Os determinantes do investimento em FMN: o efeito moderador da probabilidade de insolvência e do ciclo de vida das empresas

Pretendemos com o nosso estudo demonstrar quais os efeitos de três determinantes no Investimento em Fundo de Maneio Necessário que é considerado por vários autores como vital tanto para o crescimento como para a sustentabilidade das empresas ao longo do seu Ciclo de Vida. Iremos também demonstrar que para além do comportamento e relação desses determinantes com o Investimento em Fundo de Maneio Necessário (FMN), registam-se influências provocadas pelos efeitos moderadores da Probabilidade de Insolvência e do próprio Ciclo de Vida das empresas. Através da análise dos nossos resultados mostraremos como a Rentabilidade Operacional, o Crédito Comercial Obtido e o Financiamento Bancário de Médio e Longo Prazo são os principais determinantes do Investimento em FMN e como estas relações se modificam ao longo do Ciclo de Vida das Empresas. O nosso estudo também vai permitir-nos estudar o efeito moderador da Probabilidade de Insolvência no tipo de financimento do investimento em FMN. O indicador da Probabilidade de Insolvência demonstra ter um feito moderador sobre o tipo de financiamento do FMN. Os fornecedores exibem uma percepção mais rápida e atempada do aparecimento das dificuldades financeiras dos seus clientes do que os financiadores bancários. Esta capacidade permite-lhes monitorizar o estado financeiro dos seus clientes sem restringir a concessão de crédito na sua totalidade. Os modelos estimados para amostras de duas fases do ciclo de vida das empresa fornecem-nos evidências empíricas de que a idade das empresas afecta a forma e a intensidade dos factores explicativos do Investimento em FMN. Nas empresas em fase de maturidade o Crédito Bancário de Médio e Longo Prazo apresenta-se como um substituto ao crédito comercial de fornecedores no financiamento do Ciclo de Exploração. Também demonstramos que os determinantes do Investimento em FMN são afectados pela fase do Ciclo de Vida, medido pela antiguidade da empresa.

Learning Sustainability with EPS@ISEP – Development of an Insectarium

8th International Symposium on Project Approaches in Engineering Education (PAEE)

What can exploratory modelling tell us about the ecobiology of European sea bass ( Dicentrarchus labrax ): a comprehensive overview

European sea bass, Dicentrarchus labrax, is a highly valuable species in Europe, both for aquaculture in the Mediterranean Sea and for commercial and recreational fisheries in the North East Atlantic Ocean. Subjected to increasing fishing pressure, the wild population has recently experienced significant recruitment fluctuation as well as a northward extension of its distribution area in the North Sea. While the nature of the ecological and/or physiological processes involved remains unresolved, ontogenetic habitat shifts and adult site fidelity could increase the species’ vulnerability to climate change and overfishing. As managers look for expert information to propose management scenarios leading to sustainable exploitation, exploratory modelling appears to be a cost-efficient approach to enhance the understanding of recruitment dynamics and the spatio-temporal scales over which fish populations function. A conceptual modelling framework and its specific data requirements are discussed to tackle some sound ecological questions regarding this species. We consequently provide an updated review of current knowledge on bass population structure, biology and ecology. This paper will hence be particularly valuable to develop spatially-explicit models of European sea bass dynamics under environmental and anthropogenic forcing. Knowledge gaps requiring further research efforts are also reported.

O papel das construtoras e incorporadoras na adoção da tecnologia BIM na indústria da construção no Brasil : um estudo prospectivo

Dissertação (mestrado)—Universidade de Brasília, Faculdade de Arquitetura e Urbanismo, Programa de Pós-Graduação em Arquitetura e Urbanismo, 2015.

Dinâmica das pescas e gestão participativa do polvo vulgar (Octopus vulgaris) capturado pela frota de covos e alcatruzes no sul de Portugal

Tese de Doutoramento, Ciências do Mar, da Terra e do Ambiente, Faculdade de Ciências e Tecnologia, Universidade do Algarve, 2015

Formulação e caracterização de pastas espumadas por incorporação de ar e estabilizantes minerais

Cementing operations may occur at various stages of the life cycle of an oil well since its construction until its definitive abandonment. There are some situations in which the interest zones are depleted or have low fracture pressure. In such cases, the adoption of lowdensity cement slurries is an efficient solution. To this end, there are basically three ways to reduce the density of cement slurries: using microspheres, water extending additives or foamed cement. The objective of this study is to formulate, to study and to characterize lowdensity foamed cement, using an air entrainment surfactant with vermiculite or diatomite as water extenders and stabilizers. The methodology consists on preparation and evaluation of the slurries under the American Petroleum Institute (API) and the Brazilian Association of Technical Standards (ABNT) guidelines. Based on calculated densities between 13 and 15 ppg (1.559 and 1.799 g/cm3), the slurries were prepared with fixed surfactant concentration, varying the concentrations of vermiculite and diatomite and were compared with the base slurries. The results of plastic viscosity, yield point and gel strength and the compressive strength for 24 h showed that the slurries presented suitable rheology and mechanical strength for cementing operations in oil wells, and had their densities reduced between 8.40 and 11.89 ppg (1.007 and 1.426 g/cm3). The conclusion is that is possible, under atmospheric conditions, to obtain light weighted foamed cement slurries with satisfactory rheological and mechanical properties by means of air entrainment and mineral additions with extenders and stabilizers effects. The slurries have great potential for cementing operations; applicability in deep wells, in low fracture gradient formations and in depleted zones and bring cost savings by reducing the cementing consumption

Nitrogen removal and sustainability of vertical flow constructed wetlands for small scale wastewater treatment

The challenge for wastewater professionals is to design and operate treatment processes that support human well being and are environmentally sensitive throughout the life-cycle. This research focuses on one technology for small-scale wastewater treatment: the vertical flow constructed wetland (VFCW), which is herein investigated for the capacity to remove ammonium and nitrate nitrogen from wastewater. Hydraulic regime and presence/absence of vegetation are the basis for a three-phase bench scale experiment to determine oxygen transfer and nitrogen fate in VFCWs. Results show that 90% NH4+-N removal is achieved in aerobic downflow columns, 60% NO3--N removal occurs in anaerobic upflow columns, and 60% removal of total nitrogen can be achieved in downflow-upflow in-series. The experimental results are studied further using a variably saturated flow and reactive transport model, which allows a mechanistic explanation of the fate and transport of oxygen and nitrogen. The model clarifies the mechanisms of oxygen transport and nitrogen consumption, and clarifies the need for readily biodegradable COD for denitrification. A VFCW is then compared to a horizontal flow constructed wetland (HFCW) for life cycle environmental impacts. High areal emissions of greenhouse gases from VFCWs compared to HFCWs are the driver for the study. The assessment shows that because a VFCW is only 25% of the volume of an HFCW designed for the same treatment quality, the VFCW has only 25-30% of HFCW impacts over 12 impact categories and 3 damage categories. Results show that impacts could be reduced by design improvements. Design recommendations are downflow wetlands for nitrification, upflow wetlands for denitrification, series wetlands for total nitrogen removal, hydraulic load of 142 L/m2d, 30 cm downflow wetland depth, 1.0 m upflow wetland depth, recycle, vegetation and medium-grained sand. These improvements will optimize nitrogen removal, minimize gaseous emissions, and reduce wetland material requirements, thus reducing environmental impact without sacrificing wastewater treatment quality.

Assessment of Seismic Damage of Buildings and Related Environmental Impacts

Sustainable development has only recently started examining the existing infrastructure, and a key aspect of this is hazard mitigation. To examine buildings under a sustainable perspective requires an understanding of a building's life-cycle environmental costs, including the consideration of associated environmental impacts induced by earthquake damage. Damage repair costs lead to additional material and energy consumption, leading to harmful environmental impacts. Merging results obtained from a seismic evaluation and life-cycle analysis for buildings will give a novel outlook on sustainable design decisions. To evaluate the environmental impacts caused by buildings, long-term impacts accrued throughout a building's lifetime and impacts associated with damage repair need to be quantified. A method and literature review for completing this examination has been developed and is discussed. Using software Athena and HAZUS-MH, this study evaluated the performance of steel and concrete buildings considering their life-cycle assessments and earthquake resistance. It was determined that code design-level greatly effects a building repair and damage estimations. This study presented two case study buildings and found specific results that were obtained using several premade assumptions. Future research recommendations were provided to make this methodology more useful in real-world applications. Examining cost and environmental impacts that a building has through, a cradle-to-grave analysis and seismic damage assessment will help reduce material consumption and construction activities from taking place before and after an earthquake event happens.

Sustainability Evaluation of Green Building Certification Systems

The attention on green building is driven by the desire to reduce a building’s running cost over its entire life cycle. However, with the use of sustainable technologies and more environmentally friendly products in the building sector, the construction industry contributes significantly to sustainable actions of our society. Different certification systems have entered the market with the aim to measure a building’s sustainability. However, each system uses its own set of criteria for the purpose of rating. The primary goal of this study is to identify a comprehensive set of criteria for the measurement of building sustainability, and therefore to facilitate the comparison of existing rating methods. The collection and analysis of the criteria, identified through a comprehensive literature review, has led to the establishment of two additional categories besides the 3 pillars of sustainability. The comparative analyses presented in this thesis reveal strengths and weaknesses of the chosen green building certification systems - LEED, BREEAM, and DGNB.

A Transcriptome Atlas of Physcomitrella patens Provides Insights into the Evolution and Development of Land Plants

Post-print version of the article.

Developmentof engineering projects supported by BIM technology: internship report

Building Information Modeling (BIM) concept is able to reshape each AEC project and the industry in general, offering a comprehensive collaboration process over a model of structure with regularly actualized and synchronized information. This report presents an overview of BIM with focus on its core concepts, applications in the project life cycle and benefits for project stakeholders through four case studies carried out during the internship in the engineering office NEWTON - Engineering Consultancy Company. The aim of the four cases studies was to cover multidisciplinary and varied projects. The first case study highlights the engineering project’s workflow and presents a comparison of traditional procedures and BIM concepts applied on the rehabilitation of an existing building. In the second and third case study, attention is focused on the goals achieved, particularly by structural engineer, due to the implementation of the mentioned technology on a full-lifecycle BIM project of a small residence and a complex project of residential building in Porto and on its architectural integration. In addition, through the fourth case study, the spatial coordination of Mechanical, Electrical and Plumbing (MEP) systems at a large-scale hotel project has been analyzed and accomplished, highlighting merits of BIM at this project stage. Through a reduction of the space used for facilities and infrastructures and the ability to identify conflicts and to nullify the related costs, its advantage for a complex building was proved.

What Is a Firm’s Life Expectancy? Empirical Evidence in the Context of Portuguese Companies

It is a fact that the uncertainty about a firm’s future has to be measured and incorporated into a company’s valuation throughout the explicit analysis period – in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional valuation models, is a firm’s average life expectancy. Although the literature has studied the life cycle of a firm, there is still a considerable lack of references on this topic. If we ignore the period during which a company has the ability to produce future cash flows, the valuations can fall into irreversible errors, leading to results markedly different from market values. This paper aims to provide a contribution in this area. Its main objective is to construct a mortality table for non-listed Portuguese enterprises, showing that the use of a terminal value through a mathematical expression of perpetuity of free cash flows is not adequate. We provide the use of an appropriate coefficient to perceive the number of years in which the company will continue to operate until its theoretical extinction. If well addressed regarding valuation models, this issue can be used to reduce or even to eliminate one of the main problems that cause distortions in contemporary enterprise valuation models: the premise of an enterprise’s unlimited existence in time. Besides studying the companies involved in it, from their existence to their demise, our study intends to push knowledge forward by providing a consistent life and mortality expectancy table for each age of the company, presenting models with an explicitly and different survival rate for each year. Moreover, we show that, after reaching a certain age, firms can reinvent their business, acquiring maturity and consequently postponing their mortality through an additional life period.

Situação de risco com impacto em toda a família: gravidez na adolescência

Introdução: A gravidez na adolescência constitui uma situação de risco com impacto em toda a família, podendo gerar crises não apenas na jovem que engravida - em virtude da inexperiência e consequente dificuldade que surge para cuidar de um filho - , como do ponto de vista transgeracional. Objetivos: Aplicar o Modelo Dinâmico de Avaliação e Intervenção Familiar (MDAIF) Figueiredo (2009) e avaliar o impacto dos cuidados de enfermagem numa família em contexto clínico. Métodos: Estudo de caso qualitativo realizado com base no MDAIF em contexto clínico nos Cuidados de Saúde Primários. Este estudo focou-se no processo de intervenção familiar desenvolvido com uma família de uma adolescente de 16 anos que engravida, fruto de uma relação fugaz com um rapaz 9 anos mais velho que conheceu através das redes sociais (Facebook). Instrumentos: Genograma, Ecomapa, Apgar familiar e Escala de Graffar. Resultados: Família extensa, com diferentes subsistemas e limites rígidos. A família encontra-se na etapa do ciclo vital – família com filhos adolescentes, segundo Duvall (1977). Família de classe média. Com a gravidez não desejada da adoelscente, e apesar da relação conflituosa com a sua mãe, esta torna-se um apoio importante no percurso da vida da adolescente e no desenvolvimento do recém-nascido. Conclusões: A utilização do MDAIF permitiu o desenvolvimento das habilidades dos enfermeiros para uma abordagem familiar, contribuindo assim para dar resposta às necessidades da família, enquanto unidade alvo de cuidados. Além disto, permitiu à adolescente prosseguir com a realização do seu projeto de vida, com o apoio familiar e social. Sugere-se a continuidade da utilização do MDAIF.

Energy harvesting for monitoring bridges over their operational life

The use of energy harvesting materials for large infrastructure is a promising and growing field. In this regard, the use of such harvesters for the purpose of structural health monitoring of bridges has been proposed in recent times as one of the feasible options since the deployment of them can remove the necessity of an external power source. This paper addresses the performance issue of such monitors over the life-cycle of a bridge as it deteriorates and the live load on the structure increases. In this regard, a Lead Zirconate Titanate (PZT) material is considered as the energy harvesting material and a comparison is carried out over the operational life of a reinforced concrete bridge. The evolution of annual average daily traffic (AADT) is taken into consideration, as is the degradation of the structure over time, due to the effects of corrosion. Evolution of such harvested energy is estimated over the life-cycle of the bridge and the sensitivity of harvested energy is investigated for varying rates of degradation and changes in AADT. The study allows for designing and understanding the potential of energy harvesters as a health monitor for bridges. This paper also illustrates how the natural growth of traffic on a bridge over time can accentuate the identification of damage, which is desirable for an ageing structure. The paper also assesses the impact and effects of deployment of harvesters in a bridge as a part of its design process, considering performance over the entire life-cycle versus a deployment at a certain age of the structure.