Universal banks and corporate control: Evidence from the global syndicated loan market

We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when they exert some control over the borrower firm. Bank-firm governance links are associated with higher loan spreads during the 2003-2006 credit boom, but lower spreads during the 2007-2008 financial crisis. Additionally, these links mitigate credit rationing effects during the crisis. The results are robust to several methods to correct for the endogeneity of the bank- firm governance link. Our evidence, consistent with intertemporal smoothing of loan rates, suggests there are costs and benefits from banks’ involvement in firm governance.

Development of process control strategies exploiting knowledge from systems biology: application to MDCK suspension cells

Madine Darby Canine Kidney (MDCK) cell lines have been extensively evaluated for their potential as host cells for influenza vaccine production. Recent studies allowed the cultivation of these cells in a fully defined medium and in suspension. However, reaching high cell densities in animal cell cultures still remains a challenge. To address this shortcoming, a combined methodology allied with knowledge from systems biology was reported to study the impact of the cell environment on the flux distribution. An optimization of the medium composition was proposed for both a batch and a continuous system in order to reach higher cell densities. To obtain insight into the metabolic activity of these cells, a detailed metabolic model previously developed by Wahl A. et. al was used. The experimental data of four cultivations of MDCK suspension cells, grown under different conditions and used in this work came from the Max Planck Institute, Magdeburg, Germany. Classical metabolic flux analysis (MFA) was used to estimate the intracellular flux distribution of each cultivation and then combined with partial least squares (PLS) method to establish a link between the estimated metabolic state and the cell environment. The validation of the MFA model was made and its consistency checked. The resulted PLS model explained almost 70% of the variance present in the flux distribution. The medium optimization for the continuous system and for the batch system resulted in higher biomass growth rates than the ones obtained experimentally, 0.034 h-1 and 0.030 h-1, respectively, thus reducing in almost 10 hours the duplication time. Additionally, the optimal medium obtained for the continuous system almost did not consider pyruvate. Overall the proposed methodology seems to be effective and both proposed medium optimizations seem to be promising to reach high cell densities.

A historical overview of leprosy epidemiology and control activities in Amazonas, Brazil

Leprosy is an ancient infectious disease caused by Mycobacterium leprae. According to comparative genomics studies, this disease originated in Eastern Africa or the Near East and spread with successive human migrations. The Europeans and North Africans introduced leprosy into West Africa and the Americas within the past 500 years. In Brazil, this disease arrived with the colonizers who disembarked at the first colonies, Rio de Janeiro, Salvador and Recife, at the end of the sixteenth century, after which it was spread to the other states. In 1854, the first leprosy cases were identified in State of Amazonas in the north of Brazil. The increasing number of leprosy cases and the need for treatment and disease control led to the creation of places to isolate patients, known as leprosaria. One of them, Colonia Antônio Aleixo was built in Amazonas in 1956 according to the most advanced recommendations for isolation at that time and was deactivated in 1979. The history of the Alfredo da Matta Center (AMC), which was the first leprosy dispensary created in 1955, parallels the history of leprosy in the state. Over the years, the AMC has become one of the best training centers for leprosy, general dermatology and sexually transmitted diseases in Brazil. In addition to being responsible for leprosy control programs in the state, the AMC has carried out training programs on leprosy diagnosis and treatment for health professionals in Manaus and other municipalities of the state, aiming to increase the coverage of leprosy control activities. This paper provides a historical overview of leprosy in State of Amazonas, which is an endemic state in Brazil.

Control in distribution networks with demand side management

The way in which electricity networks operate is going through a period of significant change. Renewable generation technologies are having a growing presence and increasing penetrations of generation that are being connected at distribution level. Unfortunately, a renewable energy source is most of the time intermittent and needs to be forecasted. Current trends in Smart grids foresee the accommodation of a variety of distributed generation sources including intermittent renewable sources. It is also expected that smart grids will include demand management resources, widespread communications and control technologies required to use demand response are needed to help the maintenance in supply-demand balance in electricity systems. Consequently, smart household appliances with controllable loads will be likely a common presence in our homes. Thus, new control techniques are requested to manage the loads and achieve all the potential energy present in intermittent energy sources. This thesis is focused on the development of a demand side management control method in a distributed network, aiming the creation of greater flexibility in demand and better ease the integration of renewable technologies. In particular, this work presents a novel multi-agent model-based predictive control method to manage distributed energy systems from the demand side, in presence of limited energy sources with fluctuating output and with energy storage in house-hold or car batteries. Specifically, here is presented a solution for thermal comfort which manages a limited shared energy resource via a demand side management perspective, using an integrated approach which also involves a power price auction and an appliance loads allocation scheme. The control is applied individually to a set of Thermal Control Areas, demand units, where the objective is to minimize the energy usage and not exceed the limited and shared energy resource, while simultaneously indoor temperatures are maintained within a comfort frame. Thermal Control Areas are overall thermodynamically connected in the distributed environment and also coupled by energy related constraints. The energy split is performed based on a fixed sequential order established from a previous completed auction wherein the bids are made by each Thermal Control Area, acting as demand side management agents, based on the daily energy price. The developed solutions are explained with algorithms and are applied to different scenarios, being the results explanatory of the benefits of the proposed approaches.

Medium access control design for distributed opportunistic radio networks

Existing wireless networks are characterized by a fixed spectrum assignment policy. However, the scarcity of available spectrum and its inefficient usage demands for a new communication paradigm to exploit the existing spectrum opportunistically. Future Cognitive Radio (CR) devices should be able to sense unoccupied spectrum and will allow the deployment of real opportunistic networks. Still, traditional Physical (PHY) and Medium Access Control (MAC) protocols are not suitable for this new type of networks because they are optimized to operate over fixed assigned frequency bands. Therefore, novel PHY-MAC cross-layer protocols should be developed to cope with the specific features of opportunistic networks. This thesis is mainly focused on the design and evaluation of MAC protocols for Decentralized Cognitive Radio Networks (DCRNs). It starts with a characterization of the spectrum sensing framework based on the Energy-Based Sensing (EBS) technique considering multiple scenarios. Then, guided by the sensing results obtained by the aforementioned technique, we present two novel decentralized CR MAC schemes: the first one designed to operate in single-channel scenarios and the second one to be used in multichannel scenarios. Analytical models for the network goodput, packet service time and individual transmission probability are derived and used to compute the performance of both protocols. Simulation results assess the accuracy of the analytical models as well as the benefits of the proposed CR MAC schemes.

The economic impact of the event Volta a Portugal em Bicicleta 2015

This thesis is a Field Lab project requested by the organizer of the Volta a Portugal em Bicicleta 2015, Podium Events. Its purpose is to determine the economic impact of the event for the 21 host economies and Portugal as a whole. The Volta started in Viseu and ended in Lisboa, and lasted for two weeks from the 29th July until the 8th August. Results were computed by accessing data provided by the different economic agents involved in the event (spectators, attendees and organizer), through face-to-face surveys and contact via e-mail. The Volta generated a total economic impact of €76.261.876. Keywords: Cycling,

Adverse life events and coping skills in panic disorder

Research literature and clinical experience shows that panic patients are often able to identify stressors that preceded the onset of their first attacks. In this study we investigated the relation between life events, coping skills, and panic disorder. METHODS: Forty-tree panic patients were compared with 29 control subjects regarding the occurrence and the impact of stressful life events in a 1-year period preceding the onset of panic attacks using the Social Readjustment Rating Scale and London Life Event and Difficulty Schedule. Coping skills were measured using the Ways of Coping Questionnaire. RESULTS: No differences were observed between panic patients and controls regarding the number of reported stressful life events in the previous year. Panic patients compared to controls reported loss of social support as the most meaningful class of events significantly more often. In response to stressful situations, panic patients more often used coping skills judged as ineffective. CONCLUSIONS: The present study suggests that the type of life event and the coping skills used in response to them, more than the occurrence of stressful events itself, may be associated with the onset of panic disorder.

Has the time for renewables finally arrived? – An event study on EPA’s Clean Power Plan

The recent proposals presented by EPA aimed to reduce the dependency of fossil fuels and to lower current emissions levels, hoping to gradually shift electric generation units to renewable energy sources. Actually, the Final Rule Proposal announcement day exhibited a negative Abnormal Return on Fossil Fuels but the following days had positive Abnormal Returns, mostly due to legislative change perceived by financial markets which eased up implementation periods of the proposed measures in the Final Rule when compared to the Draft Rule. Oppositely, Renewables and Solar Portfolios exhibited negative Cumulative Abnormal Returns over the period surrounding the Final Rule.

The economic impact of the event Volta a Portugal em Bicicleta 2015

This thesis is a Field Lab project requested by the organizer of the Volta a Portugal em Bicicleta 2015, Podium Events. Its purpose is to determine the economic impact of the event for the 21 host economies and Portugal as a whole. The Volta started in Viseu and ended in Lisboa, and lasted for two weeks from the 29th July until the 8th August. Results were computed by accessing data provided by the different economic agents involved in the event (spectators, attendees and organizer), through face-to-face surveys and contact via e-mail. The Volta generated a total economic impact of €76.261.876.

O direito de exoneração do acionista minoritário

This study specifically addresses the situation of minority shareholders after the transfer of control in an listed company. The various underlying interests and reasons that shareholders have for investing in a company can demonstrate shareholders’ reasoning for taking radically different positions on issues relating to the transfer of control of the referred company. This study analyses the current legal system in Portugal and in the European Union in order to assess whether, in the event of a takeover bid of a listed company where there is a transfer of control, minority shareholders have the same appraisal rights as other shareholders to sell their shares and leave the company. The study then examines the European Court of Justice decision on whether a general principle of equal treatment of minority shareholders exists upon a transfer of control (Audiolux) and the Portuguese Securities Market Commission decision regarding the delisting of Brisa - Autoestradas de Portugal, S.A. based on the principle of investor protection. The study concludes that although the principle of equality amongst shareholders has made progress in the European legal system e.g. it is laid down in Directive 2004/25/EC of 21 April 2004 on takeover bids and the Portuguese Securities Market Code, there is also a need for further improvement, which can be accomplished by allowing minority shareholders to exercise an appraisal right in similar unregulated situations.

Determinant factors to merger control decisions in Portugal

The present paper aims to investigate the determinant factors of Portuguese merger control. Our sample comprises 652 M&A cases occurred between January of 2003 and September of 2015. Through a probit model we have tested the relevance of product and geographic market, entry barriers, type of concentration, merger effects, year of decision and the President of the Competition Authority at the time. The results suggests that the conglomerate and vertical effects, the existence of barriers to entry as well as the number of regulatory agencies listened are the main explanatory variables to determine a need for an in-depth investigation and to make a final decision. According to the evidence, cases cleared at Phase 1 are increasing over time. The number of prohibited mergers is close to zero.

Harvest control rule vs optimal harvesting of an age-structured population: The case of the Ibero-Atlantic Sardine Fishery

Research Masters

FPGA field oriented control of an axial flux motor-in-wheel

This paper presents the design and the prototype implementation of a three-phase power inverter developed to drive a motor-in-wheel. The control system is implemented in a FPGA (Field Programmable Gate Array) device. The paper describes the Field Oriented Control (FOC) algorithm and the Space Vector Modulation (SVM) technique that were implemented. The control platform uses a Spartan-3E FPGA board, programmed with Verilog language. Simulation and experimental results are presented to validate the developed system operation under different load conditions. Finally are presented conclusions based on the experimental results.

Field oriented control of an axial flux permanent magnet synchronous motor for traction solutions

Electric Vehicles (EVs) are increasingly used nowadays, and different powertrain solutions can be adopted. This paper describes the control system of an axial flux Permanent Magnet Synchronous Motor (PMSM) for EVs powertrain. It is described the implemented Field Oriented Control (FOC) algorithm and the Space Vector Modulation (SVM) technique. Also, the mathematical model of the PMSM is presented. Both, simulation and experimental, results with different types of mechanical load are presented. The experimental results were obtained using a laboratory test bench. The obtained results are discussed.

Predictive control of a current-source inverter for solar photovoltaic grid interface

Solar photovoltaic systems are an increasing option for electricity production, since they produce electrical energy from a clean renewable energy resource, and over the years, as a result of the research, their efficiency has been increasing. For the interface between the dc photovoltaic solar array and the ac electrical grid is necessary the use of an inverter (dc-ac converter), which should be optimized to extract the maximum power from the photovoltaic solar array. In this paper is presented a solution based on a current-source inverter (CSI) using continuous control set model predictive control (CCS-MPC). All the power circuits and respective control systems are described in detail along the paper and were tested and validated performing computer simulations. The paper shows the simulation results and are drawn several conclusions.