Finite state machine modelling of the macro-economy

In this paper we model macro-economic policies with a Finite State Machine (FSM). The FSM is made of several states and transitions between states, in which a state is modelled by a set of conditions. The allowed transitions between states must be also be defined, in order to complete the model. In this paper we analyze how to use a FSM in order to model macroeconomic decision, where each state represents a set of economic decisions. Together with some pre-defined initial conditions, these adapted FSM models are analyzed in order for us to study what sequence of decisions yield the best results for pre-determined end-goals, based on the FSM’s possibilities. The final model shows what policies must be followed, and by what order, in order to maximize results, yielding some interesting conclusions..info:eu-repo/semantics/publishedVersio

Over-valuation : avoid double counting when retaining dividends in the FCFE valuation : understanding discounted cash flow valuation

Valuation based on DCF (Discounted Cash Flow) has been the dominant valuation procedure during the last decades. In spite of this dominance, enterprise valuation using the discounted FCF (Free Cash Flow) model has some practical drawbacks, since there is often some confusion on how to effectively use it. Commonly, the valuation procedures start by estimating future FCF figures from historical data, such as mean FCF, growth and retention ratio, alongside many other variables. These FCF forecasts are discounted at the cost of equity (FCFE – FCF to Equity) or the Weighted Average Cost of Capital WACC (FCFF – FCF to Firm). Implicit in the above mentioned valuation procedures is the expectation that the company puts the retained free cash that is generating to good use, yielding a value capable of rewarding appropriately the level of risk inherent in the way it used. Some poorly performed valuation studies however tend to double count (Damodaran, 2006a) the retained cash’s interest in subsequent values of FCF, or include the accumulated cash build-up in the Terminal Value. This paper discusses how these two common double-counting mistakes are made and evaluates their weight in the final valuation figure for the particular case of retained FCFE (the case for the FCFF is analogous, but we focus on FCFE for simplicity) using projected figuresinfo:eu-repo/semantics/publishedVersio

Non-receptor Tyrosine Kinases Role and Significance in Hematological Malignancies

This chapter presents a review about non-receptor tyrosine kinases, their structure, mechanisms of action and physiopathology, and how they are regulated and interact with other molecules and other signaling pathways, contributing to the regulation of fundamental cellular functions such as cell division and differentiation, stress responses, apoptosis, survival, and proliferation, gene expression, immune response, inter alia. Special emphasis will be assigned to the JAK family, the processes whereby it can be mutated/regulated and aberrantly activated, clinical significance and association with hematological disease progression and malignancy, mainly in myeloproliferative neoplasms. Consideration of these mechanisms may have important implications for selection of anti-cancer targeted therapies

Novo Banco – what good out of a bad bank?

Research methodology Analysis of public sources. Case overview/synopsis The bank named “Novo Banco” (New Bank in Portuguese) was created because of an emergency intervention by the Bank of Portugal to save the “good” assets of the once great but bankrupt Banco Espírito Santo (BES) on August 4, 2014. The toxic assets remained in BES (dubbed “bad bank”). BES was one of the biggest private banks in Portugal, with origins mounting back to the year 1869. In 2013, it was headed by the founder’s great-grandson, Ricardo Salgado, when an external audit revealed several problems with the bank’s accounting and concluded that BES had a severe financial problem (the risky credit represented 11.1% of the bank’s accounts). The bank underwent a public capital increase (endorsed by several public figures, including the Portuguese President at the time, Cavaco Silva) of €1.045m to reposition itself, which was 100% successful (demand of about 160%, with a significant part of foreign investors). However, continued amounts of suspicions led Ricardo Salgado to be replaced by Vitor Bento (via a settlement between BES’s shareholders and the Bank of Portugal) in July 2014. At the end of that same month, BES announced imparities totaling the amount of €4.2535m. This led the European Central Bank to suspend BES’s access to the financial operations, forcing it to reimburse its credit to the Eurosystem in the value of €10.000m. In two days, the stock prices dropped by 80% to around €0.03 per share. It was later proven that the administration led by Ricardo Salgado had disobeyed the Bank of Portugal 21 times between December 2013 and July 2014, apparently acting against the institution’s best interests. Some carousel schemes with companies within the Espirito Santo Group were also detected in BES’ financial movements to improve the bank’s financial statements. Complexity academic level Finance Valuation, Strategyinfo:eu-repo/semantics/publishedVersio

Associação entre nível de atividade física e uso de medicamentos entre mulheres idosas

The aim of this study was to determine the association between levels of physical activity and usage of medication in older women. The level of physical activity was assessed using a pedometer. Use of medication was assessed through medical records supplied in reports kept by the Family Health Program, City Health Department, São Caetano do Sul, São Paulo State, Brazil. Regular use of pharmaceuticals, regardless of type of illness or treatment, was listed. Data analysis was performed using Poisson regression to estimate the prevalence ratio. The results of the study indicated that, amongst the 271 eligible women, 84.9% had been classified as active. Only 23.2% did not use any type of medication while 29.8% used three or more medications. The level of physical activity was inversely associated with the number of medications used, under both crude analysis and after adjustment. The study concluded that higher volumes of physical activity were significantly associated with lower usage of pharmaceuticals in women who are involved in a physical activity program.O objetivo deste estudo foi avaliar a associação entre o nível de atividade física e uso de medicamentos em mulheres com 60 anos de idade ou mais. O nível de atividade física foi avaliado utilizando pedômetro. O consumo de medicamento foi avaliado mediante o prontuário de cadastro da Estratégia Saúde da Família em São Caetano do Sul, São Paulo, Brasil. Foram registrados os medicamentos de uso regular independente do tipo da doença ou do tratamento. Foi realizada análise de regressão de Poisson para estimar a razão de prevalências. Das 271 mulheres elegíveis, 84,9% foram classificadas como ativas. Apenas 23,2% não utilizam nenhum tipo de medicamento, enquanto 29,8% utilizaram três ou mais medicamentos. O nível de atividade física foi inversamente associado com o número de medicamentos utilizados tanto na análise bruta como na ajustada. Maiores volumes de atividade física associaram-se significativamente com menor consumo de medicamentos em mulheres envolvidas em um programa de atividade física.Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)Universidade Federal de São Paulo (UNIFESP) Departamento de Medicina PreventivaCentro de Estudos do Laboratório de Aptidão Física de São Caetano do SulUniversidade Federal de PelotasUNIFESP, Depto. de Medicina PreventivaSciEL

The mythical and real geography of the Atlantic, in the vision of Leonardo Torriani

Em 1584, Filipe II convidou o arquiteto militar italiano Leonardo Torriani a reorganizar o sistema defensivo das Canárias, ameaçadas pelos corsários e piratas ingleses e franceses. Torriani aí permaneceu até 1593. Não se limitou a cumprir a incumbência régia. Apoiando-se na observação direta e em todo o tipo de informações escritas e orais, deixou-nos o manuscrito 314 da Secção de Reservados da Biblioteca Geral da Universidade de Coimbra, importante fonte documental de natureza histórica, geográfica, cartográfica, arquitetónica, artística e linguística, ilustrada com belíssimas aguarelas.In 1584, King Philip II of Portugal invited the Italian militar architect Leonardo Torriani to reorganize the defensive system of the Canary Islands, threatened by English and French privateers and pirates. Torriani remained there until 1593. King Philip II did not limit himself to fulfilling his royal duties. Based on direct observation and on all kinds of written and oral information, he left us the manuscript 314 of the Reserve Section of the General Library of the University of Coimbra, an important documental source of historical, geographical, cartographic, artistic and linguistic nature, illustrated with the most beautiful watercolors.Esta publicação foi financiada por Fundos Nacionais através da FCT — Fundação para a Ciência e a Tecnologia, no âmbito do Projeto «UID/ELT/00077/2020».info:eu-repo/semantics/publishedVersio

Preparação Física da equipa de basquetebol do Futebol Clube do Porto, época 2019/2020

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Alteridad y emociones en las comunidades virtuales de aprendizaje

El artículo trata de un conjunto de reflexiones sobre las relaciones interpersonales y las emociones en las comunidades virtuales de aprendizaje. Los referentes teóricos se inspiran en los constructos bajtinianos de alteridad y dialogicidad y se complementan con las perspectivas de Vygotski sobre la construcción social del conocimiento y las emociones. Las relaciones interpersonales en las comunidades virtuales de aprendizaje y, sobretodo, las emociones vivenciadas en estos contextos son estudiadas en el ámbito del análisis de los discursos producidos en los foros de discusión. Los mensajes publicados y discutidos por los estudiantes y los profesores son analizados en el marco de la aplicación de metodologías cualitativas y del análisis de redes sociales. Los resultados preliminares de la investigación enfatizan la idea que, en las dos comunidades de virtuales de aprendizaje estudiadas, las relaciones interpersonales son reguladas por valores compartidos, por las emociones y los conflictos vivenciados. En este sentido, las emociones no han de estudiarse por el impacto que producen sobre el aprendizaje, sino en cuantos elementos integrados en el proceso de aprendizaje.This paper reveals some ideas concerning interpersonal relations and emotions in virtual learning communities. The main theoretical referents are founded in Bakhtin’s constructs of alterity and dialogy and are enriched by Vygostsky’s perspectives about social construction of knowledge and emotions. Interpersonal relations in virtual learning communities and, particularly, emotions experienced in these online contexts are studied through the analysis of discourses produced in discussion forums. These discourses that are published and discussed are analysed according to qualitative methodologies and reticular analysis of social interactions. The preliminary conclusions of this research show that, in the two virtual learning communities that were observed, the interpersonal relations are ruled not only by affinities and partnership but also by emotions and conflicts. These emotions should not be analysed according to their impact on learning; they should be looked as elements that make part of learning

Polymorphisms in base excision repair genes and thyroid cancer risk

We wish to thank Luisa Manso Oliveira, Lylliane Luz, Silvia Morgado Amaro and Maria Catarina Soveral for technical support. This study was supported by the Center for Research in Human Molecular Genetics (CIGMH), Projects PTDC/SAU-OSM/105572/2008, PTDC/SAU-ESA/102367/2008 and PTDC/QUI/67522/2006 from Fundacao para a Ciencia e Tecnologia (FCT) and Fundacao Calouste Gulbenkian (Grant 76438/2006). The grants to M. Pingarilho (SFRH/BD/22612/2005) from FCT are also acknowledgedThyroid cancer (TC) is the most frequent endocrine malignancy, accounting however for only 1-2\% of all human cancers, and tilt: best-established risk factor for TC is radiation exposure, particularly during childhood. Since the BER pathway seems to play an important role in the repair of DNA damage induced by IR and other genotoxicants, we carried out a hospital-based case-control study in order to evaluate the potential modifying role of 6 BER polymorphisms on the individual susceptibility to non-familial TC in 109 TC patients receiving iodine-131, and 217 controls matched for age ( 2 years), gender and ethnicity. Our results do not reveal a significant involvement of XRCCI Arg194Trp and Arg399Gln, OGGI Ser326Cys, APEXI Asp148Glu, MUTYH Gln335His and,PARPI Val762Ala polymorphisms on the individual susceptibility towards TC, mostly in aggreement with the limited available evidence. By histological stratification analyis, we observed that the association between the presence of heterozygozity in the MUTYH Gln335His polymorphism and TC risk almost reached significance for the papillary subtype of TC. This was the first time that the putative association between this polymorphism and TC susceptibility was evaluated. However, since the sample size was modest, the possibility of a type I error should not be excluded and this result should, therefore, be interpreted with caution. More in depth studies involving larger populations should be pursued in order to further clarify the potential usefulness of the MUTYH Gln335His genotype as a predictive biomarker of susceptibility to TC and the role of the remaining BER polymorphisms on TC susceptibility.publishersversionpublishe