Does the market structure matter for firms' profitability? Portuguese manufacturing sectors, 2004-2011

Mestrado em FinançasA presente investigação pretende estudar o impacto da estrutura de mercado na rentabilidade financeira dos sectores da indústria transformadora portuguesa desde 2004 até 2011. A amostra construída para este estudo inclui 257 sectores da indústria transformadora. Adoptamos os modelos Probit e o fenómeno dependente nos mesmos é a rentabilidade financeira (medida alternadamente pelo rácio de rentabilidade e pelo retorno dos activos). A associação entre a estrutura de mercado (medida pelo HHI, quota de mercado e CR4) e a rentabilidade financeira é o centro desta análise. As conclusões mais importantes são: a correlação positiva entre a rentabilidade financeira medida pelo retorno dos activos e pelo rácio de rentabilidade e as medidas de concentração medidas pelo Herfindahl-Hirschman index e pela quota de mercado; Factores como a publicidade e impostos não aparentam ter um impacto na rentabilidade financeira das empresas; quando a quota de mercado e o HHI são incluídos no mesmo modelo, o HHItorna-se inconclusivo e não significante.The present investigation aims to study the impact of market structure in the financial performance of Portuguese manufacturing sectors since 2004 till 2011. The sample build for this study includes 257 manufacturing sectors. Probit models are adopted and the dependent phenomena is financial performance (measure alternatively by profitability and Return on assets). Market structure (measured by HHI, Market Share and CR4) and financial performance association is the core of the analysis. The main conclusions are: positive association between financial performance measured by profitability and ROA and concentration measures measured by Herfindahl-Hirschman Index (HHI) and Market share; Factors as advertising and taxes do not appear to have an impact in financial performance of firms'; when market share and HHI are included in the same model the HHI gets inconclusive and non-significant

Winning The War For Talent A 3rd Party Supplier Analysis

CEMSThe main aspects of this Work Project will revolve around the distribution strategy for one of Universum’s products – Wintrgarden. The main question to be answered was “What are the third party suppliers with the most potential to push Wintrgarden through their channels?”. To answer this question a series of steps was taken, culminating in the development of a scoring model. This model was then used to assess a series of candidates in four markets: Germany, France, Scandinavia and United Kingdom. The final shortlist of the candidates with the most potential is presented for each. In the end, an academic discussion on the topic of Marketing Mix and its connection to this case is provided, as well as an individual reflection on the project

Controlling pollution effects on metallic cultural heritage using linear sweep voltammetry

This work demonstrates the potentialities of the linear sweep voltammetry (LSV) for monitoring the composition of the tarnishing layers formed on silver and on the silver-copper alloys exposed to atmospheres contaminated with pollutants, such as H2S and chloride ions, among others. A collection of silver and sterling silver coupons exposed during periods of 1 and 12 months, at the Holy Altar of the Chapel and at the Treasure Room of the Museum, both of the Porto Cathedral (Portugal), with exposures started in march 2010 and ending in march 2011, have been analysed by LSV. The LSV spectra of blank polished samples as well as samples covered with thin films of silver sulphide and of silver chloride, formed under controlled conditions, respectively: (i) H2S, 1000 ppm, RH= 53% ± 2, T= 21˚C ± 1, over periods of 24, 48 and 72 h and (ii) 3.5% of NaCl, RH=41%, T= 43˚C, periods of 5 h, have been used as references. The influence of the atmosphere (Chapel and Museum), exposure time (1 and 12 months) and season, in which the exposures were started, (spring, summer, autumn and winter) have been analysed on the LSVs of the coupons exposed to the various conditions. For the 1 month exposures started in spring the peaks corresponding to the silver sulphide and silver chloride were, as expected, higher on the samples exposed in the Chapel. For the 12 months exposures both peaks have increased in size with the peak assigned to chloride being much higher in the case of the Chapel and the reverse observed in the case of the Museum. The seasonal influence, even for the 1 month exposures was particularly notable on those started in winter with well visible effects on the sulphide and chloride peaks respectively, in the Museum and Chapel exposures

dever de lançamento de OPA e a derrogação por controlo adquirido em resultado de fusão

Control of a public company can be obtained through several ways, of which the tender offer and the merger are only two. We attempt to understand what are the risks involved in the appearance of a control position. Such underlying risks justify the rationality of the mandatory bid rule, as well as the consequences of said rule. Finally, we attempt to understand if the interests of the minority shareholders are duly defended in the case of control being acquired through merger, since that is the understanding of the legislator.O controlo de uma sociedade aberta pode ser obtido de diversas formas, sendo a OPA e a fusão apenas duas vias para alcançar esse fim. Tentaremos perceber quais os riscos inerentes ao surgimento de uma posição de controlo, aos quais estão subjacentes a racionalidade da regra da OPA obrigatória, bem como as consequências da imposição do dever de lançamento de OPA. Por último, tentamos perceber se os interesses dos acionistas minoritários são suficientemente protegidos no caso de o controlo ser adquirido em resultado de uma fusão, uma vez que o legislador entendeu que, nestes casos, os interesses a acautelar pela regra da OPA obrigatória já estariam protegidos

Evolutionary trade-offs of insecticide resistance – the fitness costs associated with target-site mutations in the nAChR of Drosophila melanogaster

The evolution of resistance to drugs and pesticides poses a major threat to human health and food security. Neonicotinoids are highly effective insecticides used to control agricultural pests. They target the insect nicotinic acetylcholine receptor and mutations of the receptor that confer resistance have been slow to develop, with only one field-evolved mutation being reported to date. This is an arginine to threonine substitution at position 81 of the nAChR_β1 subunit in neonicotinoid resistant aphids. To validate the role of R81T in neonicotinoid resistance and to test whether it may confer any significant fitness costs to insects, CRISPR/Cas9 was used to introduce an analogous mutation in the genome of Drosophila melanogaster. Flies carrying R81T showed an increased tolerance (resistance) to neonicotinoid insecticides, accompanied by a significant reduction in fitness. In comparison,flies carrying a deletion of the whole nAChR_α6 subunit, the target-site of spinosyns, showed an increased tolerance to this class of insecticides but presented almost no fitness deficits

artigo 154º-A do Código Penal

On 5th September 2015, the 38th amendment to the Criminal Code was introduced by Law n. 83/2015, of August 5th. In line with the provisions of the Istanbul Convention, this amendment added three new crimes to the Criminal Code, including Stalking. Stalking is a form of harassment that corresponds to a set of repeated behaviors by one individual towards another, through various ways of nonconsensual or unwanted contact, harmful to his sphere of privacy, which may cause psycho-emotional and/or physical damages and is restrictive of his freedom of action and decision. With the consecration of this legal type, dignity and legal-criminal valuation were attributed to the social type of Stalking. Having this been a reality dealt with closely during an internship at APAV, Stalking and its recent criminalization are matters of undeniable interest and actuality. Aware of it, this Internship Report, with valuable support on real cases, aims to prove the necessity of the crime of Stalking, to characterize the legal type and to evaluate its effectiveness regarding the victims’ protection. After a brief introduction to APAV and the work developed, attempts to demonstrate the need of the crime of Stalking. As a recent crime, its characterization is essential to understand its scope. Considering the legal type, questions may arise related with the principle of legality, the requirement of reiteration of conduct, the possibility of homogeneous competition and the clause of subsidiarity expressed in Article 154-A (1) of the Criminal Code. Regarding the effectiveness of Article 154-A of the Criminal Code, the configuration of the Portuguese legal system doesn’t allow the responsible entities to apply adequate measures and to respond quickly to all forms of violence, not offering adequate and immediate protection to the victims of the crime of Stalking if non-aggravated. This conclusion is possible by assessing which coercive and protective measures and the accessory penalties that can be applied to this crime. Furthermore, the victim may adopt security measures and it is important to know what to do if the agent cannot be held responsible due to psychic anomaly, since these are frequent situations when this crime occurs. This Report aims to not only inspire the investigation and development of studies on the new crime of Stalking, but also alert the community to the need to protect all victims of crime.A 5 de setembro de 2015 entrou em vigor a 38ª alteração ao CP, introduzida pela Lei n.º 83/2015, de 5 de agosto. Cumprindo o disposto na Convenção de Istambul, esta alteração aditou três novos crimes ao Código Penal, entre os quais o de perseguição. A perseguição é uma forma de assédio correspondente a um conjunto de condutas reiteradas de um indivíduo contra outro, através de diversos modos de contacto não consentido ou indesejado, lesivo da sua esfera de privacidade, que pode causar danos psicoemocionais e/ou físicos e que é ainda restritivo da sua liberdade de ação e decisão. Atribui-se, com a consagração deste tipo legal, dignidade e valoração jurídico-penal ao tipo social do Stalking. Sendo uma realidade com a qual se contactou de perto durante a realização de estágio na APAV, o Stalking e a sua recente criminalização são assuntos de inegável interesse e atualidade. Ciente disso, este Relatório de Estágio, com valioso suporte em casos reais, tem como objetivos comprovar a necessidade do crime de perseguição, caracterizar o tipo legal e avaliar a sua eficácia no que respeita à proteção das vítimas. Após uma breve introdução à APAV e ao trabalho desenvolvido, procura demonstrar-se a necessidade do crime de perseguição. Sendo um crime recente, a sua caracterização é essencial para compreender o seu alcance. Atendendo ao tipo legal, surgem questões relacionadas com o princípio da legalidade, a exigência de reiteração de condutas, a possibilidade ou não de haver concurso homogéneo e com a cláusula de subsidiariedade expressa no artigo 154º-A n.º1 do Código Penal. Quanto à eficácia do artigo 154º-A do Código Penal, a configuração do tipo no ordenamento jurídico português não permite às entidades responsáveis aplicar medidas adequadas e de resposta rápida a todas as formas de violência, não oferecendo proteção adequada e imediata às vítimas do crime de perseguição não agravado. Tal conclusão é possível avaliando-se quais as medidas de coação e proteção e as penas acessórias que que podem ser aplicadas a este crime. Para além disso, a vítima pode adotar medidas de proteção e importa saber o que fazer se o agente for inimputável por anomalia psíquica, uma vez que são situações frequentes aquando da prática deste crime. Este Relatório ambiciona não só inspirar a investigação e o desenvolvimento de estudos sobre o novo crime de perseguição, mas também alertar a comunidade para a necessidade de proteger todas as vítimas de crime

Anharmonic transitions in nearly dry L-cysteine I

Two special dynamical transitions of universal character have been recently observed in macromolecules at $T_{D}\sim 180 - 220$ K and $T^{*}\sim 100$ K. Despite their relevance, a complete understanding of the nature of these transitions and their consequences for the bio-activity of the macromolecule is still lacking. Our results and analysis concerning the temperature dependence of structural, vibrational and thermodynamical properties of the orthorhombic polymorph of the amino acid L-cysteine (at a hydration level of 3.5%) indicated that the two referred temperatures define the triggering of very simple and specific events that govern all the biochemical interactions of the biomolecule: activation of rigid rotors ($T<T^{*}$), phonon-phonon interactions with phonons of water dimer ($T^{*}<T<T_{D}$), and water rotational barriers surpassing ($T>T_{D}$).Comment: 4 pages, 4 figures, submitted to Physical Review Letter

Propagating transverse waves in soft X-ray coronal jets

Aims. The theoretical model for magnetohydrodynamic (MHD) modes guided by a field-aligned plasma cylinder with a steady flow is adapted to interpret transverse waves observed in solar coronal hot jets, discovered with Hinode/XRT in terms of fast magnetoacoustic kink modes. Methods. Dispersion relations for linear magnetoacoustic perturbations of a plasma jet of constant cross-section surrounded by static magnetised plasma are used to determine the phase and group speeds of guided transverse waves and their relationship with the physical parameters of the jet and the background plasma. The structure of the perturbations in the macroscopic parameters of the plasma inside and outside the jet, and the phase relations between them are also established. Results. We obtained a convenient expansion for the long wave-length limit of the phase and group speeds and have shown that transverse waves observed in soft-X-ray solar coronal jets are adequately described in terms of fast magnetoacoustic kink modes by a magnetic cylinder model, which includes the effect of a steady flow. In the observationally determined range of parameters, the waves are not found to be subject to either the Kelvin-Helmholtz instability or the negative energy wave instability, and hence they are likely to be excited at the source of the jet

Diamide insecticide resistance in transgenic Drosophila and Sf9-cells expressing a full-length diamondback moth ryanodine receptor carrying an I4790M mutation

BACKGROUNDResistance to diamide insecticides in Lepidoptera is known to be caused primarily by amino acid changes on the ryanodine receptor (RyR). Recently, two new target site mutations, G4946V and I4790M, have emerged in populations of diamondback moth, Plutella xylostella, as well as in other lepidopteran species, and both mutations have been shown empirically to decrease diamide efficacy. Here, we quantify the impact of the I4790M mutation on diamide activation of the receptor, as compared to alterations at the G4946 locus.RESULTSI4790M when introduced into P. xylostella RyR expressed in an insect-derived Sf9 cell line was found to mediate just a ten-fold reduction in chlorantraniliprole efficacy (compared to 104- and 146-fold reductions for the G4946E and G4946V variants, respectively), whilst in the field its presence is associated with a ≥150-fold reduction. I4790M-mediated resistance to flubendiamide was estimated to be >24-fold. When the entire coding sequence of P. xylostella RyR was integrated into Drosophila melanogaster, the I4790M variant conferred ~4.4-fold resistance to chlorantraniliprole and 22-fold resistance to flubendiamide in the 3rd instar larvae, confirming that it imparts only a moderate level of resistance to diamide insecticides. Although the I4790M substitution appears to bear no fitness costs in terms of the flies' reproductive capacity, when assessed in a noncompetitive environment, it does, however, have potentially major impacts on mobility at both the larval and adult stages.CONCLUSIONSI4790M imparts only a moderate level of resistance to diamide insecticides and potentially confers significant fitness costs to the insect