Foreign Banks' Entry and Departure: The Recent Brazilian Experience (1996-2006)

There is a broad literature documenting the recent trend towards a larger foreign banking presence in both mature and emerging markets. Less documented are the few situations where banking internationalization has contracted. Brazil is one such case. After a large-scale entry in the late 90s, foreign banks have retreated, being absorbed by their domestic competitors. This paper examines these opposite trends and associates de-internationalization mainly with lower relative profitability of foreign firms. Bank-level panel data investigates the determinants of earnings and costs according to ownership, providing evidence that greater foreign presence contributed to curb domestic banks’ costs, but not their profitability. This assessment is consistent with widespread evidence that internationalization forces local banks to operate more efficiently.

Monetary Policy in Brazil: Remarks on the Inflation Targeting Regime, Public Debt Management and Open Market Operations

The purpose of this paper is to analyze the main features in the conduct of monetary policy in Brazil. Initially, we focus on the inflation targeting regime, reviewing the background that led to its adoption in mid-1999, the institutional framework implemented in the country, and the challenges and achievements reached so far. Then we move to the analysis of the public debt management, highlighting its objectives and results, with particular emphasis on the debt composition and average maturity. The third section discusses the open market procedures. The paper ends with a brief description of specific policy issues to be addressed by the Central Bank in the near future.

Sistema de arrefecimento de uma cobertura envidraçada por deslizamento de água e acompanhamento da execução de cadernos de encargos

Actualmente, o conforto térmico no interior de qualquer edifício ocupa um lugar de grande importância no seu projecto visando oferecer bem-estar às pessoas que o frequentam. As tendências arquitectónicas correntes baseadas na adopção de extensas áreas envidraçadas resultam num risco acrescido de sobreaquecimento do ambiente interior dos edifícios e no consequente aumento do consumo de energia para arrefecimento dos mesmos, tornando premente a necessidade de estudar as melhores estratégias para contrariar esse incremento de custo. Um ambiente interior de qualidade é conseguido através de equipamentos mecânicos para Aquecimento Ventilação e Ar Condicionado (AVAC) ou através de soluções bioclimáticas, as quais aproveitam as condições endógenas do clima para maximizar o conforto e a saúde dos utilizadores do edifício, minimizando o uso de energia. O caso precedente, que inclui a refrigeração passiva, implica a utilização de soluções tecnológicas para reduzir a temperatura dos edifícios sem a necessidade de consumo de energia. É no âmbito desta temática que o presente projecto se insere visando encontrar soluções pragmáticas para que o conforto térmico no edifício estudado seja o mais adequado, tanto a nível de consumo energético como de condições térmicas. A solução adoptada para a redução da temperatura interior é baseada em arrefecimento evaporativo, mais concretamente num deslizamento contínuo de água onde o abaixamento de temperatura é feito pela mudança de fase da água, isto é, a transformação do estado líquido para o de vapor. Adicionalmente importa elaborar o caderno de encargos para levar a efeito a implementação do projecto. No caso presente, o projecto foi desenvolvido numa unidade hospitalar pública, pelo que os normativos a aplicar são desta natureza e, por consequência importa compreender, implementar e acompanhar os respectivos documentos e processos de aquisição e manutenção para que o ciclo de conhecimento, desde o projecto à sua implementação, fique completo. Esta é a razão para que a presente monografia incorpore um módulo referente à elaboração e acompanhamento da implementação de cadernos de encargos

Projeto criar+ : escola a tempo inteiro no 2.º ciclo do ensino básico

info:eu-repo/semantics/publishedVersio

Financial crisis and capital structure decisions. Were all Portuguese Smes in the same boat?

This study explores how the adverse macroeconomic scenario impact small and medium-sized enterprises capital structure, further exploring heterogeneous effects. We find that the financial crisis negatively impacted total debt ratio of Portuguese SMEs, but it was after the crisis that firms decreased their leverage the most, pointing to relevant legacy effects. Short-term debt was particularly affected, with the debt of lower maturity being partially replaced by long-term across the all period. We show that capital structure determinants are responsive to adverse macroeconomic conditions. We also document important heterogenous effects in the capital structure decisions of international and innovative firms during the financial crisis. Our findings reveal that young firms are higher indebted and have a less flexible capital structure. Furthermore, even though no inter-industry effects were found, we show how the higher indebted within industry were under more pressure to reduce their debt ratios

Perceptions of risky flight behavior among Air Forces pilots

O sector aeronáutico tem protagonizado uma acentuada evolução, com assinalável redução na taxa de acidentes, continuando, ainda assim, a afigurar-se crucial o estudo desta matéria, considerando que grande parte das causas dos acidentes estão relacionadas com falha humana, como seja erro de perceção dos pilotos. Esta temática reveste-se de extrema importância para a Força Aérea (FA) que, sintónica com a demais indústria aeronáutica, encara esta problemática com grande seriedade, apostando na promoção de uma cultura de segurança e na formação, de excelência, ministrada aos seus pilotos. Pelo referido, foi objetivo deste estudo analisar a perceção de risco e o comportamento de segurança em voo dos pilotos da FA, numa amostra de 103 oficiais pilotos aviadores (53,7% do universo). Baseado numa metodologia de raciocínio dedutivo, alicerçada numa estratégia de investigação quantitativa e num desenho de pesquisa de estudo de caso, os dados foram recolhidos através de dois questionários, traduzidos para português e adaptados para o contexto da FA pelo autor. Os resultados revelaram que, apesar das diferenças de médias verificadas entre grupos com diferentes experiências operacionais, a generalidade dos pilotos da FA avalia o risco de forma homogénea e ajustada, e denota uma positiva (auto)confiança e orientação para a segurança. 1 Artigo adaptado a partir do trabalho de investigação individual realizado no âmbito do Curso de Promoção a Oficial Superior 2018/19 (2.ª edição), cuja defesa ocorreu em julho de 2019, no Instituto Universitário Militar. Artigo recebido em julho 2019 e aceite para publicação em agosto de 2019 Como citar este artigo: Diniz, P. G. R., & Fachada, C. P. A. (2019). Perceção dos Pilotos da Força Aérea para os Comportamentos de Risco no Voo.The aeronautics sector has witnessed a marked evolution, with a significant reduction in the number of accidents. Nevertheless, studying this topic continues to be crucial since most accidents are caused by human error, which includes pilots’ perception errors. The Air Force (PoAF), much like the rest of the aviation industry, sees flight safety as a critical issue and makes serious efforts to address it by striving to foster a safety culture and provide world class training to its pilots. To that end, this study used a sample of 103 officer pilots (53.7% of the universe) to analyse risk perception and flight safety behaviour among Air Force pilots. The study used a deductive reasoning methodology, a quantitative research strategy and a case study design. The data were gathered using two questionnaires, which the author translated into Portuguese and adapted to the Air Force context. The results revealed that, in spite of the differences in the means observed in groups with different operational experiences, Air Force pilots generally assess risk in an appropriate, homogenous manner, and have a positive (self-) confidence and safety orientation.info:eu-repo/semantics/publishedVersio

Extended School Time: Impact on Learning and Teaching

This paper presents and assesses the effects of an Extended School Time project (ESTp), with a working day of 8 contact hours, that aimed to develop the students as a whole in its academic, artistic, sport, social and human dimensions. Based in active and integrated pedagogical practices, the project promoted the integration of knowledges, curiosity, sense of criticism, creativity, sharing solidarity and the conviviality of students. This project was applied to a 6th grade class with 20 pupils (11.2±0.68 years old). Using a qualitative methodology, 13 semi structured interviews were applied to 3 types of participants: 6 pupils, 5 parents (42.6±4.54 years old) and 2 teachers (60±4 years old), in order to analyze their perceptions regarding the project. Results show that each group valued different aspects of the project. The pupils valued activities that emphasized challenge, communication, creativity, and autonomy, as well as activities of academic continuity. The parents focused mostly on the occupational component of Extended School Time (ESTp), and the teachers on its effects on social and self-development of the pupils. This development was reflected in an improved peer-to-peer relationship and in a greater sense of belonging to school. The convergence verified in this ESTp, between cognition and the artistic, social and sport education, sought to promote the main goal of the School, an instruction that promotes a global (including multicultural and universal) development of the pupils’ capabilities

Revisiting Population Structure and Particle Swarm Performance

International audienc

Objectively Measured Sedentary Behavior and Physical Fitness in Adults: A Systematic Review and Meta-Analysis

Background: Sedentary behavior has been considered an independent risk factor to health. The aim of this systematic review and meta-analysis was to examine associations between objectively measured sedentary time and physical fitness components in healthy adults. Methods: Four electronic databases (Web of Science, Scopus, Pubmed and Sport Discus) were searched (up to 20 September 2020) to retrieve studies on healthy adults which used observational, cohort and cross-sectional designs. Studies were included if sedentary time was measured objectively and examined associations with the health- or skill-related attributes of physical fitness (e.g., muscular strength, cardiorespiratory fitness, balance). After applying additional search criteria, 21 papers (11,101 participants) were selected from an initial pool of 5192 identified papers. Results: Significant negative associations were found between total sedentary time with cardiorespiratory fitness (r = -0.164, 95%CI: -0.240, -0.086, p < 0.001), muscular strength (r = -0.147, 95%CI: -0.266, -0.024, p = 0.020) and balance (r = -0.133, 95%CI: -0.255, -0.006, p = 0.040). Conclusions: The evidence found suggests that sedentary time can be associated with poor physical fitness in adults (i.e., muscular strength, cardiorespiratory fitness and balance), so strategies should be created to encourage behavioral changes.info:eu-repo/semantics/publishedVersio