Real options application on innovation and R&D projects

Some would say that innovation is one of the key points that brought the world to what we know it to be. Much like everything in life, there are pros and cons. The human species has paved ways to evolve and change the life experience, many times negatively affecting our surroundings and other species. Hope leads us to believe that the course of action is changing and being increasingly attentive towards all the factors, and that innovation along with other concepts will be able to provide sustainability and get us to the next level of evolution. Contemporary economic and corporate finance theory highlights the relevance of project valuation under a dynamic approach and the rationale behind making room to incorporate a company’s contractual claims on projects, commonly known as real options. The combination of these two concepts results in an iterative and adaptation-ready process, which may be able to result in higher payoffs and better results both for innovation and research & development (R&D) projects. Having read what scholars in the finance and innovation theories have written and how they have analysed the junction of both, in this dissertation, we propose an extension to the existing valuation methodologies with the existence of an “early launch” optimal decision for certain projects, resulting in higher payoffs and stronger positioning in a competitive market.Alguns diriam que a inovação é um dos pontos-chave que transformou o mundo naquilo que é e como o conhecemos. À semelhança de tudo na vida, há prós e contras. O ser-humano trilhou caminhos para evoluir e mudar nossa a experiência de vida, muitas vezes afetando negativamente o ambiente em que nos inserimos e outras espécies. A esperança leva-nos a crer que o curso das nossas ações tem vindo a alterar-se e que estamos cada vez mais atentos a todos os fatores e que a inovação, em conjunto com outros conceitos, será capaz de prover sustentabilidade e levar-nos até ao próximo nível de evolução. As contemporâneas teorias económicas e de finanças empresariais, realçam a importância de avaliação de projetos sob a alçada de uma abordagem dinâmica e o racional de incorporar cláusulas contratuais em projetos, usualmente conhecidas como opções reais. A combinação destes dois conceitos resulta numa forma flexível e num processo pronto a mudanças, que será capaz de resultar em maiores retornos tanto para projetos de inovação como para projetos de investigação e desenvolvimento (I&D). Tendo lido teorias apresentadas por estudiosos, tanto da área de finanças como de inovação, escreveram e como têm vindo a analisar a junção de ambos os tópicos, na minha dissertação, eu proponho uma extensão às metodologias existentes com a inclusão de uma possível decisão de "lançar mais cedo o resultado do projeto", quando possível para certos projetos, podendo resultar em maiores retornos e melhor posicionamento de uma empresa em mercados competitivos

Effects of replacing dietary fish oil and fish meal with microbial oil and algal biomass on lipid class, total fatty acid and phospholipid fatty acid composition of Atlantic salmon liver and muscle tissues

With the continuous growth of aquaculture comes a growing demand for an alternative lipid source for fish oil (FO) and fish meal (FM) in aquafeeds. Certain microorganisms provide a potential sustainable replacement for FO and FM due to their content of omega-3 (ω3) long-chain polyunsaturated fatty acids, which are essential for the growth and health of fish. Two feeding trials were conducted to determine the effects of replacing FO and FM with oil and biomass from two different microorganism species. The first feeding trial comprised of replacing FO with a microbial oil (MO) derived from a novel strain, Schizochytrium sp. (strain T18), in diets for Atlantic salmon. Four experimental diets were developed: a fish oil control diet (FO), a blend of fish oil/canola oil control diet (FO/CO), a fish oil replacement with low proportions of microbial oil diet (LMO), and a fish oil replacement with high proportions of microbial oil diet (HMO). After 16 weeks of feeding, there were no significant effects on growth parameters across the dietary treatments. Fatty acid profiles reflected the diets with DHA being present in high proportions in the tissues, especially in the cellular membrane. The purpose of the second feeding trial was to reduce FO and replacing FM with algal biomass (AB) derived from Pavlova sp. strain CCMP459 (Pav459) in diets for Atlantic salmon. Three experimental diets were developed: a fish meal control diet (FM), a blend of a fish meal/algal biomass Pav459 diet (FM/AB), and a complete FM replacement with algal biomass Pav459 diet (AB). After 12 weeks of feeding, again, there was no significant effect on growth paraments, and the fatty acid profiles also reflected those of the diets. The DHA was present in high proportions in the tissues for all dietary treatments, especially the cellular membrane. The stable isotope data suggested a direct integration of EPA and DHA and not biosynthesis from its precursor ALA

Introduction to the origins of unproductivity in Brazil

Principalmente para países em desenvolvimento, não deveríamos analisar a tríade produtividade, competitividade e inovação somente considerando aspectos econômicos e/ou administrativos. É de suma importância incluir na investigação fatores específicos de cada país, tais como sequelas devido à forma que ocorreu a colonização, agressões contra o ambiente, posição geográfica, além de questões de ordem política e institucional, pois muitos deles ainda não alcançaram harmonia nestes quesitos.Particularly for developing countries, we should not analyse the triad productivity, competitiveness and innovation only considering economics and/or administrative aspects. It is of paramount importance to include in the investigation specific factors of each country, such as sequels due to the way colonization occurred, aggressions against the environment, geographic position, besides questions of political and institutional order, for many of them have not yet achieved harmony in these issues

Treatment of Cheyne-Stokes respiration in patients with congestive heart failure

Universidade Federal de São Paulo (UNIFESP), Escola Paulista de Medicina (EPM)UNIFESP, EPMSciEL

Efecto hepatoprotector del extracto hidroalcohólico del fruto de Byrsonima spicata (Indano) en Rattus norvegicus var. Albinus con hepatotoxicidad inducida por acrilamida

El presente trabajo de investigación, de tipo experimental, enfoque cuantitativo, corte longitudinal, se realizó con el objetivo de determinar el efecto hepatoprotector del extracto hidroalcohólico del fruto Byrsonima spicata (Indano) en Rattus novergicus var. albinus con hepatotoxicidad inducida por acrilamida. Se trabajó con 24 especímenes machos, divididos en 4 grupos, conformados por 6 especímenes cada grupo, un grupo blanco y 3 grupos experimentales, a estos últimos se le indujo a hepatotoxicidad, administrándole acrilamida a una dosis de 0,2ml/100g. Para lograr la hepatoprotección, se preparó un extracto hidroalcohólico del fruto Byrsonima spicata (Indano) macerándolo por 4 días, se dejó secar hasta obtener un peso constante y luego se reconstituyo con agua destilada. Los grupos experimentales se trabajó con dosis de 400 mg/kg y 800mg/kg respectivamente, la administración del extracto fue por sonda orogástrica. Para evaluar el efecto hepatoprotector del extracto hidroalcohólico del fruto Byrsonima spicata (Indano), se utilizaron niveles séricos de GOT, GPT y FAL. Los resultados presentaron disminución estadísticamente significativa de los niveles séricos de GOT, GPT y FAL en ambos grupos experimentales, los mismos que fueron sometidos a la prueba de ANOVA y Tukey, concluyendo que el extracto hidroalcohólico de del fruto de Byrsonima spicata(indano) tienen efecto hepatoprotector en Rattus Norvegicus var albinus.Tesi

ANÁLISIS SOCIO JURÍDICO DE LAS DIFICULTADES EN LA IMPLEMENTACIÓN DE LA RUTA DE REINCORPORACIÓN DE LAS FARC- EP

Colombia ha atravesado por un conflicto armado que ha estado latente por cerca de 50 años, dentro de él fue relevante el enfrentamiento entre el Estado y las Fuerzas Armadas Revolucionarias de Colombia Ejército del Pueblo (FARC-EP), que llega a su fin en el año 2016 con la firma el Acuerdo que buscaba garantizar la paz en el país, con este acuerdo se buscaba además de terminar el conflicto como lo enuncia su nombre, generar espacios de transformación para eliminar dicho conflicto de las diferentes estructuras del país.” El denominado “Acuerdo Final para la Terminación del Conflicto y la Construcción de una Paz Estable y Duradera”, firmado entre el Estado Colombiano y las FARC-EP, se convierte en la herramienta para el trazo de la ruta de reincorporación, entendida como ese proceso que buscaba brindar garantías sociales, políticas y jurídicas a quienes decidían dejar las armas e ingresar a una estrategia que tramitaba su paso a la legalidad desde el fortalecimiento integral de su proyecto de vida.UNIVERSIDAD LIBRE DE COLOMBIA - FACULTAD DE DERECHO, CIENCIAS POLITICAS Y SOCIALESBonfil, C. R. (2013). Los retos del proceso de reinserción social en el Estado mexicano, frente a la figura del penitenciarismo en Colombia. Logos, ciencia y tecnología, 150 - 175

Vaccinia Virus E3 Protein Prevents the Antiviral Action of ISG15

The ubiquitin-like modifier ISG15 is one of the most predominant proteins induced by type I interferons (IFN). In this study, murine embryo fibroblast (MEFs) and mice lacking the gene were used to demonstrate a novel role of ISG15 as a host defense molecule against vaccinia virus (VACV) infection. In MEFs, the growth of replication competent Western Reserve (WR) VACV strain was affected by the absence of ISG15, but in addition, virus lacking E3 protein (VVΔE3L) that is unable to grow in ISG15+/+ cells replicated in ISG15-deficient cells. Inhibiting ISG15 with siRNA or promoting its expression in ISG15−/− cells with a lentivirus vector showed that VACV replication was controlled by ISG15. Immunoprecipitation analysis revealed that E3 binds ISG15 through its C-terminal domain. The VACV antiviral action of ISG15 and its interaction with E3 are events independent of PKR (double-stranded RNA-dependent protein kinase). In mice lacking ISG15, infection with VVΔE3L caused significant disease and mortality, an effect not observed in VVΔE3L-infected ISG15+/+ mice. Pathogenesis in ISG15-deficient mice infected with VVΔE3L or with an E3L deletion mutant virus lacking the C-terminal domain triggered an enhanced inflammatory response in the lungs compared with ISG15+/+-infected mice. These findings showed an anti-VACV function of ISG15, with the virus E3 protein suppressing the action of the ISG15 antiviral factor

Measurements and Analysis of Temporal and Spatial Variability of WiFi Exposure Levels in the 2.4 GHz Frequency Band

This paper presents an evaluation of the WiFi exposure levels inside the university in the 2.4 GHz frequency band. The selected environment is the typical scenario where WiFi exposure concerns have increased in the last years, since a Wireless Local Area Network is deployed close to the users. Measurements of 1 h and 24 h of duration were performed to assess the temporal and spatial variability of the signal. Two instruments were employed, a spectrum analyzer appropriate configured for recording accurate and realistic samples and an exposimeter. A detailed description of the equipment, the measurement procedure and data analysis is provided in order to allow the reproducibility of these types of measurements. Finally, a comparison of the WiFi levels obtained by other authors is presented, concluding that all these methods are useful for determining WiFi exposure distribution, but if more accurate results are required, professional equipment appropriately configured should be used.Comment: 9 page