Fatores determinantes da política de distribuição de dividendos: Evidência empírica para as empresas não financeiras da Euronext Lisbon

Dividends and their distribution decisions, being a component of the compensation of investors are a constant financial worry within companies, thus revealing one of the themes highlighted in the context of the financial literature. Study will address the factors determining the dividend policy practiced by companies listed in the Portuguese stock market. The latter will be 47 non-financial companies listed on the Euronext Lisbon during 2009 until 2011. The two samples that have been investigated include the representative of the majority of non-financial companies listed on Euronext Lisbon and the other financial companies members of the PSI 20. The methodology adopted is one of the ordinary least squares regression and the amount of dividends per share distributed was used in determining the dependent variable. In relation to the independent variables, six explanatory factors were chosen. These include profitability, stability of dividend policy, size, growth, risk and investment opportunities. The conclusion suggests that the most important factors to explain the amount of dividends distributed are profitability and stability of dividend policy. There after, growth and risk factors, as well as factors that explain the amount of dividends distributed are also relevant. The remaining variables obtained were insufficient evidence pointing to a significant effect in explaining the dividend policy of Portuguese companies in the sample. The conclusion also states that differences exist in the importance of the explanatory factors to the amount of dividends distributed between the study samples, given the differentiation of dividend policies, followed by companies from each group analyzed.

Tillering and forage accumulation in Marandu grass under different grazing intensities

Studies of plant responses to defoliation are important to develop pasture management strategies. The objective of this study was to evaluate the population density of basal, aerial and reproductive tillers, tiller appearance and mortality rates, forage accumulation and sward structure in Marandu grass pastures under different grazing intensities. The experimental period was from January to June 2006, divided in three seasons: summer, autumn and winter. The pastures were continuously grazed using variable stocking rates. The grazing intensities corresponded to 15, 30 and 45 cm of sward height. The experiment was arranged in a complete randomized block design with three treatments and two replicates. The sward heights were measured twice a week. The response variables were: forage accumulation, forage mass and its morphological components; and population densities of basal (TPDb), aerial (TPDa) and reproductive (TPDr) tillers. The highest TPDb (P > 0.05) was recorded for the shortest sward pasture, and the highest TPDr (P<0.05) for the tallest sward pasture. Swards showed a tiller size/density compensation mechanism and, consequently, the forage accumulation was similar (P > 0.05) among the grazing intensities. Pasture with a sward height of 35 cm had 94% of sun light interception. The highest variations in forage accumulation and sward structure were more influenced by seasonal differences than by grazing intensities. Pastures of Marandu grass showed large flexibility in grazing management, which allowed it to be maintained at sward heights between 15 and 35 cm.

Política, eleições e corrupção económica…

Os partidos e candidatos que terão os melhores resultados nas próximas eleições legislativas a realizar em Portugal – que, com elevado grau de probabilidade, serão antecipadas – serão aqueles que melhor consigam convencer os votantes em geral de que a retribuição, prevenção e restauração dos crimes e ilícitos de corrupção, e da criminalidade económica e social em geral, terão um tratamento desta vez eficaz em concreto; Abstract: The parties and candidates who have the best results in the upcoming legislative elections in Portugal - which, with high probability, will be early - will be those who best can convince the general voting that the compensation, prevention and restoration of crimes and illegal corruption, and economic and social crime in general, receive treatment this time effective in concrete.

Real-time hand tracking for rehabilitation and character animation

Hand and finger tracking has a major importance in healthcare, for rehabilitation of hand function required due to a neurological disorder, and in virtual environment applications, like characters animation for on-line games or movies. Current solutions consist mostly of motion tracking gloves with embedded resistive bend sensors that most often suffer from signal drift, sensor saturation, sensor displacement and complex calibration procedures. More advanced solutions provide better tracking stability, but at the expense of a higher cost. The proposed solution aims to provide the required precision, stability and feasibility through the combination of eleven inertial measurements units (IMUs). Each unit captures the spatial orientation of the attached body. To fully capture the hand movement, each finger encompasses two units (at the proximal and distal phalanges), plus one unit at the back of the hand. The proposed glove was validated in two distinct steps: a) evaluation of the sensors’ accuracy and stability over time; b) evaluation of the bending trajectories during usual finger flexion tasks based on the intra-class correlation coefficient (ICC). Results revealed that the glove was sensitive mainly to magnetic field distortions and sensors tuning. The inclusion of a hard and soft iron correction algorithm and accelerometer and gyro drift and temperature compensation methods provided increased stability and precision. Finger trajectories evaluation yielded high ICC values with an overall reliability within application’s satisfying limits. The developed low cost system provides a straightforward calibration and usability, qualifying the device for hand and finger tracking in healthcare and animation industries.

INFIDELIDADE: um crime de gestão contra o património

Diz o art. 224º do Código Penal português (CP): “1 - Quem, tendo-lhe sido confiado, por lei ou por acto jurídico, o encargo de dispor de interesses patrimoniais alheios ou de os administrar ou fiscalizar, causar a esses interesses, intencionalmente e com grave violação dos deveres que lhe incumbem, prejuízo patrimonial importante é punido com pena de prisão até 3 anos ou com pena de multa. § 2 - A tentativa é punível. § 3 - O procedimento criminal depende de queixa. § 4 – É correspondentemente aplicável o disposto nos n.os 2 e 3 do artigo 206.º e na alínea a) do n.º 1 do artigo 207º. Redacção da Lei nº 19/2013, de 21/2 – vigente a partir de 23/3/13. Referem, por um lado, os n.os 2 e 3 do artigo 206º: “Restituição ou reparação: (…) 2 - Quando a coisa furtada ou ilegitimamente apropriada for restituída, ou tiver lugar a reparação integral do prejuízo causado, sem dano ilegítimo de terceiro, até ao início da audiência de julgamento em 1ª instância, a pena é especialmente atenuada. § 3 - Se a restituição ou a reparação forem parciais, a pena pode ser especialmente atenuada”. § Says the art. 224 of the Portuguese Penal Code (PC): "1 - Who, having been entrusted by law or legal act, the disposal charge of other people's property interests or to manage or supervise, cause to those interests, intentionally and with serious breach of his duties, important material damage is punished with imprisonment up to three years or a fine. § 2 - The attempt is punishable. § 3 - The criminal proceedings on a complaint. § 4 - It is accordingly applicable the provisions of paragraphs 2 and 3 of Article 206 and paragraph a) of paragraph 1 of Article 207. Wording of Law No. 19/2013, of 21/2 - effective from 03.23.13. Refer on the one hand, paragraphs 2 and 3 of Article 206: "Restitution or repair: (...) 2 - When the stolen or illegally appropriate thing is restored, or have rise to full compensation for financial loss, no illegitimate damage Third, until the beginning of the trial, in 1st instance, the penalty is mitigated. § 3 - If the refund or repair are partial, the penalty can be mitigated. "

THE ROLE OF EARNINGS PERSISTENCE IN VALUATION ACCURACY AND THE TIME HORIZON

ABSTRACT Based on the assumption that earnings persistence has implications for both financial analysis and compensation contracts, the aim of this paper is to investigate the role of earnings persistence assuming that (i) more persistent earnings are likely to be a better input to valuation models and (ii) more persistent earnings are likely to serve as a proxy for long-term market and managerial orientation. The analysis is based on Brazilian listed firms from 1995 to 2013, and while we document strong support for the relevance of earnings persistence in financial analysis and valuation, we fail to document a significant relationship between earnings persistence and long-term value orientation. These results are sensitive to different specifications, and additional results suggest that firms' idiosyncratic risk (total risk) is relevant to explain the focus on short-term outcomes (short-termism) across firms. The main contribution of this paper is to offer empirical evidence for the relevance of accounting numbers in both valuation and contractual theories in an emergent market.

Estudo comparativo entre sistemas RoF com modulação directa e com modulação externa

O RoF (Radio over Fiber) é uma tecnologia que permite a transmissão de sinais rádio de elevada largura de banda, fornecida pela fibra óptica, e simultaneamente mantêm a característica de mobilidade das redes de comunicação móvel. Esta dissertação de mestrado tem como objectivo estudar, simular e comparar sistemas RoF com modulação directa e com modulação externa, utilizando um sinal WiMAX, por ser uma tecnologia recente e com potencial de utilização futura. Desta forma foram avaliados três tipos de moduladores externos, sendo que o modulador EA (Electro-Absorption) é o que permite obter melhores valores de EVM e de SNR devido ao facto deste ter menores perdas de inserção na fibra. Da comparação entre o esquema com modulação directa e o esquema com modulação externa, é possível concluir que para larguras de banda mais baixas a utilização de modulação directa é mais eficiente que a modulação externa, mas à medida que a largura de banda aumenta a modulação externa apresenta claramente melhor desempenho. Isto deve-se ao facto de a modulação directa produzir mais chirp que a modulação externa, sendo que o chirp limita a largura de banda e o comprimento da fibra. De forma a melhorar o desempenho do sistema com modulação directa foi introduzido uma fibra com compensação de dispersão. Foi possível concluir que a utilização de fibra com compensação de dispersão é uma boa solução quando se pretende transmitir sinais de elevada largura de banda em esquemas com modulação directa.

Grid Integration of Offshore Wind Farms Using Modular Marx Multilevel Converters

This paper proposes the use of a Modular Marx Multilevel Converter, as a solution for energy integration between an offshore Wind Farm and the power grid network. The Marx modular multilevel converter is based on the Marx generator, and solves two typical problems in this type of multilevel topologies: modularity and dc capacitor voltage balancing. This paper details the strategy for dc capacitor voltage equalization. The dynamic models of the converter and power grid are presented in order to design the converter ac output voltages and the dc capacitor voltage controller. The average current control is presented and used for power flow control, harmonics and reactive power compensation. Simulation results are presented in order to show the effectiveness of the proposed (MC)-C-3 topology.

Relatório de estágio. Terapia manual ortopédica

Este estudo refere-se a uma paciente de 33 anos com paralisia do nervo toráxico longo direito e consequente atrofia do grande dentado A paciente foi acompanhada durante 7 meses no serviço de Fisioterapia e tratada segundo as guidelines para o tratamento desta patologia. Após estabilização de resultados, por não apresentar mais melhoria, foi sujeita a análise electromigráfica no sentido de perceber quais as estratégias utilizadas pela paciente para compensar o défice do grande dentado, na manutenção de 4 movimentos: Elevação anterior a 90º, elevação lateral a 90º, elevação lateral no plano da omoplata a 90º e no push-up contra a parede. Foram avaliados o trapézio superior, médio e inferior, bem como o grande dentado. Verificou-se que não existe um padrão de activação consistente dos estabilizadores da omoplata em cadeia cinética aberta, sendo que o padrão é mantido em cadeia cinética fechada.

An efficient method for optimal location and sizing of fixed and switched shunt capacitors in large distribution systems

This paper proposes a computationally efficient methodology for the optimal location and sizing of static and switched shunt capacitors in large distribution systems. The problem is formulated as the maximization of the savings produced by the reduction in energy losses and the avoided costs due to investment deferral in the expansion of the network. The proposed method selects the nodes to be compensated, as well as the optimal capacitor ratings and their operational characteristics, i.e. fixed or switched. After an appropriate linearization, the optimization problem was formulated as a large-scale mixed-integer linear problem, suitable for being solved by means of a widespread commercial package. Results of the proposed optimizing method are compared with another recent methodology reported in the literature using two test cases: a 15-bus and a 33-bus distribution network. For the both cases tested, the proposed methodology delivers better solutions indicated by higher loss savings, which are achieved with lower amounts of capacitive compensation. The proposed method has also been applied for compensating to an actual large distribution network served by AES-Venezuela in the metropolitan area of Caracas. A convergence time of about 4 seconds after 22298 iterations demonstrates the ability of the proposed methodology for efficiently handling large-scale compensation problems.

Materiais estruturados: qual o seu papel na aprendizágem dos primeiros números?

Dissertação apresentada para obtenção do grau de Mestre em Educação Matemática na Educação Pré-Escolar e no 1.º e 2.º Ciclos do Ensino Básico

Can varying the number of teams in a shift schedule constitute a preventive strategy?

OBJECTIVE: The study examines the implications for shiftworkers of applying different numbers of teams in the organization of shiftwork. METHODS: The participating operators came from five different companies applying continuous shift rotation systems. The companies shared the same product organization and a common corporate culture belonging to the same multinational company. Each company had a shift system consisting of four, five or six teams, with the proportion of shifts outside day work decreasing as the number of teams increased. Questionnaire and documentary data were used as data sources. RESULTS: Operators in systems with additional teams had more daywork but also more irregular working hours due to both overtime and schedule changes. Operators using six teams used fewer social compensation strategies. Operators in four teams were most satisfied with their work hours. Satisfaction with the time available for various social activities outside work varied inconsistently between the groups. CONCLUSIONS: In rotating systems the application of more teams reduces the number of shifts outside day work. This apparent improvement for shiftworkers was counteracted by a concomitant irregularity produced by greater organizational requirements for flexibility. The balance of this interaction was found to have a critical impact on employees.

Optical Filter Design Using Background Wavelength Processing Techniques

Amorphous SiC tandem heterostructures are used to filter a specific band, in the visible range. Experimental and simulated results are compared to validate the use of SiC multilayered structures in applications where gain compensation is needed or to attenuate unwanted wavelengths. Spectral response data acquired under different frequencies, optical wavelength control and side irradiations are analyzed. Transfer function characteristics are discussed. Color pulsed communication channels are transmitted together and the output signal analyzed under different background conditions. Results show that under controlled wavelength backgrounds, the device sensitivity is enhanced in a precise wavelength range and quenched in the others, tuning or suppressing a specific band. Depending on the background wavelength and irradiation side, the device acts either as a long-, a short-, or a band-rejection pass filter. An optoelectronic model supports the experimental results and gives insight on the physics of the device.

Satisfação com o trabalho em contexto organizacional: um estudo de caso, na Empresa de Eletricidade dos Açores

Dissertação de Mestrado, Sociologia, 24 de Março de 2014, Universidade dos Açores.

Proposta de um algoritmo eficiente para a localização de faltas por relé diferencial numérico para proteção de linhas de transmissão com compensação série controlada por tiristores (TCSC)

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)