The sovereign credit rating effect on the price of banks across the Euro area

It is well known what happened to the investment bank Lehman Brothers on September 2008 and the financial impact of such event. The consequences it had spread globally, as seen in Europe, where a sovereign debt crisis emerged subsequently. The impact of the bankruptcy of Lehman Brothers and the related crisis – the subprime crisis - was transversal to different sectors, with the banking sector probably being the most negatively affected. Credit rating agencies were accountable to this impairment of the banking system, given the distrust generated among investors following their constant negative revisions of the credit notes assigned to both sovereign debt and European banks. With this investigation we aim to understand and assess the impact on the stock price of financial institutions of the Eurozone, in view of the different announcements by rating agency Standard & Poor’s to sovereign debt. To that purpose, we adopt an event study as the methodology to be applied. According to the results obtained, there is no more severe negative impact, regarding downgrades and negative watch outlooks, on the stock price returns of banking institutions of the Eurozone stressed countries compared to those of banks in non-stressed countries. Thus, negative rating announcements were transversely and similarly felt. Comparing upgrades and positive watch outlooks, only the first group of banks showed statistically significant positive impacts, as expected. Nevertheless, only the markets of the financial institutions of Greece and Portugal reveal conclusive results, so we must say with some prudence that differences in the Euro Area financial market appear only in the case of upgrades.É de conhecimento geral o que aconteceu ao banco de investimento Lehman Brothers, em setembro de 2008, e o impacto financeiro que este evento teve. As consequências deste acontecimento nos Estados Unidos da América fizeram sentir-se globalmente, como foi possível verificar na Europa, onde se viria a originar mais tarde uma crise na dívida soberana. O impacto da falência do Lehman Brothers e da crise a ela associado – a crise do subprime - foi transversal a diversos setores, tendo sido provavelmente o setor bancário o mais afetado. A contribuir para este enfraquecimento do sistema bancário, uma vez instalada a desconfiança por parte dos investidores, foram as agências de notação de crédito e as suas constantes revisões negativas às notas de crédito dadas, tanto à divida soberana como aos bancos europeus. Com a investigação levada a cabo nesta tese de mestrado pretende-se perceber o impacto no mercado de ações das instituições financeiras dos países da Zona Euro face aos diferentes anúncios da agência de rating Standard & Poor’s na esfera da dívida soberana. Para o efeito, foi adotado um estudo de eventos como metodologia a aplicar. Segundo os resultados obtidos, não se verifica um impacto negativo mais acentuado, no que diz respeito a downgrades e negative watch outlooks, nos retornos das instituições bancárias dos países da Zona Euro com maiores pressões financeiras comparativamente aos países com uma economia mais sustentável. Ou seja, o efeito dos anúncios negativos de rating foi transversalmente sentido de forma relativamente semelhante. Comparando upgrades e positive watch outlooks, apenas o primeiro grupo de países registou impactos positivos estatisticamente significantes, como espectável. Contudo, apenas os mercados das instituições financeiras da Grécia e de Portugal verificaram resultados conclusivos, pelo que podemos afirmar com alguma prudência que o efeito dos ratings no mercado financeiro na Zona Euro apenas regista diferenças significativas entre países no caso dos upgrades

Why do people contribute to open source software? : the motivations of the different contributors to OSS projects, and how their participation is characterized

Open source software has seen a significant evolution in the last few years. From relatively niche products and free alternative solutions to mass commercial software, OSS has been adopted by some of the largest companies in technology as a viable mean to create some of the most used programs and operating systems nowadays. The past research on this topic has approached the benefits of this perspective, the roles within the communities and the motivations of its contributors. However, there has not been research that has approached a detailed definition of the profiles within these communities, and how these contributors are motivated. In this research, we defined four profiles within the OSS communities, based on personality traits, as well as taking into account the reasons that lead them to choose the project in which they participate. Furthermore, we characterized these profiles of contributors from the nature of their contribution in OSS projects to demographics. Finally, we assessed the main motivations that drive each of these groups, finding that there are significant differences of motivations between the profiles, particularly in an intrinsic level. Finally, we assessed the difference between groups concerning reasons for contributors to increase their participation, and found, once again, that there are significant differences between groups in what would lead them to participate more. This research found that there is potential for organizations to select the contributors that are a better fit for their communities, and target their motivations and preferred incentives.O software de open source (OSS) tem experienciado uma evolução significativa nos últimos anos. De produtos de nicho e soluções grátis alternativas para software comercial distribuído em massa, OSS foi adotado por algumas das maiores empresas de tecnologia como um meio viável para criar alguns dos programas e sistemas operativos mais utilizados nos dias de hoje. A literatura existente sobre este tema abordou os benefícios desta perspetiva, os papéis dentro das comunidades e as motivações de seus contribuidores. No entanto, não há até à data, segundo nosso conhecimento, estudos que tenham abordado uma definição detalhada dos perfis dentro dessas comunidades e como esses contribuidores são motivados. No presente estudo, definimos quatro perfis dentro das comunidades OSS, com base em traços de personalidade, bem como tendo em conta as razões que os levam a escolher o projeto em que participam. Além disso, caracterizamos esses perfis de contribuidores, desde a natureza da sua contribuição em projetos de OSS até a dados demográficos. Foram também avaliadas as principais motivações de cada um desses grupos, concluindo que existem diferenças significativas de motivações entre os perfis, particularmente a um nível intrínseco. Finalmente, estudámos a diferença entre os grupos relativamente às razões que levariam os contribuidores a aumentar sua participação e verificámos, uma vez mais, que existem diferenças significativas entre os grupos. Esta pesquisa concluiu que existe potencial para as organizações de selecionar os contribuidores que se ajustam melhor às suas comunidades, e segmentar as suas motivações e incentivos preferenciais

Child programming: an adequate domain specific language for programming specific robots

Dissertação para obtenção do Grau de Mestre em Engenharia InformáticaDue to the limited existence of dedicated robot programming solutions for children (as well as scientific studies), this work presents the design and implementation of a visual domain specific language (DSL), using the Model-Driven Development approach(MDD), for programming robotics and automaton systems with the goal to increase productivity and simplify the software development process. The target audience for this DSL is mostly children with ages starting from 8 years old. Our work implied to use the typical Software Language Engineering life cycle, starting by an elaborate study of the user’s profile, based on work in cognitive sciences, and a Domain analysis. Several visual design paradigms were considered during the design phase of our DSL, and we have focused our studies on the Behavior Trees paradigm, a paradigm intensively used in the gaming industry. Intuitive, simplicity and a small learning curve were the three main concerns considered during the design and development phases. To help validating the DSL and the proposed approach, we used a concrete robotic product for children built with the Open Source Arduino platform as target domain. The last part of this work was dedicated to study the adequacy of the language design choices, compared to other solutions (including commercial technologies), to the target users with different ages and different cognitive-development stages. We have also studied the benefits of the chosen paradigm to domain experts’ proficient on robot programming in different paradigms to determine the possibility to generalize the solution to different user profiles

A step toward energy efficiency at the municipal level

UID/SOC/04647/2013 SFRH/BD/94702/2014At present, energy efficiency represents one of the foremost challenges to achieve the transition toward a low-carbon society. Reducing energy use spans a broad range of technical issues and spatial scales: from building to districts, from cities to rural areas, and from energy power plants to electricity grids. In this frame, the challenge of enhancing energy efficiency can be understood as an extremely relevant topic for planning at the municipal level. Nevertheless, recent studies provide evidence that significant gaps exist in the enhancement of energy efficiency within municipal boundaries. The present research recognises that a comprehensive assessment of municipal energy performances is an essential starting point to facilitate local planning in enhancing energy efficiency. However, how can this challenge be translated into practice and applied to the implementation of local planning? As new models result from the transformation of existing ones, the development of a methodology associated with a case study in Portugal was deemed the most appropriate approach to contribute to knowledge in these fields. The primary objective of this study is to move toward more integrated process of planning for energy efficiency, supporting the definition of priorities and strategies to address energy saving improvements at municipal level. The assessment process involves a statistical analysis that using Geographical Information System, is combined and translated into spatial models to determine needs and set priorities within a Municipal Master Plan review. Based on this top-down approach, it becomes clear that energy efficiency is a cross-cutting issue interrelated with a blend of various disciplines: geography, spatial planning, urbanism, architecture, and civil engineering. The results enable us to understand why municipalities should be called upon to enhance energy efficiency by first looking at a comprehensive energy performance assessment. Embracing the whole municipal territory rather than only urban areas, is key to articulate energy efficiency and geographical, social, environmental and economic factors that are at the core of local planning.publishersversionpublishe

Sustainable Construction: Water Use in Residential Buildings in Portugal

Water is the most important resource to all life on our planet. The impact that buildings have on the consumption of this resource throughout their life cycle (planning, construction, operation and deconstruction) but mainly during the operation phase, has resulted in very high and unsustainable consumption patterns. Sustainable development, while a long-term goal, requires that the preservation of natural resources becomes a central point of any project strategy. Water is of vital importance to human life, it should be preserved to ensure its availability for a long period of time. However, little concern has been given to the importance of introducing a selection of more efficient solutions to save water in buildings and consequently increase sustainability in the construction sector. In this context it is on the design phase that the main resource saving water measures should be considered. Research on saving water involves an analysis of quantitative and qualitative measures and their adaptation to different contexts. Nowadays there are systems of voluntary certification of sustainable construction, which can help the design phase to achieve sustainability. This paper discusses a set of measures to reduce water consumption and enable a more efficient use of this resource in residential buildings. The measures presented are focused on user awareness campaigns, systems of rainwater and grey water recycling, the use of more efficient devices and reduction of leaks. The measures are analyzed and compared taking into account the consumption patterns for each device both inside and outside a domestic building and its effective reduction in water consumptio

Salt marsh response to changing hydrodynamics: the case of Ancão Inlet migration (Ria Formosa coastal lagoon)

Concerning the economic and ecological importance of salt marshes, it is of extreme importance to improve our knowledge on the physical processes involved with marsh evolution, as well as the limits and degree of interaction with the surrounding sedimentary sources. The studied salt marsh area is located fronting Ancão Inlet, in the western sector of the Ria Formosa barrier system. A 67-year time series of aerial photographs and ortho-photographs, between 1947 and 2014, was used to infer salt marsh sedimentary evolution (progression or recession) in relation to natural inlet migration and to its relocation in 1997. The following morphologies were mapped: salt marsh, tidal flat, sand banks, and inlet flood delta. The results focus on the analysis of horizontal displacement of these morphologies over time. It was noted that in general, the Salt Marsh presents a growth of its area along time. The different stages of the Ancão inlet migration and the consequent distance to the inlet throat is a limiting factor for salt marsh growth. The sand banks and flood deltas are the main sediment feeders of the Tidal Flat growth. The contribution of the Ancão inlet to the Tidal Flat growth was more significant when the inlet starts reaching its closure phase. The growth of Tidal Flat is an opportunity for salt marsh developmentTendo em conta a economia e ecologia dos sapais de maré, é de extrema importância melhorar os conhecimentos sobre os processos físicos envolvidos na sua evolução, bem como o conhecimento acerca dos seus limites físicos e interações existentes com as fontes sedimentares presentes no sistema. A área de estudo deste trabalho localiza se em frente a uma barra de maré, Barra do Ancão, localizada no sector oeste do sistema de ilhas barreira Ria Formosa, Portugal. Foi utilizada uma serie temporal de 67 anos de fotografias aéreas e ortofotomapas, entre 1947 e 2014, para inferir a evolução sedimentar do sapal (progressão ou regressão) em relação à migração natural da barra do Ancão e à sua relocação em 1997. Os seguintes ambientes foram mapeados: sapal de maré, planície de maré, bancos arenosos nos canais e delta de enchente da barra. A análise de resultados incluiu a análise da variabilidade horizontal destes ambientes ao longo do tempo. No geral observou-se um crescimento na área do sapal ao longo do tempo, influenciado pela migração da barra. Os diferentes estágios de migração da barra, e consequente proximidade à barra, são fatores limitantes para o crescimento do sapal em estudo. Verificou se que os bancos arenosos no canal e o delta de enchente da barra são as principais sumidores sedimentares para o crescimento da planície de maré. A contribuição da barra para o crescimento da planície de maré é mais significativa quando a barra começa a aproximar-se da sua fase de encerramento. Este aumento na planície de mare, por sua vez, leva ao aumento da área de sapal.Would also like to acknowledge the providing of the aerial photographs obtained from the framework of the EVREST project (PTDC/MAR-EST/1031/2014), funded by FCT (Fundação para a Ciência e a Tecnologia)

The reuse of waste heaps from extraction sites: An architectural methodology

This research was funded by the FCT-Funda??o para a Ci?ncia e a Tecnologia, under grant number SFRH/BD/133777/2017. The first author thanks the FCT-Funda??o para a Ci?ncia e a Tecnologia, under grant number SFRH/BD/133777/2017. The work of J. C. Kullberg was supported by national funds from Fundac?o para a Ci?ncia e a Tecnologia (FCT) through the research unit UID/GEO/04035/2013 (GeoBioTec).Nowadays, the rehabilitation of quarries is a widespread practice. It stems from the most significant environmental concern in the management of non-renewable resources. However, reusing quarry waste in the process of regeneration represents the aspect less prevalent. This procedure results from the non-commercialized material, accumulated in huge piles of waste, that constitute invasive elements of the landscape. Because of the intense industrial activity, the wastes further contribute to the degradation of the sites. The result of the waste abandonment could be reversed if this discarded material is considered as a product in the landscape requalification process. Mixing theoretical concepts with practical examples, this article proposes an application methodology to reuse the waste material in the landscape and architectural domains. This new contribution highlights the importance of considering scrap accumulations as an integral part of the architectural project, filling the existing gap in both architectural and theoretical domains. There is not any similar schematization in the literature and the idea of dealing with the mounds of wastes has been only slightly approached until now. The reached outcomes are demonstrative of the possibility of working with the waste heaps in architecture, creating a solid basis for further investigations not documented yet.publishersversionpublishe

Foreword of the special issue on motivation in Physical Education, sport and physical activity and health

Editorial para Journal of human kinetics, titulado Foreword of the special issue on motivation in Physical Education, sport and physical activity and health.Editorial for Journal of Human Kinetics, entitled Foreword of the special issue on motivation in Physical Education, sport and physical activity and health.peerReviewe

Quarries: From abandoned to renewed places

This research was funded by FCT—Fundação para a Ciência e a Tecnologia, grant number SFRH/BD/133777/2017.Numerous industrial pits are discarded after their exploitation in every part of the world. Humanity both transforms the original morphology of the landscape, due to industrial activity in the territory, and, at the same time, rejects this "new" situation. This is to the detriment of the landscape, which is witness to this transfiguration, degradation, and abandonment. What is the future of these impersonal and empty areas? In this article, we present a general survey concerning the notion of quarry reuse to highlight the importance of this current and common problem. Our work approached the topic through a combination of the main concepts and a description of selected cases of study of quarry reconversions, sensitive to the environmental issues, climate changes, and sustainability. According to this premise, the research also provides an innovative matrix of schemes to classify the existing fundamental methods of recovery. For this effect, the investigation was proposed to be an instrument to improve the knowledge in the scientific and theoretical sectors, flanking the practical understanding, which has already started to move in this direction of reconversion, as the paper shows.publishersversionpublishe