Are the ratings useful tools selecting mutual funds?

This tesis explore three topics that contribute to understanding how ratings can help investors selecting mutual funds. The chapters are independent of each other in terms of theoretical grounding and methodology but complement each other by investigating the three different angles related. In Chapter 2 is analysed the Morningstar Star Rating can help the predictive power of future performance, in Chapter 3 the Morningstar Analyst Rating and if analyst opinions can help identifying the best mutual funds and in the Chapter 4 if Morningstar Sustainability Scores and ESG ( enviromental, social and governance) scores can evaluate the effect of portfolio management decisions based on sustainable criteria. Our conclusions, support the a strong ability of the predictive power of Star Ratings and a weak predictive power of Analyst Morningstar Ratings. Also, Morningstar Sustainability Score is significant explaining the level of performance for all the metrics analysed

Phosphorus removal in domestic wastewater treatment plant by calcined eggshell

Recovery of phosphorus (P) from wastewater is a topic of great interest. Besides being a non-renewable resource, P discharge in receiving waters can trigger algae blooms. The present study aimed to quantify the removal of P from two sites at a wastewater treatment plant using calcined eggshell (CES) as adsorbent. CES was prepared from raw shells calcined at 600 °C (CES600) and 800 °C (CES800). CES at 800 °C proved to be an efficient material for P removal. Efficiencies greater than 70% were achieved using CES800 concentrations of 0.1 g L 1 for synthetic sample, 0.3 g L 1 for preliminary treated wastewater and 20 g L 1 for supernatant from sludge anaerobic digester. The adsorption process was fast, occurring mostly in the first 30 min. Both Langmuir and Freundlich isotherms fitted the experimental data on adsorption. In kinetic experiments, a pseudo-second-order model fitted P adsorption from synthetic, preliminary effluent and digester supernatant. Thermogravimetric analysis showed a 54% eggshell mass loss at 800 °C. Calcination increased calcium and reduced carbon fractions in the eggshells, while increasing the surface area

O impacto na nacionalização do BPN no sistema financeiro português

Este trabalho de investigação analisa o impacto da nacionalização do Banco Português de Negócios (BPN) no sistema financeiro português globalmente e, mais especificamente, no sistema bancário, através da metodologia de estudos de eventos. Para tal, foram selecionados três anúncios: O primeiro foi o empréstimo da Caixa Geral de Depósitos (CGD), banco do Estado, ao BPN; o segundo anúncio foi a intenção por parte do Governo em nacionalizar o BPN; o último anúncio foi a concretização da operação de nacionalização do BPN, após submissão e aprovação da mesma pela Assembleia da República. Tendo em vista obter-se um estudo mais preciso do impacto da nacionalização do BPN nos bancos cotados na bolsa de valores portuguesa, estudaram-se as rendibilidades anormais do BPI, BES, BCP e BANIF - os quatro bancos que integram o índice de referência nacional PSI20. Para tal, calcularam-se o “Average Abnormal Return” (AAR) e o “Cumulative Abnormal Return” (CAR) para cada anúncio e para cada banco. Posteriormente, fez-se uma análise global onde se verificou o impacto dos anúncios no cômputo geral das cotações dos quatro bancos escolhidos. Para isso, determinaram-se o AAR, CAR e o “Cumulative Average Abnormal Return “ (CAAR). Pode concluir-se que o evento que mais beneficiou o sistema bancário português foi o empréstimo da CGD ao BPN, com um CAR de 9,16%, seguido pelo da intenção da nacionalização com um CAR de 0,46%. O que mais penalizou foi o evento da aprovação da nacionalização pela Assembleia da República, com um CAR de - 4,14%. No cômputo dos três anúncios, o BCP foi o banco que mais beneficiou tendo obtido em todos os eventos estudados rendibilidades anormais positivas.This research analyzes the impact of the nationalization of Banco Português de Negócios (BPN) in the Portuguese financial system globally and, more specifically, in the banking system, through the methodology of event studies. To this end, we have selected three announcements: The first one was the loan of Caixa Geral de Depósitos (CGD), the State bank, to BPN; the second announcement was the intention of the government to nationalize the BPN; the last announcement was the embodiment of the nationalization of BPN, after its submission and approval by the Portuguese parliament. To obtain a more precise study of the impact of the nationalization on the banks listed in the Portuguese stock exchange, we have studied the abnormal returns of BPI, BES, BCP and Banif – the four banks included in the national benchmark index PSI20. To do this, we have calculated the "Average Abnormal Return" (AAR) and “Cumulative Abnormal Return" (CAR) for each announcement and for each bank. Then, we have done a global analysis of the impact of the announcements on the quotes of the four selected banks. To this end, we have determined the AAR, CAR and “Cumulative Average Abnormal Return" (CAAR). We can conclude that the event that benefited most the Portuguese banking system was the loan of CGD to BPN, with a CAR of 9.16%, followed by the event of the intention of the nationalization of BPN, with a CAR of 0.46%. The most penalizing event was the approval of the nationalization by the Portuguese parliament, with a CAR of - 4.14%. In general, the BCP was the bank that has benefited the most, because he has obtained positive abnormal returns in all events studied.Esta investigación analiza el impacto de la nacionalización de los Banco Português de Negócios (BPN) en el sistema financiero portugués en general y más específicamente en el sistema bancario a través de la metodología de “event studies”. Para ello, se seleccionaron tres anuncios: El primero fue el préstamo de CGD (CGD), banco estatal a lo BPN; el segundo anuncio fue la intención del Gobierno de nacionalizar el BPN; el último anuncio fue la realización de la nacionalización de la operación BPN después de la presentación y aprobación de los mismos por parte del Parlamento. Con el fin de obtener un estudio más preciso del impacto de la nacionalización de BPN en los bancos que cotizan en la bolsa de valores portugués, se estudiaron los retornos anormales del BPI, BES, BCP y Banif - los cuatro bancos incluidos en el “ Indice” portugués ,PSI20. Para ello, se calculó el "Average Abnormal Return" (AAR) y el "Cumulative Abnormal Return” (CAR) por cada anuncio y para cada banco. Más tarde, se hizo un análisis global donde fue tenido en cuenta el impacto de los anuncios en el en los rendimientos conjuntos de los cuatro bancos elegidos. Para ello, se determinó la AAR, CAR y el "Cumulative Abnormal Average Return " (CAAR). Se puede concluir que el evento que más se beneficiaron del sistema bancario portugués fue el préstamo CGD BPN, con rendimientos anormales de 9,16%, seguido de la intención de la nacionalización con un 0,46% CAR. Los acontecimientos más penalizados fueran - la aprobación de la nacionalización por el Parlamento, con rendimientos anormales de - 4,14%. En el cálculo de los tres anuncios, el BCP fue el banco más beneficiario y obtuvo rendimientos positivos anormales en todos los eventos estudiados.Mestrado em Contabilidade e Finanças (parceria com a APNOR) na Escola Superior de Tecnologia e Gestão do Instituto Politécnico de Viana do Castel

O projeto Porto Maravilha e o rent gap de Neil Smith | The Porto Maravilha project and the Neil Smith’s rent gap theory

Resumo: A Operação Urbana Consorciada (OUC) Porto Maravilha refere-se a um conjunto de intervenções urbanísticas, viárias, imobiliárias e financeiras na zona portuária do Rio de Janeiro, levado a cabo por um consórcio que envolve o poder público municipal e grandes empreiteiras transnacionais. Trata-se de uma operação urbana de evidente destaque, sendo a maior parceria público-privada do país. O objetivo deste artigo é analisar a OUC Porto Maravilha a partir da formulação teórica do rent gap, proposta por Neil Smith, e a consequente discussão sobre o conceito de gentrificação. A ideia é verificar se a teoria do rent gap pode ajudar a compreender esse grupo de intervenções urbanas. Além disso, pretende-se examinar os limites e virtudes do rent gap. Várias questões são consideradas no estudo, tais como: (1) é possível importar uma teoria formulada para cidades de países centrais e aplicá-la na experiência carioca? Em caso positivo, (2) quais distinções devem ser sublinhadas e quais precauções precisam ser tomadas?Palavras-chave: Porto Maravilha; gentrificação; rent gap; empreendedorismo urbano. The Porto Maravilha project and  the Neil Smith’s rent gap theoryAbstract: The Operação Urbana Consorciada (OUC) Porto Maravilha refers to a set of urban interpositions on roads, real state and financial apport in the port area of Rio de Janeiro. The interpositions are performed by a consortium involving the municipal government and transnational contractors. The urban operation in question stands out from others because this is the largest brazilian public-private partnership. The aim of this paper is to perform an analysis of the OUC Porto Maravilha from the theoretical rent gap formulation proposed by Neil Smith with the consequent discussion about the concept of gentrification. The purpose is to make sure that it can help to understand the urban interventions in Rio. In addition, it intends to examine the limits and virtues of the the rent gap. There are several issues to consider: Is it possible to “import” a theory formulated to cities of core countries and apply it in Rio experience? If so, what are the distinctions and precautions that should be outlined?Keywords: Porto Maravilha; gentrification; rent gap; urban entrepreneurship.

Does sustainability score impact mutual fund performance?

Given that sustainable investing constitutes a major force across global financial markets, in 2016 Morningstar began reporting Morningstar Sustainability scores. We used the 2016, 2017 and 2018 scores to study the e ects of socially responsible investments (SRI) on European equity fund performance. Sustainability scores impacted positively on performance, which was consistent with the idea that the mutual funds invested in companies with better scores generate better risk-adjusted and not-risk adjusted performance. We also tested the relation on mutual fund flows and risk. The sustainability score in the previous year is significant on the flows, so higher-rated funds receive a larger volume of funds. In terms of risk, the level of sustainability is negatively related to the value at risk (VaR) of the fund, supporting that higher scored mutual funds o er better protection against extreme lossesThis research was funded by (1) the Galician Regional Government ED431B 2017/34 and ED431D 2017/19 co-funded by the European Regional Development Fund (ERDF/FEDER) within the period 2014-2020 and (2) the Ministry of Science, Innovation and Universities (MCIU), the Spanish State Research Agency (AEI) and European Regional Development Fund (RTI2018-100702-B-I00 MCIU/AEI/FEDER, UE)S

Posterior Lumbar Plexus Block in Postoperative Analgesia for Total Hip Arthroplasty. A Comparative Study between 0.5% Bupivacaine with Epinephrine and 0.5% Ropivacaine

SummaryBackground and objectivesPosterior lumbar plexus block promotes effective postoperative analgesia in total knee arthroplasty. Ropivacaine and bupivacaine do not show differences in analgesic efficacy when used in different peripheral nerve blocks. The objective of this study was to compare the efficacy of postoperative analgesia resulting from the administration of a single dose of 0.5% bupivacaine or 0.5% ropivacaine in posterior lumbar plexus block for total hip arthroplasty.MethodsThirty-seven patients were randomly divided in two groups according to the local anesthetic used: Group B – 0.5% bupivacaine with 1:200,000 epinephrine; or group R – 0.5% ropivacaine. During the postoperative period, pain scores and morphine consumption in patient controlled analgesia were compared between groups. Bleeding during surgery and the incidence of side effects and complications were also compared.ResultsAlthough pain scores were lower in Group R 8 hours, 12 hours, and 24 hours after the blockade, these differences were not clinically significant. Multiple linear regression identified the local anesthetic as an independent variable. Differences in morphine consumption, intraoperative bleeding, and the incidence of complications and side effects were not observed between both groups.Conclusions0.5% Bupivacaine and 0.5% ropivacaine produced effective and prolonged postoperative pain relief after total hip arthroplasty, without clinical differences, when equivalent doses were administered for posterior lumbar plexus block

Intensive care of postoperative patients in bariatric surgery

BACKGROUND AND OBJECTIVES: Obesity is an epidemic disease reaching more than 300 million people all over the world. Its prevalence has increased during the past few years and according to some studies its mortality in the critically ill patient seems to be much higher, especially among patients who were submitted to surgery. This study has as objective to discuss some particularities of managing obese patients in the intensive care unit after bariatric surgery. CONTENTS: The rate of obese patient in the ICU ranges from 9% to 26% and the increase in the number of bariatric surgeries has raised the number of obese patients in the ICU. It is important to know the physiopathology of obesity and to treat its particularities during the postoperative care. Such as pulmonary restriction, that causes an increase in pulmonary complications, coronary artery disease and thromboembolic events. CONCLUSIONS: The number of patients that undergo to bariatric surgery has increased; therefore, the number of obese patients in the ICU has also risen. Different physiological events and complications in obese patients are challenges to clinical practice. The knowledge of obese physiopathology helps in the managing routine procedures and complications after bariatric surgery.JUSTIFICATIVA E OBJETIVOS: A obesidade é considerada uma epidemia e afeta mais de 300 milhões de pessoas no mundo. A sua prevalência vem aumentando significativamente nos últimos anos e a mortalidade do paciente obeso crítico, em alguns estudos, mostra-se maior, especialmente em pacientes cirúrgicos que necessitam de UTI. Este estudo teve como objetivo ressaltar as particularidades das condutas em Medicina Intensiva no pós-operatório do paciente obeso submetido à cirurgia bariátrica. CONTEÚDO: A taxa dos pacientes obesos na UTI é de 9% a 26% e o aumento no número de cirurgias bariá­tricas tem elevado o fluxo de obesos internados em UTI. A obesidade tem várias particularidades fisiopatológicas que devem ser conhecidas para melhor manuseio pós-operatório. Entre elas estão as restrições pulmonares, que leva ao aumento do número de complicações, o fator de risco para síndrome coronariana aguda eventos trombóticos. CONCLUSÕES: O número de pacientes submetidos à cirurgia bariátrica está aumentando, o que leva a maior número de pacientes obesos internados na UTI. As alterações fisiológicas da obesidade, juntamente com as complicações de um paciente crítico, são desafios para a prática médica. Portanto, é relevante conhecer a fisiopatologia da obesidade, o tratamento rotineiro das complicações no pós-operatório de cirurgia bariátrica.UNIFESP Clínica MédicaClínica Médica da UNIFESP UTIAMIB-AMBInstituto Dante Pazzanese de CardiologiaUNIFESP, Clínica MédicaClínica Médica da UNIFESP, UTISciEL

Revealing the illegal harvesting of Manila clams (ruditapes philippinarum) using fatty acid profiles of the adductor muscle

The Manila clam (Ruditapes philippinarum) is one of the most traded bivalves in the world. Knowing its harvesting location is therefore paramount to guarantee the safety of consumers. The present study employs fatty acid (FA) profiles of the adductor muscle (AM) to reveal the most likely harvesting location of four batches of Manila clams suspected of having been illegally sourced from the Tagus estuary. In this ecosystem, where the collection of Manila clams is currently prohibited for food safety reasons, illegal, unreported and unregulated (IUU) capture is known to occur. In order to trace the geographic origin of these four batches of Manila clams, a reference model based on the FA profiles of the AM was developed with specimens originating from the two most representative ecosystems supplying the trade-chain of this species in mainland Portugal (the Tagus estuary and Ria de Aveiro), as well as Ría de Vigo, a production area outside Portugal and that is also an important supplier. The ability of this model to allocate clams to its origin ecosystem was evaluated using independent datasets, with an allocation success of 100% (all samples were correctly assigned to its origin ecosystem, thus validating the model). Based on the reference model established, the harvesting location of the four batches suspected of originating from ongoing IUU in the Tagus estuary was investigated. Specimens from 3 of the 4 batches screened were classified, as most likely originating from the Tagus estuary (with a likelihood ranging from 90% up to 100%). These results highlight the potential of this approach to fight the IUU capture of Manila clams, as this practice endangers important habitats and threatens public health.publishe

O papel do New Trauma and Injury Severity Score (NTRISS) para predição de sobrevida

O objetivo deste estudo foi verificar se a substituição do Injury Severity Score (ISS) pelo New Injury Severity Score (NISS), na fórmula original do Trauma and Injury Severity Score (TRISS), melhora sua estimativa da taxa de sobrevida. Estudo retrospectivo realizado num centro de trauma nível I, durante um ano. A curva ROC foi utilizada para identificar o melhor indicador (TRISS ou NTRISS) para predição da probabilidade de sobrevida. O estudo incluiu 533 traumatizados, com idade média de 38±16 anos. Houve predomínio de acidentes de transporte (61,9%). Lesões externas foram mais frequentes (63,0%), seguidas por trauma craniencefálico/cervical (55,5%). A taxa de sobrevida foi de 76,9%. Houve predomínio dos valores do ISS variando de 9-15 (40,0%) e, do NISS, de 16-24 (25,5%). Probabilidade de sobrevida igual ou superior a 75,0% foi obtida para 83,4% das vítimas de acordo com o TRISS e por 78,4% de acordo com NTRISS. A nova versão apresentou melhor desempenho que o TRISS na predição de sobrevida dos doentes traumatizados estudados.El estudio objetivó verificar si la substitución del Injury Severity Score (ISS) por el New Injury Severity Score (NISS) en la fórmula original del Trauma and Injury Severity Score (TRISS) mejora su estimación de tasa de sobrevida. Estudio retrospectivo realizado en centro de trauma nivel I durante un año. Se usó curva ROC para identificar el mejor indicador (TRISS o NTRISS) para predicción de probabilidad de sobrevida. El estudio incluyó 533 traumatizados, edad media 38±16 años. Predominaron accidentes de transporte (61,9%). Prevalecieron las lesiones externas (63%), seguidas de trauma cráneo-encefálico/cervical (55,5%). Tasa de sobrevida: 76,9%. Predominaron valores de ISS variando de 9-15 (40,0%) y de NISS, de 16-24 (25,5%). Se obtuvo probabilidad de sobrevida igual o mayor a 75% para 83,4% de víctimas según TRISS y para 78,4% según NTRISS. La nueva versión (NTRISS) presentó mejor desempeño que TRISS en predicción de sobrevida en los pacientes traumatizados estudiados.The objective of this study was to verify if replacing the Injury Severity Score (ISS) by the New Injury Severity Score (NISS) in the original Trauma and Injury Severity Score (TRISS) form would improve the survival rate estimation. This retrospective study was performed in a level I trauma center during one year. ROC curve was used to identify the best indicator (TRISS or NTRISS) for survival probability prediction. Participants were 533 victims, with a mean age of 38±16 years. There was predominance of motor vehicle accidents (61.9%). External injuries were more frequent (63.0%), followed by head/neck injuries (55.5%). Survival rate was 76.9%. There is predominance of ISS scores ranging from 9-15 (40.0%), and NISS scores ranging from 16-24 (25.5%). Survival probability equal to or greater than 75.0% was obtained for 83.4% of the victims according to TRISS, and for 78.4% according to NTRISS. The new version (NTRISS) is better than TRISS for survival prediction in trauma patients