Risk vs return: A comparative analysis between a developed and an emerging stock market

Emerging stock markets have presented several opportunities for international investors over the last decades. This thesis addresses the risk-adjusted returns of an emerging stock market by comparing its returns and volatility with a developed stock market. Using the United States and China as the representative markets, the dissertation explores the opportunities offered by the emerging market for international investors. Most of the previous literature focuses on the diversification benefits of emerging stock markets. In this study, I innovate by looking at these markets as an alternative investment rather than the diversification potential. To compare the risk-adjusted returns of the two markets I calculate the weekly Sharpe ratio for the S&P 500 and the SSE Composite for 18 years. I perform multiple linear regression, for both the emerging and the developed markets, to analyze the factors that affect the Sharpe ratio calculated. The empirical results confirm that the financial market characteristics, the macroeconomic factors, and the correlation/contagion impact the performance of both the emerging and the developed stock markets. Regarding the risk-adjusted returns, the results show that in the period studied, the index representative of the US market presents higher returns, lower volatility, and consequently a higher Sharpe ratio than the one for the Chinese market index. Such results suggest that the developed stock market offers higher and more sustained risk-adjusted returns in comparison to the emerging stock market.Os mercados bolsistas emergentes têm apresentado diversas oportunidades para os investidores internacionais ao longo das últimas décadas. Esta tese aborda o retorno ajustado ao risco de um mercado emergente ao comparar os retornos e volatilidade deste mercado com os de um mercado desenvolvido. Usando os Estados Unidos e China como os mercados representativos, a dissertação explora as oportunidades oferecidas pelo mercado emergente para os investidores internacionais. A maioria da literatura desenvolvida anteriormente destaca os benefícios da diversificação conseguida através dos mercados bolsistas emergentes. Neste estudo, inovo ao analisar estes mercados como um investimento alternativo, em vez de focar nos benefícios de diversificação. Para comparar o retorno ajustado ao risco dos dois mercados, calculo o Sharpe ratio semanal para o S&P 500 e para o SSE Composite durante um período de 18 anos. Realizo uma regressão linear múltipla, para os mercados emergente e desenvolvido, a fim de analisar os factores que afectam o Sharpe ratio calculado. Os resultados empíricos confirmam que as características dos mercados financeiros, os factores macroeconómicos, e a correlação/contágio têm um impacto no desempenho de ambos os mercados. No que diz respeito aos retornos ajustados ao risco, os resultados indicam que o índice representativo do mercado dos Estados Unidos apresenta um retorno superior, uma volatilidade menor, e consequentemente um Sharpe ratio mais elevado do que o calculado para o índice de mercado chinês. Estes resultados permitem concluir que o mercado bolsista desenvolvido apresenta um maior e mais sustentado retorno ajustado ao risco em comparação com o mercado emergente

Inhibiting and stimulating factors for the integration of refugees into the Portuguese labour market - Portuguese community analsyis and importance of outgroup support

Employment is considered a fundamental pillar of the overall refugee integration. This research has identified different factors that can stimulate or inhibit refugees’ integration in the labour market and society. Further more, the following study focuses on the analysis of the quality of outgroup support refugees can expect, during their integration process in Portugal. Using an online survey, information was gathered on different areas, such as the attitude towards refugees, the perception of their impact on the labour market and contact established with refugees. Results obtained showed a general positive attitude both towards the arrival of refugees in the country, as well as their integration in the labour market. While most participants had note stablished previous contact with refugees, media coverage in Portugal seems to have an indirect impact on the public’s image on refugees

Reorientação da missão do F-16 MLU no contexto da 5ª geração

vi Resumo O Ambiente Operacional Futuro antevê uma série de novos desafios para as nações e suas Forças Armadas, razão pela qual Portugal tem estado a discutir substituição do Sistema de Armas F-16 por um novo de 5ª Geração. Tendo em consideração o bom estado das aeronaves F-16 da Força Aérea, surge a possibilidade de reorientar a sua missão ao invés de simplesmente deixar de as operar. Pressupondo que se mantêm em operação ambos os Sistemas de Armas, esta investigação analisa as condições para o F-16 continuar a operar para além de 2030, identifica as missões que são adequadas para a sua reorientação e identifica possíveis medidas para aliviar o peso da operação em simultâneo dos dois Sistemas de Armas. A investigação segue um raciocínio indutivo, assente numa estratégia de análise qualitativa e num desenho de pesquisa de tipo estudo de caso centrado num cenário futuro para a Força Aérea. Em termos de resultados, verificou-se que o Sistema de Armas F-16 poderá operar de forma relevante para além 2030 e é adequado ao cumprimento de missões de combate, Red-Air, Treino avançado e de Alerta. Conclui-se que a reorientação da missão do F-16 é uma opção desafiante, mas com muito potencial.The Future Operating Environment envisions a series of new challenges for nations and their Armed Forces. To face these new challenges, Portugal has been discussing the possibility of replacing its front-line fighter, the F-16M by a 5th Generation airframe. Taking into consideration the general good condition of its F-16s, one of the options over the table is to reorient its mission rather than simply ceasing to operate them, when the new fighter arrives. With the assumption that both fighters will operate simultaneously, this investigation studies the conditions for the F-16 to continue operating beyond 2030, identifies the possible missions that can be executed and identifies the possible measures to ease the weight of the simultaneous operation. The research follows an inductive reasoning, based on a strategy of qualitative analysis and a research design based on a case study focused on a future scenario for the Portuguese Air Force. This study concludes that the F-16M could operate in a relevant way beyond 2030 and is suitable for combat, Red-Air, Training and Alert missions. Although this option represents a challenge for the Portuguese Air Force in many ways, it will also be an option full of opportunities.N/

Development of design software for plain masonry buildings

Paper 144As result of a benchmarking process on foreign computer codes for design of masonry buildings, the guidelines for the development of a Portuguese design software for plain masonry buildings are presented. The related software was inspired on Italian methods, particularly the RAN, and allows to perform a global response analysis of buildings, based on the assumption of a cumulative response of storeys and walls. Besides the assumptions of behaviour and equilibrium, modelling of stiffness and collapse mechanisms, the main features of the formulation adopted are presented. As a form of validation a case study is presented.(undefined

Implementação de uma solução em alvenaria estrutural de blocos de betão

A alvenaria consiste no sistema estrutural construtivo mais antigo e tem vindo a ser aplicada desde os primórdios da humanidade, verificando-se magníficas construções históricas e na arquitetura vernacular. No entanto, através dos eventos sísmicos que têm ocorrido nas mais variadas partes do mundo, tem-se verificado que a alvenaria não armada apresenta frequentemente um desempenho inadequado face à ocorrência de sismos, podendo apresentar roturas frágeis e reduzida capacidade de dissipação de energia. Por outro lado, a alvenaria armada pode conduzir a um comportamento mais satisfatório permitindo um melhor desempenho à ação sísmica, quer em termos de resistência, quer em termos de ductilidade. Aspetos económicos e tecnologia simples fazem crer que a utilização de estruturas em alvenaria são viáveis e podem diversificar o panorama singular de Portugal onde a tecnologia do betão armado é dominante na construção habitacional, quando comparado com outros países. Por outro lado, a recente regulamentação europeia de projeto permite a diversificação de soluções estruturais e fornece um conjunto de regras de cálculo, de pormenorização e de execução em obra. Uma solução recentemente desenvolvida em alvenaria estrutural de blocos de betão prevê a utilização de armadura de junta combinada com armadura vertical inserida no interior das células dos blocos ou alternativamente na junta vertical, com uso de argamassa de assentamento modificada para preenchimentos das células armadas. Neste trabalho pretende-se apresentar o processo de implementação de uma solução em alvenaria estrutural na construção de moradias protótipos. Este processo inclui como principais fases: (1) a conceção estrutural das moradias protótipo, (2) a modelação e análise estrutural das moradias protótipos, nomeadamente para ações sísmicas, e (3) análise dos resultados da análise estrutural. A modelação e análise estrutural das moradias é efetuada com recurso a um software comercial que usa uma discretização da alvenaria em macro-elementos. Pretende-se ainda discutir as soluções construtivas adotadas para zonas particulares da construção

NON-HERLITZ JUNCTIONAL EPIDERMOLYSIS BULLOSA - THE IMPORTANCE OF PRENATAL DIAGNOSIS

A epidermólise bolhosa juncional é uma genodermatose caracterizada por fragilidade cutânea e formação de erosões e bolhas a nível da junção dermo-epidérmica, após trauma minor. Reportamos o caso clínico de um recém-nascido, sexo masculino, caucasiano, com erupção cutânea caracterizada por bolhas tensas e erosões nas mãos, abdómen e couro cabeludo. Realizou-se uma biopsia cutânea para imunoflurescência directa com painel de anticorpos, que foi compatível com o diagnóstico de epidermólise bolhosa juncional não-Herlitz. No estudo genético identificou-se 2 mutações no gene COL17A1. Destaca-se nos antecedentes familiares, um irmão com dermatose bolhosa, falecido na terceira semana de vida por intercorrência infeciosa, sem ter sido possível efectuar o diagnóstico definitivo que possibilitasse o diagnóstico pré-natal. Salientamos a importância da referenciação rápida destes doentes a centros especializados, de forma a possibilitar o diagnóstico precoce desta patologia, uma orientação clínica adequada e um correto aconselhamento genético, incluindo o diagnóstico pré-natal em futuras gravidezes.Junctional epidermolysis bullosa is a group of inherited blistering diseases characterized by increased skin fragility, blisters and erosions after minor trauma, due to tissue cleavage at the dermal-epidermal junction. We report the case of a male Caucasian infant, born with erosions and tense blisters on the hands, abdomen and scalp. Immunoflurescence antigen mapping revealed paucity of collagen XVII immunolabelling, compatible with the diagnosis of non-Herlitz junctional epidermolysis bullosa. Molecular analysis of the COL17A1 gene revealed compound heterozygosity for two frameshift mutations. Family history was positive for a brother with a bullous dermatosis, who died from sepsis on the 3rd week of life without a definitive diagnosis that could enable precise risk estimation and prenatal diagnosis. We emphasize the importance of rapid referral to specialized centers, to provide early accurate diagnosis, adequate clinical management and prenatal diagnosis in subsequent pregnancies

Anteprojeto da reforma do IRS. Uma reforma do IRS orientada para a simplificação, a família e a mobilidade social

info:eu-repo/semantics/publishedVersio

Is the reason to switch relevant?

57763]. AS is supported by a doctoral grant from “Fundação para a Ciência e Tecnologia” (SFRH/BD/108246/2015).Background: To investigate whether the reason to discontinue the first TNF inhibitor (TNFi) affects the response to the second TNFi in axial spondyloarthritis (axSpA). Methods: Patients with axSpA from the Rheumatic Diseases Portuguese Register (ReumaPt), who discontinued their first TNFi and started the second TNFi between June 2008 and May 2018, were included. Response was assessed by the Ankylosing Spondylitis Disease Activity Score (ASDAS) clinically important improvement (ASDAS-CII), major important improvement (ASDAS-MI), low disease activity (ASDAS-LDA), and inactive disease (ASDAS-ID). The reason for discontinuation of the first TNFi was defined, according to ASDAS-CII as primary failure (no response ≤ 6 months), secondary failure (response ≤ 6 months but lost thereafter), adverse events, and others. The association between the reason for discontinuation of the first TNFi and response to the second TNFi over time was assessed in multivariable generalized equation (GEE) models. Results: In total, 193 patients were included. The reason for discontinuation of the first TNFi did not influence the response to the second TNFi, according to the ASDAS-CII. However, a difference was found with more stringent outcomes, e.g., there was a higher likelihood to achieve ASDAS-ID with the second TNFi for patients discontinuing the first TNFi due to secondary failure (OR 7.3 [95%CI 1.9; 27.7]), adverse events (OR 9.1 [2.5; 33.3]), or other reasons (OR 7.7 [1.6; 37.9]) compared to primary failure. Conclusion: Patients with axSpA with secondary failure to their first TNFi, compared to those with primary failure, have a better response to the second TNFi according to stringent outcomes.publishersversionpublishe

going beyond BASDAI

This work was supported by a Research Grant from the InvestigatorInitiated Studies program of Merck Sharp & Dohme (Grant No. 56078). The sponsor did not interfere with the study question, analysis or interpretation of results. AS is supported by a doctoral grant from Fundação para a Ciência e Tecnologia (Foundation for Science and Technology) (SFRH/BD/108246/2015).OBJECTIVES: To compare definitions of high disease activity of the Ankylosing Spondylitis Disease Activity Score (ASDAS) and Bath Ankylosing Spondylitis Disease Activity Index (BASDAI) in selecting patients for treatment with biologic disease-modifying antirheumatic drugs (bDMARDs). METHODS: Patients from Rheumatic Diseases Portuguese Register (Reuma.pt) with a clinical diagnosis of axial spondyloarthritis (axSpA) were included. Four subgroups (cross-tabulation between ASDAS (≥2.1) and BASDAI (≥4) definitions of high disease activity) were compared regarding baseline characteristics and response to bDMARDs at 3 and 6 months estimated in multivariable regression models. RESULTS: Of the 594 patients included, the majority (82%) had both BASDAI≥4 and ASDAS ≥2.1. The frequency of ASDAS ≥2.1, if BASDAI<4 was much larger than the opposite (ie, ASDAS <2.1, if BASDAI≥4): 62% vs 0.8%. Compared to patients fulfilling both definitions, those with ASDAS ≥2.1 only were more likely to be male (77% vs 51%), human leucocyte antigen B27 positive (79% vs 65%) and have a higher C reactive protein (2.9 (SD 3.5) vs 2.1 (2.9)). Among bDMARD-treated patients (n=359), responses across subgroups were globally overlapping, except for the most 'stringent' outcomes. Patients captured only by ASDAS responded better compared to patients fulfilling both definitions (eg, ASDAS inactive disease at 3 months: 61% vs 25% and at 6 months: 42% vs 25%). CONCLUSION: The ASDAS definition of high disease activity is more inclusive than the BASDAI definition in selecting patients with axSpA for bDMARD treatment. The additionally 'captured' patients respond better and have higher likelihood of predictors thereof. These results support using ASDAS≥2.1 as a criterion for treatment decisions.publishersversionpublishe

Polymer composites reinforced with natural fibers and nanocellulose in the automotive industry: a short review

Environmental concerns and cost reduction have encouraged the use of natural fillers as reinforcement in polymer composites. Currently, a wide variety of reinforcement, such as natural fibers and nanocellulose, are used for this purpose. Composite materials with natural fillers have not only met the environmental appeal, but also contribute to developing low-density materials with improved properties. The production of natural fillers is unlimited around the world, and many species are still to be discovered. Their processing is considered beneficial since the natural fillers do not cause corrosion or great wear of the equipment. For these reasons, polymer reinforced with natural fillers has been considered a good alternative for obtaining ecofriendly materials for several applications, including the automotive industry. This review explores the use of natural fillers (natural fibers, cellulose nanocrystals, and nanofibrillated cellulose) as reinforcement in polymer composites for the automotive industry323172016/09588-9; 2016/09588-9; 2016/09588-9CAPES - Coordenação de Aperfeiçoamento de Pessoal e Nível SuperiorCNPQ - Conselho Nacional de Desenvolvimento Científico e TecnológicoFAPESP – Fundação de Amparo à Pesquisa Do Estado De São Paul