Long-term memory in financial prices: evidence from the Dutch stock market returns

Prepared for presentation at the Portuguese Finance Network International Conference 2014, Vilamoura, Portugal, June 18-20

Non-uniform printed antenna array for wireless communications in sports arenas

Wireless communications had a great development in the last years and nowadays they are present everywhere, public and private, being increasingly used for different applications. Their application in the business of sports events as a means to improve the experience of the fans at the games is becoming essential, such as sharing messages and multimedia material on social networks. In the stadiums, given the high density of people, the wireless networks require very large data capacity. Hence radio coverage employing many small sized sectors is unavoidable. In this paper, an antenna is designed to operate in the Wi-Fi 5GHz frequency band, with a directive radiation pattern suitable to this kind of applications. Furthermore, despite the large bandwidth and low losses, this antenna has been developed using low cost, off-the-shelf materials without sacrificing quality or performance, essential to mass production. © 2015 EurAAP.

Adaptive Learning in Games: Defining Profiles of Competitor Players

Artificial Intelligence has been applied to dynamic games for many years. The ultimate goal is creating responses in virtual entities that display human-like reasoning in the definition of their behaviors. However, virtual entities that can be mistaken for real persons are yet very far from being fully achieved. This paper presents an adaptive learning based methodology for the definition of players’ profiles, with the purpose of supporting decisions of virtual entities. The proposed methodology is based on reinforcement learning algorithms, which are responsible for choosing, along the time, with the gathering of experience, the most appropriate from a set of different learning approaches. These learning approaches have very distinct natures, from mathematical to artificial intelligence and data analysis methodologies, so that the methodology is prepared for very distinct situations. This way it is equipped with a variety of tools that individually can be useful for each encountered situation. The proposed methodology is tested firstly on two simpler computer versus human player games: the rock-paper-scissors game, and a penalty-shootout simulation. Finally, the methodology is applied to the definition of action profiles of electricity market players; players that compete in a dynamic game-wise environment, in which the main goal is the achievement of the highest possible profits in the market.

Social Media Integration in Video Games: A Social Overlay for Desktop Games

Simpósio de Informática (INForum 2015), Covilhã, Portugal. Notes: Best paper award nominee.

Which “place and non-place” do women occupy in social economy organisations?

Scientific literature has strengthened the perpetuation of inequality factors in the labour market based on gender, despite the on-going endeavour of various political bodies and legal norms against the vertical and horizontal segregation of women. National and European statistical data shows the relevance and timeless features of theories of market segmentation associated with the labour market dating back to the 70’s of the 20th century. Hence, the European Community considers as a priority in the Europe 2020 strategy, the definition of “policies to promote gender equality […] to increase labour force participation thus adding to growth and social cohesion”. If we consider that on the one hand, social economy is fairly recognised to be equated with market actors and the State for its economic and social role in tackling the current crisis, and on the other hand, that the ideals of the sector, systematised in the “Framework Law of Social Economy” (Law no. 30/2013 8th of May), particularly in article 5 proposing “the respect for the values […] of equality and non-discrimination […], justice and equity […]”, we aim to reflect on indicators that uncover a vertical and horizontal segregation in the labour market. Departing from a mixed methodological approach (extensive and intensive), subject to the topic of "Social Entrepreneurship in Portugal" in social economy organisations, we detect very high rates of employment feminisation, with a ratio of 1 man (23%) for every 3 women (77%). Women are mainly earmarked for technical and operational activities, arising from the privileged intervention areas, namely education, training, health, elderly, families, poverty, ultimately being underrepresented in statutory boards and, as such, far removed from deliberations and strategic resolutions. This is particularly visible in the existing hierarchy of functions and management practices of the responsibility of male members. Thus, it seems easily verified that the sector is travelling away from the ideals of justice and social equity, which can crystallise the "non-place" of women in the definition of a strategic direction of social economy and in the most invisible/private “place” of the organisational setting.

Social Media Integration in Video Games GameNshare: A Social Overlay for Desktop Games

The ever increasing popularity of social media makes it a promising source for the personalization of gameplay experiences. Furthermore, involving social network friends in a game can greatly enrich the satisfaction of the player and also attract potential novel players to a game. This master thesis describes a social overlay designed for desktop games, called GameNshare. It allows players to easily capture and share with multiple social networks game-related screenshots, videos and stories. Additionally, it also provides asynchronous multiplayer game mechanics to directly integrate social network friends in the game. GameNshare was designed to interact with the users in a non-intrusive way allowing them to be in complete control of what is shared. It prevents unsolicited sharing of messages, a key problem in social media integration tools, by the use of built-in message monitoring and anti-spam measures. GameNshare was specially designed for players aged from 18 to 25 years that are regular users of Twitter and Facebook. It was tested by a group of 10 individuals from the target age range that were surveyed to capture their insights on the use of the social overlay. The implemented GameNshare features were well accepted by the testers that were also useful in highlighting features for future development. GameNshare ultimate goal is to make players look and ask for social integration and allow them to take full advantage of their social communities to improve gaming experiences.

How differently do our non-large companies listed on the Portuguese Stock Exchange perform?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

Atomic force microscopy assisted with electron and ion beam microscopy for the direct measurement of biostructures and DNA samples

Dissertation to obtain a Master degree in Biotechnology

Market analysis of a new business opportunity in mobile-casual gaming: Partnership between Nmusic and Rovio Entertainment Ltd

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

RingDings market analysis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

About using serious games to teach (Portuguese) sign language

Sign language is the form of communication used by Deaf people, which, in most cases have been learned since childhood. The problem arises when a non-Deaf tries to contact with a Deaf. For example, when non-Deaf parents try to communicate with their Deaf child. In most cases, this situation tends to happen when the parents did not have time to properly learn sign language. This dissertation proposes the teaching of sign language through the usage of serious games. Currently, similar solutions to this proposal do exist, however, those solutions are scarce and limited. For this reason, the proposed solution is composed of a natural user interface that is intended to create a new concept on this field. The validation of this work, consisted on the implementation of a serious game prototype, which can be used as a source for learning (Portuguese) sign language. On this validation, it was first implemented a module responsible for recognizing sign language. This first stage, allowed the increase of interaction and the construction of an algorithm capable of accurately recognizing sign language. On a second stage of the validation, the proposal was studied so that the pros and cons can be determined and considered on future works.

Donations of non-financial resources: The motivation and consequences of measuring and accounting for it

This thesis focus on the measurement and accounting of contributions received by nonprofit organizations, as they are a significant component of revenues nowadays. A survey was developed and forward to 38 different NPOs, with the goal of understanding their motivations and what advantages and disadvantages they believe would result if they start to measure and account for all kinds of contributions. They presented many advantages from this practice; however, some are not doing it due to the difficulties in valuing contributions with no market value which would require a higher workload, waste of resources and time to be taken from other important activities.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Optimal choice between even- and uneven-aged forestry: the case of non-industrial private forest owners

An infinite-horizon discrete time model with multiple size-class structures using a transition matrix is built to assess optimal harvesting schedules in the context of Non-Industrial Private Forest (NIPF) owners. Three model specifications accounting for forest income, financial return on an asset and amenity valuations are considered. Numerical simulations suggest uneven-aged forest management where a rational forest owner adapts her or his forest policy by influencing the regeneration of trees or adjusting consumption dynamics depending on subjective time preference and market return rate dynamics on the financial asset. Moreover she or he does not value significantly non-market benefits captured by amenity valuations relatively to forest income.

Fruta com cheiro: The implementation of a new brand of fruit in the Portuguese market

‘’Fruta com Cheiro’’ is an idea for a new brand of fruit that would be introduced in the Portuguese market that would differentiate itself from the brands already in the market and from other non-branded fruit producers. In order to prove that the idea was valid and would have a place in the market, two methods of exploratory research were used – in-depth interviews and focus groups – to understand attitudes and behaviors regarding fruit selection and purchase and also people’s perceptions to ‘’Fruta com Cheiro’’. After these two steps, several considerations were made in relation to preliminary marketing aspects such as brand creation and positioning. There was also a final remark on the fact that this thesis is not a business plan and its purpose was to show how viable would the project be.