has reduced volume and cost, together with higher reliability. Theoretical principles of DPC-MC method are established based on an UPFC model, together with a new direct power control approach based on sliding mode control techniques. As a result, active and reactive power can be directly controlled by selection of an appropriate switching state of matrix converter. This new direct power control approach associated to matrix converters technology guarantees decoupled active and reactive power control, zero error tracking, fast response times and timely control actions. Simulation results show good performance of the proposed system.

Stability Condition Based Sliding Mode Modulators for Multilevel Power Converters

Sliding mode controllers for power converters usually employ hysteresis comparators to directly generate the power semiconductors switching states. This paper presents a new sliding mode modulator based on the direct implementation of the sliding mode stability condition, which for multilevel power converters shows advantages, as branch equalized switching frequencies and less distortion on the ac currents when operating near the rated converter power. The new sliding mode multilevel modulator is used to control a three-phase multilevel converter, operated as a reactive power compensator (STATCOM), implementing the stability condition in a digital signal processing system. The performance of this new sliding mode modulator is compared with a multilevel modulator based on hysteresis comparators. Simulation and experimental results are presented in order to highlight the system operation and control robustness.

Solid-state Marx based two-switch voltage modulator for the On-Line Isotope Mass Separator accelerator at the European Organization for Nuclear Research

A new circuit topology is proposed to replace the actual pulse transformer and thyratron based resonant modulator that supplies the 60 kV target potential for the ion acceleration of the On-Line Isotope Mass Separator accelerator, the stability of which is critical for the mass resolution downstream separator, at the European Organization for Nuclear Research. The improved modulator uses two solid-state switches working together, each one based on the Marx generator concept, operating as series and parallel switches, reducing the stress on the series stacked semiconductors, and also as auxiliary pulse generator in order to fulfill the target requirements. Preliminary results of a 10 kV prototype, using 1200 V insulated gate bipolar transistors and capacitors in the solid-state Marx circuits, ten stages each, with an electrical equivalent circuit of the target, are presented, demonstrating both the improved voltage stability and pulse flexibility potential wanted for this new modulator.

A televisão na era digital: qual o modelo mais adequado para o serviço público de televisão na plataforma internet?

Dissertação apresentada à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Audiovisual e Multimédia.

Mortality from asthma in the state of S. Paulo, Brazil (1970-1992)

Mortality from asthma has shown important variations over time in several countries. In Brazil, a mortality study performed in the 60s, covering the cities of S.Paulo and Ribeirão Preto, and other ten cities showed that S.Paulo presented the lowest death rate from asthma among of them all. It was decided to study the time trends of deaths from asthma and from the whole set of respiratory diseases from 1970 to 1992, in the population aged 15-34 yrs. old in the State of S.Paulo, as well as to compare them with those of other countries. Asthma mortality rates during the 23 years of observation since 1975, showed an oscillatory declining pattern with a peak of deaths in the initial years. The linearization of the curve allows the calculation of Pearson's correlation coefficient that was significantly negative, suggesting a decline in the mortality over this period, mainly in the 5-9 yrs. old and 30-34 yrs. old strata. The segmentation of data between the period of ICD-9, 1970 to 1978, and of ICD-9, 1979 and subsequent years, shows that there is stability within each period, in all age-groups, except for that of 5-9 yr. olds between 1970-1978. Comparing the rates of the population aged 15-34 yrs. old for the State of S. Paulo, Brazil, with trends observed in 14 other countries, an intermediate pattern for the first triennial period (1970-1972) as well as for the subsequent triennial periods, emerges. A prevalence study of asthma, a follow up program meant for using emergency rooms and a surveillance of deaths due to all respiratory diseases and specifically to asthma are strongly recommended.

Prevalence of fungi in indoor air with reference to gymnasiums with swimming pools

Fungal contamination of air in 10 gymnasiums with swimming pools was monitored. Fifty air samples of 200 L each were collected, using a Millipore air tester, from the area surrounding the pool, in training studios, in showers and changing rooms for both sexes, and also, outside premises, since these are the places regarded as reference. Simultaneously, environmental parameters – temperature and humidity – were also monitored. Some 25 different species of fungi were identified. The six most commonly isolated genera were the following: Cladosporium sp. (36.6%), Penicillium sp. (19.0%), Aspergillus sp. (10.2%), Mucor sp. (7%), Phoma sp. and Chrysonilia sp. (3.3%). For yeasts, three different genera were identified, namely, Rhodotorula sp. (70%), Trichosporon mucoides and Cryptococcus uniguttulattus (10%).

Guitar solo tracker

A motivação para este trabalho vem da necessidade que o autor tem em poder registar as notas tocadas na guitarra durante o processo de improviso. Quando o músico está a improvisar na guitarra, muitas vezes não se recorda das notas tocadas no momento, este trabalho trata o desenvolvimento de uma aplicação para guitarristas, que permita registar as notas tocadas na guitarra eléctrica ou clássica. O sinal é adquirido a partir da guitarra e processado com requisitos de tempo real na captura do sinal. As notas produzidas pela guitarra eléctrica, ligada ao computador, são representadas no formato de tablatura e/ou partitura. Para este efeito a aplicação capta o sinal proveniente da guitarra eléctrica a partir da placa de som do computador e utiliza algoritmos de detecção de frequência e algoritmos de estimação de duração de cada sinal para construir o registo das notas tocadas. A aplicação é desenvolvida numa perspectiva multi-plataforma, podendo ser executada em diferentes sistemas operativos Windows e Linux, usando ferramentas e bibliotecas de domínio público. Os resultados obtidos mostram a possibilidade de afinar a guitarra com valores de erro na ordem de 2 Hz em relação às frequências de afinação standard. A escrita da tablatura apresenta resultados satisfatórios, mas que podem ser melhorados. Para tal será necessário melhorar a implementação de técnicas de processamento do sinal bem como a comunicação entre processos para resolver os problemas encontrados nos testes efectuados.