Portuguese average cost of capital

The oldest Portuguese share index still being calculated is the BVL/PSI-General, one which started the daily series on 5/Jan/1988 with a base value of 1000 points. Everyday a single value is computed based on the closing prices of all the shares included in the sample. Also, all corporate events affecting the price of any share beyond market sentiment are taken into account through proper adjustments, either in the numerator or the denominator of the formula. However, for dates before January 1988, there is nothing comparable to this index since the two different series known either never disclosed the methodology adopted to calculate the index or followed solutions not compatible with the above index. The present paper explains the solutions adopted to replicate as closely as possible the methodology of the BVL-General index to the main market of the Lisbon Exchange for the period 1978 – 1987. This is the first estimate of the historical Equity Risk Premium in Portugal above short-term risk-free rate from the re-opening of the market following the Carnation Revolution (and the accompanying nationalizations), to the present. In showing a value of the same order of magnitude found in other countries, the paper invites further studies on the effects of political decisions such as privatizations and joining the European Union.

Cost efficiency in the Portuguese water sector: The case of multimunicipal systems operating at the bulk level

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

The impact of changing the transportation cost structure of a food retail company

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Vodafone - Kabel Deutschland Merger

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

Design of a balanced scorecard-type management system for a back-office department in a bank

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

Drivers and barriers to value creation in mobile service delivery

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Avaliação econômica da estação de monta em caprinos utilizando protocolo de sincronização do estro e ração flushing.

Resumo: O objetivo deste estudo foi realizar uma análise econômica do protocolo de sincronização do estro mais a ração flushing oferecida as cabras durante a estação de monta. Foram selecionadas 12 cabras da raça Saanen e um reprodutor, recebendo ração flushing. Utilizou-se esponjas análogas a progesterona, Prostaglandina e Gonadotrofina Coriônica Equina. O custo total foi de R$ 46, 17/animal. A utilização da sincronização torna-se uma medida viável economicamente quando comparada a monta natural. [Economic analisy on station of sum to Saanen goats using protocol of synchronization of estrous and flushing ration]. Abstract: The aim of the experimente was to realize na economic analysis of protocol synchronization of estrous and flushing ration offered to Saanen breed goats during station of sum. Twelve Saanen breed goats and onde billy-goat were used. Intravaginal sponges containing progesterone, Prostaglandin and Equine Corionic Gonadotroohin were used. The total costs were R$ 46,17/animal. The use of protocol of sychronization of estrous is more economically viable the sum natural.

Rebalancing frequency and the welfare cost of inflation

Cash-in-advance models usually require agents to reallocate money and bonds in fixed periods, every month or quarter, for example. I show that fixed periods underestimate the welfare cost of inflation. I use a model in which agents choose how often they exchange bonds for money. In the benchmark specification, the welfare cost of ten percent instead of zero inflation increases from 0.1 percent of income with fixed periods to one percent with optimal periods. The results are robust to different preferences, to different compositions of income in bonds or money, and to the introduction of capital and labor.

Energy-efficient diversity combining for different access schemes in a multi-path dispersive channel

Dissertação para obtenção do Grau de Doutor em Engenharia Electrotécnica e Computadores

Análise comparativa do direito de acesso a cuidados de saúde no serviço nacional de saúde português e sistema de saúde norte-americano (EUA)

RESUMO - O presente estudo situa-se nas áreas gerais da Saúde Pública, dos Sistemas de Saúde e do Acesso à Prestação de Cuidados de Saúde e procura analisar o conteúdo e concretização do Direito de Acesso a Cuidados de Saúde na perspectiva de dois sistemas de saúde paradigmaticamente distintos, um sistema de acesso universal, representado pelo Serviço Nacional de Saúde português e um sistema de saúde de “não universal”, cujo paradigma é o modelo existente nos Estados Unidos da América, onde entidades gestoras de cuidados, Managed Care Organizations, são chamadas a desempenhar um papel central no acesso e prestação de cuidados de saúde. O vasto campo de investigação representado pela problemática do acesso a cuidados de saúde e a necessidade de limitar o trabalho de investigação subjazem à definição de quatro vertentes a analisar: (a) a existência ou não de uma base legal que preveja e regule o exercício do direito de acesso a cuidados de saúde; (b) o conteúdo deste direito no âmbito de cada um dos sistemas em estudo; (c) as condições de concretização do acesso a cuidados de saúde em ambos os sistemas, e, por último (d) a existência de garantias de efectivação do mesmo. Analisados os sistemas em estudo à luz das vertentes apresentadas, concluímos que a existência de um quadro normativo próprio, que explicite o conteúdo e condições de efectivação do direito, apresenta maiores garantias de concretização do exercício do Direito de Acesso a Cuidados de Saúde, entendendo-se que um sistema de acesso dependente da actuação de entidades gestoras de cuidados não beneficia o acesso a cuidados de saúde, nomeadamente por não garantir equidade no momento de procura e necessidade de cuidados. Os dados apresentados foram recolhidos através do recurso a uma metodologia qualitativa. A análise documental foi aplicada na recolha dos dados relativos à evolução e caracterização dos sistemas, bem como às condições de acesso. No âmbito do sistema de saúde de acesso universal, ou seja, o caso português, procedeu-se essencialmente à análise dos normativos aplicáveis. No que se refere ao sistema de saúde norte-americano, na ausência de base legal aplicável, recorreu-se sobretudo à análise de literatura e documentos. A participação no vi Second Biennal Seminar in Law and Bioethics1 e na 30th Annual Health Law Professors Conference2, realizados em Bóston, EUA, em Julho de 2007, permitiram uma melhor percepção da actual situação da prestação de cuidados naquele País, nomeadamente de algumas das reformas em curso, bem como um melhor entendimento das características do sistema prestador norte-americano em si mesmo. 1 Seminário organizado nos dias 30 e 31 de Maio, numa colaboração entre a Escola Nacional de Saúde Pública e o Departamento de Direito da saúde, Bioética e Direitos Humanos da Escola de Saúde Pública da Universidade de Bóston, sob o tema: “Law and ethics in rationing Access to care in a high-cost global economy”. A nossa participação deveu-se a um convite da Prof.ª Paula Lobato de Faria para colaborar na sessão sobre o sistema de saúde português. 2 Reunião realizada em Bóston nos dias 31 de Maio a 2 de Junho, sobretudo a sessão dedicada ao tema “New Models for Reform”, sobre os novos modelos de sistema de saúde em desenvolvimento nos EUA.

Design and development of a microfluidic platform for use with colorimetric gold nanoprobe assays

Due to the importance and wide applications of the DNA analysis, there is a need to make genetic analysis more available and more affordable. As such, the aim of this PhD thesis is to optimize a colorimetric DNA biosensor based on gold nanoprobes developed in CEMOP by reducing its price and the needed volume of solution without compromising the device sensitivity and reliability, towards the point of care use. Firstly, the price of the biosensor was decreased by replacing the silicon photodetector by a low cost, solution processed TiO2 photodetector. To further reduce the photodetector price, a novel fabrication method was developed: a cost-effective inkjet printing technology that enabled to increase TiO2 surface area. Secondly, the DNA biosensor was optimized by means of microfluidics that offer advantages of miniaturization, much lower sample/reagents consumption, enhanced system performance and functionality by integrating different components. In the developed microfluidic platform, the optical path length was extended by detecting along the channel and the light was transmitted by optical fibres enabling to guide the light very close to the analysed solution. Microfluidic chip of high aspect ratio (~13), smooth and nearly vertical sidewalls was fabricated in PDMS using a SU-8 mould for patterning. The platform coupled to the gold nanoprobe assay enabled detection of Mycobacterium tuberculosis using 3 8l on DNA solution, i.e. 20 times less than in the previous state-of-the-art. Subsequently, the bio-microfluidic platform was optimized in terms of cost, electrical signal processing and sensitivity to colour variation, yielding 160% improvement of colorimetric AuNPs analysis. Planar microlenses were incorporated to converge light into the sample and then to the output fibre core increasing 6 times the signal-to-losses ratio. The optimized platform enabled detection of single nucleotide polymorphism related with obesity risk (FTO) using target DNA concentration below the limit of detection of the conventionally used microplate reader (i.e. 15 ng/μl) with 10 times lower solution volume (3 μl). The combination of the unique optical properties of gold nanoprobes with microfluidic platform resulted in sensitive and accurate sensor for single nucleotide polymorphism detection operating using small volumes of solutions and without the need for substrate functionalization or sophisticated instrumentation. Simultaneously, to enable on chip reagents mixing, a PDMS micromixer was developed and optimized for the highest efficiency, low pressure drop and short mixing length. The optimized device shows 80% of mixing efficiency at Re = 0.1 in 2.5 mm long mixer with the pressure drop of 6 Pa, satisfying requirements for the application in the microfluidic platform for DNA analysis.

Determination of the most suitable oil pipeline route using GIS least cost path analysis

The Keystone XL has a big role for transforming Canadian oil to the USA. The function of the pipeline is decreasing the dependency of the American oil industry on other countries and it will help to limit external debt. The proposed pipeline seeks the most suitable route which cannot damage agricultural and natural water recourses such as the Ogallala Aquifer. Using the Geographic Information System (GIS) techniques, the suggested path in this study got extremely high correct results that will help in the future to use the least cost analysis for similar studies. The route analysis contains different weighted overlay surfaces, each, was influenced by various criteria (slope, geology, population and land use). The resulted least cost path routes for each weighted overlay surface were compared with the original proposed pipeline and each displayed surface was more effective than the proposed Keystone XL pipeline.

Rethinking the Portuguese banking sector in a post-crisis context

As the financial crisis hit the Portuguese banks, the profitability of the whole sector squeezed to historical minimums. Reinventing the banking business model in the post-crisis context is an overriding issue to achieve sustainable profits and a low cost-to-income ratio. We propose banks to adopt a true multichannel approach, proceeding to a branch network reformatting and a relocation of services to online channels; adopt a true customer-centric approach and reduce the product and services portfolio complexity; finally, industrialize operations and rationalize the structure. With these measures in place, Portuguese banks will become leaner and more efficient, aspiring to a cost-to-income ratio below 45%.

Portuguese banks and the economic adjustment programme: balance sheet adjustments and impact on profitability

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