DETERMINATION OF THE MOST ADEQUATE OIL RIG FLEET USING THE REAL OPTIONS APPROACH

Oil drilling is a complex activity, involving onshore and offshore drilling and production units, which vary in size and degree of technological complexity. It is a risky business, with high costs and variable remuneration in time, subject to market conditions (e.g. oil price and rig availability). Drilling activity is as an American option, which can be exercised at any time until its expiration, temporarily or totally interrupted at any time, and pays dividends. This work aims to assist an oil drilling rig owner in deciding among different options (operation, temporary suspension, exit from business) and to determine the most adequate drilling rig fleet composition, based on the real options approach Many variables are involved in the process: rig day-rate, new rig acquisition cost, rig temporary suspension cost, rig reactivation cost, rig maintenance cost, rig operational  cost, rig abandonment cost, risk-free discount rate, convenience rate and rig day rate volatility. The best composition is obtained by determining optimal switches among the options supposing correspondent day-rate intervals associated with each rig type. The problem is represented by two sets of complex partial differential equations, which are solved by numerical methods. Finally, a sensitivity analysis is performed to present the effect on both the optimal decision rule (abandonment, temporary stopping, continuity, reactivation, business entry) and the rig value, taking into account the embedded options

Confrontation Between Judicial Activism and State of Exception

The judiciary has excelled in the international and national scene, reaching role of great importance, thus creating opposition to the legislative and executive powers. The center of gravity of the sovereign power of the state moves toward the judiciary, that happens to have a more active role and controlling of the others powers, but also appears as a great defender of social and fundamental rights causes, seeking to make an effective constitution. Its great public notoriety has attracted great distrust of various sectors of society, especially by the two powers that have an increasing interference. Arises, therefore, a speech that the judiciary would be reversing into a big and uncontrollable power, increasing the suspicion that now it would be living in a real dictatorship of the judiciary through judicial activism. There is a growing concern with the expansion of activism and the role of the judiciary. The purpose of this work is to conceptualize and approach the judicial activism and the state of exception to search and reveal if there is any similarity, to then draw up a possible answer to the concern of forming a dictatorship of the judiciary. The state of exception is one of the rule of law paradoxes, while activism is a political manifestation of the judiciary. The similarity between the institutes appears as appalling in a dynamic expansion of political power of a state institution exercising judicial function, putting in check who would be the sovereign in a rule of law and democratic state

The e-health opportunity for the telecommunication industry and Portugal Telecom: a case study

JEL classification system: M10 - General Business Administration; I100 - Health: GeneralElectronic-Health (e-health) is a recent answer to some pressing challenges on health. Aging of western societies and treatments’ rising costs raised doubts about health systems’ sustainability. Individuals, companies and public administration alike are looking for technology to find aid in addressing these challenges. Several industries are tacking those issues offering innovative solutions among which Telecommunication’s. Nonetheless, this industry is facing challenges from over-the-top players menacing its business model. Portugal Telecom shares these challenges and is looking to diversify to guarantee future growth, namely, by developing in e-health solutions. This case study follows two important threads in strategy literature: diversification and the resource-based view, applied Portugal Telecom and the e-health opportunity. As a case study, it aims providing readers a tool to better understand and employ strategic management concepts and frameworks in an applied business context. E-health as an opportunity for growth to Telecommunication companies and Portugal Telecom is described from three points of view: i) an actual market need ii) that may be addressed by Telecommunication companies and iii) should be addressed by those companies as they need to grow. It is shown how increasing concern with health issues by individuals, general public, companies and public administration is driving technology to find innovative answers to those same issues (i). Then, it is explained how Telcos may and in fact are addressing those issues, namely, by developing e-health solutions for their customers (ii). Finally, it is argued why Telcos should address this opportunity due their eroding revenues and margins (iii).‘Electronic-health’ (e-saúde) é uma resposta recente a alguns desafios na saúde. O envelhecimento das sociedades ocidentais e custos crescentes dos tratamentos levantaram dúvidas acerca da sustentabilidade do sistema de saúde. Indivíduos, empresas e administração pública procuram tecnologia capaz de ajudá-los a enfrentar esses desafios. Várias indústrias endereçam esses problemas oferecendo soluções inovadoras, incluindo a indústria das telecomunicações. Porém, esta indústria enfrenta desafios de concorrentes ‘over-the-top’ que ameaçam o seu modelo de negócio. A Portugal Telecom partilha estes desafios e procura diversificar o negócio para garantir crescimento futuro, desenvolvendo soluções de e-Saúde. Este estudo de caso segue duas linhas da literatura de gestão: diversificação e a visão baseada-em-recursos, aplicada à Portugal Telecom e à oportunidade da e-saúde. Como estudo de caso, procura oferecer aos leitores uma ferramenta para melhor compreender e empregar conceitos / enquadramentos teóricos de gestão estratégica num contexto de negócio. A e-saúde como oportunidade de crescimento para empresas de Telecomunicações e a Portugal Telecom é descrita sob três perspetivas: i) uma necessidade real do mercado ii) que pode ser endereçada por empresas de Telecomunicações e iii) deve ser endereçada por essas empresas que precisam de crescer. Mostra-se como a preocupação crescente com problemas de saúde pelos indivíduos, público geral, empresas e administração pública tem levado a respostas tecnológicas inovadoras para esses problemas (i). Posteriormente, explica-se como as Telcos podem e estão a endereçar esses problemas, nomeadamente, via soluções de e-saúde (ii). Finalmente, argumenta-se porque devem as Telcos endereçar esta oportunidade devido à erosão de receitas e margens (iii)

Power to the people: what’s driving the supply of green microfinance?

This paper explores some of the possible drivers of the supply of a relatively new form of microfinance: microloans for distributed clean energy systems. The number of microfinance institutions offering this ‘green microfinance’ varies considerably across developing economies. Drawing from a sample of countries in Latin America, we consider whether the green microfinance market is attractive for firms to enter without the need for market interventions. That is, we test the hypothesis that entry will occur provided there is high demand for green microfinance and an absence of barriers to entry. We also test an alternative hypothesis that these conditions are insufficient and that direct support from governments or development organisations is required to promote market entry. Regression analysis using data sourced from development organisations, government databases and industry publications confirms our hypothesis and leads us to reject our alternative hypothesis

Involvement of hormones, cytokines and angiogenic factors on mare oviduct physiological function and fibrosis

Tese de Doutoramento em Ciências Veterinárias, Especialidade de Ciências Biológicas e BiomédicasThe oviduct is a very important organ of the female reproductive system, as it plays a crucial role in providing the ideal conditions for the final preparation of the gametes for fertilization and to support the early embryo development. This work contributed to: (i) clarify the role of ovarian steroid hormones, oxytocin (OXT) and TNFα on the modulation of oviduct prostaglandin secretion; (ii) relate the expression of angiogenic growth factors during angiogenesis, with oviductal function; (iii) evaluate the expression of OVGP1 throughout the estrous cycle in the mare; (iv) and to investigate the expression of collagen in equine oviduct and its correlation with endometrial fibrosis and possible pathways involved. Post-mortem tissues were used for experimental works, such as histological stains, immunohistochemistry (IHQ), western blot analysis, qPCR evaluation, enzyme immunoassay, oviduct epithelial cells and tissue explants in vitro culture. In equine oviduct, ESR1, ESR2, PGR, OXTR, PTGES and AKR1C3 mRNA and protein expression was estrous cycle dependent and varied with oviduct portions. Ovarian steroid hormones, OXT and TNFα stimulation of PGF2α and/or PGE2 production also depended on estrous cycle dependent and changed in the different portions of oviduct. In addition, protein and mRNA expression of FGF, VEGF and their receptors differed throughout the estrous cycle and between oviduct portions and agreed with changes in microvascular density and/or oviductal secretory function. Oviduct glycoprotein 1 (OVGP1) transcription presented differences throughout the oviduct portions, and in different phases of estrous cycle. A higher expression was observed in isthmus and during follicular phase (P < 0.05). Also in the follicular phase, OXT and TNFα upregulated OVGP1 transcription; in the early luteal phase, estradiol (E2), while in mid luteal phase, it was progesterone (P4) that stimulated its transcription. However, OVGP1 in vitro production was not dependent of E2, P4, OXT or TNF treatments in any oviduct portion. Furthermore, sperm cells also up-regulated OVGP1 production, in isthmus, in early luteal phase (P < 0.05). COL1 and COL3 transcription in isthmus was correlated with the correspondent transcription in the endometrium. Particularly in isthmus, AKR1C3 was implicated with collagen transcription (P < 0.05). Collagen transcription in isthmus was correlated with MMPs transcription in endometrium (P < 0.05). Thus, in the mare, endometrium fibrosis appears to reflect collagen deposition in the oviduct.RESUMO - Envolvimento hormonal, de citoquinas e fatores angiogénicos na função fisiológica e na fibrose do oviducto - O oviduto é um órgão muito importante uma vez que proporciona as condições adquadas à preparação final dos gâmetas, fertilização e desenvolvimento embrionário no início da gestação. Os principais objetivos deste trabalho consistiram em: (i) clarificar a função das hormonas esteroides ováricas, ocitocina e do TNFα na regulação do funcionamento do oviduto; (ii) relacionar a densidade vascular com a expressão de fatores angiogénicos; (iii) avaliar a expressão da OVGP1 ao longo do ciclo éstrico da égua; e (iv) investigar a expressão do colagénio no oviduto equino relacionando-a com a fibrose peri-glandular do endométrio e possíveis vias envolvidas. Os tecidos obtidos pós-morte foram utilizados em diferentes procedimentos tais como preparações histológicas, imunohistoquímicos, WB e PCR semi-quantitativo. ensaios imunoenzimáticos e culturas in vitro de células epiteliais do oviduto e de explantes. A expressão proteica e de mRNA de ESR1, ESR2, PGR, OXTR, PTGES e AKR1C3 mRNA foram influenciadas pela fase do ciclo éstrico e pela porção do oviducto. A estimulação da produção de PGF2α e de PGE2 pelas hormonas esteroides ováricas, ocitocina e pelo TNFα foi também dependente da fase do ciclo éstrico e da porção do oviducto. A expressão proteica e génica do FGF, VEGF e dos seus recetores no oviducto da égua, variou ao longo do ciclo éstrico, entre as porções de oviduto e coincidiu com as alterações verificadas na densidade microvascular e/ou com a função secretora do oviduto. A OVGP1 apresentou diferenças na transcrição entre as porções do oviducto e ao longo do ciclo éstrico e uma expressão proteica superior no istmo e durante a fase folicular (P < 0.05). Os espermatozoides estimularam a produção de OVGP1 no istmo durante a fase lútea inicial (P < 0.05). A transcrição de COL1 e COL3 mostrou uma correlação com a sua transcrição no endométrio, bem como a expressão proteica apresentou o mesmo padrão no endométrio de éguas classificado na categoria III de Kenney. Particularmente no istmo, a AKR1C3, o ALK5 e o TGFβII, parecem estar implicados com a transcrição de colagénio (P < 0.05). Além disso, a transcrição de COL1 e COL3 no istmo foi correlacionada com a transcrição de MMPs do endométrio (P < 0.05). Assim sendo, a fibrose no endométrio da égua parece estar relacionada com a deposição de colagénio no oviduto.N/

Biodiesel production from chicken feather meal, combining biocatalysis and supercritical technology

Dissertação para obtenção do Grau de Mestre em Biotecnologi

Desafios para a pesquisa sobre as dimensões humanas das mudanças ambientais globais: um olhar latino-americano

The environmental field has developed slowly within social sciences in Latin America. However, the last two decades have been marked by the expansion of research and teaching activities in the environmental area. In this sense, the likely impact of global environmental changes have rapidly penetrated the contemporary debates on environment and society, primarily in developed countries and later on in developing countries, including Latin America. This paper seeks to contribute to the discussion by providing an overview and identifying the challenges for the development and consolidation of the research on the human dimensions of global environmental change. Based on the assessment and systematization of the intellectual production, this paper seeks to understand this field in Latin America, building upon the contribution of authors such as D.J. Hogan and L.C. Ferreira. The paper argues that although it is possible to identify an emergent body of literature in the region, the involvement of Latin American social science in the human dimension research is still timid and tentative

Des usages de la vie privée dans la (dé)légitimation politique

La vie privée est devenue progressivement objet d’attention pour les médias et les leaders partisans. En montrant leur existence quotidienne, les femmes et les hommes politiques ont tenté d’affirmer la qualité intrinsèque de leur être. Une manière, en somme, de se donner une légitimité assise sur la supériorité de leur naturel. A contrario, les attaques sur la vie privée sont donc devenues un moyen aisé pour délégitimer une personne publique.Private life is nowadays a major way to make up and assert the political legitimity of a leader. By showing their everyday life, their family and their leisures and pleasures, politicians pretend to give the true nature of their being. Therefore is it easy for their opponents to delegitimate them, by intruding their privacy