Sipis benefits ofadoptingreits in Portugal

A. REITs Overview REITswerefirstintroducedintheUSin1960 Thispresentationstartswithabriefoverviewoftheseinvestmentvehiclesaroundtheworldwithfocuson2mainbenchmarks:US,hometotheoldestREITsmarket,andSpain,Portugal’sbestcomparablemarket.These2benchmarksareusedasreferencethroughouttherestofthepresentation B. Adoption of REITs in Portugal TherearemanybenefitsregardingtheadoptionoftheREITsframeworkforthecountryasawhole,whichisbrieflydiscussedlaterinthepresentation Therefore,thecorequestionofthisworkiswhywouldPortugueseInvestorswanttoadoptREITsinPortugalnow? −Itiskeytounderstandthat(i)Portugal’sStrongMarketMomentumoffersauniquewindowofopportunitytoadopttheREITsframework,(ii)REITsareaworldwidesuccessstorywithaproventrackrecord,(ii)REITsareanassetclasswithextremelyattractiveassetfeaturesforinvestorsingeneralandthosealreadyinvestinginrealestateand(iv)REITsenableinvestorstodiversifytheirportfolios −Thislastmentionedkeypoint(i.e.PortfolioDiversification)isfurtherlydiscussedinanin-depthanalysis.Forthispurpose,andinordertoassesstheexistenceornotofthegainsofdiversification,thestudyconsidershistoricaldatafromthelast5years.Then,itappliestheFama-French3FactorModelastheassetpricingmodelconsideredandanalysestheconsequentforward-lookingfrontiers.Inordertoperformthisstudy,2portfoliosareconsidered,withandwithouttheREITs,across2differentscenarios(aninvestorholdingabaseportfolioofUSstocksandcorporatebonds,andanotheralreadyinvestinginrealestate,holdingabaseportfolioofUSstocks,corporatebondsandtheindexNCREIFTBI,whichtrackstheUSrealestatemarketonaquarterlybasis) C. Due Diligence SincethisworkhasPortugalasitmainfocus,thepresentationendswithaquickoverviewofthecurrentREITslegislativesituationinPortugal.TheframeworkhasalreadybeenmentionedbythecurrentandpreviousGovernmentsandissaidtobeunderreview Finally,thissectionconsidersthe3keyperceivedrisks,asthemainareasoffurtherduediligencetoanalyseandtheonesthatarepotentiallymorechallengin

Antioxidants of natural plant origins: from sources to food industry applications

ReviewIn recent years, great interest has been focused on using natural antioxidants in food products, due to studies indicating possible adverse effects that may be related to the consumption of synthetic antioxidants. A variety of plant materials are known to be natural sources of antioxidants, such as herbs, spices, seeds, fruits and vegetables. The interest in these natural components is not only due to their biological value, but also to their economic impact, as most of them may be extracted from food by-products and under-exploited plant species. This article provides an overview of current knowledge on natural antioxidants: their sources, extraction methods and stabilization processes. In addition, recent studies on their applications in the food industry are also addressed; namely, as preservatives in different food products and in active films for packaging purposes and edible coatingsinfo:eu-repo/semantics/publishedVersio

Investigação sobre a estrutura das ruínas da igreja visigótica da Plaza del Rey em Barcelona

Durante uns trabalhos arqueológicos efectuados no subsolo da Plaza del Rey em Barcelona, uma equipa de arqueólogos e investigadores do Museo de Historia de la Ciudad de Barcelona, encontrou vestígios de fundações do que parecia ser uma igreja visigótica, de planta cruciforme, datada dos finais do século VI. Vários vestígios de cerâmica foram encontrados nestas ruínas, todos eles claramente pertencentes à civilização visigoda, não parecendo existir dúvidas quanto à sua datação e à sua atribuição a esta arquitectura. Em virtude desta descoberta arqueológica surgiu o desafio de propor uma solução estrutural viável, isto é, uma solução que permitisse a estabilidade e durabilidade do edifício uma vez construído e carregado, que respeitasse a linha arquitectónica da época assim como os conhecimentos técnicos adquiridos até então. Para se chegar a uma solução foi necessário, em primeiro lugar, estudar a técnica da construção antiga, analisando com algum rigor exemplos da arquitectura visigoda ou de outras que a tenham ou possam ter influenciado. Só depois foi possível tentar encontrar uma ou mais soluções coerentes para a época e para a arquitectura em questão

Response to dietary tannin challenges in view of the browser/grazer dichotomy in an Ethiopian setting : Bonga sheep versus Kaffa goats

It has been suggested that goats (typical browser) are better adapted to digest tannin-rich diets than sheep (typical grazer). To evaluate this, Bonga sheep and Kaffa goats were used in a 2x3 randomized crossover design with two species, three diets, and three periods (15-day adaptation+7-day collection). The dietary treatments consisted of grass-based hay only (tannin-free diet=FT), a high-tannin diet (36 % Albizia schimperiana (AS)+9 % Ficus elastica (FE)+ 55 % FT (HT)), and HT+polyethylene glycol 6000 (PEG). Animals were individually fed at 50 g dry matter (DM)/kg body weight (BW) and had free access to clean drinking water and mineralized salt licks. Nutrient intake, apparent nutrient digestibility, nutrient conversion ratios, and live weight changes were determined. Condensed tannin concentrations in AS and FE were 110 and 191 g/kg DM, respectively. Both sheep and goats ate 47 % more of HT than FT, and dry matter intake further increased by 9 % when PEG was added, with clear difference in effect size between goats and sheep (P<0.001). The effects of the tannin-rich diet and PEG addition were similarly positive for DM digestibility between sheep and goats, but crude protein (CP) digestibility was higher in HT+PEG-fed goats than in sheep fed the same diet. However, PEG addition induced a larger improvement in growth performance and feed efficiency ratio in sheep than in goat (P<0.001). The addition of PEG as a tannin binder improved digestion and performance in both species, but with the highest effect size in sheep

Milk fatty acid composition and associated rumen lipolysis and fatty acid hydrogenation when feeding forages from intensively managed or semi-natural grasslands

In order to evaluate the effect of replacing intensive forage by semi-natural grassland products on rumen lipid metabolism and milk fatty acid composition, four lactating and rumen canulated Holstein cows were used in a 4×4 Latin square design. Four different diets were fed: diet 100 IM - 100% intensively managed silage (IM), diet 20 SPP - 80% IM plus 20% semi-natural but species poor silage (SPP), diet 60 SPP - 40% IM plus 60% SPP and diet 60 SPR - 40% IM plus 60% semi-natural species rich silage (SPR). The silages showed significant differences in total fat content and in proportions of C18:2 n-6 and C18:3 n-3. Despite the reduced dietary supply of C18:3 n-3 with diets 60 SPP and 60 SPR, differences in milk C18:3 n-3 were small, suggesting higher recoveries of C18:3 n-3. Presumably, the latter are related to a higher transfer efficiency of C18:3 n-3 from the duodenum to the mammary gland, since rumen biohydrogenation, estimated from rumen pool size and first order rumen clearance kinetics, were similar among diets. CLA c9t11 in milk from cows fed diet 60 SPR were almost doubled compared to feeding one of the other diets. This has been related to the partial inhibition of rumen biohydrogenation of C18:3 n-3 and/or C18:2 n-6, as suggested by the increased proportions of hydrogenation isomers and reduced stearic acid proportions in rumen pool samples. In conclusion, the results suggest that the use of semi-natural grasslands in the diet of the animals reduce to some extent complete rumen biohydrogenation, which leads to an increase in milk CLA

An exploratory analysis of incentive packages and managerial performance

Artigo publicado em revista científica internacionalThis study explores the interplay among different types of incentives (monetary incentives, non-monetary incentives, and benefits) and managerial performance. We collect data via a questionnaire and use qualitative comparative analysis (QCA) to analyze them. Using data from 614 managers, we identify multiple incentive packages that are consistently related to high managerial performance. Specifically, our analyses reveal that non-monetary incentives in the form of autonomy and development opportunities are as related to high performance in isolation as their combination with recognition. High performance can also be achieved with the combination of traditional tangible benefits with (1) social support benefits and recognition or with (2) monetary incentives. Finally, our findings suggest that monetary incentives, social benefits, and autonomy and development opportunities are more important for the success of CFOs than to non-CFOs. Conversely, tangible benefits are particularly relevant for the high performance of non-CFOs but not for CFOs. Our findings contribute to the incentives literature by showing successful incentive packages that companies are using in practice and how they relate to different theories such as agency theory, self-determination theory, and human capital theory.info:eu-repo/semantics/publishedVersio

The use of non-financial performance measures for managerial compensation: evidence from SMEs

Artigo publicado em revista científica internacional.This study explores the relationship between contextual variables—strategy, per ceived environmental uncertainty (PEU), and decentralization—and the use of non fnancial performance measures (NFPM) for managerial compensation in small and medium enterprises (SMEs). Using questionnaire data from SMEs’ managers, we fnd that the use of NFPM is positively associated with PEU hostility and decentrali zation. Furthermore, our study shows that these results are mostly driven by CEO’s compensation (in comparison to non-CEOs compensation) and family frms (in comparison to non-family frms). Finally, our analyses reveal that the use of diferent types of NFPM (customer-oriented, employee-oriented and operations-oriented) is associated with distinct contextual variables. Particularly, customer-oriented NFPM are negatively related to PEU dynamism and positively related to decentralization, while operations-oriented NFPM are positively related to PEU hostility.info:eu-repo/semantics/publishedVersio

Subjective performance evaluation and managerial work outcomes

Artigo publicado em revista científica internacionalOrganisations design performance evaluation systems to obtain desired work outcomes. Thisstudy analyses how subjective performance evaluation (SPE), a specific type of performanceevaluation, is related to managerial work outcomes—turnover intention, organisationalidentification, and performance. To this end, we consider two possible mechanisms:feedback quality and trust in the supervisor. Moreover, we also consider whether addingobjective performance measures to SPE alters these relationships. Based on questionnaire responses from 751 top executives and middle managers in small and medium enterprises,wefind that SPE is negatively related to feedback quality, but this effect is mitigated whenSPE is used jointly with objective performance measures. SPE is not directly related totrust in the supervisor when feedback quality is also considered in the analysis because thetwo mechanisms are inter-related—wefind a positive relationship between feedback qualityand trust in the supervisor. Both mechanisms are negatively related to turnover intention,but only trust in the supervisor is positively related to organisational identification. Finally,both turnover intention and organisational identification are positively related toperformance. Ourfindings suggest that companies using SPE can improve work outcomesby adding objective performance measures to their performance evaluation system.info:eu-repo/semantics/publishedVersio

Influence of distinct reinforcing schemes on the shear ressistance of masonry

One of the major concerns about the use of unreinforced masonry in seismic prone regions is its inadequate behavior under seismic loads, which has been shown from recent earthquakes. If fact, it has been seen that unreinforced masonry buildings present commonly considerable in-plane damage, which is associated to the low shear resistance of unreinforced masonry and to low capacity to dissipate energy. The improvement of the overall behavior of structural masonry under shear can be achieved by the addition of horizontal and vertical reinforcement. Tgis paper presents the results of a series of diagonal compression tests carried out on concrete block masonry with distinct types of reinforcement’s arrangements. It was seen that the better configuration for the reinforcement arrangement is the combination of vertical and horizontal reinforcements leading simultaneously to the improvement of shear strength and ductility

A avaliação das aprendizagens numa turma de 5º ano com o novo programa de matemática: perspectivas de uma professora e dos seus alunos

Dissertação de mest., Didáctica e Inovação no Ensino das Ciências (Matemática), Faculdade de Ciências e Tecnologia, Univ. do Algarve, 2011O presente estudo desenvolve-se numa Escola Básica 2,3 do Algarve, incidindo sobre as práticas de avaliação de uma professora de Matemática que lecciona uma turma experimental de 5.º ano, com o Novo Programa de Matemática do Ensino Básico (NPMEB). O objectivo da investigação é identificar, descrever e compreender, em profundidade, as práticas dessa professora e a forma como os seus alunos encaram a avaliação, designadamente no que se refere ao seu aspecto formativo, o qual foi reforçado no contexto da experimentação do NPMEB. Desse modo, procura-se dar resposta às seguintes questões de investigação: Quais os aspectos mais significativos presentes, no dia-a-dia, na forma de avaliar de uma professora do 2.º ciclo, no âmbito da experimentação do novo programa? Como é que os alunos desta professora encaram a avaliação na disciplina de Matemática? De que modo é que estes alunos reconhecem na avaliação uma oportunidade para a sua aprendizagem? Seguiu-se uma abordagem metodológica de carácter qualitativo onde se privilegia a descrição e a interpretação dos dados recolhidos. Adoptou-se o desenho de estudo de caso, que toma uma forma narrativa e se assume como particularista, ao focar-se numa turma e na respectiva professora. Os dados foram recolhidos através de entrevistas e conversas informais com a professora, de questionários a todos os alunos e de entrevistas a alguns alunos seleccionados, incluindo documentos produzidos em sala de aula. Concluiu-se que a professora participante revela um conhecimento e respeito profundo pelas recomendações actuais no domínio da avaliação, nomeadamente pelo princípio da transparência, e as suas práticas mostram que integrou as recomendações do Novo Programa. Os alunos não valorizam a avaliação externa mas interessam-se pelas classificações que obtêm na escola e enaltecem os testes escritos. A maioria dos alunos da turma mostram ter noção do modo como são avaliados, ainda que a sua visão sobre a avaliação tenda a ser muito redutora, pois relacionam-na com notas, classificações, progressão de ano e vêem o teste como o instrumento fundamental para quantificar o seu nível de conhecimentos