Hedging the longevity risk for the portuguese population in the bond market

Increases in life expectancy have been noticeable in recent decades and this is one of the key issues to the annuities industry and to the public pensions system. To address the problem of hedging the longevity risk, several instruments have been discussed within the financial markets in order to find a solution. Many stochastic models have been suggested to fit the evolution of the mortality curve as close as possible, so that these financial instruments can be issued on a solid basis. In this paper, we discuss and simulate the issue of two longevity bonds with cash flows linked to the evolution of a survival index, built on the Portuguese mortality data. The forecast of mortality rates is per- formed using a two-factor stochastic model, the Cairns-Blake-Dowd (CBD) model. The main objective is to develop a hedging solution to the increases in human longevity in Portugal

Inserção profissional dos licenciados em economia e gestão de empresas pela Faculdade de Economia da Universidade do Algarve no período de 1999 a 2003

O primeiro estudo realizado sobre a inserção profissional dos licenciados da Faculdade de Economia da Universidade do Algarve abrangeu os licenciados que concluíramo seu curso até 1998.Passados cinco anossobre a realização desse estudo, tornava-se necessário realizar um outro, que abrangesse os restantes licenciados. Para cohnatar essa necessidade, optou-se por uma metodologia semelhante à utilizada em 1998, essenciahnente descritiva e baseada num inquérito pelo correio. Os dados obtidos permitem retirar conclusões relevantes para os actuais e futuros licenciados, bem como para a própria Faculdade de Economia. Em geral, as conclusões são muito positivas e sugeremque, apesar do contexto económicodesfavorável dos últimos anos, a inserçãoprofissionalparece estartão oumaisfacilitada que no período até 199

Cobertura do risco de longevidade para a população portuguesa no mercado obrigacionista

Mestrado em FinançasOs aumentos na longevidade humana têm-se evidenciado nas últimas décadas e constituem uma das questões chave para a indústria das pensões. Para a cobertura do risco de longevidade, vários produtos têm sido criados nos mercados financeiros, procurando lidar com a situação. Para que a emissão de tais produtos seja uma realidade, muitos modelos estocásticos têm sido desenvolvidos com o objectivo de prever as taxas de mortalidade futuras. Neste trabalho, discutem-se os referidos produtos e simula-se a criação de duas obrigações de sobrevivência, indexadas a um índice de sobrevivência, construído com base nos dados da mortalidade da população portuguesa. A estimação das taxas de mortalidade é feita utilizando um modelo estocástico de dois factores, o modelo de Cairns-Blake-Dowd. Com o índice construído, procura dar-se um contributo para a resolução do problema de cobertura do risco de longevidade que as entidades gestoras enfrentam em Portugal.Increases in life expectancy have been noticeable in recent decades and this is considered to be one of the key issues for the pensions industry. To address the longevity risk hedging, several instruments have been discussed within the financial markets, in order to find a solution. So that these financial instruments can be issued, many stochastic models have been produced, to match the evolution of the mortality curve as close as possible. In this paper, we discuss and simulate the issue of two longevity bonds with cash flows linked to the evolution of a survival index, built over the Portuguese mortality data. The estimation of mortality rates is performed using a two-factor stochastic model, the Cairns-Blake-Dowd model. The main objective is to develop a hedging solution to the increases in human longevity in Portugal

Increasing the Sustainability of Manufacturing Processes in Plastic Injection: Recovering Out-Of-Service Robots to Eliminate Manual Assembly Operations

In the 20th century, there was a burst concerning the development of the automobile industry, which has become an essential asset for society. With its evolution, this industry created a foundation that based its competitiveness on satisfying people’s needs with the highest possible quality and always respecting the delivery deadlines. With the growth in demand, the improvement of certain processes was needed to achieve the desired production goals, accomplished through automation and robotics, as production and assembly lines increasingly used fully automated processes. In plastic injection lines, production is constant and carried out quickly, so it is desirable to perform component assembly steps that immediately support the output of the injection mould parts. This work consists of adapting an obsolete robotic cell to be implemented in one of the production lines to insert components into the injected parts, replacing labour work. Through a mechanical project and an automation design, the equipment was concluded and is currently in production, fulfilling the necessary requirements and improving the process’ cycle time. This proves that it is possible to recover old equipment, which is able to improve current tasks and common needs in modern industry, increasing the economic sustainability of the processes and saving resourcesinfo:eu-repo/semantics/publishedVersio

Building a Portuguese Coalition for Biodiversity Genomics

The diverse physiography of the Portuguese land and marine territory, spanning from continental Europe to the Atlantic archipelagos, has made it an important repository of biodiversity throughout the Pleistocene glacial cycles, leading to a remarkable diversity of species and ecosystems. This rich biodiversity is under threat from anthropogenic drivers, such as climate change, invasive species, land use changes, overexploitation or pathogen (re)emergence. The inventory, characterization and study of biodiversity at inter- and intra-specific levels using genomics is crucial to promote its preservation and recovery by informing biodiversity conservation policies, management measures and research. The participation of researchers from Portuguese institutions in the European Reference Genome Atlas (ERGA) initiative, and its pilot effort to generate reference genomes for European biodiversity, has reinforced the establishment of Biogenome Portugal. This nascent institutional network will connect the national community of researchers in genomics. Here, we describe the Portuguese contribution to ERGA’s pilot effort, which will generate high-quality reference genomes of six species from Portugal that are endemic, iconic and/or endangered, and include plants, insects and vertebrates (fish, birds and mammals) from mainland Portugal or the Azores islands. In addition, we outline the objectives of Biogenome Portugal, which aims to (i) promote scientific collaboration, (ii) contribute to advanced training, (iii) stimulate the participation of institutions and researchers based in Portugal in international biodiversity genomics initiatives, and (iv) contribute to the transfer of knowledge to stakeholders and engaging the public to preserve biodiversity. This initiative will strengthen biodiversity genomics research in Portugal and fuel the genomic inventory of Portuguese eukaryotic species. Such efforts will be critical to the conservation of the country’s rich biodiversity and will contribute to ERGA’s goal of generating reference genomes for European species.info:eu-repo/semantics/publishedVersio

Manual de utilização da plataforma SomosIPSS

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TheoFrameAccountability: apresentação de resultados: seminário final

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TheoFrameAccountability: relatório final

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Studies of the mass composition of cosmic rays and proton-proton interaction cross-sections at ultra-high energies with the Pierre Auger Observatory

In this work, we present an estimate of the cosmic-ray mass composition from the distributions of the depth of the shower maximum (Xmax) measured by the fluorescence detector of the Pierre Auger Observatory. We discuss the sensitivity of the mass composition measurements to the uncertainties in the properties of the hadronic interactions, particularly in the predictions of the particle interaction cross-sections. For this purpose, we adjust the fractions of cosmic-ray mass groups to fit the data with Xmax distributions from air shower simulations. We modify the proton-proton cross-sections at ultra-high energies, and the corresponding air shower simulations with rescaled nucleus-air cross-sections are obtained via Glauber theory. We compare the energy-dependent composition of ultra-high-energy cosmic rays obtained for the different extrapolations of the proton-proton cross-sections from low-energy accelerator data

Study of downward Terrestrial Gamma-ray Flashes with the surface detector of the Pierre Auger Observatory

The surface detector (SD) of the Pierre Auger Observatory, consisting of 1660 water-Cherenkov detectors (WCDs), covers 3000 km2 in the Argentinian pampa. Thanks to the high efficiency of WCDs in detecting gamma rays, it represents a unique instrument for studying downward Terrestrial Gamma-ray Flashes (TGFs) over a large area. Peculiar events, likely related to downward TGFs, were detected at the Auger Observatory. Their experimental signature and time evolution are very different from those of a shower produced by an ultrahigh-energy cosmic ray. They happen in coincidence with low thunderclouds and lightning, and their large deposited energy at the ground is compatible with that of a standard downward TGF with the source a few kilometers above the ground. A new trigger algorithm to increase the TGF-like event statistics was installed in the whole array. The study of the performance of the new trigger system during the lightning season is ongoing and will provide a handle to develop improved algorithms to implement in the Auger upgraded electronic boards. The available data sample, even if small, can give important clues about the TGF production models, in particular, the shape of WCD signals. Moreover, the SD allows us to observe more than one point in the TGF beam, providing information on the emission angle