Comparative analysis of Spanish Banks’ Standalone credit profile

The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

Socio-demographic correlates of physical activity of European adults: A cross-sectional study from the European Social Survey

ABSTRACT - Background: From a public health perspective, the study of socio-demographic factors related to physical activity is important in order to identify subgroups for intervention programs. Purpose: This study also aimed to identify the prevalence and the socio-demographic correlates related with the achievement of recommended physical activity levels. Methods: Using data from the European Social Survey round 6, physical activity and socio-demographic characteristics were collected from 39278 European adults (18271 men, 21006 women), aged 18-64 years, from 28 countries in 2012. Meeting physical activity guidelines was assessed using World Health Organization criteria. Results: 64.50% (63.36% men, 66.49% women) attained physical activity recommended levels. The likelihood of attaining physical activity recommendations was higher in age group of 55-64 years (men: OR=1.22, p<0.05; women: OR=1.66, p<0.001), among those who had completed high school (men: OR=1.28, p<0.01; women: OR=1.26, p<0.05), among those who lived in rural areas (men: OR=1.20, p<0.001; women: OR=1.10, p<0.05), and among those who had 3 or more people living at home (men: OR=1.40, p<0.001; women: OR=1.43, p<0.001). On the other hand, attaining physical activity recommendations was negatively associated with being unemployed (men: OR=0.70, p<0.001; women: OR=0.87, p<0.05), being a student (men: OR=0.56, p<0.001; women: OR=0.64, p<0.01), being a retired person (men: OR=0.86, p<0.05) and with having a higher household income (OR=0.80, p<0.001; women: OR=0.81, p<0.01). Conclusion: This research helped clarify that, as the promotion of physical activity is critical to sustain health and prevent disease, socio-demographic factors are important to consider when planning the increase of physical activity.

Cross-presentation by WASp deficient B cells and dendritic cells

The immune system comprises of different cell types whose role is to protect us against pathogens. This thesis investigates a very important mechanism for our organism protection in a specific disorder: cross-presentation in Wiskott-Aldrich Syndrome (WAS). WAS is caused by loss-of-function mutations in the cytoskeletal regulator WASp and WAS patients suffer from eczema, thrombocytopenia, and immunodeficiency. X-linked neutropenia (XLN) is caused by gain-of-function mutations in WASp and XLN patients suffer from severe congenital neutropenia and immunodeficiency. This thesis was focused on the role of B and T lymphocytes and dendritic cells (DCs). This work will be divided into two main topics: 1) In the first part I studied the capacity of B cells to take up, degrade and present antigen. Moreover I studied the capacity of B cells to induce T cell proliferation. 2) In the second part, I studied T cell proliferation induced by dendritic cells. To increase our understanding about this mechanism, additional experiments were performed, including acidification capacity of CD8+ and CD8- DCs, reactive oxygen species (ROS) production since it is directly connected to acidification. These assays were measured by flow cytometry. Localization of Rac1 and Rac2 GTPases was assessed by confocal microscopy. Proliferation, acidification and ROS production assays were performed also with cells from X-linked neutropenia (XLN) mice. From this study we concluded that B cells cannot induce CD8+ T cell proliferation however they take up and present antigen. Moreover I have shown that increased cross-presentation by WASp KO DCs with ovalbumin is associated with decreased capacity to acidify endosomal compartment; and WASp KO CD8- DCs have increased Rac2 localization to the phagosome. XLN dendritic cells have similar acidification and ROS production capacity than wildtype cells. In conclusion, our data suggests that WASp regulates antigen processing and presentation in DCs.

Conflict in cross-functional teams

The present study is a qualitative analysis of the tensions that occur in cross-functional teams (CFTs) and the way in which they can affect the teams' accomplishments. The research is focused on a single case, COHTTEC 2005, a program aimed at transforming new technologies into businesses that took place in Lisbon, Portugal, starting March 2005. In this program, participants were organized in cross-functional teams that included researchers and management students. Semi-structured interviews were made to a sample of 17 participants. These interviews were recorded and transcribed. A table was then elaborated based on the primary data provided by the subjects and these data were classified in different categories. A three-stage model of group dynamics is proposed. The major findings of this project point to the role of interpersonal relationships on group outcomes. More specifically, several patterns associated with team malfunction were uncovered, the clearest ones being autocratic decision-making and arrogant behavior from some team members, as well as escalation in relationship conflict. Implications from these results are discussed, both for future research and for practice.

Electric vehicle assistant based in driver profile

This paper presents the outcomes of a research work consisting in the development of an Electric Vehicle Assistant (EVA), which creates and stores a driver profile where are contained the driving behaviours related with the EV energy consumption, the EV battery charging information, and the performed routes. This is an application for mobile devices that is able to passively track the driver behaviour and to access several information related with the EV in real time. It is also proposed a range prediction approach based on probability to take into account unpredictable effects of personal driving style, traffic or weather.

Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

Post-operating performance of cross-delisted firms from U.S. stock exchanges

We investigate the long-term performance of cross-delisted firms from U.S. stock markets. Using a sample of foreign firms listed and delisted from U.S. stock exchange markets over 2000-2012, we examine the operating performance and the long-run stock returns performance of firms post-cross-delisting. Our results suggest that cross-delisted firms have less growth opportunities than matched cross-listed firms in the long run. Moreover, firms that cross-delist after the passage of Rule 12h-6 of 2007 exhibit a significant decline in operating performance. In contrast, before the adoption of the Rule 12h-6, cross-delisted firms seem to be affected by the cost of a U.S. listing in the precross -delisting period. In addition, we provide evidence that cross-delisted firms underperform their cross-listed peers; cross-delisted firms experience negative average abnormal returns, especially in the post-delisting period.

Industrial engineering and management curriculum profile: Developing a framework of competences

This paper presents a framework of competences developed for Industrial Engineering and Management that can be used as a tool for curriculum analysis and design, including the teaching and learning processes as well as the alignment of the curriculum with the professional profile. The framework was applied to the Industrial Engineering and Management program at University of Minho (UMinho), Portugal, and it provides an overview of the connection between IEM knowledge areas and the competences defined in its curriculum. The framework of competences was developed through a process of analysis using a combination of methods and sources for data collection. The framework was developed according to four main steps: 1) characterization of IEM knowledge areas; 2) definition of IEM competences; 3) survey; 4) application of the framework at the IEM curriculum. The findings showed that the framework is useful to build an integrated vision of the curriculum. The most visible aspect in the learning outcomes of IEM program is the lack of balance between technical and transversal competences. There was not almost any reference to the transversal competences and it is fundamentally concentrated on Project-Based Learning courses. The framework presented in this paper provides a contribution to the definition of IEM professional profile through a set of competences which need to be explored further. In addition, it may be a relevant tool for IEM curriculum analysis and a contribution for bridging the gap between universities and companies.

Quando ler se torna um prazer: contributo da promoção da leitura literária na infância

Relatório de estágio de mestrado em Educação Pré-Escolar e Ensino do 1º Ciclo do Ensino Básico

Using the GPU to design complex profile extrusion dies

In the present work the benefits of using graphics processing units (GPU) to aid the design of complex geometry profile extrusion dies, are studied. For that purpose, a3Dfinite volume based code that employs unstructured meshes to solve and couple the continuity, momentum and energy conservation equations governing the fluid flow, together with aconstitutive equation, was used. To evaluate the possibility of reducing the calculation time spent on the numerical calculations, the numerical code was parallelized in the GPU, using asimple programing approach without complex memory manipulations. For verificationpurposes, simulations were performed for three benchmark problems: Poiseuille flow, lid-driven cavity flow and flow around acylinder. Subsequently, the code was used on the design of two real life extrusion dies for the production of a medical catheter and a wood plastic composite decking profile. To evaluate the benefits, the results obtained with the GPU parallelized code were compared, in terms of speedup, with a serial implementation of the same code, that traditionally runs on the central processing unit (CPU). The results obtained show that, even with the simple parallelization approach employed, it was possible to obtain a significant reduction of the computation times.

Advances in thermoplastic pultruded composites

Pultrusion is a versatile continuous high speed production technology allowing the production of fibre reinforced complex profiles. Thermosetting resins are normally used as matrices in the production of structural constant cross section profiles. Although only recently thermoplastic matrices have been used in long and continuous fibre reinforced composites replacing with success thermosetting matrices, the number of their applications is increasing due to their better ecological and mechanical performance. Composites with thermoplastic matrices offers increased fracture toughness, higher impact tolerance, short processing cycle time and excellent environmental stability. They are recyclable, post-formable and can be joined by welding. The use of long/continuous fibre reinforced thermoplastic matrix composites involves, however, great technological and scientific challenges since thermoplastics present much higher viscosity than thermosettings, which makes much difficult and complex the impregnation of reinforcements and consolidation tasks. In this work continuous fibres reinforced thermoplastic matrix towpregs were produced using equipment developed by the Institute for Polymers and Composites (IPC). The processing of the towpregs was made by pultrusion, in a developed prototype equipment existing in the Engineering School of the Polytechnic Institute of Porto (ISEP). Different thermoplastic matrices and fibres raw-materials were used in this study to manufacture pultruded composites for commercial applications (glass and carbon fibre/ polypropylene) and for advanced markets (carbon fibre/Primospire®). To improve the temperature distribution profile in heating die, different modifications were performed. In order to optimize both processes, towpregs production and pultruded composites profiles were analysed to determine the influence of the most relevant processing arameters in the final properties. The final pultruded composite profiles were submitted to mechanical tests to obtain the relevant properties.

Development of a new 3D OpenFOAM® solver to model the cooling stage in profile extrusion

[Excerpt] The advantages resulting from the use of numerical modelling tools to support the design of processing equipment are almost consensual. The design of calibration systems in profile extrusion is not an exception . H owever , the complex geome tries and heat exchange phenomena involved in this process require the use of numerical solvers able to model the heat exchange in more than one domain ( calibrator and polymer), the compatibilization of the heat transfer at the profile - calibrator interface and with the ability to deal with complex geometries. The combination of all these features is usually hard to find in commercial software. Moreover , the dimension of the meshes required to ob tain accurate results, result in computational times prohibitive for industrial application. (...)

Using OpenFOAM to aid the design of complex profile extrusion dies

[Extrat] Thermoplastic profiles are very attractive due to their inherent design freedom. However, the usual methodologies employed to design extrusion forming tools, based on experimental based trial–and–error procedures, are highly dependent on the designer’s experience and lead to high resources consumption. Despite of the relatively low cost of the raw materials employed on the production of this type of profiles, the resources involved in the die design process significantly increase their cost. These difficulties are even more evident when a complex geometry profile has to be produced and there is no previous experience with similar geometries. Therefore, novel design approaches are required, in order to reduce the required resources and guarantee a good performance for the produced profile. (...)

Measurement of the top pair production cross-section in 8 TeV proton-proton collisions using kinematic information in the lepton+jets final state with ATLAS

A measurement is presented of the tt¯ inclusive production cross section in pp collisions at a center-of-mass energy of s√=8  TeV using data collected by the ATLAS detector at the CERN Large Hadron Collider. The measurement was performed in the lepton+jets final state using a data set corresponding to an integrated luminosity of 20.3  fb−1. The cross section was obtained using a likelihood discriminant fit and b-jet identification was used to improve the signal-to-background ratio. The inclusive tt¯ production cross section was measured to be 260±1(stat)+22−23(stat)±8(lumi)±4(beam)  pb assuming a top-quark mass of 172.5 GeV, in good agreement with the theoretical prediction of 253+13−15  pb. The tt¯→(e,μ)+jets production cross section in the fiducial region determined by the detector acceptance is also reported.

Differential top-antitop cross-section measurements as a function of observables constructed from final-state particles using pp collisions at s√=7 TeV in the ATLAS detector

Various differential cross-sections are measured in top-quark pair (tt¯) events produced in proton--proton collisions at a centre-of-mass energy of s√=7 TeV at the LHC with the ATLAS detector. These differential cross-sections are presented in a data set corresponding to an integrated luminosity of 4.6 fb−1. The differential cross-sections are presented in terms of kinematic variables of a top-quark proxy referred to as the pseudo-top-quark whose dependence on theoretical models is minimal. The pseudo-top-quark can be defined in terms of either reconstructed detector objects or stable particles in an analogous way. The measurements are performed on tt¯ events in the lepton+jets channel, requiring exactly one charged lepton and at least four jets with at least two of them tagged as originating from a b-quark. The hadronic and leptonic pseudo-top-quarks are defined via the leptonic or hadronic decay mode of the W boson produced by the top-quark decay in events with a single charged lepton.The cross-section is measured as a function of the transverse momentum and rapidity of both the hadronic and leptonic pseudo-top-quark as well as the transverse momentum, rapidity and invariant mass of the pseudo-top-quark pair system. The measurements are corrected for detector effects and are presented within a kinematic range that closely matches the detector acceptance. Differential cross-section measurements of the pseudo-top-quark variables are compared with several Monte Carlo models that implement next-to-leading order or leading-order multi-leg matrix-element calculations.