Determinantes do nível de Liquidez das empresas exportadoras portuguesas

Os temas relacionados com a tesouraria e liquidez das empresas têm sido estudados por diversos autores ao longo dos tempos, devido à sua maior relevância na gestão das organizações, derivada das maiores dificuldades de financiamento consequentes das recentes crises económicas e financeiras que condicionaram bastante o setor bancário e entidades associadas. Assim, o objetivo desta dissertação, é estudar as variáveis que influenciam positivamente ou negativamente, a gestão de tesouraria e os níveis de liquidez necessários para o normal funcionamento das empresas analisadas. Começou-se por realizar um enquadramento teórico sobre os temas base do estudo, desenvolvendo-se uma reflexão sobre os principais conceitos associados à tesouraria das empresas e uma interligação entre autofinanciamento, liquidez e meios financeiros líquidos. Concluiu-se o enquadramento teórico com uma caracterização sobre as principais teorias desenvolvidas ao longo do tempo para explicar os determinantes do nível de liquidez das empresas. No primeiro ponto incluído no estudo empírico foi efetuada uma caracterização da evolução recente das exportações portuguesas, tendo-se observado que nos últimos anos o valor das vendas para o exterior tem aumentado progressivamente, destacando-se o mercado comunitário como o principal destino dos produtos nacionais, representando em 2018, cerca de 74% do total das exportações portuguesas. De seguida, foi realizado o estudo dos determinantes do nível de liquidez das 250 maiores empresas exportadoras portuguesas para o mercado comunitário. As variáveis analisadas, que apresentaram relações relevantes com o nível de liquidez foram: Peso dos meios libertos líquidos retidos no ativo total líquido; Z score da Análise Discriminante de Altman, representativo do nível de restrições de financiamento das empresas; Dimensão do ativo líquido total;Peso dos ativos correntes corrigidos dos meios financeiros líquidos no ativo total líquido; Rendibilidade operacional.Issues related to corporate treasury and liquidity have been studied by various authors over the years, due to their greater relevance in the management of organizations, related to the greater financing difficulties resulting from the recent economic and financial crises that severely conditioned the banking sector. and associated entities. Thus, the objective of this dissertation is to study the variables that positively or negatively influence the cash management and the liquidity levels necessary for the normal operation of the analyzed companies. It began by providing a theoretical framework on the basic themes of the study, developing a reflection on the main concepts associated with corporate treasury and an interconnection between self-financing, liquidity and liquid financial means. The theoretical framework was concluded with a characterization of the main theories developed over time to explain the determinants of companies' liquidity level. In the first point included in the empirical study, was made a characterization of the recent evolution of Portuguese exports, and it has been observed that in recent years the value of foreign sales has increased steadily, with the Community market being the main destination of domestic products, representing in 2018, about 74% of total Portuguese exports. Next, the liquidity determinants of the 250 largest Portuguese exporting companies to the Community market were studied. The variables analyzed, which presented relevant relations with the liquidity level were: Weight of net assets retained in total net assets; Z score from Altman's Discriminant Analysis, representative of the level of corporate funding constraints; Dimension of total net assets; Weight of current assets adjusted for net financial assets in total net assets; Operating profitability

Litoral Norte de Sintra

Dissertação apresentada na Faculdade de Arquitetura da Universidade de Lisboa, para obtenção do grau de Mestre em Arquitetura, com a especialização em Urbanismo

Da ressarcibilidade do dano económico puro : um estudo de responsabilidade civil

Será de admitir a ressarcibilidade do dano económico puro - também conhecida como pure economic loss, figura oriunda da jurisprudência dos países de common law -, à luz das conceções dogmáticas históricas e contemporâneas da teoria da responsabilidade civil, do direito positivo estrangeiro e nacional e da prática jurisprudencial portuguesa? Se não, porque razão(ões)? Se sim, com que fundamento(s)? Será uma análise teórico-prática a satisfazer estas questões, mediante a concretização constante por intermédio de uma tríade de Casos Ilustrativos. Nestes termos, propomo-nos a encetar uma exegese positiva e um raciocínio fundado sobre a dogmática civilista que nos levará, desejavelmente, a reponderar o estado atual da ressarcibilidade do dano económico puro no seio do ordenamento jurídico nacional.Is it possible to admit the compensation of pure economic losses - also known as pure financial losses, a figure arising from the case-law of common law jurisdictions - in the light of historical and contemporary dogmatic conceptions of the theory of civil liability, foreign and national positive law and Portuguese jurisdictional practice regarding actions for damages? If not, why not? If yes, on what grounds(s)? By means of a theoretical-practical analysis and through the concretization through a dyad of Illustrative Cases, the abovementioned questions shall be answered. In these terms, we propose to initiate a positive exegesis and a grounded reasoning on the civilist dogmatics that will lead us, eventually, to reconsider the current status of recovery of pure economic losses within the national legal system

Determination of trace metals in fruit juices in the Portuguese market

Fruit juices are amongst the most non-alcoholic beverages appreciated and consumed in European countries, including Portugal. These beverages contain minerals, nutrients, trace elements, vitamins and phytochemicals, which are essential for a healthy life. However, fruit juices may also contain high levels of metals, posing a health risk to humans, especially to children, since they consume more fruit juice per body weight unit, and have a less varied diet than adults. Thus, in order to guarantee food safety and to make sound nutritional considerations, fruit juices require careful investigation. The main purpose of this study was to determine arsenic (As), cadmium (Cd), chromium (Cr), lead (Pb), manganese (Mn) and nickel (Ni) concentrations in 21 fruit juices from 4 different brands, previously selected by the ASAE (Portuguese Food and Economic Safety Authority), and available in the Portuguese market. Results obtained were compared with permissible levels set out by WHO (World Health Organization), USEPA (United States Environmental Protection Agency), by the Portuguese law, and with similar studies performed in other countries. A validation process, including linearity, range, analytical thresholds, precision, accuracy and specificity/selectivity was conducted in order to guarantee reliable analytical data. The results showed that As levels in four samples, Ni in thirteen samples and Mn in all the twenty-one samples, were above the maximal permissible values specified by Decree-Law 306/2007 from 27th August of the Portuguese Legislation. These data establish the need for reduction of metal concentrations in consumed juices. Keywords: Fruit juices, Metal analysis, Atomic Absorption Spectroscop

putative mechanisms

An important process in the toxicologic outcome of exposure to metals is their transport from plasma into the brain across the capillary endothelial cells that comprise the blood-brain barrier (BBB). The review, briefly delineates the known transport mechanisms of manganese (Mn) across the BBB, a crucial step in Mn accumulation in the brain. Herein, we discuss the distribution of Mn in the central nervous system (CNS) and identify putative transport mechanism for Mn, emphasize the close chemical interaction between Mn and iron (Fe) and the role of transferrin (Tf) and divalent metal transport1 (DMT1) in this process

Antioxidants prevent the cytotoxicity of manganese in RBE4 cells

Manganese (Mn) is an essential trace element required for ubiquitous enzymatic reactions. Chronic overexposure to this metal may, however, promote potent neurotoxic effects. The mechanism of Mn toxicity is not well established, but several studies indicate that oxidative stress and mitochondria play major roles in the Mn-induced neurodegenerative processes that lead to dysfunction in the basal ganglia. The aim of this study was to address the toxic effects of MnCl2 and MnSO4 on the immortalized rat brain microvessel endothelial cell line (RBE4) and to characterize toxic mechanism associated with exposure to Mn. The cytotoxicity of Mn in RBE4 cells was evaluated using the LDH and the MTT assays. A significant increase was noted in LDH release from RBE4 cells exposed for 24 h to MnCl2 at concentrations of 800 mu M and MnSO4 at concentrations = 400 mu M (p 0.05) when compared with control unexposed cells. The MTT assay established significant decrease in cellular viability upon exposure to MnCl2 at concentrations = 50 mu M (p 0.05). Thus, the cytotoxicity assays showed that the MTT assay was more sensitive than the LDH assay, suggesting that mitochondrial changes precede other toxic effects of Mn. In addition, upon exposure to MnCl2 (200 and 800 mu M), intracellular reduced glutathione (GSH) levels in RBE4 cells decreased as Mn exposure concentrations increased (p 0.05). To confirm the oxidative hypothesis of Mn cytotoxicity, co-exposure of MnCl2 with antioxidant agents (N-acetylcysteine [NAC] or Trolox) were carried out. The cellular viability was evaluated using the MTT assay. A significant decrease in Mn cytotoxicity was observed in co-exposed cells confirming that (1) oxidative stress plays a critical role in the mechanism of Mn toxicity, and (2) antioxidants may offer a useful therapeutic modality to reverse the aberrant effects of Mn. (C) 2008 Elsevier B.V. All rights reserved.. - NIEHS [10563]; DOD [W81XWH-05-1-0239]. - The authors gratefully acknowledge the mentorship and support of Professors Luisa Mateus, Isabel Almeida and Isabel Rivera. Partial support was provided by grants from NIEHS 10563 and DOD W81XWH-05-1-0239 (MA)

Urinary porphyrin profiles as biomarkers of occupational exposures to multiple metals

Chronic occupational exposures to low levels of metal mixtures necessitates biomonitoring of exposed workers.  However, a single biomarker is rarely sufficient to ascertain the exposure of an individual to a complex mixture, with multiparameter analysis of the same sample considered recently as a preferred approach. Porphyrins are formed as intermediates of heme biosynthesis and different metals can exert their effects at different points of this metabolic pathway, leading to changed urinary porphyrins excretion profiles. The aim of this work was to develop a model that could serve to identify, on an individual basis, multiple metal exposure resulting from mining work, by using urinary porphyrin profiles. Urine samples of workers were obtained from a Portuguese mining company and a non-occupationally exposed group was used as control. The levels of uro-, hepta-, hexa-, penta-, copro- and protoporphyrins were determined by HPLC. It was observed that only heptaporphyrin levels in miners were significantly (

Putative proteins involved in manganese transport across the blood-brain barrier

Manganese (Mn) is an essential nutrient required for proper growth and maintenance of numerous biological systems. At high levels it is known to be neurotoxic. While focused research concerning the transport of Mn across the blood-brain barrier (BBB) is on-going, the exact identity of the transporter(s) responsible is still debated. The transferrin receptor (TfR) and the divalent metal transporter-1 (DMT-1) have long been thought to play a role in brain Mn deposition. However, evidence suggests that Mn may also be transported by other proteins. One model system of the BBB, rat brain endothelial (RBE4) cells, are known to express many proteins suspected to be involved in metal transport. This review will discuss the biological importance of Mn, and then briefly describe several proteins that may be involved in transport of this metal across the BBB. The latter section will examine the potential usefulness of RBE4 cells in characterizing various aspects of Mn transport, and basic culture techniques involved in working with these cells. It is hoped that ideas put forth in this article will stimulate further investigations into the complex nature of Mn transport, and address the importance as well as the limitation of in vitro models in answering these questions