A relevância do relatório de auditoria para os investidores institucionais, analistas financeiros e analistas de crédito

In the 70s, a new line of research focused on the study of the influence of the audit report on the decision process of investors, financial analysts and credit analysts. Notwithstanding the numerous studies that have been carried out, results have not been consistent. Given the above, and considering the lack, in Portugal, of a research of this nature, it seems urgent to carry out a study that allows the analysis of the use of the audit report, as well as its influence on the decision making process of Portuguese stakeholders. For that purpose, in the light of the positivist research paradigm, a questionnaire was designed, which was administered by mail and on the Survey Monkey platform to a sample of institutional investors, financial analysts and credit analysts. The statistical analysis of the data obtained was undertaken with resource to the Statistical Package for the Social Sciences and SmartPLS 2.0. Corroborating the literature review and the assumptions of the Agency Theory and the Stakeholder Theory, used in the theoretical framework of analysis, empirical evidence has shown that the audit report influences the decision of institutional investors, financial analysts and credit analysts, and that the opinion expressed in that document is the most determinant factor of this influence. In addition to this factor, it was found that the degree of utilization of the audit report, as well as the value ascribed to this document, determine its influence in the decision process of research groups studied. Only in the case of institutional investors, the results did not reveal a correlation between the utility ascribed to the audit report and the influence of this document in their decision making process. In turn, the statistical inference of the model explaining the degree of use of the audit report revealed that it is conditioned by the perceived quality of the information enclosed in the audit report, the utility assigned to the audit report on the decision process, as well as the relevance of the other sources of information used by stakeholders. Therefore, this study allowed proving the importance of the audit report to its users. As a result, we believe to have filled a gap in national literature and to have contributed to the enhancement of international literature. The importance that this document has for the development of any country is, therefore, shown, and it is urgent to maintain rigor in the selection of its staff, in the development of its standards, and especially in the development of audits. Moreover, we also consider that this research may contribute to the improvement of the audit report, insofar as it will help professional bodies to understand the information needs and perceptions of stakeholders.

Evaluating the Guimarães 2012 European Capital of Culture: National and International Tourists’ Behaviors and Perceptions

In 2012, Guimarães hosted the European Capital of Culture (ECOC). An evaluation of this event was needed because public, private, and community funds were involved. This analysis considers tourists as external and independent stakeholders who assessed the cultural activities developed during the event as well as the attributes of the city. The main objectives of the research conducted were to assess the visitors` motivations during the hosting of the Guimarães ECOC 2012, their perceptions towards the city and if national and international visitors kept different perceptions of it. For two months, in the summer of 2012, a survey was applied to 390 visitors. The results revealed that hosting the 2012 ECOC was a major contribution towards attracting new visitors to the city (though many of the visitors stayed only for a short period of time). Based on tourists’ perceptions, the tangible heritage was clearly detached from the set of attributes associated to Guimarães, whereas the intangible heritage was less noted. The Portuguese tourists seem to be more prone to value the tangible heritage than the foreign tourists. Overall, Guimarães received a very positive evaluation relating to the city’s image and, as stated by tourists, visiting it was declared to be highly recommended. Following the obtained empirical results, the need for changing the city’s promoted image emerges, which has been too centered on its tangible heritage. In doing so, it is believed that there will be longer overnight stays by visitors.

Surface plasmon resonance as a tool in the functional analisys of an immunodominant site in foot-and-mouth disease virus

A fast and direct surface plasmon resonance (SPR) method for the kinetic analysis of the interactions between peptide antigens and immobilised monoclonal antibodies (mAb) has been established. Protocols have been developed to overcome the problems posed by the small size of the analytes (< 1600 Da). The interactions were well described by a simple 1:1 bimolecular interaction and the rate constants were self-consistent and reproducible. The key features for the accuracy of the kinetic constants measured were high buffer flow rates, medium antibody surface densities and high peptide concentrations. The method was applied to an extensive analysis of over 40 peptide analogues towards two distinct anti-FMDV antibodies, providing data in total agreement with previous competition ELISA experiments. Eleven linear 15-residue synthetic peptides, reproducing all possible combinations of the four replacements found in foot-and-mouth disease virus (FMDV) field isolate C-S30, were evaluated. The direct kinetic SPR analysis of the interactions between these peptides and three anti-site A mAbs suggested additivity in all combinations of the four relevant mutations, which was confirmed by parallel ELISA analysis. The four-point mutant peptide (A15S30) reproducing site A from the C-S30 strain was the least antigenic of the set, in disagreement with previously reported studies with the virus isolate. Increasing peptide size from 15 to 21 residues did not significantly improve antigenicity. Overnight incubation of A15S30 with mAb 4C4 in solution showed a marked increase in peptide antigenicity not observed for other peptide analogues, suggesting that conformational rearrangement could lead to a stable peptide-antibody complex. In fact, peptide cyclization clearly improved antigenicity, confirming an antigenic reversion in a multiply substituted peptide. Solution NMR studies of both linear and cyclic versions of the antigenic loop of FMDV C-S30 showed that structural features previously correlated with antigenicity were more pronounced in the cyclic peptide. Twenty-six synthetic peptides, corresponding to all possible combinations of five single-point antigenicity-enhancing replacements in the GH loop of FMDV C-S8c1, were also studied. SPR kinetic screening of these peptides was not possible due to problems mainly related to the high mAb affinities displayed by these synthetic antigens. Solution affinity SPR analysis was employed and affinities displayed were generally comparable to or even higher than those corresponding to the C-S8c1 reference peptide A15. The NMR characterisation of one of these multiple mutants in solution showed that it had a conformational behaviour quite similar to that of the native sequence A15 and the X-ray diffraction crystallographic analysis of the peptide ? mAb 4C4 complex showed paratope ? epitope interactions identical to all FMDV peptide ? mAb complexes studied so far. Key residues for these interactions are those directly involved in epitope ? paratope contacts (141Arg, 143Asp, 146His) as well as residues able to stabilise a particular peptide global folding. A quasi-cyclic conformation is held up by a hydrophobic cavity defined by residues 138, 144 and 147 and by other key intrapeptide hydrogen bonds, delineating an open turn at positions 141, 142 and 143 (corresponding to the Arg-Gly-Asp motif).

What factors of satisfaction and motivation are affecting the development of the academic career in Portuguese higher education institutions?

An important constituent group and a key resource of higher education institutions (HEIs) is the faculty or academic staff. The centrality of the faculty role makes it a primary sculptor of institutional culture and has implications for the quality of the institution and therefore has a major role in achieving the objectives of the institution. Demand for academic staff in higher education has been increasing and may be expected to continue to increase. Moreover the performance of academic staff as teachers and researchers determines much of the student satisfaction and has an impact on student learning. There are many factors that serve to undermine the commitment of academics to their institutions and careers. Job satisfaction is important in revitalizing staff motivation and in keeping their enthusiasm alive. Well motivated academic staff can, with appropriate support, build a national and international reputation for themselves and the institution in the professional areas, in research and in publishing. This paper aims to identify the issues and their impacts on academic staff job satisfaction and motivation within Portuguese higher education institutions reporting an ongoing study financed by the European Union through the Portuguese Foundation for Science and Technology.

Public hearings as a tool to improve participation in regulatory policies: case study of the National Agency of Electric Energy

The participation of citizens in public policies is an opportunity not only to educate them, but also to increase their empowerment. However, the best way for deploying participatory policies, defining their scope and approach, still remains an open and continuous debate. Using as a case study the Brazilian National Agency of Electric Energy (Aneel), with its public hearings about tariff review, this paper aims at analyzing the democratic aspects of these hearings and challenges the hypothesis of many scholars about the social participation bias in this kind of procedure. This study points out a majority participation of experts, contrasting with the political content of discussions. And, this way, it contributes to a critical analysis of the public hearings as a participatory tool, indicating their strengths and their aspects which deserve a special attention.

Institutional Development for Good Governance: the role of intermediary NGOs in Pará state, Amazonia

The paper analyses the roles of intermediary NGOs for linkages between government and rural communities in carrying out socio-environmental development programs as a mean of institutional development for good governance. In particular, the paper focuses on the Proambiente program that was carried out in Pará State, Amazonia, Brazil. This program was the first experience of a socio-environmental development program in Brazilian Amazonia that took into account local communities' demands to link environmental conservation and small-scale family-based rural production. Methodologically, the research was based on qualitative analysis and used semi-structured interviews for data collection. The paper shows that NGOs as intermediaries between government and rural communities is a significant mechanism to promote the strengthening of the power of local communities, to create bridges between federal government and local communities; and to stimulate participatory processes by engaging rural communities' culture and knowledge in socio-environmental development program as Proambiente.

Body composition, muscle strength, functional capacity, and physical disability risk in liver transplanted familial amyloidotic polyneuropathy patients

Abstract: Background: Familial amyloidotic polyneuropathy (FAP) is a neurodegenerative disease leading to sensory and motor polyneuropathies, and functional limitations. Liver transplantation is the only treatment for FAP, requiring medication that negatively affects bone and muscle metabolism. The aim of this study was to compare body composition, levels of specific strength, level of physical disability risk, and functional capacity of transplanted FAP patients (FAPTx) with a group of healthy individuals (CON). Methods: A group of patients with 48 FAPTx (28 men, 20 women) was compared with 24 CON individuals (14 men, 10 women). Body composition was assessed by dual-energy X-ray absorptiometry, and total skeletal muscle mass (TBSMM) and skeletal muscle index (SMI) were calculated. Handgrip strength was measured for both hands as was isometric strength of quadriceps. Muscle quality (MQ) was ascertained by the ratio of strength to muscle mass. Functional capacity was assessed by the six-minute walk test. Results: Patients with FAPTx had significantly lower functional capacity, weight, body mass index, total fat mass, TBSMM, SMI, lean mass, muscle strength, MQ, and bone mineral density. Conclusion: Patients with FAPTx appear to be at particularly high risk of functional disability, suggesting an important role for an early and appropriately designed rehabilitation program.

Strength, muscle quality and functional capacity in liver transplanted familial amyloidotic polineuropathy patients

Liver transplantation is the unique treatment for several end-stage diseases. Familial Amiloidotic Polineuropathy (FAP) is a neurodegenerative disease related with systemic deposition of amyloidal fiber mainly on peripheral nervous system, clinically translated by an autonomous sensitive-motor neuropathy with severe functional limitations in some cases. The unique treatment for FAP disease is a liver transplant with a very aggressive medication to muscle metabolism and force production. To our knowledge there are no quantitative characterizations of body composition, strength or functional capacity in this population.

Knee muscle strength, balance and functional independence in persons with stroke

Purpose: to investigate the relationship between knee muscle strength, balance and functional independence within the first month after stroke. Relevance: cerebral vascular disease is one of the main causes of morbidity, disability and mortality in developed countries. Problems with movement control are frequent after stroke. Lower limb weakness and impaired balance are common problems that are related with the risk of falls and are likely to interfere with the ability to perform daily life activities. Physiotherapy intervention usually starts early after stroke and addresses impairments related to movement and posture in order to improve motor recovery and restore function.

Muscle strength, balance and functional independence in persons with stroke

Cerebral vascular disease is one of the main causes of morbidity, disability and mortality in developed countries. Problems with movement control are frequent after stroke. Lower limb weakness and impaired balance are common problems that are related with the risk of falls and are likely to interfere with the ability to perform daily life activities. Physiotherapy intervention usually starts early after stroke and addresses impairments related to movement and posture in order to improve motor recovery and restore function. Purpose: to investigate the relationship between knee muscle strength, balance and functional independence within the first month after stroke.

Mortality among patients with non-affective functional psychoses in a metropolitan area of South-Eastern Brazil

High mortality rates among those suffering from schizophrenia and related psychoses have been consistently described in developed societies. However, to date there is a lack of data on this matter in Brazil. In order to examine this issue, a prospective 2-year follow-up study was carried out in S. Paulo. The sample consisted of 120 consecutive admissions to psychiatric hospitals in a defined catchment area, aged 18 to 44 years old, with clinical diagnoses of non-affective functional psychoses according to the ICD-9. After 2 years, 116 (96.7%) subjects were traced. During the study period there were 7 deaths (6.0% of those traced), 5 (4.3%) due to suicide. All but one of the suicides occurred in the first year after discharge from hospital. Age and sex Standardised Mortality Ratios (relative to rates for the population of the city of Sao Paulo) were 8.4 for overall mortality (95% confidence interval: 4.0-15.9) and 317.9 for deaths due to suicide (95% confidence interval: 125.2-668.3). These results are in agreement with previous studies, and show that in Brazil non-affective functional psychoses are life-threatening illnesses, which need adequate care, particularly when patients go back to live in the community after hospital discharge.

As doenças raras na Europa: o enquadramento português

A EUCERD Joint Action (EJA) para as Doenças Raras (DR) integrou cinco domínios: planos nacionais e estratégias, nomenclatura internacional para DR, serviços sociais especializados, qualidade dos cuidados/centros de referência e integração de iniciativas em DR. O objetivo deste artigo é descrever o enquadramento português nas DR. Em novembro de 2014 foi realizado um workshop em Portugal com oito países participantes. Foi descrita a situação europeia para as DR e comparada com a realidade portuguesa. Estiveram presentes: autoridades europeias, parceiros da EJA, especialistas, investigadores, profissionais de saúde e associações de doentes. Realizou-se uma análise qualitativa dos conteúdos das apresentações, posteriormente atualizada através de análise documental. No domínio dos planos e estratégias foi aprovada a Estratégia Integrada para as Doenças Raras 2015-2020 que assenta numa cooperação interministerial, intersectorial e interinstitucional. Em relação à nomenclatura, foi discutida e proposta a utilização do Orphanumber. Foram descritas várias iniciativas no âmbito das DR e observados exemplos de boas práticas na área dos serviços socias especializados. Recentemente, Portugal reconheceu oficialmente vários Centros de Referência Nacionais, onde se incluem alguns para as DR. Em conclusão, Portugal tem vindo a desenvolver diversas atividades no domínio das DR sendo necessário continuar com a integração das mesmas.

Strength, muscle quality and functional capacity in liver transplanted familial amyloidotic polineuropathy patients

Liver transplantation is the unique treatment for several end stage diseases. Familial Amiloidotic Polineuropathy (FAP) is a neurodegenerative disease related with systemic deposition of amyloidal fibre mainly on peripheral nervous system, clinically translated by an autonomous sensitive-motor neuropathy with severe functional limitations in some cases. The unique treatment for FAP disease is a liver transplant with a very aggressive medication to muscle metabolism and force production. To our knowledge there are no quantitative characterizations of body composition, strength or functional capacity in this population. The purpose of this study was to compare levels of specific strength (isometric strength adjusted by lean mass or muscle quality) and functional capacity (meters in 6 minutes walk test) between FAP patients after a liver transplant (4.1±2 months after transplant surgery) (FAPT) and a healthy group (HG).

Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

Folk culture and political power: practices and representations of moliceiro culture in Portugal, cultural sociology

This article analyses the painted panels of the moliceiro boat, a traditional working boat of the Ria de Aveiro region of Portugal. The article examines how the painted panels have been invented and reinvented over time. The boat and its panels are contextualized both within the changing socio-economic conditions of the Ria de Aveiro region, and the changing socio-political conditions of Portugal throughout the 20th century and until the present day. The article historically analyses the social significance of ‘moliceiro culture’, examining in particular the power relations it expresses and its ambiguous past and present relationships with the political and the economic powers of the Portuguese state. The article unpacks some of the complexity of the relations that have pertained between public and private, local and national, folk culture and ‘art’, and popular and institutional in the Ria de Aveiro region in particular, and Portugal more generally.