Time varying fiscal policy in the U.S.

To investigate the time heterogeneity effects of fiscal policy in the U.S., we use a non-recursive, Blanchard and Perotti-like structural VAR with time-varying parameters, estimated through Bayesian simulation over the 1965:2-2009:2 period. Our evidence suggests that fiscal policy has lost some capacity to stimulate output but that this trend is more pronounced for taxes net of transfers than for government expenditure, whose effectiveness declines only slightly. Fiscal multipliers keep conventional signs throughout. An investigation of changes in fiscal policy conduct indicates an increase in the countercyclical activism of net taxes over time, which appears to have reached a maximum during the 2008-09 recession.Fiscal policy, Bayesian estimation, Structural change, Macroeconomic stabilization

Automotive gesture interfaces based on infrared technology

Dissertação de mestrado integrado em Engenharia Eletrónica Industrial e ComputadoresTechnology is evolving fast and the automotive area is evolving at a similar rhythm. The vehicles, especially the cars, are getting more complex and smarter but the interfaces between the driver and vehicle ( automotive HMIs), tend to be less intuitive and simple to use with the increasing quantity and variety of the technological solutions. One major problem, directly connected with automotive HMIs, is the driver’s distraction. The driver’s distraction is one of the most common causes of traffic accidents. Globally, each year, around 1.25 million people die in traffic accidents, being driver’s distraction the cause of almost 20% of all traffic accidents. Many technologies and concepts are now emerging, to minimize the time and the distraction of the driver in the utilization of the traditional HMIs, being that gesture recognition is one of those technologies and concepts. Gesture recognition, applied to automotive interfaces, is a very interesting concept, mainly because joins the functionalities of a “traditional” HMI with an easy to use interface, consisting mainly in a simple set of gestures instead of a varied amount of actions involving the more “traditional” buttons, dials, switches and screens. This dissertation is integrated in the project “INNOVCAR: The cockpit of the future” and has as purpose the study and implementation of alternative automotive HMI concepts, that do not require touch or visual focus, using gesture recognition. To achieve these objectives, the gesture recognition system developed and described in this document, will be essentially based on infrared technology, mainly because of the flexibility and the relation cost-benefit of this technology. This dissertation has as main contributions, the lifting of the actual state of the art and the creation of critical knowledge, to be mainly shared with the partners of the project. It was also objective of this dissertation, the development and the implementation of functional gesture recognition system prototypes and the study of automotive HMI concepts using infrared technology. This base of knowledge is important, mainly because it can be used to select new concepts and technologies, for further investigation and to the development of future products. As conclusion, the dissertation hopes to offer a clear vision about the possible uses of gesture recognition applied to automotive interfaces as well as its benefits in terms of driver’s performance, comfort and driving experience. The question of safety is very relevant and is expected that by reducing the loss of the point of focus on the road, the number of crashes should fall as well as the possible number of deaths, wounded and other material costs.A tecnologia está a evoluir rapidamente e a área automóvel está a evoluir a um ritmo similar. Os veículos, em especial os carros, estão a ficar mais complexos e inteligentes, mas as interfaces entre condutor e veículo (HMIs automóveis), tendem a ser menos intuitivas e simples de utilizar com o aumento, em quantidade e variedade, de soluções tecnológicas. Um problema relevante diretamente ligado às HMIs automóveis, é a distração dos condutores. A distração dos condutores é uma das causas mais comuns de acidentes de viação. Em termos globais, a cada ano, cerca de 1,25 milhões de pessoas morrem em acidentes de viação, sendo a distração dos condutores a causa de aproximadamente 20% de todos os acidentes de viação. Muitas tecnologias e conceitos estão agora a emergir, para minimizar o tempo e a distração do condutor na utilização dos HMIs tradicionais, sendo que o reconhecimento de gestos é uma dessas tecnologias e conceitos. O reconhecimento de gestos, aplicado a interfaces automóveis, é um conceito muito interessante, principalmente porque junta as funcionalidades de um HMI "tradicional" com uma interface fácil de utilizar, consistindo principalmente num simples conjunto de gestos, em vez de um variado conjunto de ações, envolvendo os mais "tradicionais" botões, botões rotativos, interruptores e ecrãs. Esta dissertação está integrada no projeto “INNOVCAR: The cockpit of the future” e tem como propósito o estudo e implementação de conceitos alternativos de HMI automóvel, que não necessitem de toque ou foco visual, usando reconhecimento de gestos. Para alcançar estes objetivos, o sistema de reconhecimento de gestos desenvolvido e descrito neste documento, será baseado essencialmente na tecnologia de infravermelhos, principalmente pela flexibilidade e relação custo-benefício desta tecnologia. Esta dissertação tem como principais contribuições, o levantamento do estado da arte atual e a criação de conhecimento crítico, a ser essencialmente partilhado com os parceiros do projeto. Foi ainda objetivo desta dissertação, o desenvolvimento e a implementação de protótipos funcionais de sistemas de reconhecimento de gestos e o estudo de conceitos HMI, usando a tecnologia de infravermelhos. Esta base de conhecimento é importante, essencialmente porque pode ser usada para selecionar novos conceitos e tecnologias para investigação posterior e para o desenvolvimento de novos produtos. Como conclusão, a dissertação espera oferecer uma visão clara dos possíveis usos de reconhecimento gestual aplicado a interfaces automóveis, bem como os benefícios em termos de performance do condutor, conforto e experiência de condução. A questão da segurança é muito relevante e é esperado que com a redução da perda do foco de atenção na estrada, o número de acidentes baixe, bem como o possível número de mortos e feridos.European Structural and Investment Funds in the FEDER component, through the Operational Competitiveness and Internationalization Programme (COMPETE 2020) Project nº 002797; Funding Reference: POCI-01-0247-FEDER-00279

A theory on merger timing and announcement returns

This paper develops a dynamic model for the timing and terms of mergers and acquisitions. In contrast to other models, we show that firms agree about the timing independently from how the merger surplus is shared. Firms agree on the timing and discuss the sharing rule of the merger surplus according to their bargaining power or some other exogenous factor. We also show that, under asymmetric information, the combination of surprises regarding merger timing and merger terms, can produce either negative or positive abnormal returns for the merging firms.COMPETE, QREN, FEDER, FC

Dendritic Cells in Cord Blood Transplantation: A Review

Dendritic cells (DCs) are a heterogeneous population of antigen-presenting cells derived from hematopoietic progenitors that bridge the transition between the innate and adaptive immune responses, while maintaining self-tolerance and Th1/Th2 homeostasis, by priming other cells in either an immunogenic or tolerogenic direction. Through their role in both innate and adaptive immunity, DCs play a major part in transplant engraftment and rejection and in graft-versus-host disease (GvHD). Preferentially tolerogenic or immunogenic DC subtypes offer targets for immunotherapy, to optimize transplant success rates and prolong disease-free and overall survival. Cord blood DCs are immature and preferentially tolerogenic, due to maternal-fetal tolerance, leading to better graft acceptance and immune reconstitution and explaining the lower incidence and severity of GvHD in CB transplantation, despite donor-host mismatching. Manipulation of DC maturation and cell loading with tumor-antigens can direct antitumor immunity and target minimal residual disease, as demonstrated for acute myeloid leukemia, optimizing the graft-versus-leukemia effect

Bargaining merger terms and the effect on the announcement returns

This paper develops a dynamic model for the timing and terms of mergers. In contrast to other models, we show that firms agree about the timing independently from how the merger surplus is shared or their bargaining power. We show that, under asymmetry of information, the combination of surprises on the merger timing and the merger terms, can produce negative or positive abnormal announcement returns for the merging firms. The abnormal returns are also possible under perfect information, even if the announcements are expected by the market, and occur as a result of the event-study methodology.- This research has been financed by the European Regional Development Fund through COMPETE 2020 -Programa Operacional Competitividade e Internacionalizacho (POCI) and by Portuguese public funds through FCT in the framework of the projects POCI-01-0145-FEDER-006683 (Artur Rodrigues) and POCI-01-0145-FEDER-006890 (Paulo J. Pereira). We thank Alcino Azevedo, Bart Lambrecht, Dean Paxson, Elmar Lukas, Luis Aguiar-Conraria, Rosa Branca-Esteves, and participants of the 2015 Annual Real Options Conference for their helpful comments. Any remaining errors are the sole responsibility of the authors

The compliance function in banking: perspective and future in the age of globalization

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 EconomicsEthically correct business decisions and the respect for applicable laws and regulations have become in demand for regulators and supervisors, but especially for the general public. For those behaviors to happen, compliance culture is an essential requirement. Through survey research, we prove the existence of a relationship between the workers’ level of compliance culture and their hierarchical position, which may indicate communication problems between hierarchies. This area is also given a comprehensive outlook, as the globalization process combined with financial regulatory reforms lead multinational corporations to a more challenging equilibrium between their compliance departments’ actions and budgets

Investing in a random start American option under competition

In this paper we develop a model to determine the value of the opportunity to invest in a random start American real option. In contrast to a typical American option, the random start option only exists if an exogenous event occurs materializing the American option to invest. In addition, the effect of competition is also considered in the model. A higher risk of competition and a higher probability of the exogenous event promotes investment. Uncertainty has a non-monotonic effect on investment timing.- This work was carried out within the funding with COMPETE reference n. POCI-01-0145-FEDER-006683 (Artur Rodrigues) and POCI-01-0145-FEDER-006890 (Paulo J. Pereira), FCT/MEC's (Fundacao pars a Ciencia e a Tecnologia, I.P.) financial support through national funding and by ERDF through the Operational Programme on Competitiveness and Internationalization - COMPETE 2020 under the PT2020 Partnership Agreement

Knowledge use by extension advisers in the context of farmer organisations in Trás-os-Montes and Alto-Douro, Portugal. A new conceptual analysis framework

The main objective of this paper is to contribute to the discussion, in theoretical terms, on the use of the knowledge, during both the social and the technical encounters between extension advisers and farmers. This reflection result from a research project (interviews and ethnographical observation) about extension advisers of farmer’s organizations (FO). In nowadays, in Trás-os-Montes and Alto-Douro (TMAD), we can find around 150 FO and 300 FO extension advisers. In Portugal, actually, such organizations assume the main part of the technical support to farmers, and private organizations and State services play a minor role. These extension advisers perform a variety of tasks of different categories or types, including: supervision of activities; technical advice (office and field work levels); project planning and monitoring; training; reception and analysis of farm subsidies' applications; administrative work; replacing the Directors in some duties; management of on-going projects; strategy definition; social activities with member farmers. In most cases, the work comprises a mix of tasks involving all of the above categories. The eight (or more) hours of daily work are mostly taken by technical tasks (69% of the time), followed by administrative (15%) and management ones (12%). The social animation activities (1% of the time) are underestimated, as the interviewed people consider that they tend to be combined with other tasks and, in this sense, difficult to measure. Some elements also classify them as "technical", once they require the use of specific abstract knowledge. In our perspective, the daily interaction between extension advisers and farmers leads to the production and sharing of knowledge. This knowledge emerges from the re-definition of the scientific knowledge acquired during the agricultural education and training, as well as trough practice (in the technical-strategic sense). It is shaped by the contribution of the contextual sense, both relational and prudential, and from the interpretative sense. In this paper we will explain more accurately the process of mobilization and transformation of knowledge by extension advisers, in order to make it more useful to farmers