Web sites na área financeira: boas práticas e sua avaliação

Mestrado em GestãoNuma sociedade do conhecimento e do consumo questionam-se as formas de actuação e a responsabilidade das Instituições de Crédito na situação económica mundial, exigindo-se, cada vez mais, transparência e veracidade na informação que é transmitida ao consumidor. O presente trabalho pretende analisar o conteúdo dos Web sites, de algumas Instituições Financeiras portuguesas, do ponto de vista da clareza, acessibilidade e completude da informação disponibilizada, utilizando, para o efeito, uma adaptação da grelha de avaliação concebida por Francisco Miranda, Rosa Cortés e Cristina Barriuso, no ano 2006, para a avaliação de Web sites de Bancos espanhóis. ABSTRACT: In a knowledge and consumption society ways of perform and the responsibility of Financial Institutions in the global economic situation are being questioned, and transparency and accuracy of the information that is transmitted to the consumer are being increasingly demanded. This paper aims to analyze the content of Web sites, of some Portuguese Financial Institutions, in terms of clarity, accessibility and completeness of the provided information, using, for this purpose, an adaptation of the evaluation instrument designed by Francisco Miranda, Rosa Cortés and Cristina Barriuso, in 2006, to evaluate Spanish Banks’ Web sites

The ocean sampling day consortium.

Ocean Sampling Day was initiated by the EU-funded Micro B3 (Marine Microbial Biodiversity, Bioinformatics, Biotechnology) project to obtain a snapshot of the marine microbial biodiversity and function of the world's oceans. It is a simultaneous global mega-sequencing campaign aiming to generate the largest standardized microbial data set in a single day. This will be achievable only through the coordinated efforts of an Ocean Sampling Day Consortium, supportive partnerships and networks between sites. This commentary outlines the establishment, function and aims of the Consortium and describes our vision for a sustainable study of marine microbial communities and their embedded functional traits

The ocean sampling day consortium

Ocean Sampling Day was initiated by the EU-funded Micro B3 (Marine Microbial Biodiversity, Bioinformatics, Biotechnology) project to obtain a snapshot of the marine microbial biodiversity and function of the world’s oceans. It is a simultaneous global mega-sequencing campaign aiming to generate the largest standardized microbial data set in a single day. This will be achievable only through the coordinated efforts of an Ocean Sampling Day Consortium, supportive partnerships and networks between sites. This commentary outlines the establishment, function and aims of the Consortium and describes our vision for a sustainable study of marine microbial communities and their embedded functional traits

Blocking the CTLA-4 and PD-1 pathways during pulmonary paracoccidioidomycosis improves immunity, reduces disease severity, and increases the survival of infected mice

Immune checkpoint pathways, i.e., coinhibitory pathways expressed as feedback following immune activation, are crucial for controlling an excessive immune response. Cytotoxic T lymphocyte antigen-4 (CTLA-4) and programmed cell death protein-1 (PD-1) are the central classical checkpoint inhibitory (CPI) molecules used for the control of neoplasms and some infectious diseases, including some fungal infections. As the immunosuppression of severe paracoccidioidomycosis (PCM), a chronic granulomatous fungal disease, was shown to be associated with the expression of coinhibitory molecules, we hypothesized that the inhibition of CTLA-4 and PD-1 could have a beneficial effect on pulmonary PCM. To this end, C57BL/6 mice were infected with Paracoccidioides brasiliensis yeasts and treated with monoclonal antibodies (mAbs) α-CTLA-4, α-PD-1, control IgG, or PBS. We verified that blockade of CTLA-4 and PD-1 reduced the fungal load in the lungs and fungal dissemination to the liver and spleen and decreased the size of pulmonary lesions, resulting in increased survival of mice. Compared with PBS-treated infected mice, significantly increased levels of many pro- and anti-inflammatory cytokines were observed in the lungs of α-CTLA-4-treated mice, but a drastic reduction in the liver was observed following PD-1 blockade. In the lungs of α-CPI and IgG-treated mice, there were no changes in the frequency of inflammatory leukocytes, but a significant reduction in the total number of these cells was observed. Compared with PBS-treated controls, α-CPI- and IgG-treated mice exhibited reduced pulmonary infiltration of several myeloid cell subpopulations and decreased expression of costimulatory molecules. In addition, a decreased number of CD4+ and CD8+ T cells but sustained numbers of Th1, Th2, and Th17 T cells were detected. An expressive reduction in several Treg subpopulations and their maturation and suppressive molecules, in addition to reduced numbers of Treg, TCD4+, and TCD8+ cells expressing costimulatory and coinhibitory molecules of immunity, were also detected. The novel cellular and humoral profiles established in the lungs of α-CTLA-4 and α-PD-1-treated mice but not in control IgG-treated mice were more efficient at controlling fungal growth and dissemination without causing increased tissue pathology due to excessive inflammation. This is the first study demonstrating the efficacy of CPI blockade in the treatment of pulmonary PCM, and further studies combining the use of immunotherapy with antifungal drugs are encouraged

The Ocean Sampling Day Consortium

Ocean Sampling Day was initiated by the EU-funded Micro B3 (Marine Microbial Biodiversity, Bioinformatics, Biotechnology) project to obtain a snapshot of the marine microbial biodiversity and function of the world’s oceans. It is a simultaneous global mega-sequencing campaign aiming to generate the largest standardized microbial data set in a single day. This will be achievable only through the coordinated efforts of an Ocean Sampling Day Consortium, supportive partnerships and networks between sites. This commentary outlines the establishment, function and aims of the Consortium and describes our vision for a sustainable study of marine microbial communities and their embedded functional traits

Robust optimization – application to the field of portfolio selection

Tese no âmbito do doutoramento em Gestão – Ciência Aplicada à Decisão apresentada à Faculdade de Economia da Universidade de CoimbraClassical portfolio selection strategies are frequently applied in real-life. Nonetheless, it is widely acknowledged that the mean-variance based approach presents critical shortcomings concerning the sensitivity of the optimal solution to estimation error and the effects of the input uncertainty on the outputs of the optimization model. There are several methodologies that try to mitigate the impact of the estimation errors and try to guarantee that the optimal solution of an optimization problem is assured against some worst-case model misspecification, i.e., it is a robust optimal solution. An example is the robust optimization methodology, whose roots can be found in the field of robust control theory. Recognized as a computationally attractive alternative, the robust optimization methodology does not need to satisfy all the assumptions about the probability distributions of the uncertain parameters that have to be considered in other methodologies, like stochastic programming or dynamic programming. Motivated by the need to adjust the mean-variance based approach in order to overcome its shortcomings and the computational attractiveness, modelling power and broad applicability of the robust optimization methodology, we present a study that, we hope, will contribute to enhance the dissemination of the robust optimization methodology among quantitative portfolio managers and its use by general decision makers. We developed new robust portfolio optimization models and new robustness measures by extending and combining established methodologies in this field of research. The real benefits of the robust portfolios from the investor perspective were assessed by examining whether the robust optimization methodology adds value to the investment decision problem and mitigates the impact of the estimation errors on the computation of the optimal solution. The relative robust and the absolute robust approaches were also compared by analyzing the performance of the optimal portfolios, emphasizing their main advantages and limitations. Overall, the empirical evidences found in our study support the potential of the robust optimization methodology in the mitigation of the estimation errors on the computation of the optimal portfolio. The results show that the proposed robust portfolios generally outperform the non-robust benchmarks implemented in our study, with the exception of the global minimum variance solution. Furthermore, the proposed robust portfolios are generally more robust and provide more consistent results than the non-robust benchmarks and other robust solutions already described in the literature. The analysis of the results obtained for different levels of the investor’s risk preference confirmed that the proposed robust portfolios are valid alternatives for those investors who can be more affected by the methodological weakness of the classical mean-variance strategy. Furthermore, the empirical evidences show that reducing the in-sample period length seems to have no substantial effect either in the exposure of the proposed robust portfolios to individual assets or in the consistency of their out-of-sample results, highlighting the utility of the proposed robust models in the presence of limited data. It is our hope that the results of our study will constitute new tools to support the investment decision making process under uncertainty. As estratégias clássicas de seleção de carteiras de investimento são frequentemente utilizadas em contexto real. No entanto, é largamente reconhecido que a abordagem da média-variância apresenta graves limitações relativamente à sensibilidade a erros de estimação e ao efeito da incerteza dos parâmetros de entrada na solução ótima do modelo de otimização. São diversas as metodologias que permitem minimizar as consequências destas limitações e, portanto, garantir que a solução ótima é relativamente imune à incerteza dos parâmetros de entrada e estável face a possíveis erros de estimação. Uma destas metodologias é a otimização robusta, cuja origem remete à teoria do controlo robusto. Reconhecida como uma alternativa computacionalmente atrativa, a otimização robusta não requer a satisfação de todos os pressupostos relativos à distribuição de probabilidades dos parâmetros incertos que são considerados em metodologias afins, tais como a programação estocástica e a programação dinâmica. Motivados pela necessidade de ajustar a abordagem clássica, de forma a ultrapassar as suas limitações, e pela atratividade, poder de modelação e extensa aplicabilidade da metodologia de otimização robusta, apresentamos um estudo que irá contribuir, assim o esperamos, para disseminar esta metodologia entre os gestores de carteiras de investimento e sua utilização por parte dos decisores. Neste estudo, são propostos novos modelos de otimização robusta de carteiras de investimento e novas medidas de robustez, desenvolvidos com base em estratégias reconhecidas nesta área do conhecimento. São avaliados os benefícios, para o investidor, das soluções robustas propostas de forma a perceber se a metodologia de otimização robusta permite criar valor ao processo de tomada de decisão de investimento e permite mitigar os efeitos dos erros de estimação no cálculo da solução ótima. São, ainda, comparadas as abordagens de robustez absoluta e relativa através da análise da performance das respetivas carteiras ótimas, destacando-se as suas principais vantagens e limitações. De um modo geral, os resultados deste estudo sustentam o potencial da metodologia de otimização robusta na mitigação dos erros de estimação no cálculo da carteira ótima de investimento. Os resultados mostram que o desempenho das carteiras propostas supera o desempenho das carteiras de referência implementadas neste estudo, à exceção da carteira de variância mínima global. Adicionalmente, as carteiras propostas afiguram-se mais robustas e apresentam resultados mais coerentes comparativamente às carteiras de referência, robustas e não robustas, utilizadas. A análise dos resultados obtidos para diferentes níveis de aversão ao risco confirma que as carteiras propostas se afirmam como alternativas válidas para os investidores que poderão ser mais lesados em consequência das limitações apontadas à estratégia clássica da média-variância. Igualmente, os resultados mostram que a redução da amplitude do período dentro da amostra não tem um efeito substancial nem na exposição das carteiras propostas aos títulos que as constituem nem na coerência dos resultados obtidos fora da amostra, realçando assim a utilidade dos modelos propostos na presença de informação limitada. Espera-se, portanto, que os contributos deste estudo constituam novas ferramentas de apoio à tomada de decisão no âmbito da teoria da carteira em contexto de incerteza

Gender and entrepreneurship in tourism: an analysis of tourism graduates’ entrepreneurial profile

This paper aims to compare the entrepreneurial profile of female and male tourism graduates in Portugal, namely in what concerns their motivations to start a new business. The concepts of ‘necessity’ and ‘opportunity’ entrepreneurship are used. There is a higher proportion of male entrepreneurs than female entrepreneurs. Men are also more likely to be opportunity entrepreneurs than women. Moreover, there is an association between being an opportunity entrepreneur and an employer, whereas the proportion of necessity entrepreneurs is higher among independent workers. Salaries of opportunity entrepreneurs are also higher. There is also a positive relation between being an opportunity entrepreneur and one’s level of education. However, if the desire to start one’s own business is analysed, the proportion of men and women who would like to start their own business is very similar. Moreover, family life and having children seems to have a significant impact on men and women’s desire to start their own business.Este artigo pretende comparar o perfil empreendedor dos diplomados e diplomadas em Turismo em Portugal, em particular as suas motivações para criar o seu próprio negócio. Os conceitos de empreendedorismo por “necessidade” e “oportunidade” são utilizados. Há uma maior proporção de diplomados empreendedores do que de diplomadas empreendedoras. Para além disso, os homens revelam maior tendência para serem empreendedores por oportunidade do que as mulheres. Há ainda uma associação entre ser empreendedor por oportunidade e ser empregador, enquanto a proporção de empreendedores por necessidade é maior junto dos trabalhadores independentes. Há ainda uma relação positiva entre ser empreendedor por oportunidade e as habilitações. Apesar destas diferenças, a vontade de criar o próprio emprego/empresa é muito semelhante para os homens e mulheres inquiridos. Verifica-se, contudo, que a vida familiar e o facto de ter filhos afeta de forma significativa e diferenciada os desejos de homens e mulheres no que concerne a vontade de criar o seu próprio negócio.publishe

Women in Brazil with higher education in tourism: preliminary results of the Gentour Project

The paper aimsto identifythe profile of women who hold a higher education degree in tourism– fromtechnological training to postgraduate studies – in Brazil, based on results of the Gentour Project. The research methods were quantitative and data collection was carried out through an online survey. A convenience sample included graduates from Brazilian higher education institutions. After a consistency analysis, 421 respondents were considered valid. The data analysis applied univariate and bivariate statistical techniques. Results indicate that a few aspects are similar when comparing male and female graduates, such as the waiting time for their first job, the time in their current job, the higher average salaries obtained in the publicsector, the average time of unemployment and the most recurrent reason for being unemployed. In addition, gender was not identified as a barrier in the process of finding a job, neither by male graduates nor by female graduates. Data suggests that there are differences between men and women regarding the highest academic levels, entrepreneurship rate, working hours, leadership positions and income. All these variables seem to be gender-related, according to this research. Although discrimination in professional life is not felt very often, women feel disadvantaged regarding salaries and bonuses; a feeling that is confirmed by a 29.7% gender pay gap. Furthermore, other remarkable features can be observed,such as the correlation between the educational degree and income, which demonstrates that the pay gap between men and women decreases with higher educational levels, and also the relation between professional activities andmotherhood, evoking a relationship between motherhood and job stability, as well as with possible better incomes.publishe

Portfolio selection under uncertainty: a new methodology for computing relative‐robust solutions

In this paper, a new methodology for computing relative-robust portfolios based on minimax regret is proposed. Regret is defined as the utility loss for the investor resulting from choosing a given portfolio instead of choosing the optimal portfolio of the realized scenario. The absolute robust strategy was also considered and, in this case, the minimum investor’s expected utility in the worst-case scenario is maximized. Several subsamples are gathered from the in-sample data and for each subsample a minimax regret and a maximin solution are computed, to avoid the risk of overfitting. Robust portfolios are computed using a genetic algorithm, allowing the transformation of a 3-level optimization problem in a 2-level problem. Results show that the proposed relative-robust portfolio generally outperforms (other) relative-robust and non-robust portfolios, except for the global minimum variance portfolio. Furthermore, the relative-robust portfolio generally outperforms the absolute-robust portfolio, even considering higher risk aversion levels

Employment situation of tourism graduates in Portugal: a study from a gender perspective

O presente artigo visa a apresentação de alguns dos principais resultados e conclusões resultantes do estudo realizado em Portugal no âmbito do projeto Gentour I. Pretende-se, com este trabalho, fazer o diagnóstico da situação no emprego de diplomados em turismo, avaliando disparidades entre géneros ao nível dos salários, formação académica e áreas de atividade, analisando, de igual forma, os conflitos entre a vida profissional e a vida familiar e as atitudes face à ocupação de posições de liderança por parte das mulheres. Os dados sugerem existir diferenças significativas entre homens e mulheres em vários dos aspetos analisados.This article aims to present some of the main findings and conclusions resulting from a study conducted in Portugal, as part of the Gentour I project. It is intended, with this work, to make the diagnosis of the employment of tourism graduates, assessing gender disparities in terms of salaries, academic training and areas of activity, as well as analysing the existing conflicts between work and family life and attitudes towards occupying leadership positions for women. Data suggest significant differences between men and women in various aspects.publishe