Cross-Industry Product Diversification and Contagion in Risk and Return: The Case of Bank-Insurance and Insurance-Bank Takeovers

We investigate the impact of domestic/international bancassurance deals on the risk-return profiles of announcing and non-announcing banks and insurers within a GARCH model. Bank-insurance deals produce intra- and inter-industry contagion in both risk and return, with larger deals producing greater contagion. Bidder banks and peers experience positive abnormal returns, with the effects on insurer peers being stronger than those on bank peers. Insurance-bank deals produce insignificant excess returns for bidder and peer insurers and positive valuations for peer banks. Following the deal, the bank bidders’ idiosyncratic (systematic) risk falls (increases), while insurance bidders exhibit a lower systematic risk and maintain their idiosyncratic risk.

Business Models for Cloud Computing: Experiences from Developing Modeling & Simulation as a Service Applications in Industry

The potential of cloud computing is gaining significant interest in Modeling & Simulation (M&S). The underlying concept of using computing power as a utility is very attractive to users that can access state-of-the-art hardware and software without capital investment. Moreover, the cloud computing characteristics of rapid elasticity and the ability to scale up or down according to workload make it very attractive to numerous applications including M&S. Research and development work typically focuses on the implementation of cloud-based systems supporting M&S as a Service (MSaaS). Such systems are typically composed of a supply chain of technology services. How is the payment collected from the end-user and distributed to the stakeholders in the supply chain? We discuss the business aspects of developing a cloud platform for various M&S applications. Business models from the perspectives of the stakeholders involved in providing and using MSaaS and cloud computing are investigated and presented.

Impact of the financial crisis on cross-border mergers and acquisitions and concentration in the global banking industry

The global banking industry has seen dramatic changes in the past 40 years. Most recently, the financial liberalization of emerging markets and the global financial crisis have significantly impacted the market share of banks worldwide. This article investigates the impact of the 2007–2008 financial crisis on cross-border mergers and acquisitions (M&As) in the banking sector and emphasizes the role of emerging-market banks in the postcrisis consolidation trend. Using M&A data and concentration data over the period 2000–2013, our analysis indicates that the financial crisis had a significant impact on worldwide M&As, especially on the direction of the transactions. Emerging-market banks appear to be major acquirers in the postcrisis period, targeting both neighboring countries and developed economies in Europe. We also observe an increase in bank concentration in developed markets most hit by the financial crisis, especially in the United States and the United Kingdom, whereas bank concentration decreased in emerging markets.

Who controls whom? Interaction dynamics and success of university-industry initiatives

This chapter looks into the importance of having a clear identity of a boundary spanner in determining the role of the partners in a university-industry knowledge transfer programme. It highlights issues around the relationship between the business and the graduate as the boundary spanner, where the university's level of control differs between two programmes: Knowledge Transfer Partnership (KTP) and Knowledge Exchange and Enterprise Network (KEEN) programme. The four case studies illustrate interesting points since the university is the employer for the KTPs associate and the business is the employer for the KEEN associate, whilst successful KTP and KEEN projects rely on a full understanding of the role of the graduate within the business.

Small farmers and sustainability: institutional barriers to investment and innovation in the Malaysian palm oil industry in Sabah

The Malaysian palm oil industry is well known for the social, environmental and sustainability challenges associated with its rapid growth over the past ten years. Technologies exist to reduce the conflict between national development aims of economic uplift for the rural poor, on the one hand, and ecological conservation, on the other hand, by raising yields and incomes from areas already under cultivation. But the uptake of these technologies has been slow, particularly in the smallholder sector. In this paper we explore the societal and institutional challenges that influence the investment and innovation decisions of micro and small enterprise (MSE) palm oil smallholders in Sabah, Malaysia. Based on interviews with 38 smallholders, we identify a number of factors that reduce the smallholders' propensity to invest in more sustainable practices. We discuss why more effective practices and innovations are not being adopted using the concepts of, firstly, institutional logics to explore the internal dynamics of smallholder production systems, including attitudes to sustainability and innovation; and, secondly, institutional context to explore the pressures the smallholders face, including problems of access to land, labour, capital, knowledge and technical resources. These factors include limited access to global market information, corruption and uncertainties of legal title, weak economic status and social exclusion. In discussing these factors we seek to contribute to wider theoretical debates about the factors that block innovation and investment in business improvements in marginal regions and in marginalised groups.

Blacklisting and its legacy in the UK construction industry: employment relations in the aftermath of exposure of the Consulting Association

This paper explores responses to the exposure of blacklisting in the UK construction industry in the period following the closure of the Consulting Association (CA) in 2009. It asks whether employer collusion to blacklist in this way has been terminated and concludes that it is now largely of historical interest although other forms of anti-union activity continue. It highlights particularly the historic and continuing importance of ‘double breasting’ and reports on divergent employer paths in the aftermath of the exposure and subsequent closure of the activities of the CA.

O uso do smartphone na avaliação do risco de queda associado ao envelhecimento

Introdução: O declínio do equilíbrio, da força dos membros inferiores e o medo de cair são fatores de risco de queda associados ao envelhecimento e a sua avaliação pode ser realizada pelo teste One Leg Standing (OLS), Sit to Stand (STS) e pela Falls Eficacy Scale (FES), respetivamente. As aplicações para smartphone constituem uma alternativa para a avaliação dos fatores de risco de queda no envelhecimento. Objetivo: Analisar a capacidade de uma aplicação para smartphone na avaliação dos testes STS, OLS e FES. Metodologia: Realizou-se um estudo analítico numa amostra de 27 voluntários com idade ≥ 60 anos. Realizaram-se os testes STS, OLS e a FES (versão iconográfica, apresentada no smartphone). Os dados foram recolhidos simultaneamente por um smartphone e pelo Qualisys Motion Capture Systems associado a uma plataforma de forças. Foi utilizado o r de Pearson ou Spearman para analisar as possíveis correlações. Resultados: No STS obteve-se uma correlação muito forte (rp=0.97) no número de repetições de ciclos Sit Stand Sit (SLS) e forte na duração média do SLS (rp=0.85) e das subfases Sit to Stand (rp=0.69) e Stand to Sit (rp=0.778), com p<0.001. As medidas de inclinação do tronco apresentaram correlações fortes, com exceção do ângulo inicial (p≥0.05). No OLS, verificou-se uma correlação moderada entre o deslocamento do centro de pressão peak to peak médio-lateral (rs=0.45; p=0.017) e antero-posterior (rs=0.39; p=0.046), root mean square médio-lateral (rs=0.39; p=0.046) e antero-posterior (rs=0.46; p=0.017) e área do estatocinesiograma (rs=0.45; p=0.018). Na FES obteve-se uma correlação moderada em três categorias: ‘tomar banho/duche’ (rs=0.49; p=0.010), ‘deitar/levantar da cama (rs=0.43; p=0.024) e ‘chegar aos armários’ (rs=0.38; p=0.050). Conclusão: A aplicação para smartphone parece avaliar corretamente os ciclos e a variação da inclinação do tronco no STS, porém parece necessitar de ser reajustada na FES e na velocidade do deslocamento do centro de pressão, no OLS.

O uso do smartphone na avaliação da dorsiflexão da tibiotársica, do passo rápido anterior/lateral/posterior e da marcha em idosos

Introdução: A correta avaliação das capacidades do idoso será fundamental na diminuição do risco de queda inerente ao envelhecimento. Os Smartphones são uma boa ferramenta para a avaliação das capacidades em idosos. Objetivo: Verificar se o smartphone é uma ferramenta de avaliação do ângulo de dorsiflexão ativa da tibiotársica (Dors. TT) e em diferentes parâmetros relacionados com a marcha. ; Métodos: Estudo transversal correlacional, com amostra composta por 27 indivíduos com mais de 60 anos. Procedeu-se à recolha de dados através de um sistema de análise cinemática em 3D com conexão a uma plataforma de forças e de uma aplicação para Smartphone (Fraunhofer®, Porto, Portugal), de forma a verificar a funcionalidade desta última. As variáveis medidas foram a Dors. TT; e todas a variáveis relacionadas com a marcha. Resultados: A dors. TT apresentou uma correlação forte positiva (rs=0,8; p<0,001) entre os dados dos dois instrumentos, assim como no balanço pélvico (rp=0,8; p<0,001), na velocidade na marcha (rp=0,7; p<0,001) e no nº de passos posteriores (rs=0,8; p<0,001). Observou-se uma correlação moderada positiva na duração do passo direito, na duração do passo, na duração da passada, na cadência, no comprimento do passo esq., no comprimento do passo e no deslocamento lateral da pélvis (rp=0,6; p≤0.008). Na percentagem da fase de apoio (%FA) (rs =-0.6; p= 0.007) e na medição da cadência lateral (rs =-0.4; p= 0.042) observou-se uma correlação moderada negativa e na cad. post. (rs=-0,7; p<0,001) uma correlação forte negativa. Conclusão: A aplicação para Smartphone parece ser uma ferramenta útil para avaliar corretamente o ângulo de dorsiflexão da tibiotársica, a contagem do número de passos no sentido posterior, o balanço pélvico e a velocidade. Contudo, necessita ser reajustada para as outras variáveis.

Classificação de atividades físicas através do uso do acelerómetro do smartphone

Dissertação de natureza científica realizada para a obtenção do grau de Mestre em Engenharia de redes de comunicação e Multimédia

Cleanup of industrial effluents containing heavy metals: a new opportunity of valorising the biomass produced by brewing industry

Heavy metal pollution is a matter of concern in industrialised countries. Contrary to organic pollutants, heavy metals are not metabolically degraded. This fact has two main consequences: its bioremediation requires another strategy and heavy metals can be indefinitely recycled. Yeast cells of Saccharomyces cerevisiae are produced at high amounts as a by-product of brewing industry constituting a cheap raw material. In the present work, the possibility of valorising this type of biomass in the bioremediation of real industrial effluents containing heavy metals is reviewed. Given the autoaggregation capacity (flocculation) of brewing yeast cells, a fast and off-cost yeast separation is achieved after the treatment of metal-laden effluent, which reduces the costs associated with the process. This is a critical issue when we are looking for an effective, eco-friendly, and low-cost technology. The possibility of the bioremediation of industrial effluents linked with the selective recovery of metals, in a strategy of simultaneous minimisation of environmental hazard of industrial wastes with financial benefits from reselling or recycling the metals, is discussed.