the impact on investor protection in the European Union

No contexto de mercados financeiros, a tecnologia financeira (“FinTech”) tem tido um papel bastante proeminente. Os robo-advisors são um exemplo disso, prestando serviços de consultoria financeira e/ou gestão de carteiras de forma mais rápida e acessível aos investidores. No entanto, apesar de existirem há mais de uma década, a regulação dos robo-advisors afigura-se algo insuficiente, uma vez que a legislação europeia e soft-law emitidas até à data – Diretiva dos Mercados de Instrumentos Financeiros II (“DMIF II”) e as Orientações da Autoridade Europeia dos Valores Mobiliários e dos Mercados (“ESMA”) relativas a determinados aspetos dos requisitos da DMIF II em matéria de adequação – tendem a ser pouco claras quanto aos riscos e consequências da sua utilização. Esta dissertação reflete criticamente de que forma a atual legislação (ou falta dela) impacta a proteção do investidor de uma perspetiva ex-ante (garantindo a completude da informação, um juízo de adequação apropriado e a inexistência de conflitos de interesse), bem como de uma perspetiva ex-post (atribuição da responsabilidade em caso de danos causados pela atuação do robo-advisor e respetiva compensação). Serão também brevemente analisadas as recentes propostas legislativas – Proposta de Diretiva relativa à responsabilidade decorrente dos produtos defeituosos (“Diretiva relativa à responsabilidade por produtos defeituosos”), Proposta de Diretiva relativa à adaptação das regras de responsabilidade civil extracontratual à inteligência artificial (“Diretiva da Responsabilidade da IA”) e Proposta de Regulamento que estabelece regras harmonizadas em matéria de inteligência artificial (“Regulamento da Inteligência Artificial”) – que visam harmonizar um regime de responsabilidade da IA ao nível da União Europeia, bem como será discutida a sua aplicabilidade e impacto no sector financeiro, mais especificamente, no que respeita à utilização de robo-advisors.In the context of financial markets, Financial Technology (“FinTech”) has played a very prominent role. Robo-advisors are a prime example of this, providing investment advice and/or portfolio management services in a faster and more accessible way to investors. However, despite existing for over a decade, the regulation of robo-advisors appears to be somewhat insufficient, since the European legislation and soft-law issued to date – Directive on Markets in Financial Instruments II (“MiFID II”) and European Securities and Markets Authority (“ESMA”) Guidelines on certain aspects of the MiFID II suitability requirements – tend to be unclear about the risks and consequences of their use. This dissertation critically reflects on how the current legislation (or lack thereof) impacts investor protection from an ex-ante perspective (guaranteeing the completeness of information, a proper suitability and adequateness assessment and the absence of conflicts of interest) as well as an ex-post perspective (attribution of liability in the event of damage caused by the robo-advisor’s performance and respective compensation). The recent legislative proposals – the Product Liability Directive (“PLD Proposal”), the AI Liability Directive (“AILD Directive”) and the Artificial Intelligence Act (“AI Act”) – aimed at harmonising an AI liability regime at the European Union level will also be briefly analysed, as well as their applicability and impact on the financial sector, more specifically with regard to the use of robo-advisors

No induction of antimicrobial resistance in Staphylococcus aureus and Listeria monocytogenes during continuous exposure to eugenol and citral

The aim of this study was to evaluate the adaptation response of Staphylococcus aureus, methicillin-resistant S.aureus (MRSA), and Listeria monocytogenes to the essential oil (EO), eugenol, and citral. The minimum inhibitory concentration of eugenol and citral was determined by agar dilution and microdilution. Adaptation to eugenol and citral was done by sequential exposure of the pathogens to increasing concentrations of the essential oils. The M2-A9 standard was used to determine the antibiotic susceptibility. The effect of eugenol and citral on the adherence ability was evaluated by the crystal violet assay. The impact of adaptation to eugenol on virulence was estimated using the Galleria mellonella model. No development of resistance to the components and antibiotics was observed in the adapted cells of S.aureus, MRSA, and L.monocytogenes. Eugenol and citral at subinhibitory concentration reduced the bacterial adherence. Adaptation to subinhibitory concentration of eugenol affected the virulence potential of S.aureus, MRSA, and L.monocytogenes. Eugenol and citral do not pose a risk of resistance development in a continuous mode of use. These EO components showed a high efficacy as antistaphylococcal and antilisterial biofilm agents. Adaptation at subinhibitory concentration of eugenol protected the larvae against listerial and staphylococcal infection.FCT - Fundacao para a Ciencia e Tecnologia [PEst-OE/EQB/LA0023/2013]info:eu-repo/semantics/publishedVersio

Study on the efficiency and effectiveness of public spending on tertiary education

The purpose of the study is to assess efficiency in public tertiary education systems across EU countries plus Japan and the US with semi-parametric methods and stochastic frontier analysis.  The study identifies a core group of efficient countries. A good quality secondary system, output-based funding rules, institutions' independent evaluation and staff policy autonomy are positively related to efficiency.  Moreover, the study provides evidence that public spending on tertiary education is more effective in what concerns labour productivity growth and employability when it is coupled with efficiency.Efficiency, effectiveness, public spending, tertiary education, Universities, Study on the efficiency and effectiveness of public spending on tertiary education

How to manage credit risk

European Journal of Applied Business Management, Special Issue of ICABM 2018.Purpose: Managing credit risk is crucial for a company’s solvency. Most of the company’s receivables are in credit. Prompt payments are almost insignificant, and the delay of turnover payments has become a tendency, especially with the 2007/2008 financial crisis. Therefore, companies must know how to set individual credit to customers, how to protect from non-payments, how to act timely and how to minimize indebtedness. This paper aims to highlight answers to all these questions. Methodology: This paper deals with the theoretical exposition of credit management, presenting illustrations and explaining how to interpret financial data. Findings: Managing credit risk contributes to decrease the company’s risk and to increase its value. Companies may establish credit policies to build relationships of respect and trust with customers. Moreover, it helps to decrease the company’s indebtedness, and to increase liquidity. Finally, a company that control customers’ credit avoids losing money due to customer’s insolvency. Originality: This paper represents a major contribution to the empirical literature and practice of managing credit. An in-depth study of the thematic is provided. We explain all the inputs needed for a future implementation of a customer credit limit, and how the company can manage credit in the way to maximize its value and minimize risk.info:eu-repo/semantics/publishedVersio

The Technology and Innovation Unit of the National Institute of Health: A sequencing and bioinformatics core facility specializing in public health genomics

The National Institute of Health (INSA) has a long tradition in investigating the molecular etiology of genetic and complex diseases. These activities greatly benefit from centralized sequencing services provided by the Technology and Innovation Unit (UTI). Its mission is to perform sequencing and genotyping assays in the framework of research, diagnosis and epidemiological surveillance, as well as to implement data analysis pipelines for the study of human gene variants. The equipment portfolio includes a NextSeq 550, a MiSeq, two 3500 AB Genetic Analyzers, a Fragment Analyzer and a 7500 Real-time PCR system. UTI provides results for average of 36.000 sequencing/fragment samples per year. The team has already performed >300 small genome, amplicon, gene panel (including clinical exome), 16S rRNA gene and RNA/microRNA next-generation sequencing assays for INSA and for several Universities in the scope of scientific collaborations. Technical procedures are conducted under a quality control system that includes external quality assessment for next-generation sequencing/Sanger sequencing and ISO 15189 accreditation for Sanger sequencing. UTI plays a key role in public health genomics, providing state-of-the-art equipment, centralized resources, technical expertise and short response times.This work was supported by Centre for Toxicogenomics and Human Health - UID/BIM/00009/2019 - and GenomePT project – POCI-01-0145-FEDER-022184info:eu-repo/semantics/publishedVersio

Local Journalism: How the War in Ukraine Imposed Itself on the Production Routine of the Local Press

The local press finds its vocation in the community it addresses and in its territory of deployment, taking proximity as the main news value in the choice of events. The war in Ukraine, as an international theme, has imposed itself on the national media agenda, and, as such, we have proposed to evaluate its presence in the regional media agenda. For this case study, we have selected the local daily newspapers Diário As Beiras and Diário de Viseu (located in the center region of Portugal) and analyzed twelve consecutive editions of each newspaper, starting on the first day of the conflict, 24 February 2022. The results point to an appreciation of the event, either from an international perspective or through a regional lens, essentially evident in the coverage of solidarity actions and tributes. The sources used by the newspapers are mostly institutional, which leads us to a “seated journalism” in line with previous studies specific to the local press. This analysis also highlights the emphasis on the information obtained from the prism of sources on the Ukrainian side of the conflict, which, in the case of Diário de Viseu, is underlined by biased discourse and some marks of subjectivity.info:eu-repo/semantics/publishedVersio

Delayed intramural duodenal hematoma after a simple diagnostic endoscopic ultrasonography fine-needle aspiration procedure

A 65-year-old man was evaluated for a difficult-to-characterize pancreatic head mass in the setting of idiopathic chronic pancreatitis. He had no other relevant medical history and was not taking any anticoagulant or antiplatelet treatment. Endoscopic ultrasonography fine-needle aspiration (EUS-FNA) failed to reveal neoplasm cells. A linear array echoendoscope (Olympus GF-UCT140, Center Valley, PA) was advanced up to the duodenal bulb, from which the head of the pancreas was visualized. After ensuring a vessel-free access to the pancreatic parenchyma, the FNA was performed using a 22G needle (Slimline 22G Handle Needle; Boston Scientific, Marlborough, MA) with a total of 3 passes (Figure 1). Three weeks after this procedure, the patient was admitted for hematemesis preceded by vomiting. On admission, his general physical examination was unremarkable except for jaundice. His blood tests showed no anemia; his platelet count, prothrombin time, amylase, and liver enzymes were within normal range, but his total bilirubin level was elevated (7.4 mg/dL). Upper gastrointestinal endoscopy showed Mallory-Weiss tears, an evident extrinsic compression of the knee, and the second portion of the duodenum, which could not be passed by the endoscope. The investigation by computed tomography and magnetic resonance cholangiopancreatography led to the diagnosis of an 11-cm intramural duodenal hematoma (IDH), leading to both gastric outlet and main biliary duct obstruction (Figure 2). The case was successfully managed with nasogastric decompression and exclusive parenteral feeding. Symptoms improved within 15 days, and cholestasis progressively disappeared.info:eu-repo/semantics/publishedVersio

Caso clínico bioquímico

Bisalbuminemia is a qualitative albumin variation defined by coexistence of two types of serum albumin with different electrophoretic mobilities in the same individual. It can be of two different types: hereditary (or permanent) and acquired (or transient). Herein is described a rare case of hereditary bisalbuminemia in a healthy infant, incidentally found during elevated aminotransferase study. Despite not having pathological significance, acknowledgement of this analytical alteration is key for adequate management of these patients.info:eu-repo/semantics/publishedVersio

Momentos de inovação em psicoterapia: das narrativas aos processos dialógicos

Partindo da proposta de Frank (1961), de que a mudança psicoterapêutica envolve uma mudança nos significados, sugerimos que os significados se organizam em narrativas cujos autores (I-positions, segundo Hermans) contam de uma forma activa as suas histórias. No sentido de estudar a mudança em psicoterapia, e partindo destas assunções, desenvolvemos o Sistema de Codificação de Momentos de Inovação, que fornece um método fiável e sistemático de identificar as novidades que emergem nas sessões de psicoterapia, que denominamos de Momentos de Inovação (MIs). Estes momentos de inovação emergem na psicoterapia e contribuem para interromper a dominância das auto-narrativas problemáticas responsáveis pelo sofrimento psicológico, permitindo a narração de novas histórias e a emergência de novas posições-do-Eu (I-positions). Após a descrição deste sistema de codificação, apresentamos um modelo de mudança e um modelo de estabilidade terapêutica, fundamentado nos resultados empíricos obtidos até ao momento. Partindo destas premissas, exploramos duas questões centrais relevantes: (1) Quais os processos que bloqueiam o desenvolvimento de momentos de inovação da fase intermédia até à fase final da terapia, particularmente no que respeita à reconceptualização? (2) Por que razão será a reconceptualização central no processo de mudança?Departing from Frank’s (1961) proposal that psychotherapeutic change involves change in meanings, we suggest that meanings are organized into narratives, and that narratives have authors (I-positions according to Hermans) that are actively telling their stories. To study change in psychotherapy, according to these assumptions, the Innovative Moment Coding System was created, which provides a systematic and reliable method for the identification of the novelties emerging in psychotherapy sessions, which we call innovative moments (IMs). These innovative moments emerge in successful psychotherapy and disrupt the dominance of the problematic self-narratives that brought the client to therapy, thus allowing for new I-positions to come to the foreground and tell stories that are outside the scope of the former problematic self-narratives. After describing this coding system, we present a model of psychotherapeutic change and a model of therapeutic stability grounded on the empirical results obtained until now. From here we explore two main questions: (1) Which processes block the development of innovative moments from the middle of the therapy to the end, particularly the emergence of reconceptualization? (2) Why is reconceptualization so central in the change process?(undefined

The relationship between trust and economic growth

Mestrado Bolonha em EconomiaThis dissertation examines the relationship between Trust in Government and Economic Development in 41 countries between 2010 and 2020. For this purpose, OLS and Random Effects (RE) models are estimated. The literature explains, together with other factors, that trust is a crucial aspect to define the behaviours of individuals, since in the daily life of each one there are different relationships between agents. When there is a breach of trust (distrust), whether between individuals (Interpersonal Trust), or trust in institutions such as the Government, Banks, Schools, among others (Institutional Trust), it will have repercussions on Economic Development. For this reason, this study analyses the assumption that the robust relationship between Trust in Government and Economic Growth depicts the well- working of institutions. The findings of this study, when examining two regressions (OLS and RE), shown that there is a positive and statistically relationship between Trust in Government and Economic Development, which means that when there is greater Trust in Government it is verifiable Economic Development. Although the notion of Trustworthiness is similar to Trust, since it is the condition of a person/ institution's capacity to be worthy of trust, does not verify the same results as it is observable in the case of Trust in Government. In the case of the relationship between Trustworthiness and Confidence with Economic Growth, there was not found any relationship since there was no statistical significance when both concepts were examined. Just as important, it was found that there are no differences in the results when the incomes of the countries are different, in this way, both the Middle Income countries and the High Income countries have as evidence that the higher levels of Trust in Government is associated with higher levels of Economic Development.info:eu-repo/semantics/publishedVersio