Finantial risk analysis of portuguese textile and tourism companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

The impact of size and age of the company on assessing financial risk

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

Financial Risk Analysis of Portuguese Textile and Tourism Companies

Textile and tourism sectors are two important industries in the Portuguese economy. However, its high exposure to both internal and international economic volatility make the companies operating in these economic sectors particularly vulnerable to economic crises, such as the ones which have been impacting Portugal and the European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sectors, during the period 2005-2009. The findings suggest that age has a major impact on the risk of failure, rather than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and ultimately depends on the age of the company.

The impact of size and age of the company on assessing financial risk.

Textiles and tourism sectors are two important sectors in Portuguese economy. Its high exposure to both internal and international economy volatility transform the companies operating in these economic sectors especially vulnerable to recent economic crises in Portugal and European Union. The objective of this paper is to evaluate and understand the impact of size and age on the financial health of textile and tourism companies, measured by economic indices. An empirical based model is proposed. Its implications are derived and tested on a sample of 4061 Portuguese companies from textile and tourism sector, during the period 2005-2009. The results conclude that age has a stronger impact on the risk of failure than size. Whereas the effect of age is generally positive regarding the financial health of the company, the effect of size is less clear and depends on the age of the company.

Vantagem competitiva, criação de valor e seus efeitos sobre o desempenho

A vantagem competitiva é a principal hipótese para explicar a heterogeneidade do desempenho entre as empresas. No entanto, vantagem competitiva é frequentemente tratada empiricamente como rentabilidade superior simplesmente, desprezando as demais implicações para o desempenho das empresas. Sob esse prisma, este trabalho desenvolve uma métrica para vantagem competitiva e pela avaliação de seus efeitos sobre o desempenho financeiro, combinando as curvas de lucratividade e de crescimento em participação de mercado. Por meio de um modelo multinível, são isolados os resultados individuais de cada empresa e posteriormente testados em relação à média dos seus setores. O modelo é aplicado a amostras de empresas americanas (Compustat), em quatro intervalos de tempo, ao longo do período de 1990 a 2009. Os resultados permitem identificar diferentes configurações de competitividade, com 16% de empresas em posição de vantagem e outros 16,5% em desvantagem (2005-2009), sendo que o teste para os demais intervalos demonstrou estabilidade dos resultados.

Contratualização na Administração Pública: o caso da descentralização de competências educacionais para os Municípios

A presente investigação procurou descrever, de forma exaustiva, o processo de previsão, negociação, implementação e avaliação do Contrato de Execução celebrado entre a Câmara Municipal de Sintra e o Ministério da Educação em 2009. Este contrato corresponde a um instrumento previsto na regulamentação do quadro de transferências de competências para os municípios em matéria de educação, de acordo com o regime previsto no Decreto-Lei n.º 144/2008, de 28 de julho. Definida a problemática e os objetivos, a investigação centrou-se num estudo de caso no qual foi feita a descrição e interpretação do processo e das ações desenvolvidas pelos intervenientes no período compreendido entre 2008 e 2011. Recorreu-se à confrontação dos dados obtidos através da análise das fontes documentais e do recurso às entrevistas realizadas aos responsáveis pelo Pelouro da Educação e diretores dos Agrupamentos de Escolas, à luz da revisão da literatura e do contributo de diferentes trabalhos de investigadores nesta matéria. A investigação permitiu concluir que o processo de contratualização foi algo complexo face à realidade deste Município e que o normativo apresenta várias lacunas no que diz respeito à contratualização da referida transferência de competências, designadamente porque procura generalizar algo que não é, de todo, generalizável – o campo da educação face à complexidade dos territórios educativos em causa e aos dos intervenientes envolvidos no mesmo.

Diabetes Gestacional - Rastreio Pós-Parto

Introdução: Um terço das mulheres com diabetes gestacional terá o diagnóstico de diabetes ou alteração do metabolismo da glicose no rastreio pós-parto. Objectivo: Avaliar a percentagem de mulheres submetidas a rastreio pós-parto e associar o resultado com a história materna. Métodos: Estudo retrospectivo de 1013 gravidezes com diabetes gestacional (2005-2009). Dividiu-se a população em dois grupos de acordo com o resultado: normal (grupo 1) e com diabetes ou alteração do metabolismo da glicose (grupo 2). Para ambos os grupos foram avaliados: idade materna, índice de massa corporal, ganho de peso na gravidez, idade gestacional do diagnóstico, necessidade de administração de insulina, factores de risco para diabetes gestacional e peso do recém-nascido. Resultados: O rastreio pós-parto foi realizado em 76,8% das mulheres (n=778). O teste foi considerado normal (grupo 1) em 628 mulheres(80,7%) e alterado (grupo 2) em 150 mulheres (19,3%). O Grupo 2 teve mulheres mais velhas (idade média de 34 vs 33 anos;p-value 0,013), com maior índice de massa corporal (28,5 vs 25,8kg / cm2; p-value 0,000), maior número de mulheres com história familiar em primeiro grau de diabetes mellitus (50,3% vs 39,9%; p-value 0,026) e história pessoal de macrossomia prévia (12,1% vs 5,4%; p-value 0,003). O diagnóstico mais precoce da diabetes gestacional foi também feito nesse grupo (27 vs 31 semanas; p-value 0,000) e uma maior percentagem efectuou insulina (41% vs 15%; p-value 0,000), tendo iniciado mais cedo a sua administração (28 vs 30 semanas; p-value 0,010). Verificou-se uma maior percentagem de grávidas multíparas no grupo 2 (64% vs 49,4%; p-value = 0,001) e um maior número de casos de recém-nascidos grandes para a idade gestacional (17,1% vs 8,3%; p-value = 0,001). A história pessoal de diabetes gestacional e ganho de peso durante a gestação foi semelhante nos dois grupos. Conclusões: As mulheres com alteração nos resultados do rastreio pós-parto são geralmente mais velhas, mais pesadas, multíparas, com história familiar em primeiro grau de diabetes Mellitus e história pessoal de macrossomia prévia. O diagnóstico de diabetes gestacional foi mais precoce neste grupo, mais frequentemente necessitaram de terapêutica com insulina com início mais cedo e verificou-se um maior número de recém-nascidos grandes para a idade gestacional.

Doença Inflamatória Intestinal Pediátrica. Uma Patologia em Crescendo?

Introdução: A Doença de Crohn (DC), Colite Ulcerosa (CU) e Colite Indeterminada (CI), habitualmente designadas por Doença Inflamatória Intestinal (DII), representam um grupo heterogéneo de patologias crónicas, de etiologia desconhecida e evolução variável, podendo manifestar-se, em idade pediátrica, em cerca de 25 a 30% dos casos. Estudos epidemiológicos internacionais comprovam o aumento exponencial da sua incidência nos países industrializados, em particular da DC, nos últimos 50 anos. Objectivos: Caracterização da população pediátrica com o diagnóstico de DII, seguida na consulta de Gastrenterologia Infantil do Hospital de Dona Estefânia (HDE). Material e Métodos: Estudo descritivo e retrospectivo, mediante consulta de processos clínicos, de doentes com o diagnóstico de DII, entre 1987 e 2009 (23 anos). Utilizaram-se critérios clínicos, radiológicos e histológicos para a definição de DII. Foram estudadas as seguintes variáveis: caracterização da DII, sexo, antecedentes familiares, idade à data do diagnóstico, intervalo de tempo entre o início da sintomatologia e respectivo diagnóstico e apresentação clínica. Foram comparados quatro intervalos de tempo: 1987-1992, 1993-1998, 1999-2004 e 2005-2009. Resultados: Foram incluídas 100 crianças, 51 pertencentes ao sexo feminino, das quais 59% correspondem a DC, 38% a CU e 3% a CI. Verificou-se a presença de antecedentes familiares de DII em sete casos, não se verificando diferença significativa de sexo entre a CU e a DC. No período compreendido entre 2005 e 2009 foi registado o maior número de novos casos (55 no total; média: 11 casos/ano) e entre 1987 e 1992 registou-se o menor número de novos casos (9; 1,5 casos/ano). O intervalo de tempo que decorreu entre o início dos sintomas e o diagnóstico de DII variou entre nove meses (1987-1992) e quatro meses (2005-2009). A idade no momento do diagnóstico variou entre os 14 meses e os 17 anos, com um valor médio de 10,5 anos. A sintomatologia inaugural mais frequente foi a presença de dor abdominal, a diarreia e a hematoquézia. Conclusão: A DII engloba um grupo heterogéneo de patologias, nem sempre fáceis de diagnosticar ou classificar, dada a ausência de critérios de diagnóstico uniformes. Os resultados apresentados mostram o aumento do número de novos casos, na consulta de Gastrenterologia do HDE, nas últimas duas décadas, não se verificando diferença no que diz respeito ao sexo. O tempo que decorreu entre o início dos sintomas e o diagnóstico diminuiu ao longo dos anos, tendo permanecido inalterada a idade no momento do diagnóstico e a apresentação clínica.

Biblioteca Digital de Catalunya: 10 anys d'activitats

El Consorci de Biblioteques Universitàries de Catalunya (CBUC) va ser creat el 1996 amb l'objectiu de fer i mantenir el catàleg col·lectiu de les universitats de Catalunya (CCUC) però aviat va ampliar les seves activitats amb el préstec interbibliotecari i les compres conjuntes d'informació electrònica. Aquesta darrera activitat va iniciar-se a finals de 1997 quan el CBUC va presentar als vicerectors de recerca de les universitats públiques de Catalunya el projecte de comprar bases de dades de manera consorciada. Aquests van estar-hi d'acord i van manifestar el seu interès de que en les compres conjuntes també s'incloguessin revistes electròniques. El CBUC va decidir englobar aquestes activitats sota el nom Biblioteca Digital de Catalunya (BDC) la qual naixia amb la "finalitat de proporcionar un conjunt nuclear comú d'informació electrònica per a la totalitat dels usuaris de les biblioteques del CBUC". A finals de 1998 el projecte de la BDC es va presentar a la Generalitat de Catalunya i es va obtenir un finançament per al projecte que cobria el període 1999-2001. Des de llavors la BDC ha passat per almenys tres fases: Una de formació, 1999-2001, que es va iniciar amb un ajut del llavors Departament d'Universitats, Recerca i Societat de la Informació (DURSI) de la Generalitat de Catalunya, ajut que es va traduir en una inversió de 180.000€/any i que va permetre l'inici de subscripcions conjuntes, principalment bases de dades. Una de creixement, 2002-2004, realitzada a partir d'un increment de l'ajut del DURSI, ajut que s'usa com a "capital llavor" per subscriure de forma especial revistes. En aquest moment la BDC s'amplia a universitats no membres del CBUC. Una d'estabilització, 2005-2009, en la que s'han fet algunes compres per a una part de les universitats (i no per a totes com fins llavors) i s'han iniciat alguns intents d'estendre la BDC a altres institucions de recerca. L'article caracteritza les diferents fases i mostra les causes de la seva evolució. Finalment, s'exposen els principals assoliments de la BDC així com els reptes de futur més immediats.

Implantació de noves metodologies docents en el pla d'estudis de l'EUETII d'Igualada en el marc de l'EEES

Aquest projecte pretén incorporar a la titulació d’Enginyeria Tècnica en Química Industrial les competències transversals amb què hauran de comptar els futurs enginyers perquè entrin en el món laboral amb tots els requisits tècnics i competencials que requereixen els canvis dels models educatius (crèdits ECTS) i la canviant situació laboral en l’àmbit de la Unió Europea. La incorporació de competències transversals en les assignatures del pla d’estudis és un dels eixos bàsics plantejats en el Pla Estratègic 2005-2009 de l’Escola Universitària d’Enginyeria Tècnica Industrial d’Igualada. Aquest procés s’ha portat a terme en quatre fases: Disseny: Implicar els empresaris en el disseny de programes de formació que capacitin els estudiant en les competències que demana el mercat de treball. Presentació: Sensibilitzar els professors i els alumnes de la importància de desenvolupar competències transversals dins del marc actual i futur de l’ensenyament. Planificació de les assignatures: Portar a terme la incorporació de competències transversals de forma gradual des del primer curs i donar suport i formació a tot el professorat. Difusió: Divulgar la important transformació que s’està realitzant a l’Escola dins de l’àmbit de la nova implantació de competències transversals per formar als enginyers per tal de fer-los més competitius. Per a aconseguir l’adaptació de les assignatures del pla d’estudis a les noves directrius de l’EEES s’ha treballat des de dues vessants: a) introduint canvis metodològics en la forma d’impartir les assignatures per part del professorat per permetre la incorporació de competències transversals, com ara el treball en equip, a través de l’aprenentatge basat en projectes, i la competència lingüística en anglès, a partir de la introducció de l’anglès a l’aula, i b) adaptant al nou sistema la documentació associada a les matèries que s’imparteixen: guia docent, guies de les assignatures, etc.

Primary care at Swiss universities--current state and perspective.

BACKGROUND: There is increasing evidence that a strong primary care is a cornerstone of an efficient health care system. But Switzerland is facing a shortage of primary care physicians (PCPs). This pushed the Federal Council of Switzerland to introduce a multifaceted political programme to strengthen the position of primary care, including its academic role. The aim of this paper is to provide a comprehensive overview of the situation of academic primary care at the five Swiss universities by the end of year 2012. RESULTS: Although primary care teaching activities have a long tradition at the five Swiss universities with activities starting in the beginning of the 1980ies; the academic institutes of primary care were only established in recent years (2005 - 2009). Only one of them has an established chair. Human and financial resources vary substantially. At all universities a broad variety of courses and lectures are offered, including teaching in private primary care practices with 1331 PCPs involved. Regarding research, differences among the institutes are tremendous, mainly caused by entirely different human resources and skills. CONCLUSION: So far, the activities of the existing institutes at the Swiss Universities are mainly focused on teaching. However, for a complete academic institutionalization as well as an increased acceptance and attractiveness, more research activities are needed. In addition to an adequate basic funding of research positions, competitive research grants have to be created to establish a specialty-specific research culture.

Distribution of Lymnaeidae (Mollusca: Pulmonata), intermediate snail hosts of Fasciola hepatica in Venezuela

An extensive malacological survey was carried out between 2005-2009 in order to clarify the exact number of lymnaeid species which may be intermediate hosts of Fasciola hepatica in Venezuela. Four species were discovered during this survey, including two local species: Lymnaea cubensis and Lymnaea cousini and two exotic species: Lymnaea truncatula and Lymnaea columella. The most common local species was L. cubensis which was found at 16 out of the 298 sampling sites. This species has a large distribution area throughout the Northern part of Venezuela and was encountered from sea level to an altitude of 1,802 m in state of Trujillo. The second local species L. cousini was collected at only two sites of the Andean Region at altitudes of 3,550 m and 4,040 m, respectively. The European L. truncatula was found at 24 sites all located in the states of Mérida and Táchira at an altitude varying between 1,540-4,000 m. The respective distribution areas of L. cubensis and L. truncatula do not appear to overlap, but more detailed malacological surveys are needed. The fourth lymnaeid species, L. columella was collected in a canal from Mérida at an altitude of 1,929 m and in an irrigation canal from the state of Guárico, at an altitude of 63 m. The role of these four lymnaeid species in the transmission of fascioliasis in Venezuela is discussed.

Trends in mortality from major cancers in the americas : 1980-2010

BACKGROUND: Between the 1970's and 2000 mortality in Latin America showed favorable trends for some common cancer sites, including stomach and male lung cancer in most countries. However, major concerns were related to mortality patterns from other cancers, particularly in women. We provide an up-to-date picture of patterns and trends in cancer mortality in Latin America. METHODS: We analyzed data from the World Health Organization mortality database in 2005-2009 for 20 cancer sites in 11 Latin American countries and, for comparative purposes, in the USA and Canada. We computed age-standardized (world) rates (per 100 000 person-year) and provided an overview of trends since 1980 using joinpoint regression models. RESULTS: Cancer mortality from some common cancers (including colorectum and lung) is still comparatively low in Latin America, and decreasing trends continue for some cancer sites (including stomach, uterus, male lung cancers) in several countries. However, there were upward trends for colorectal cancer for both sexes, and for women lung and breast cancer mortality in most countries. During the last decade, lung cancer mortality in women rose by 1-3% per year in all Latin American countries except Mexico and Costa Rica, whereas rises of about 1% were registered for breast cancer in Brazil, Colombia and Venezuela. Moreover, high mortality from cancer of the cervix uteri was recorded in most countries, with rates over 13/100 000 women in Cuba and Venezuela. In men, upward trends were registered in prostate cancer mortality in Brazil and Colombia, but also in Cuba, where the rate in 2005-2009 was more than twice that in the USA (23.6 versus 10/100 000). CONCLUSIONS: Tobacco control, efficient screening programs, early cancer detection and widespread access to treatments continue to be a major priority for most Latin American countries.

Development and validation of a risk score predicting substantial weight gain over 5 years in middle-aged European men and women.

BACKGROUND Identifying individuals at high risk of excess weight gain may help targeting prevention efforts at those at risk of various metabolic diseases associated with weight gain. Our aim was to develop a risk score to identify these individuals and validate it in an external population. METHODS We used lifestyle and nutritional data from 53°758 individuals followed for a median of 5.4 years from six centers of the European Prospective Investigation into Cancer and Nutrition (EPIC) to develop a risk score to predict substantial weight gain (SWG) for the next 5 years (derivation sample). Assuming linear weight gain, SWG was defined as gaining ≥ 10% of baseline weight during follow-up. Proportional hazards models were used to identify significant predictors of SWG separately by EPIC center. Regression coefficients of predictors were pooled using random-effects meta-analysis. Pooled coefficients were used to assign weights to each predictor. The risk score was calculated as a linear combination of the predictors. External validity of the score was evaluated in nine other centers of the EPIC study (validation sample). RESULTS Our final model included age, sex, baseline weight, level of education, baseline smoking, sports activity, alcohol use, and intake of six food groups. The model's discriminatory ability measured by the area under a receiver operating characteristic curve was 0.64 (95% CI = 0.63-0.65) in the derivation sample and 0.57 (95% CI = 0.56-0.58) in the validation sample, with variation between centers. Positive and negative predictive values for the optimal cut-off value of ≥ 200 points were 9% and 96%, respectively. CONCLUSION The present risk score confidently excluded a large proportion of individuals from being at any appreciable risk to develop SWG within the next 5 years. Future studies, however, may attempt to further refine the positive prediction of the score.