Energy efficiency in the Chinese provinces: a fixed effects stochastic frontier spatial Durbin error panel analysis

Energy efficiency improvement has been a key objective of China’s long-term energy policy. In this paper, we derive single-factor technical energy efficiency (abbreviated as energy efficiency) in China from multi-factor efficiency estimated by means of a translog production function and a stochastic frontier model on the basis of panel data on 29 Chinese provinces over the period 2003–2011. We find that average energy efficiency has been increasing over the research period and that the provinces with the highest energy efficiency are at the east coast and the ones with the lowest in the west, with an intermediate corridor in between. In the analysis of the determinants of energy efficiency by means of a spatial Durbin error model both factors in the own province and in first-order neighboring provinces are considered. Per capita income in the own province has a positive effect. Furthermore, foreign direct investment and population density in the own province and in neighboring provinces have positive effects, whereas the share of state-owned enterprises in Gross Provincial Product in the own province and in neighboring provinces has negative effects. From the analysis it follows that inflow of foreign direct investment and reform of state-owned enterprises are important policy handles.

Building Owner vs. Energy User: a Split Incentive for Energy Reduction

The UK’s historically low cost of energy has encouraged a culture that considers energy to be in limitless supply and excessive levels of consumption acceptable. Now that supplies are becoming restricted and costs rising, it is becoming recognised this energy culture has created a legacy stock of buildings with poor building fabric, limited energy efficiency equipment and even lower levels of energy awareness. Cost effective technologies are readily available but not adopted by UK SMEs in non-domestic buildings, as rational economic theory would expect. Policy-makers attribute this to inaccessibility of information and investment and design policies accordingly. However, as escalation of demand continues an alternative driver of this paradox must exist. This research hypothesises that this is the ownership structures of non-domestic buildings. Tenure of business premises is found to prevent adoption of energy conservation opportunities; 64% of SME surveyed encountered barriers to energy efficiency related to building ownership. When increased pro rata to reflect the UK SME population, almost 2.5 million businesses appear unable to benefit from energy improvements.

Semi-automatic parallelisation of unstructured mesh codes

The availability of CFD software that can easily be used and produce high efficiency on a wide range of parallel computers is extremely limited. The investment and expertise required to parallelise a code can be enormous. In addition, the cost of supercomputers forces high utilisation to justify their purchase, requiring a wide range of software. To break this impasse, tools are urgently required to assist in the parallelisation process that dramatically reduce the parallelisation time but do not degrade the performance of the resulting parallel software. In this paper we discuss enhancements to the Computer Aided Parallelisation Tools (CAPTools) to assist in the parallelisation of complex unstructured mesh-based computational mechanics codes.

O desafio do aproveitamento de águas pluviais

Pretende-se com este trabalho avaliar a importância dos sistemas de aproveitamento de água da chuva como medida contributiva para a sustentabilidade dos recursos hídricos, a par do alerta para os preços praticados em Portugal, que comprometem a viabilidade deste tipo de sistema. Será também dada especial atenção à vulnerabilidade a que os referidos sistemas estão sujeitos, imposta pelos meses de Verão, onde os consumos de água são substancialmente maiores, mas durante os quais normalmente não ocorre precipitação. Após uma primeira componente teórica, determinar-se-á numa fase posterior o consumo anual de água registado numa moradia em Guimarães, e comparar-se-ão os resultados dos investimentos num sistema de aproveitamento de água da chuva em Portugal e na Dinamarca. Ampliando o âmbito para um edifício de escritórios e um edifício escolar, registar-se-á a rentabilidade do sistema. Essa rentabilidade, referindo-se ao número de anos em que o investimento é amortizado, é determinada numa folha de cálculo a partir da conjugação do valor investido com o valor que, anualmente, se consegue poupar com o uso da água da chuva. Concluir-se-á que o factor que verdadeiramente compromete a diferença entre o investimento e a poupança, reside no baixo valor do metro cúbico de água que, em média, se paga em Portugal. O estudo realizado nesta Dissertação revela que um valor mais alto para o preço da água, traduzir-se-ia numa menor diferença entre o investimento e a poupança, do qual resultava um período de retorno significativamente mais baixo. Além disso, os sistemas de aproveitamento de água da chuva são vulneráveis a diversas dificuldades, como as condições meteorológicas, que se traduzem na falta de precipitação nos meses de Verão onde a procura de água é muito superior.

Protocol to design techniques for implementing software development best practices

Software engineering best practices allow significantly improving the software development. However, the implementation of best practices requires skilled professionals, financial investment and technical support to facilitate implementation and achieve the respective improvement. In this paper we proposes a protocol to design techniques to implement best practices of software engineering. The protocol includes the identification and selection of process to improve, the study of standards and models, identification of best practices associated with the process and the possible implementation techniques. In addition, technical design activities are defined in order to create or adapt the techniques of implementing best practices for software development.

Interest Representation as a Clash of Unequal Allies

Organized interests do not have direct control over the fate of their policy agendas in Congress. They cannot introduce bills, vote on legislation, or serve on House committees. If organized interests want to achieve virtually any of their legislative goals they must rely on and work through members of Congress. As an interest group seeks to move its policy agenda forward in Congress, then, one of the most important challenges it faces is the recruitment of effective legislative allies. Legislative allies are members of Congress who “share the same policy objective as the group” and who use their limited time and resources to advocate for the group’s policy needs (Hall and Deardorff 2006, 76). For all the financial resources that a group can bring to bear as it competes with other interests to win policy outcomes, it will be ineffective without the help of members of Congress that are willing to expend their time and effort to advocate for its policy positions (Bauer, Pool, and Dexter 1965; Baumgartner and Leech 1998b; Hall and Wayman 1990; Hall and Deardorff 2006; Hojnacki and Kimball 1998, 1999). Given the importance of legislative allies to interest group success, are some organized interests better able to recruit legislative allies than others? This question has received little attention in the literature. This dissertation offers an original theoretical framework describing both when we should expect some types of interests to generate more legislative allies than others and how interests vary in their effectiveness at mobilizing these allies toward effective legislative advocacy. It then tests these theoretical expectations on variation in group representation during the stage in the legislative process that many scholars have argued is crucial to policy influence, interest representation on legislative committees. The dissertation uncovers pervasive evidence that interests with a presence across more congressional districts stand a better chance of having legislative allies on their key committees. It also reveals that interests with greater amounts of leverage over jobs and economic investment will be better positioned to win more allies on key committees. In addition, interests with a policy agenda that closely overlaps with the jurisdiction of just one committee in Congress are more likely to have legislative allies on their key committees than are interests that have a policy agenda divided across many committee jurisdictions. In short, how groups are distributed across districts, the leverage that interests have over local jobs and economic investment, and how committee jurisdictions align with their policy goals affects their influence in Congress.

A tributação dos residentes não habituais: o caso português

No ano de 2009, foi introduzido no ordenamento jurídico português um regime de tributação privilegiado com vista a atrair estrangeiros de elevado valor acrescentado, promovendo o investimento e aumentando a qualificação da mão-de-obra. Apesar de não se tratar de uma experiência pioneira no domínio da tributação, assume-se verdadeiramente competitivo face aos restantes regimes em vigor na União Europeia, nomeadamente quanto ao âmbito e critérios de aplicação, bem como quanto à sua duração. A inevitável interação deste regime com as Convenções para evitar a Dupla Tributação e com o princípio da não discriminação, conduz-nos numa análise transversal que permita efetuar uma avaliação global e sistematizada dos benefícios que lhe estão subjacentes. Verifica-se que os eventuais constrangimentos com as Convenções para evitar a Dupla Tributação apesar de reais e de difícil eliminação resultam, por vezes, em situações bastante favoráveis para os seus beneficiários, como acontece com a dupla isenção concedida às pensões de fonte estrangeira. Complementarmente, consideramos que o facto de configurar um verdadeiro benefício fiscal, promovendo uma derrogação do regime regra da tributação em IRS, não compromete o princípio constitucional da não discriminação.

A escarificação na adolescência : a problemática do eu-pele a partir do Rorschach

Dissertação (mestrado)—Universidade de Brasília, Instituto de Psicologia, Programa de Pós-Graduação em Psicologia Clínica e Cultura, 2015.

Essays in corporate finance

China has been growing rapidly over the last decades. The private sector is the driving force of this growth. This thesis focuses on firm-level investment and cash holdings in China, and the chapters are structured around the following issues. 1. Why do private firms grow so fast when they are more financially constrained? In Chapter 3, we use a panel of over 600,000 firms of different ownership types from 1998 to 2007 to find the link between investment opportunities and financial constraints. The main finding indicates that private firms, which are more likely to be financially constrained, have high investment-investment opportunity sensitivity. Furthermore, this sensitivity is relatively lower for state-owned firms in China. This shows that constrained firms value investment opportunities more than unconstrained firms. To better measure investment opportunities, we attempt to improve the Q model by considering supply and demand sides simultaneously. When we capture q from the supply side and the demand side, we find that various types of firms respond differently towards different opportunity shocks. 2. In China, there are many firms whose cash flow is far greater than their fixed capital investment. Why is their investment still sensitive to cash flow? To explain this, in Chapter 4, we attempt to introduce a new channel to find how cash flow affects firm-level investment. We use a dynamic structural model and take uncertainty and ambiguity aversion into consideration. We find that uncertainty and ambiguity aversion will make investment less sensitive to investment opportunities. However, investment-cash flow sensitivity will increase when uncertainty is high. This suggests that investment cash flow sensitivities could still be high even when the firms are not financially constrained. 3. Why do firms in China hold so much cash? How can managers’ confidence affect corporate cash holdings? In Chapter 5, we analyse corporate cash holdings in China. Firms hold cash for precautionary reasons, to hedge frictions such as financing constraints and uncertainty. In addition, firms may act differently if they are confident or not. In order to determine how confidence shocks affect precautionary savings, we develop a dynamic model taking financing constraints, uncertainty, adjustment costs and confidence shocks into consideration. We find that without confidence shocks, firms will save money in bad times and invest in good times to maximise their value. However, if managers lose their confidence, they tend to save money in good times to use in bad times, to hedge risks and financing constraint problems. This can help explain why people find different results on the cash flow sensitivity of cash. Empirically, we use a panel of Chinese listed firms. The results show that firms in China save more money in good times, and the confidence shock channel can significantly affect firms’ cash holdings policy.

A study on the effect of functional distribution of income on aggregate demand

In this thesis, we study the causal relationship between functional distribution of income and economic growth. In particular, we focus on some of the aspects that might alter the effect of the profit share on growth. After a brief introduction and literature review, the empirical contributions will be presented in Chapters 3,4 and 5. Chapter 3 analyses the effect of a contemporaneous decrease in the wage share among countries that are major trade partners. Falling wage share and wage moderation are a global phenomenon which are hardly opposed by governments. This is because lower wages are associated with lower export prices and, therefore, have a positive effect on net-exports. There is, however, a fallacy of composition problem: not all countries can improve their balance of payments contemporaneously. Studying the country members of the North America Free Trade Agreement, we find that the effect on export of a contemporaneous decrease in the wage share in Mexico, Canada and the United States, is negative in all countries. In other words, the competitive advantage that each country gains because of a reduction in its wage share (to which is associated a decrease in export prices), is offset by a contemporaneous increase in competitiveness in the other two countries. Moreover, we find that NAFTA is overall wage-led: the profit share has a negative effect on aggregate demand. Chapter 4 tests whether it is possible that the effect of the profit share on growth is different in the long run and in the short run. Following Blecker (2014) our hypothesis is that in the short run the growth regime is less wage-led than it is in the long run. The results of our empirical investigation support this hypothesis, at least for the United States over the period 1950-2014. The effect of wages on consumption increases more than proportionally compared to the effect of profits on consumption from the short to the long run. Moreover, consumer debt seem to have only a short-run effect on consumption indicating that in the long run, when debt has to be repaid, consumption depends more on the level of income and on how it is distributed. Regarding investment, the effect of capacity utilization is always larger than the effect of the profit share and that the difference between the two effects is higher in the long run than in the short run. This confirms the hypothesis that in the long run, unless there is an increase in demand, it is likely that firms are not going to increase investments even in the presence of high profits. In addition, the rentier share of profits – that comprises dividends and interest payments – has a long-run negative effect on investment. In the long run rentiers divert firms’ profits from investment and, therefore, it weakens the effect of profits on investment. Finally, Chapter 5 studies the possibility of structural breaks in the relationship between functional distribution of income and growth. We argue that, from the 1980s, financialization and the European exchange rate agreements weakened the positive effect of the profit share on growth in Italy. The growth regime is therefore becoming less profit-led and more wage-led. Our results confirm this hypothesis and also shed light on the concept of cooperative and conflictual regimes as defined by Bhaduri and Marglin (1990).

X-ray vision: mental representation of the human body’s inner morphology

This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.

Adding Value to Manufacturing: Thirty Years of European Framework Program Activity

Part 1: Introduction

Equity research - Brisa

Mestrado em Finanças

A pesca do bacalhau durante o período do Estado Novo (1933-1974) : contributo para as relações interculturais

A presente dissertação tem como objeto de estudo a pesca do bacalhau feita por portugueses sob a bandeira de Portugal durante o período do Estado Novo (1933-1974). Investigou-se as razões para um investimento e um protecionismo tão forte à indústria da pesca do bacalhau. É indissociável do estudo da demanda portuguesa por este peixe, à época muito abundante no noroeste atlântico, as políticas autárcicas e de subsistência pilares da economia do Estado Novo, assim como a implantação e robustecimento da Instituição Corporativa. Subjacente a estas linhas de matriz económica mas paradigmáticas do novo regime, estava também a reconstrução da identidade portuguesa, a sacralização do trabalho e a heroicidade do pescador português do bacalhau. A existência da tentativa de revivificação da glória dos descobrimentos na pesca do bacalhau. A criação de um ambiente social, político e religioso que levaram à persecução destas políticas e consequentemente do engrandecimento da estrutura do Estado Novo, resultando até na sedimentação de apoio popular. O desenvolvimento da frota de pesca longínqua foi quase uma única janela de oportunidades para o conhecimento de novos mundos. A montante e a jusante da atividade piscatória também se desenvolveram indústrias e comércio internacional. A participação em organizações internacionais de regulação das pescas proporcionou contatos Institucionais com outras nações, não raro utilizados para quebrar isolamentos e propagandear o Estado Novo e as suas manifestações culturais e identitárias que suscitaram relacionamentos interculturais. Para além destes contatos mais formais, também se desenvolveram contatos informais, que se repercutiram na criação e manifestação de conhecimento mútuo e claro de condições para a gestação da interculturidade. Estes desenvolvimentos de relações informais, de contatos profissionais também geraram relações culturais que se manifestaram em projetos individuais de vida associados às migrações.

Contribuição para a valorização, geoconservação e gestão da jazida fossilífera de Cacela (Parque Natural da Ria Formosa, Algarve, Portugal)

Dissertação de mest. em Gestão e Conservação da Natureza, Faculdade de Ciências do Mar e do Ambiente, Univ. do Algarve, 2004