A rentabilidade das indústrias nacionais de cortiça: na ótica da gestão de tesouraria.

Dissertação de Mestrado Apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira.

The relationship between liquidity and profitability in the food & beverage industry evidence from Europe and United States

This Work Project clarifies the relationship between liquidity and profitability based on a sample in the Food & Beverage (F&B) industry, and comparing the largest European and United States companies. The research concludes that liquidity, proxied by current ratio or quick ratio, correlates with return on assets taken as the measure of profitability, and so does the cash conversion cycle and its components. Moreover, company size correlates with liquidity, and indirectly affects ROA. This research contributes and addresses to managers in the F&B industry and recommends how they should act in order to improve profitability in the industry.

Determinantes da liquidez das PME da indústria transformadora em Portugal

Este artigo visa identificar os determinantes da liquidez das pequenas e médias empresas (PME) portuguesas, assim como analisar até que ponto estes se alteram quando analisamos períodos de estabilidade ou de recessão financeira. Para tal, recorremos a uma amostra de dados em painel, considerando 4.355 PME, e analisando o período compreendido entre 2002 e 2011. De um modo geral, os resultados confirmam a existência de uma relação significativa entre algumas das variáveis independentes e a liquidez das empresas. Mais especificamente, os resultados evidenciam uma relação positiva entre a dimensão, a rendibilidade e a probabilidade de existência de problemas financeiros, e a liquidez das empresas, bem como uma relação negativa entre o grau de endividamento e a maturidade da dívida, e a liquidez das PME. Os resultados mostram ainda que a liquidez das empresas é afetada em períodos de crise financeira, verificando-se, nomeadamente, uma redução da dívida de curto prazo e um aumento da duração do ciclo de conversão de caixa.

Käyttöpääoman hallinnan vaikutus suomalaisten pk-yritysten maksuvalmiuteen

Tämän kandidaatintutkielman tavoite on tarkastella suomalaisten pk-yritysten maksuvalmiuden ja käyttöpääoman hallinnan välistä yhteyttä. Tarkoitus on selvittää, voidaanko suomalaisten pk-yritysten maksuvalmiutta parantaa käyttöpääoman hallintaa tehostamalla ja onko siitä saatava hyöty toimialariippuvaista. Toimialavertailuun valittiin rakentaminen, koneiden ja laitteiden valmistus sekä jälleenmyynti. Aineisto tutkimukseen hankittiin Amadeus-tietokannasta. Tutkimuksessa hyödynnetään tilastollisia menetelmiä. Tilastolliset analyysit suoritetaan SAS Enterprise Guide -ohjelmistolla. Muuttujien välisiä suhteita tarkastellaan regressioanalyysin avulla, jotka suoritetaan jokaiselle toimialaluokalle ja kaikista toimialoista koostuvalle otokselle erikseen. Tutkimustulosten mukaan toimialasta riippumatta pk-yrityksen maksuvalmiutta voidaan parantaa käyttöpääoman hallintaa tehostamalla. Vaikutuksen suuruus riippuu kuitenkin toimialasta. Tutkimustulokset huomioiden pk-yritysten johdon tulisi resurssien niukkuudesta huolimatta kiinnittää huomiota käyttöpääoman hallintaan, erityisesti silloin kuin yrityksen maksuvalmius on uhattuna.

Os determinantes da liquidez: evidência nas empresas portuguesas cotadas na Euronet Lisbon

Neste estudo são analisados, através de técnicas adequadas para dados em painel, os determinantes da liquidez das empresas portuguesas cotadas na Euronext Lisbon. Para a concretização do mesmo foi utilizada uma amostra de 40 empresas, para o período de 2000 a 2014, sendo este período dividido em dois subperíodos, o antes e o depois da crise. Os resultados evidenciam a existência de uma relação entre algumas das variáveis independentes e a variável dependente. De facto, antes da crise, verifica-se que as oportunidades de crescimento e a probabilidade de dificuldades financeiras são significativas para o nível da liquidez, sendo que, depois da crise, as variáveis explicativas do nível de liquidez são a volatilidade dos fluxos de caixa, o ciclo de conversão de caixa e a probabilidade de dificuldades financeiras.

Core design options for high conversion BWRs operating in Th- 233U fuel cycle

Several options of fuel assembly design are investigated for a BWR core operating in a closed self-sustainable Th-233U fuel cycle. The designs rely on an axially heterogeneous fuel assembly structure consisting of a single axial fissile zone "sandwiched" between two fertile blanket zones, in order to improve fertile to fissile conversion ratio. The main objective of the study was to identify the most promising assembly design parameters, dimensions of fissile and fertile zones, for achieving net breeding of 233U. The design challenge, in this respect, is that the fuel breeding potential is at odds with axial power peaking and the core minimum critical power ratio (CPR), hence limiting the maximum achievable core power rating. Calculations were performed with the BGCore system, which consists of the MCNP code coupled with fuel depletion and thermo-hydraulic feedback modules. A single 3-dimensional fuel assembly having reflective radial boundaries was modeled applying simplified restrictions on the maximum centerline fuel temperature and the CPR. It was found that axially heterogeneous fuel assembly design with a single fissile zone can potentially achieve net breeding, while matching conventional BWR core power rating under certain restrictions to the core loading pattern design. © 2013 Elsevier B.V. All rights reserved.

Investigation of fuel assembly design options for high conversion thorium fuel cycle in PWRs

This study explores the basic possibility of achieving a self-sustainable Th-U233 fuel cycle that can be adopted in the current generation of Pressurized Water Reactors. This study outlines some fuel design strategies to achieve (or to approach as closely as possible) a sustainable fuel cycle. Major design tradeoffs in the core design are discussed. Preliminary neutronic analysis performed on the fuel assembly level with BOXER computer code suggests that net breeding of U233 is feasible in principle within a typical PWR operating envelope. However, some reduction in the core power density and/or shorter than typical fuel cycle length would most likely be required in order to achieve such performance.

Techno-Economic and Life Cycle Assessment on Lignocellulosic Biomass Thermochemical Conversion Technologies: A Review

Bioenergy derived from biomass provides a promising energy alternative and can reduce the greenhouse gas (GHG) emissions generated from fossil fuels. Biomass-based thermochemical conversion technologies have been acknowledged as apt options to convert bioresources into bioenergy; this bioenergy includes electricity, heat, and fuels/chemicals in solid, liquid, and gaseous phases. In this review, the techno-economic and life cycle assessment of these technologies (combustion, gasification, pyrolysis, liquefaction, carbonization, and co-firing) are summarized. Specific indicators (production costs in a techno-economic analysis, functional units and environmental impacts in a life cycle analysis) for different technologies were compared. Finally, gaps in research and future trends in biomass thermochemical conversion were identified. This review could be used to guide future research related to economic and environmental benefits of bioenergy.

Energy conversion factors [and life cycle costing and cost analysis papers] /

Mode of access: Internet.

Nitrogen cycle of effluent-irrigated energy crop plantations:from wastewater treatment to thermo-chemical conversion processes

This paper reviews nitrogen (N) cycle of effluent-irrigated energy crop plantations, starting from wastewater treatment to thermo-chemical conversion processes. In wastewater, N compounds contribute to eutrophication and toxicity in water cycle. Removal of N via vegetative filters and specifically in short-rotation energy plantations, is a relatively new approach to managing nitrogenous effluents. Though combustion of energy crops is in principle carbon neutral, in practice, N content may contribute to NOx emissions with significant global warming potential. Intermediate pyrolysis produces advanced fuels while reducing such emissions. By operating at intermediate temperature (500°C), it retains most N in char as pyrrolic-N, pyridinic-N, quaternary-N and amines. In addition, biochar provides long-term sequestration of carbon in soils.

p53 prevents progression of nevi to melanoma predominantly through cell cycle regulation

p53 is the central member of a critical tumor suppressor pathway in virtually all tumor types, where it is silenced mainly by missense mutations. In melanoma, p53 predominantly remains wild type, thus its role has been neglected. To study the effect of p53 on melanocyte function and melanomagenesis, we crossed the 'high-p53'Mdm4+/- mouse to the well-established TP-ras0/+ murine melanoma progression model. After treatment with the carcinogen dimethylbenzanthracene (DMBA), TP-ras0/+ mice on the Mdm4+/- background developed fewer tumors with a delay in the age of onset of melanomas compared to TP-ras0/+ mice. Furthermore, we observed a dramatic decrease in tumor growth, lack of metastasis with increased survival of TP-ras0/+: Mdm4+/- mice. Thus, p53 effectively prevented the conversion of small benign tumors to malignant and metastatic melanoma. p53 activation in cultured primary melanocyte and melanoma cell lines using Nutlin-3, a specific Mdm2 antagonist, supported these findings. Moreover, global gene expression and network analysis of Nutlin-3-treated primary human melanocytes indicated that cell cycle regulation through the p21WAF1/CIP1 signaling network may be the key anti-melanomagenic activity of p53.

Three-dimensional off-design numerical analysis of an organic Rankine cycle radial-inflow turbine

Optimisation of organic Rankine cycles(ORCs for binary cycle applications could play a major role in determining the competitiveness of low to moderate renewable sources. An important aspect of the optimisation is to maximise the turbine output power for a given resource. This requires careful attention to the turbine design notably through numerical simulations. Challenges in the numerical modelling of radial-inflow turbines using high-density working fluids still need to be addressed in order to improve the turbine design and better optimise ORCs. Thispaper presents preliminary 3D numerical simulations of a high-density radial-inflow ORC turbine in sensible geothermal conditions. Following extensive investigation of the operating conditions and thermodynamic cycle analysis, therefrigerant R143a is chosen as the high-density working fluid. The 1D design of the candidate radial-inflow turbine is presented in details. Furthermore, commercially-available software Ansys-CFX is used to perform preliminary steady-state 3D CFD simulations of the candidate R143a radial-inflow turbine for a number of operating conditions including off-design conditions. The real-gas properties are obtained using the Peng–Robinson equations of state.The thermodynamic ORC cycle is presented. The preliminary design created using dedicated radial-inflow turbine software Concepts-Rital is discussed and the 3D CFD results are presented and compared against the meanline analysis.

Highly efficient spin-conversion effect leading to energy up-converted electroluminescence in singlet fission photovoltaics

Free charge generation in donor-acceptor (D-A) based organic photovoltaic diodes (OPV) progresses through formation of charge-transfer (CT) and charge-separated (CS) states and excitation decay to the triplet level is considered as a terminal loss. On the other hand a direct excitation decay to the triplet state is beneficial for multiexciton harvesting in singlet fission photovoltaics (SF-PV) and the formation of CT-state is considered as a limiting factor for multiple triplet harvesting. These two extremes when present in a D-A system are expected to provide important insights into the mechanism of free charge generation and spin-character of bimolecular recombination in OPVs. Herein, we present the complete cycle of events linked to spin conversion in the model OPV system of rubrene/C60. By tracking the spectral evolution of photocurrent generation at short-circuit and close to open-circuit conditions we are able to capture spectral changes to photocurrent that reveal the triplet character of CT-state. Furthermore, we unveil an energy up-conversion effect that sets in as a consequence of triplet population build-up where triplet-triplet annihilation (TTA) process effectively regenerates the singlet excitation. This detailed balance is shown to enable a rare event of photon emission just above the open-circuit voltage (VOC) in OPVs.