Inside out and outside in. Thinking a Tagorean Future of Education.

Rabindranath Tagore’s ideas can still inspire education in the East as well as in the West today. In this paper, I survey Tagore’s philosophical anthropology and argue that there is more coherence to his philosophy and pedagogy than is usually seen. For Tagore, the highest goal is to make the world one’s own, as well as to enlarge one’s self to encompass the world. The educational practices through which this ideal can be reached can be classified as “creative action,” “love,” and “freedom.” On the basis of such an ideal, realms such as the arts, nature, and movement no longer remain expendable additions to the kind of knowledge-driven education that aims primarily at making everyone economically productive.One of the problems with such a pedagogical strategy is that it treats human beings as means and not as ends. Tagore’s educational approach (his “method of nature”) refrains from turning children into adults as soon as possible and accepts the deceleration of learning and the simplification of living asmost forward-leading approach to a successful and comprehensive education.

Ion transport inside charged membranes.

Mode of access: Internet.

Banca Digital

Em plena quarta revolução industrial, todas as industrias se estão a transformar para se ajustar aos novos paradigmas de relação com os clientes, altamente influenciados pelos pioneiros digitais como a Uber, Netflix ou Amazon, porém no setor financeiro há desafios acrescidos, pois os clientes esperam juntar essas expectativas digitais com a manutenção da iteração humana, enquanto, do lados bancos, em simultâneo, necessitam de recuperar da crise da dívida soberana que impôs necessidades de ajustamento dos balanços. O momento de desenvolvimento tecnológico potenciado pelo forte crescimento do acesso à internet em mobilidade traz novos hábitos e expectativas na relação com as entidades, com dispositivos cada vez mais potentes a cada vez menor custo, o que criou a oportunidade perfeita para o surgimento de startups tecnológicas dispostas a transformar os modelos de negócio de intermediação clássica, dando origem, no setor financeiro, às fintechs – empresas de base tecnológica dedicadas à prestação de serviços financeiros - impondo uma disrupção na industria financeira, com destaque para mercados como os EUA e Reino Unido. Olhando aos últimos cinco anos do setor financeiro, será muito difícil antecipar como estará o setor financeiro dentro de cinco anos, mas sabemos que estará seguramente muito diferente do que conhecemos hoje, por esse fato este trabalho é assente essencialmente em referências bibliográficas dos últimos 5 anos, tendo sido feito utilizados estudos de investigação de empresas e documentos académicos para a caracterização do setor neste contexto de inovação permanente e em que medida este processo de “digitalização” do setor financeiro influencia a propensão dos clientes na contratação de mais produtos e serviços, sendo esse um fator central para os bancos em Portugal recuperarem economicamente. É também analisada a dimensão seguida pelas instituições de regulação e supervisão do setor financeiro com vista a potenciar a concorrência e inovação do setor financeiro, enquanto mantém a garantia de segurança, confiança e controlo de risco sistémico. É bastante escassa a literatura disponível para caracterizar a banca em Portugal numa ótica de inovação e transformação, porém este trabalho procura caracterizar o sistema financeiro português face à forma como está a responder aos desafios de transformação tecnológica e digital. Procurou-se estabelecer uma metodologia de investigação que permita caracterizar a perceção de valor acrescentado para os clientes da utilização de serviços digitais e em que medida estes se podem substituir aos balcões e à intervenção humana dos profissionais dos bancos, tendo-se concluído que estes dois elementos são ainda fatores centrais para os clientes.

Don’t expect me to vote for you just because I like you, even if you do make me feel warm inside: a comparison of the validity of non-ipsative measures of party support

The inclusion of non-ipsative measures of party preference (in essence ratings for each of the parties of a political system) has become established practice in mass surveys conducted for election studies. They exist in different forms, known as thermometer ratings or feeling scores, likes and dislikes scores, or support propensities. Usually only one of these is included in a single survey, which makes it difficult to assess the relative merits of each. The questionnaire of the Irish National Election Study 2002 (INES2002) contained three different batteries of non-ipsative party preferences. This paper investigates some of the properties of these different indicators. We focus in particular on two phenomena. First, the relationship between non-ipsative preferences and the choices actually made on the ballot. In Ireland this relationship is more revealing than in most other countries owing to the electoral system (STV) which allows voters to cast multiple ordered votes for candidates from different parties. Second, we investigate the latent structure of each of the batteries of party preferences and the relationships between them. We conclude that the three instruments are not interchangeable, that they measure different orientations, and that one –the propensity to vote for a party– is by far preferable if the purpose of the study is the explanation of voters’ actual choice behaviour. This finding has important ramifications for the design of election study questionnaires.

Inside out/ Outside in: La formación de profesores a través de un proyecto Erasmus+ comprometido con la diversidad europea

El objetivo de esta comunicación es dar a conocer el proyecto ERASMUS+ Inside out- Outside In- Building bridges in teacher education through encounters with diversity en el que participan ocho instituciones europeas de formación de profesores de Alemania, Austria, España, Estonia, Finlandia, Hungría, Reino Unido y Suecia, que es la coordinadora. Uno de los retos que deben afrontar los sistemas educativos en el futuro inmediato es sin duda la diversidad cultural del alumnado, en sentido amplio, ya que consideramos que esa diversidad no viene dada sólo por la lengua, procedencia, religión o etnia del alumnado, sino también por las expectativas y valores con que se enfrentan a la educación. Esos diferentes valores están en la base de gran parte del abandono escolar temprano, cuya reducción es uno de los objetivos que se ha marcado la Unión Europea. Esa tasa es en España la más alta de Europa, aunque con enormes diferencias de unas Comunidades Autónomas a otras. Los movimientos migratorios de población de dentro y fuera de la Unión Europea, unidos a la llegada de refugiados, están cambiando la fisonomía de nuestras aulas y exigen de todos los que nos dedicamos a la docencia en todos los niveles cambios para responder a las nuevas demandas. Los conceptos de arraigo y desarraigo (insideness and outsideness) son básicos por sus implicaciones en la creación de espacios de aprendizaje que se reconozcan como tales y que puedan serlo realmente; además, implican romper las fronteras entre educación formal y no formal de forma que cualquier momento y cualquier espacio puedan convertirse en espacios y tiempos educativos.

Is the supply of long-term debt independent of the term premia? Evidence from Portugal

An important assumption in the statistical analysis of the financial market effects of the central bank’s large scale asset purchase program is that the "long-term debt stock variables were exogenous to term premia". We test this assumption for a small open economy in a currency union over the period 2000M3 to 2015M10, via the determinants of short- term financing relative to long-term financing. Empirical estimations indicate that the maturity composition of debt does not respond to the level of interest rate or to the term structure. These findings suggest a lower adherence to the cost minimization mandate of debt management. However, we find that volatility and relative market size respectively decrease and increase short-term financing relative to long-term financing, while it decreases with an increase in government indebtedness.

Interest rate (in)sensitivity of emerging market corporate debt : economic analysis based on 2002-2015 empirical evidence

Interest rate sensitivity assessment framework based on fixed income yield indexes is developed and applied to two types of emerging market corporate debt: investment grade and high yield exposures. Our research advances beyond the correlation analyses focused on co- movements in yields and/or spreads of risky and risk-free assets. We show that correlation- based analyses of interest rate sensitivity could appear rather inconclusive and, hence, we investigate the bottom line profit and loss of a hypothetical model portfolio of corporates. We consider historical data covering the period 2002 – 2015, which enable us to assess interest rate sensitivity of assets during the development, the apogee, and the aftermath of the global financial crisis. Based on empirical evidence, both for investment and speculative grades securities, we find that the emerging market corporates exhibit two different regimes of sensitivity to interest rate changes. We observe switching from a positive sensitivity under the normal market conditions to a negative one during distressed phases of business cycles. This research sheds light on how financial institutions may approach interest rate risk management, evidencing that even plain vanilla portfolios of emerging market corporates, which on average could appear rather insensitive to the interest rate risk in fact present a binary behavior of their interest rate sensitivities. Our findings allow banks and financial institutions for optimizing economic capital under Basel III regulatory capital rules.

Governed by the cycle : direct and inverted interest-rate sensitivity of emerging market corporate debt

An innovative approach to quantify interest rate sensitivities of emerging market corporates is proposed. Our focus is centered at price sensitivity of modeled investment grade and high yield portfolios to changes in the present value of modeled portfolios composed of safe-haven assets, which define risk-free interest rates. Our methodology is based on blended yield indexes. Modeled investment horizons are always kept above one year thus allowing to derive empirical implications for practical strategies of interest rate risk management in the banking book. As our study spans over the period 2002 – 2015, it covers interest rate sensitivity of assets under the pre-crisis, crisis, and post-crisis phases of the economic cycles. We demonstrate that the emerging market corporate bonds both, investment grade and high yield types, depending on the phase of a business cycle exhibit diverse regimes of sensitivity to interest rate changes. We observe switching from a direct positive sensitivity under the normal pre-crisis market conditions to an inverted negative sensitivity during distressed turmoil of the recent financial crisis, and than back to direct positive but weaker sensitivity under new normal post-crisis conjuncture. Our unusual blended yield-based approach allows us to present theoretical explanations of such phenomena from economics point of view and helps us to solve an old controversy regarding positive or negative responses of credit spreads to interest rates. We present numerical quantification of sensitivities, which corroborate with our conclusion that hedging of interest rate risk ought to be a dynamic process linked to the phases of business cycles as we evidence a binary-like behavior of interest rate sensitivities along the economic time. Our findings allow banks and financial institutions for approaching downside risk management and optimizing economic capital under Basel III regulatory capital rules.

Structuring the Inside of a New-born Business – Case of a Consulting Service Company

When starting a new business, most entrepreneurs usually focus on the external aspects in order to make their new business successful. Consequently, most research in entrepreneurship has been focused on the external factors to explain the high rate of entrepreneurial failures. But there is also a lack of consideration of the internal aspects by the new entrepreneurs. This paper focuses on these internal aspects and how to help a new business implementing an internal strategy.

Tendiendo puentes entre la educación formal y no formal: Un Programa Intensivo Inclusivo Inside out/ Outside in

El propósito de esta comunicación es exponer el proceso de gestación y las características de un Curso Intensivo de formación docente dentro de un proyecto aprobado en la convocatoria de Proyectos de Asociaciones estratégicas orientadas al campo de la Educación superior (KA2) (Programa Erasmus+). Puesto que la investigación educativa debe reconstruirse dentro del paradigma de la ciencia moral, la investigación que aquí presentamos podemos calificarla como de investigación acción, y por tanto, tiene como objetivo la puesta en práctica de valores educativos. En este caso concreto, la atención a la diversidad y la disminución del abandono temprano del sistema educativo son los ejes en torno a los cuales se diseñó el proyecto InOut que se desarrollará de 2016 a 2018

Structural Health Monitoring Inside Concrete and Grout Using the Wireless Identification and Sensing Platform (WISP)

This research investigates the implementation of battery-less RFID sensing platforms inside lossy media, such as, concrete and grout. Both concrete and novel grouts can be used for nuclear plant decommissioning as part of the U.S. Department of Energy’s (DOE’s) cleanup projects. Our research examines the following: (1) material characterization, (2) analytical modeling of transmission and propagation losses inside lossy media, (3) maximum operational range of RFID wireless sensors embedded inside concrete and grout, and (4) best positioning of antennas for achieving longer communication range between RFID antennas and wireless sensors. Our research uses the battery-less Wireless Identification and Sensing Platform (WISP) which can be used to monitor temperature, and humidity inside complex materials. By using a commercial Agilent open-ended coaxial probe (HP8570B), the measurements of the dielectric permittivity of concrete and grout are performed. Subsequently, the measured complex permittivity is used to formulate analytical Debye models. Also, the transmission and propagation losses of a uniform plane wave inside grout are calculated. Our results show that wireless sensors will perform better in concrete than grout. In addition, the maximum axial and radial ranges for WISP are experimentally determined. Our work illustrates the feasibility of battery-less wireless sensors that are embedded inside concrete and grout. Also, our work provides information that can be used to optimize the power management, sampling rate, and antenna design of such sensors.

Perpetual debt valuation: the net present value myopia

Would you prefer to receive a fixed rent for a period of 50 years, 75 years or perpetually? Well, if you have chosen the perpetual option, you are absolutely right. However, when considering a mathematical and financial approach, they may all end up roughly the same whenever the Net Present Value (NPV) is approximately identical. It makes common sense to choose the perpetual option even if the NPV exhibits myopia when computing the discount value of a fixed yearly rent. After a certain period, the discount value becomes approximately the same even when adding more yearly fixed rents. Corporations and governments issue perpetual bonds while recognizing these may not represent a very good financing strategy and thus implying that most of these issues are either callable or convertible on the issuer’s request. In approaching the existing perpetual debt related NPV myopia, this paper holds two main goals: firstly, we intend to study the behaviours of perpetual debt yields against other perpetual instruments and, secondly, we consider the financial methods for assessing the value of money before proposing a formula adjustment that might serve to overcome default NPV when evaluating fixed rents in perpetuity.