BMW AG : equity valuation

The main goal of this master thesis to is compute the most accurate common share price for Bayerische Motoren Werke (BMW) at the date of 31st December 2014. For that, a review of relevant literature was done to find the Discounted Cash Flows valuation model, with the Weighted Average Cost of Capital (WACC) as the discount rate, as the most commonly used and appropriate to be applied for such purpose. With a WACC of 3,23%, the result was market capitalization of 71 409,21 million Euros and price per share of 108,77€. The multiples approach was also used both as a benchmark that confirmed the results of the mentioned valuation and as a means of proving the group’s over performance when compared to its most relevant peers. This makes one believe that BMW is being undervalued by the market, given a price at time of valuation of 89,77€, making it a good investment opportunity. A “BUY” recommendation is the result of this master thesis, taking into consideration that macroeconomic effects may have significant influence. Nevertheless, it is expected that only with either a decrease in perpetuity growth rate of 18,5% or an increase in WACC of 7,7% will the above statement not hold. Also, it is believed that with a 95% confidence level, price per share of BMW will not go below 100,39€

Testing high volatility expectation trades on macroeconomic and political events of 2016

Trading volatility is a challenge to every speculating trader. Rather than prediction whether the price of a certain asset will move upwards or downwards, a trader who seeks to trade volatility, is concerned with how much movement in any direction will occur. Recognizing the difficulty on obtaining return with the most common volatility investment solutions (ETF’s, CFD’s and futures), one seeks to test an alternative strategy, without being exposed to high levels of risk. Using data from May through December of 2016, on a back-testing basis, it examines the relative performance of speculation strategies with options, namely the high volatility expectation strategies. Specifically, using three different equity indices, one evaluates the daily returns form the strategies that include long strangle, long straddle and short butterfly spread with calls, when applied on the past data of two political and macro-economic events of 2016: the United Kingdom Referendum and the United States presidential elections. This thesis proves, that it would have been possible to gain with the volatility occurred on the events of 2016, applying speculation strategies with options, through the usage of real past data.A negociação de volatilidade é um corrente desafio para todos os traders de activos financeiros. No lugar de prever se o preço de um determinado activo se irá valorizar ou desvalorizar, um "trader" de volatilidade procura a quantidade em que o activo se poderá mover em qualquer direcção. Reconhecendo a dificuldade dos investidores de retalho, em obter retorno com as soluções de investimento em volatilidade mais comuns (como ETF's, CFD's e contratos de futuros), procuramos testar estratégias alternativas, com níveis de exposição ao risco, mais reduzidos. Usando dados de mercado desde maio a dezembro de 2016, aplicando um modelo de "back-testing", foram aplicados testes ao desempenho relativo de estratégias de especulação com opções, nomeadamente as estratégias de espectativa de alta volatilidade. Concretamente, através do uso de três índices de ações diferentes, avaliamos os retornos diários das seguintes estratégias: "long straddle", "long strangle" e "short butterfly spread with calls". As estratégias serão aplicadas em dados de mercado durante os eventos políticos e macro-económicos de 2016: o referendo do Reino Unido e as eleições presidenciais dos Estados Unidos da América. Esta tese comprova que teria sido possível obter ganhos com a volatilidade ocorrida nos eventos de 2016, aplicando estratégias de especulação com opções, através do uso de dados passados

Vegetarianism during pregnancy: Risks and benefits

Background During pregnancy, women face continuous nutritional challenges. Although it is a personal choice, the adoption of a vegetarian dietary pattern during pregnancy must be regarded as a situation that may be associated with some risks and benefits for the mother and the fetus. Scope and Approach In the present review, the most frequent nutritional deficits among pregnant vegetarians will be discussed, namely, those that refer to vitamin B12, zinc, iron, omega-3 fatty acids and vitamin D. If properly planned, vegetarian diets may also be associated with some important health benefits. The main potential outcomes of vegetarianism for pregnant women, fetal development and for the early and later life of the newborns will be also reviewed. Key Findings and Conclusions Taken together, despite some of the controversial published data, vegetarianism appears to be a safe dietary pattern during that period of time. So, the option for vegetarianism must be considered a personal choice that like any other feeding pattern may pose some nutritional risks but also bring some potential health outcomes both for the mother and for the children. In order to deal with the nutritional requirements during pregnancy, it is recommended that vegetarian mothers follow strict nutritional counseling.info:eu-repo/semantics/publishedVersio

Direito autoral e a música eletrônica

A discussão proposta trata, basicamente, do desafio da aplicação do Direito Autoral às produções artísticas de música eletrônica. O objetivo é despertar a atenção para uma questão ainda não muito discutida e propor uma análise mais detalhada sobre o assunto. O trabalho desenvolve-se a partir do estudo de institutos consagrados do Direito Autoral, bem como da pesquisa da realidade cultural da cena da música eletrônica. Nota-se que, a criação de obras da vertente musical em debate tem conseqüências expressivas na indústria cultural. Nesse sentido, demonstra-se a necessidade de uma releitura das normas relacionadas à propriedade intelectual, de modo que estas permitam lidar satisfatoriamente com a nova realidade tecnológica das obras musicais

Efecte de Trichoderma sobre la supressivitat natural del sòl a Meloidogyne

Nematodes of genus Meloidogyne spp. are vegetal parasites that distribute around the world and affect a wide range of species, which causes great economic losses on crops. There are suppressive soils to Meloidogyne spp., which means, soils where the nematodes are present and, in favourable conditions, the disease severity and the population development are minor than in other soils. Among different biotic and abiotic factors, soil microbiota is been associated as the main cause of suppressiveness, in which stand out nematophagous fungi. On these soils, the use of antagonist organisms to fight soil diseases produced by fungi may affect nematode suppressiveness. In this context, the aim of this work was to study the effect of Trichoderma asperellum T34, alone or combined with a Meloidogyne resistant cultivar on the supressiveness of one of these soils. To carry out this assay, half of the tomato plants (Solanum lycopersicum) resistant (cv. Monika) and susceptible (cv. Durinta) to Meloidogyne were treated twice with T34 at recommended commercial dose, the first time a week before transplanting, and the second one just after the transplant in 3 L pots which contained a 1:1 mixture (suppressive soil M10.55 : sterilized river sand). The other half of plants did not receive any treatment. All plants were inoculated with 1 second stage juvenile of Meloidogyne javanica per cm3 of substrate just after transplanting. Two months later, we determined the dry aerial weight (PSA), fresh radicular weight (PFR), the number of nematode eggs, the fungal parasitism of the eggs and the involved species. At the same time, we studied the in-vitro interaction between T. asperellum and Pochonia chlamydosporia, main responsible fungus of soil suppressiveness. In addition, we used molecular biology tools to indentify T. asperellum. The assay results showed a lower reproduction on resistant plants treated with T. asperellum T34 regarding on non-treated ones. The egg parasitism percentage oscillated between 20 and 30%, without varying between treated and non-treated plants. The main isolated fungus from eggs was P. chlamydosporia, while Trichoderma was only isolated from one parasited egg. The in-vitro interaction between those fungi did not demonstrate a prominent inhibition between them on 5 days of dual culture. By polymerase chain reaction (PCR), we determined that using primers tag83B, we could identify T. asperellum. They were also useful to identify the specie of Trichoderma present on the soil M10.55 as a component of fungal microbiota. Therefore, we consider that the commercial dose application of T. asperellum T34 does not affect the nematode suppressiveness of the soil and, in addition, it involves a reduction of reproduction on resistant tomato cultivar.Els nematodes del genere Meloidogyne spp. son paràsits vegetals que es distribueixen arreu del mon i afecten un gran nombre d’espècies, provocant grans pèrdues econòmiques en els cultius. Existeixen sols supressius a Meloidogyne spp., es a dir, sols en que els nematodes son presents i, en condicions favorables, la severitat de la malaltia i el desenvolupament de les poblacions son menors que en altres sols. Dels diferents factors biòtics i abiòtics d’aquests sols, la microbiota del sol ha estat associada com a causa principal de la supressivitat, de la qual destaquen els fongs hematòfags. En aquests sols, l’ús de certs organismes antagonistes per a combatre malalties del sol causades per fongs podria afectar la supressivitat al nematode. En aquest context, l’objectiu d’aquest treball va ser estudiar l’efecte de Trichoderma asperellum T34, sol o combinat amb un cultivar resistent a Meloidogyne, sobre la supressivitat d’un d’aquests sols. Per dur a terme l’assaig, la meitat de plantes de tomàquet (Solanum lycopersicum) resistents (cv. Monika) i susceptibles (cv. Durinta) a Meloidogyne van ser tractades dos cops amb T34 a la dosi comercial recomanada, el primer al substrat del planter una setmana abans de trasplantar, i el segon just després de trasplantar en testos de 3 L que contenien una mescla 1:1 (sol supressiu M10.55 : sorra de riera esterilitzada). L’altra meitat de les plantes no va rebre cap tractament. Totes les plantes van ser inoculades amb 1 juvenil de segon estadi de Meloidogyne javanica per cm3 de substrat just després de trasplantar i es van mantenir en bancades en hivernacle. Passats dos mesos del cultiu, es va determinar per cada planta el pes sec aeri (PSA), el pes fresc radicular (PFR), el nombre d’ous del nematode, el percentatge de parasitisme fúngic d’ous i les especies implicades. Paral·lelament, es va estudiar la interacció in-vitro entre T. asperellum i Pochonia chlamydosporia, principal fong responsable de la supressivitat del sol. A mes, es van utilitzar eines de biologia molecular per a identificar T. asperellum. Els resultats de l’assaig van mostrar una menor reproducció del nematode en les plantes resistents tractades amb T. asperellum T34 respecte les no tractades. El percentatge de parasitisme d’ous va oscil·lar entre un 20 i 30%, sense trobar diferencies entre plantes tractades o no. El principal fong aïllat dels ous va ser P. chlamydosporia, mentre que Trichoderma spp. nomes es va aïllar d’un dels ous parasitats. La interacció in-vitro entre aquests dos fongs no va evidenciar una inhibició destacable durant els 5 dies de cultiu dual. Mitjancant la reacció en cadena de la polimerasa (PCR), es va determinar que utilitzant els encebadors tag83B es pot identificar T. asperellum. Tambe van servir per a identificar l’espècie de Trichoderma present en el sol M10.55 com a component de la microbiota fúngica. Així doncs, es considera que l’aplicació de la dosi comercial de T. asperellum T34 no afecta la supressivitat del sol al nematode i, a mes, redueix la reproducció del nematode en el cultivar resistent de tomàquet.Los nematodos del genero Meloidogyne spp. son parasitos vegetales que se distribuyen por todo el mundo y afectan un gran numero de especies, provocando grandes perdidas economicas en los cultivos. Existen suelos supresivos a Meloidogyne spp., es decir, suelos en los que los nematodos estan presentes y, en condiciones favorables, la severidad de la enfermedad y el desarrollo de las poblaciones son menores que en otros suelos. De los diferentes factores bioticos y abioticos, la microbiota del suelo ha sido asociada como causa principal de la supresividad, en la que destacan los hongos nematofagos. En estos suelos, el uso de ciertos organismos antagonistas para combatir enfermedades del suelo causadas por hongos podria afectar la supresividad al nematodo. En este contexto, el objetivo de este trabajo fue estudiar el efecto de Trichoderma asperellum T34, solo o combinado con un cultivar resistente a Meloidogyne, sobre la supresividad de uno de estos suelos. Para llevar a cabo el ensayo, la mitad de plantas de tomate (Solanum lycopersicum) resistentes (cv. Monika) y susceptibles (cv. Durinta) a Meloidogyne fueron tratadas dos veces con T34 a la dosis comercial recomendada, la primera al sustrato del semillero una semana antes de trasplantar, y la segunda justo despues de trasplantar en tiestos de 3 L que contenian una mezcla 1:1 (suelo supresivo M10.55 : arena de riera esterilizada). La otra mitad de las plantas no recibieron ningun tratamiento. Todas las plantas fueron inoculadas con 1 juvenil de segundo estadio de Meloidogyne javanica por cm3 de sustrato justo despues de trasplantar, y se mantuvieron en bancadas en invernadero. Pasados dos meses de cultivo, se determino para cada planta el peso seco aereo (PSA), el peso fresco radicular (PFR), el numero de huevos del nematodo, el porcentaje de parasitismo fungico de huevos y las especies implicadas. En paralelo, se estudio la interaccion in-vitro entre T. asperellum y Pochonia chlamydosporia, principal hongo responsable de la supresividad del suelo. Ademas, se utilizaron herramientas de biologia molecular para identificar T. asperellum. Los resultados del ensayo mostraron una menor reproduccion del nematodo en las plantas resistentes tratadas con T. asperellum T34 respecto las no tratadas. El porcentaje de parasitismo de huevos oscilo entre un 20 y 30%, sin variar entre plantas tratadas o no. El principal hongo aislado de los huevos fue P. chlamydosporia, mientras que Trichoderma solo se aislo de uno de los huevos parasitados. La interaccion in-vitro entre estos dos hongos no evidencio una inhibicion destacable durante los 5 dias de cultivo dual. Mediante la reaccion en cadena de la polimerasa (PCR) se determino que usando los cebadores tag83B se puede identificar T. asperellum. Tambien sirvieron para identificar la especie de Trichoderma presente en el suelo M10.55 como componente de la microbiota fungica. Asi pues, se considera que la aplicacion de la dosis comercial de T. asperellum T34 no afecta la supresividad del suelo al nematodo y, ademas, reduce su reproduccion en tomate resistente

National health surveys: anthropometric data of Portuguese and Brazilian women: INS 2005–2006 and PNDS 2006

Background Nutritional problems related to under or overweight in women have been shown itself as a relevant issue to health and quality of life, affecting mainly older women. Objective To compare the anthropometric data of Portuguese and Brazilian women studied on the 4th National Health Inquiry (48 Inque ´rito Nacional de Sau´de, INS-2005-2006, Portugal) and on the National Research of Demography and Health (Pesquisa Nacional de Demografia e Sau´de, PNDS-2006, Brazil). Methods This work is a result of a data comparison between the Portuguese and the Brazilian national inquiries, respectively, INS-2005/ 2006 and PNDS-2006. Both researches represent the population of the countries and were based on transversal studies. The nutritional status of the women from 18 to 44 years old was evaluated using the body mass index, as recommended by the World Health Organization (1995). The prevalence of underweight, normal weight, overweight and obese women in the total sample was studied in three age groups (18–24, 25–34, 35–44). The statistical significance was considered for p\0.05. Results The population was of 2,048,623 women in Portugal and 12,167 in Brazil. There were no significant statistical differences between the occurrences of underweight women on the studied countries. However, there were significant differences between normal weight, overweight and obese women on the total sample and on the different age groups. The greater prevalence of normal weight women was found in Portuguese group (p\0.001). Overweight and obese women were found more prevalent in the Brazilian group (p\0.001). On both countries the occurrence of overweight and obesity increase while the occurrence of underweight decrease on higher age ranges. Conclusions High overweight and obesity prevalence were found on women of both countries, with higher proportions on the Brazilian group. Health promotion measures and stimulus to healthy nourishment have shown itself as essential to avoid the emergence of morbidities related with nutritional status of women belonging to all age groups, especially on the higher ranges

Endovascular treatment versus medical care alone for ischaemic stroke: systematic review and meta-analysis

Objectives: To evaluate the efficacy and safety of endovascular treatment, particularly adjunctive intra-arterial mechanical thrombectomy, in patients with ischaemic stroke. / Design: Systematic review and meta-analysis. / Data sources: Medline, Embase, Cochrane Central Register of Controlled Trials, Web of Science, SciELO, LILACS, and clinical trial registries from inception to December 2015. Reference lists were crosschecked. / Eligibility criteria for selecting studies: Randomised controlled trials in adults aged 18 or more with ischaemic stroke comparing endovascular treatment, including thrombectomy, with medical care alone, including intravenous recombinant tissue plasminogen activator (rt-PA). Trial endpoints were functional outcome (modified Rankin scale scores of ≤2) and mortality at 90 days after onset of symptoms. No language or time restrictions applied. / Results: 10 randomised controlled trials (n=2925) were included. In pooled analysis endovascular treatment, including thrombectomy, was associated with a higher proportion of patients experiencing good (modified Rankin scale scores ≤2) and excellent (scores ≤1) outcomes 90 days after stroke, without differences in mortality or rates for symptomatic intracranial haemorrhage, compared with patients randomised to medical care alone, including intravenous rt-PA. Heterogeneity was high among studies. The more recent studies (seven randomised controlled trials, published or presented in 2015) proved better suited to evaluate the effect of adjunctive intra-arterial mechanical thrombectomy on its index disease owing to more accurate patient selection, intravenous rt-PA being administered at a higher rate and earlier, and the use of more efficient thrombectomy devices. In most of these studies, more than 86% of the patients were treated with stent retrievers, and rates of recanalisation were higher (>58%) than previously reported. Subgroup analysis of these seven studies yielded a risk ratio of 1.56 (95% confidence interval 1.38 to 1.75) for good functional outcomes and 0.86 (0.69 to 1.06) for mortality, without heterogeneity among the results of the studies. All trials were open label. Risk of bias was moderate across studies. The full results of two trials are yet to be published. / Conclusions: Moderate to high quality evidence suggests that compared with medical care alone in a selected group of patients endovascular thrombectomy as add-on to intravenous thrombolysis performed within six to eight hours after large vessel ischaemic stroke in the anterior circulation provides beneficial functional outcomes, without increased detrimental effects. / Systematic review registration: PROSPERO CRD42015019340