Essays on Financial Constraints, R&D Investments, and Competition

This dissertation consists of two chapters of theoretical studies that investigate the effect of financial constraints and market competition on research and development (R&D) investments. In the first chapter, I explore the impact of financial constraints on two different types of R&D investments. In the second chapter, I examine the impact of market competition on the relationship between financial constraints and R&D investments. In the first chapter, I develop a dynamic monopoly model to study a firm’s R&D strategy. Contrary to intuition, I show that a financially constrained firm may invest more aggressively in R&D projects than an unconstrained firm. Financial constraints introduce a risk that a firm may run out of money before its project bears fruit, which leads to involuntary termination on an otherwise positive-NPV project. For a company that relies on cash flow from assets in place to keep its R&D project alive, early success can be relatively important. I find that when the discovery process can be expedited by heavier investment (“accelerable” projects), a financially constrained company may find it optimal to “over”-invest in order to raise the probability of project survival. The over-investment will not happen if the project is only “scalable” (investment scales up payoffs). The model generates several testable implications regarding over-investment and project values. In the second chapter, I study the effects of competition on R&D investments in a duopoly framework. Using a homogeneous duopoly model where two unconstrained firms compete head to head in an R&D race, I find that competition has no effect on R&D investment if the project is not accelerable, and the competing firms are not constrained. In a heterogeneous duopoly model where a financially constrained firm competes against an unconstrained firm, I discover interesting strategic interactions that lead to preemption by the constrained firm in equilibrium. The unconstrained competitor responds to its constrained rival’s investment in an inverted-U shape fashion. When the constrained competitor has high cash flow risk, it accelerates the innovation in equilibrium, while the unconstrained firm invests less aggressively and waits for its rival to quit the race due to shortage of funds.

Natal qual é a sua cara?: análise do perfil edilício da avenida Eng. Roberto Freire (Natal/RN) à luz da acessibilidade

This study focuses on the building ensemble of Avenida Roberto Freire, a main road in Natal, Brazil, as a material expression of the confluence of various factors among which the following may be emphasized: high level of accessibility due to urban spatial re-structuring and the growth of the real estate market, in view of the increasing number of consumers, who arrived in Natal within the last decades. The intense urban modification process that has been going on in Natal since at least the 1980s, has engendered the formation of long axial lines which express the expansion dynamics and some of the forces subjacent to it. Avenida Roberto Freire has been an iconic example of an urban thoroughfare where architecture becomes primarily a communication support that can be perceived by fast moving passers-by, what brings it close to the venturian concept of strip (Venturi at al, 1972). The building types that line the road not only respond to the dynamics in process but also contribute to intensify it, as they house a variety of uses which attract people and generate more movement. The dynamics is further strengthened by the action of the real estate business which benefits from the increase of highly accessible locations, and from the private and public investments and incentives to tourism that aim to insert this city into the globalized world. Although the intention of reconstituting part of the history of density increase on this avenue in a diachronical perspective was attempted within the limits of the available references and documentation, the central contribution of this study is to understand the relations between topological accessibility and the typological nature of the building ensemble. By observing the synchronic morphological frame resulting from the spatial configuration analysis pertinent to this avenue (cf. Hillier and Hanson,1984) and the inventory and classification of the building ensemble there existing, this study aims to understand how architecture responds to accessibility in view of the real estate pressure, boosted by a cosmopolitanizing process brought about by the continuous flow of foreign and Brazilian arrivals as visitors, temporary or permanent residents

Equipamento para a cidade informal

Dissertação para obtenção do grau de Mestre em Arquitetura, apresentada na Universidade de Lisboa - Faculdade de Arquitetura.

Cross-talk and regulatory interactions between the essential response regulator RpaB and cyanobacterial circadian clock output

The response regulator RpaB (regulator of phycobilisome associated B), part of an essential two-component system conserved in cyanobacteria that responds to multiple environmental signals, has recently been implicated in the control of cell dimensions and of circadian rhythms of gene expression in the model cyanobacterium Synechococcus elongatus PCC 7942. However, little is known of the molecular mechanisms that underlie RpaB functions. In this study we show that the regulation of phenotypes by RpaB is intimately connected with the activity of RpaA (regulator of phycobilisome associated A), the master regulator of circadian transcription patterns. RpaB affects RpaA activity both through control of gene expression, a function requiring an intact effector domain, and via altering RpaA phosphorylation, a function mediated through the N-terminal receiver domain of RpaB. Thus, both phosphorylation cross-talk and coregulation of target genes play a role in the genetic interactions between the RpaA and RpaB pathways. In addition, RpaB∼P levels appear critical for survival under light:dark cycles, conditions in which RpaB phosphorylation is environmentally driven independent of the circadian clock. We propose that the complex regulatory interactions between the essential and environmentally sensitive NblS-RpaB system and the SasA-RpaA clock output system integrate relevant extra- and intracellular signals to the circadian clock.

Water Demand and Allocation in the Mara River Basin, Kenya/Tanzania in the Face of Land Use Dynamics and Climate Variability

The Mara River Basin (MRB) is endowed with pristine biodiversity, socio-cultural heritage and natural resources. The purpose of my study is to develop and apply an integrated water resource allocation framework for the MRB based on the hydrological processes, water demand and economic factors. The basin was partitioned into twelve sub-basins and the rainfall runoff processes was modeled using the Soil and Water Assessment Tool (SWAT) after satisfactory Nash-Sutcliff efficiency of 0.68 for calibration and 0.43 for validation at Mara Mines station. The impact and uncertainty of climate change on the hydrology of the MRB was assessed using SWAT and three scenarios of statistically downscaled outputs from twenty Global Circulation Models. Results predicted the wet season getting more wet and the dry season getting drier, with a general increasing trend of annual rainfall through 2050. Three blocks of water demand (environmental, normal and flood) were estimated from consumptive water use by human, wildlife, livestock, tourism, irrigation and industry. Water demand projections suggest human consumption is expected to surpass irrigation as the highest water demand sector by 2030. Monthly volume of water was estimated in three blocks of current minimum reliability, reserve (>95%), normal (80–95%) and flood (40%) for more than 5 months in a year. The assessment of water price and marginal productivity showed that current water use hardly responds to a change in price or productivity of water. Finally, a water allocation model was developed and applied to investigate the optimum monthly allocation among sectors and sub-basins by maximizing the use value and hydrological reliability of water. Model results demonstrated that the status on reserve and normal volumes can be improved to ‘low’ or ‘moderate’ by updating the existing reliability to meet prevailing demand. Flow volumes and rates for four scenarios of reliability were presented. Results showed that the water allocation framework can be used as comprehensive tool in the management of MRB, and possibly be extended similar watersheds.

Effect of Arginine and Oscillatory Ca2+ on Vascular Response Mediated Via Nitric Oxide Signaling in Normal and Salt Sensitive Hypertensive Rat Mesenteric Arterioles

Hypertension, a major risk factor in the cardiovascular system, is characterized by an increase in the arterial blood pressure. High dietary sodium is linked to multiple cardiovascular disorders including hypertension. Salt sensitivity, a measure of how the blood pressure responds to salt intake is observed in more than 50% of the hypertension cases. Nitric Oxide (NO), as an endogenous vasodilator serves many important biological roles in the cardiovascular physiology including blood pressure regulation. The physiological concentrations for NO bioactivity are reported to be in 0-500 nM range. Notably, the vascular response to NO is highly regulated within a small concentration spectrum. Hence, much uncertainty surrounds how NO modulates diverse signaling mechanisms to initiate vascular relaxation and alleviate hypertension. Regulating the availability of NO in the vasculature has demonstrated vasoprotective effects. In addition, modulating the NO release by different means has proved to restore endothelial function. In this study we addressed parameters that regulated NO release in the vasculature, in physiology and pathophysiology such as salt sensitive hypertension. We showed that, in the rat mesenteric arterioles, Ca2+ induced rapid relaxation (time constants 20.8 ± 2.2 sec) followed with a much slower constriction after subsequent removal of the stimulus (time constants 104.8 ± 10.0 sec). An interesting observation was that a fourfold increase in the Ca2+ frequency improved the efficacy of arteriolar relaxation by 61.1%. Our results suggested that, Ca2+ frequency-dependent transient release of NO from the endothelium carried encoded information; which could be translated into different steady state vascular tone. Further, Agmatine, a metabolite of L-arginine, as a ligand, was observed to relax the mesenteric arterioles. These relaxations were NO-dependent and occurred via α-2 receptor activity. The observed potency of agmatine (EC50, 138.7 ± 12.1 µM; n=22), was 40 fold higher than L-arginine itself (EC50, 18.3 ± 1.3 mM; n = 5). This suggested us to propose alternative parallel mechanism for L-arginine mediated vascular relaxation via arginine decarboxylase activity. In addition, the biomechanics of rat mesentery is important in regulation of vascular tone. We developed 2D finite element models that described the vascular mechanics of rat mesentery. With an inverse estimation approach, we identified the elasticity parameters characterizing alterations in normotensive and hypertensive Dahl rats. Our efforts were towards guiding current studies that optimized cardiovascular intervention and assisted in the development of new therapeutic strategies. These observations may have significant implications towards alternatives to present methods for NO delivery as a therapeutic target. Our work shall prove to be beneficial in assisting the delivery of NO in the vasculature thus minimizing the cardiovascular risk in handling abnormalities, such as hypertension.

Regional Diversification and Performance: Conceptualization and Competing Strategic Objectives

This dissertation comprised of three essays provides justification for the need to pursue research on multinationality and performance with a more fine-grained approach. Essay one is a conceptual response to an article written by Jean-Francois Hennart in 2011 which questions the need and approach toward future research in this domain. I argue that internalization theory does not render multinationality and performance research meaningless and identify key areas where methodological enhancements can be made to strengthen our research findings with regard to Hennart’s call for more content validity. Essay two responds to the need for more-fine grained research on the consequences of multinationality by introducing non-traditional measures of performance such as social and environmental performance and adopting a more theoretically relevant construct of regionalization to capture international diversification levels of the firm. Using data from the world’s largest 600 firms (based on sales) derived from Bloomberg and the Directory of Corporate Affiliates; I employ general estimating equation analysis to account for the auto-correlated nature of the panel data alongside multivariate regression techniques. Results indicate that regionalization has a positive relationship with economic performance while it has a negative relationship with environmental and social performance outcomes, often referred to as the “Triple Bottom-Line” performance. Essay three builds upon the work in the previous essays by linking the aforementioned performance variables and sample to corporate reputation which has been shown to be a beneficial strategic asset. Using Structural Equation Modeling I explore economic, environmental and social signals as mediators on relationship between regionalization and firm reputation. Results indicate that these variables partially mediate a positive relationship between regionalization and firm reputation. While regionalization positively affects the reputation building signal of economic performance, it aids in reputation building by reducing environmental and social disclosure effects which interestingly impact reputation negatively. In conclusion, the dissertation submits opportunities for future research and contributes to research by demonstrating that regionalization affects performance, but the effect varies in accordance with the performance criterion and context. In some cases, regional diversification may produce competing or conflicting outcomes among the potential strategic objectives of the firm.

Sustainability reporting in European cooperative Banks: an exploratory analysis

Cooperative banks, as a social economy institution, have a special relationship with sustainability. Given the lack of previous studies, we aim to develop an exploratory analysis on sustainability reporting in European cooperative banks. On one hand, we studied the sustainability reporting evolution to know whether the crisis influenced on this practice. On the other hand, we compared cooperative reports with banks' reports. Moreover, we analysed the sustainability reports content to know what information is disclosed by cooperative banks. The results show that although the number of cooperative banks' reports is low, it responds to the weight in the European market. They also illustrate the late incorporation of cooperative banks into sustainability reporting (consequence of their conservative nature). We cannot conclude that differences between banks and cooperative banks were significant, but -in relation to private banks- cooperatives stand out in the use of latest standards, integrated reporting and best application levels. Regarding to the content of sustainability reports, cooperative banks provide more social issues than economic or environmental issues. In the current situation, disclosing information about sustainability would help to reinforce the stakeholders' trust.

La educación social como instrumento para la equidad social y la calidad del sistema educativo. Estudio centrado en la etapa de la E.S.O.

The thesis presented here responds to the title of Social education as a tool for social equity and quality of education. This thesis is focused in E.S.O, which aims to reveal and expose a globalized mode of professional experience living for a significant number of teachers and social educators in our educational system. analyze and demonstrate the administrative and educational approach through studies categories for which you can catalog the educational reality experienced by educators in schools, check if the context of the practice of social education is given in the best conditions in the education system, identify the influence of social education as a platform of educational intervention to mitigate the possibilities of failure in school that is present through three Autonomous Communities (Extremadura, Castilla-La Mancha and Andalucia) being distributed in a significant number of high schools and several private-subsidized schools Sponsored by religious institutions in the autonomous communities of Madrid and the Canary Islands and schools belonging to religious and social foundations based in Madrid in addition of several municipalities and nonprofit entities with public and private funds that have opted for a differentiated integrate social education in their respective schools of compulsory secondary education...

A pro-active and dynamic prediction assistance using BaranC framework

Monitoring user interaction activities provides the basis for creating a user model that can be used to predict user behaviour and enable user assistant services. The BaranC framework provides components that perform UI monitoring (and collect all associated context data), builds a user model, and supports services that make use of the user model. In this case study, a Next-App prediction service is built to demonstrate the use of the framework and to evaluate the usefulness of such a prediction service. Next-App analyses a user's data, learns patterns, makes a model for a user, and finally predicts based on the user model and current context, what application(s) the user is likely to want to use. The prediction is pro-active and dynamic; it is dynamic both in responding to the current context, and also in that it responds to changes in the user model, as might occur over time as a user's habits change. Initial evaluation of Next-App indicates a high-level of satisfaction with the service.

A next application prediction service using the BaranC framework

Predicting user behaviour enables user assistant services provide personalized services to the users. This requires a comprehensive user model that can be created by monitoring user interactions and activities. BaranC is a framework that performs user interface (UI) monitoring (and collects all associated context data), builds a user model, and supports services that make use of the user model. A prediction service, Next-App, is built to demonstrate the use of the framework and to evaluate the usefulness of such a prediction service. Next-App analyses a user's data, learns patterns, makes a model for a user, and finally predicts, based on the user model and current context, what application(s) the user is likely to want to use. The prediction is pro-active and dynamic, reflecting the current context, and is also dynamic in that it responds to changes in the user model, as might occur over time as a user's habits change. Initial evaluation of Next-App indicates a high-level of satisfaction with the service.

Diet composition of a declining steppe bird the Little Bustard (Tetrax tetrax) in relation to farming practices

Foraging strategies and diet selection play an essential role in individual survival and reproductive success. The study of feeding ecology becomes crucial when it concerns endangered species such as the Little Bustard (Tetrax tetrax), whose populations are suffering strong declines as a consequence of agricultural intensification. Despite the fact that several populations are overwintering in areas affected by agricultural transformation, nothing is known about how feeding behavior responds to these changes. We studied for the first time the winter diet composition of the Little Bustard in Spain and compared it between areas with two different farming systems: dry and irrigated farmland. Diet was studied through the micro-histological analysis of 357 droppings collected in 16 locations across the wintering range of the Little Bustard in Spain. Up to 62 plant species were identified. Most consumed species were cultivated legumes (46.7%) and dicotyledon weeds (45.6%), while monocotyledons were scarcely consumed (7.7%). Diet composition differed significantly between dry and irrigated farmland areas. In irrigated areas, diet was mainly composed of legumes, in particular alfalfa (Medicago sativa). In contrast, in dry farmland areas diet was more diverse, composed mainly of weeds (Compositae, Papaveraceae, and Cruciferae) and also cultivated legumes, particularly vetch (Vicia sativa). These results suggest that legume crops could be an effective measure to improve habitat quality in areas with scarce food resources. However, in the case of irrigated areas, the strong reliance on alfalfa could make the Little Bustard more vulnerable to changes in land use. This study is the first step to understand the winter trophic requirements of the endangered Little Bustard, but further research is necessary to understand the food requirements of this species during the entire annual cycle.

Estudio sobre la operatividad y eficacia de las multas en el marco de la contratación estatal

El trabajo de grado se estructuró en tres capítulos. El primero constituye un marco teórico sobre el cual se fundamentan los siguientes, pues se realiza un análisis de la cláusula penal en el derecho privado, incluidas las prácticas comerciales internacionales. El segundo capítulo aborda el tema de las multas en la contratación estatal, para lo cual se estudió la normatividad y jurisprudencia pertinente; en esa parte del escrito se incluyó el apartado correspondiente al derecho comparado. Finalmente, en el tercer capítulo, se formula una propuesta que permite hacer de esta medida coercitiva provisional una herramienta idónea para lograr el correcto y oportuno cumplimiento del contrato.

Campo de Refugiados de Dadaab: un escenario de desafíos frente al Enfoque de Género del Alto Comisionado de Naciones Unidas para los Refugiados (ACNUR): 1998-2010

El presente Estudio de Caso tiene por objetivo determinar el alcance que tiene el Enfoque de Género de ACNUR, en la garantía de los derechos fundamentales de las mujeres y las niñas en el Campamento de Refugiados de Dadaab entre 1998 y 2010. La implementación del Enfoque resulta insuficiente en el proceso de defensa de los derechos de la población femenina, pues los problemas que enfrentan han aumentado a pesar de la ayuda humanitaria brindada por organizaciones internacionales. La iniciativa de ACNUR de mejorar las condiciones de las mujeres refugiadas, se materializa en el Enfoque de Género, no obstante los resultados de su aplicación no son los esperados. El carácter correlacional y analítico de la investigación responde al enfoque cualitativo utilizado, con el propósito de entender los retos que representa Dadaab en la aplicación de un proyecto internacional.

Organizational Cooperation and Knowledge Management in Research and Development Organizations

Organizational Cooperation (OC) is a current concept that responds to the growing interdependence among individuals and teams. Likewise, Knowledge Management (KM) accompanies specialization in all sectors of human activity. Most KM processes are cooperation-intensive, and the way both constructs relate to each other is relevant in understanding organizations and promoting performance. The present paper focuses on that relationship. The Organizational Cooperation Questionnaire (ORCOQ) and the Short form of the Knowledge Management Questionnaire (KMQ-SF) were applied to 639 members of research and development (R&D) organizations (Universities and Research Institutes). Descriptive, correlational, linear multiple regression and multivariate multiple regression analyses were performed. Results showed significant positive relationships between the ORCOQ and all the KMQ-SF dimensions. The prediction of KMQ-SF showed a large effect size (R2 = 62%). These findings will impact on how KM and OC are seen, and will be a step forward in the development of this field.