Welfare-improving Government Behaviour and Inequality - Inspection Using a Heterogeneous-agent Model

Governments behavior is expected to be non-neutral in terms of impacts on both welfare and inequality. In spite of their multivariate form, a tentative assessment of such inequality impacts can be provided by using a general equilibrium model with heterogeneous-agents and where wealth and income distribution is determined endogenously. Using a model capable of exploring the relationship between fiscal policy variables and the endogenous cross-section distribution of income, wealth, consumption and leisure, this paper produces a welfare and inequality analysis of several equilibriums resulting from different combinations of debt levels and of government budget variables. Moreover, such assessment is based on the empirical reality of the EU countries.government budget composition and debt, heterogeneous agent model, idiosyncratic shock, inequality, welfare.

Assessing welfare impacts of some debt-consolidation episodes in the European Union

This paper aims at characterizing debt consolidation processes put forward by some European countries in order to assess welfare and, in particular, the inequality effects involved. For that we built a general equilibrium heterogeneous-agent model capable of exploring the relationship between fiscal policy variables and the endogenous crosssection distribution of income and wealth. Results show that, with the exception of the Belgian case, all consolidation strategies entail positive welfare gains. The transition costs affect all episodes and are determinant in sorting among the welfareenhancing strategies. Our results confirm the superiority of the adjustments based on unproductive expenditures over those based on tax increases or social transfer reductions. Finally, all strategies involve lower welfare inequality costs.fiscal consolidation dynamics, European Union, heterogeneous agent model, inequality, welfare.

Production of nanoparticles by polyelectrolyte complexation from novel locust bean gum cationic derivatives

Nanoparticles have a wide array of uses, one of which is drug delivery. Nanoparticle drug delivery systems have advantages over conventional drug delivery systems, as they are able to increase bioavailability, solubility and permeability of drugs, while also offering the possibility of targeted delivery and controlled release. The preparation of nanoparticles can follow different procedures, including polyelectrolyte complexation, based on electrostatic interaction of oppositely charged polymers, which was used in this work. There are currently a wide number of anionic polysaccharides to choose from, either from seaweed, animals or microorganisms. Still, when it comes to cationic polysaccharides, the most common choice is chitosan. For this reason, the chemical modification of polysaccharides for obtaining positively-charged derivatives is worth exploring. The main objective of this work was to explore different strategies to chemically modify locust bean gum in order to obtain a cationic polyelectrolyte that, by complexation with carrageenan, affords nanoparticles with the potential for application in the development of drug delivery systems. To achieve this, it was attempted to oxidize locust bean gum to the corresponding aldehyde using different oxidizing reagents and then, by reductive amination, insert amino groups in the polysaccharide structural units. The different oxidation reagents were sodium periodate, TEMPO, Oxone® and ammonium persulfate. All obtained derivatives were analyzed through FTIR spectroscopy to access the success of each reaction. NMR analysis was also performed on amino locust bean gum obtained from periodate oxidized gum, which seemed to indicate a high degree of depolymerization during the reductive step. Nanoparticle production was possible using amino locust bean gum obtained from periodate oxidized gum and carrageenan at mass ratios of 4/1, 1/3 and 1/4. These particles showed similar size, zeta potential and PdI as other locust bean gum based nanoparticles, albeit with a larger deviation.As nanopartículas têm um largo espetro de utilizações, um dos quais é a veiculação de fármacos. Sistemas de entrega de fármacos baseados em nanopartículas têm vantagens face a sistemas mais convencionais, como o aumento de biodisponibilidade, solubilidade e permeabilidade dos fármacos e ao mesmo tempo oferecem a possibilidade de orientação para alvos terapêuticos específicos e de libertação controlada. A preparação de nanopartículas é feita de diversas formas, incluindo a complexação polieletrolítica, que se baseia na interação eletrostática de polímeros de cargas opostas, a qual se utiliza neste trabalho. Atualmente há várias opções de polissacáridos aniónicos, de algas, animais ou microorganismos, enquanto uma das únicas opções de polissacárido catiónico é o quitosano. Assim sendo, existe interesse em explorar a modificação química de polissacáridos para a atribuição de cargas positivas. O objetivo deste trabalho foi explorar diferentes estratégias de modificar a goma de alfarroba para obter um polieletrólito que se pudesse complexar com carragenina para obtenção de nanopartículas com potencial aplicação em veiculação de fármacos. Para isso, tentou-se oxidar a goma para o respetivo aldeído e, através de aminação redutiva, introduzir grupos amina nas unidades estruturais do polissacárido. A oxidação foi testada com periodato de sódio, TEMPO, Oxona® e persulfato de amónia. Os derivados foram analisados por espetroscopia FTIR para verificar o sucesso das reações. Também foi feita caracterização por NMR da goma aminada obtida da goma oxidada com periodato, que mostrou um elevado grau de despolimerização durante o passo de redução. A produção de nanopartículas deste derivado com carragenina foi possível e, nas razões de massa 4/1, 1/3 e 1/4 estas partículas mostravam tamanho, potencial zeta e PdI semelhantes aos de outras nanopartículas baseadas noutros derivados da goma de alfarroba

A methodological approach in order to support decision-makers when defining Mobility and Transportation Politics

Nowadays Portugal is under a large process of creation/revision of studies and plans related with land use and territorial planning, mainly due to the end of the lifetime period of the actual Municipal Master Plan, but also because of the creation of the new Metropolitan Authorities of Transportation, which will require Mobility Plans. Even though the Portuguese law doesn’t impose these Mobility Plans at the present moment, there is a general feeling about the importance of the mobility system for the society and economics in general. This is the case in highly density areas, where the need and complexity of the system requires these specific studies in order to obtain an efficient management; or in the case of low-density areas where the risk of loosing competitiveness is too high to ignore the importance of the transportation and mobility system, and the advantage of gaining local and regional competitiveness might increase the importance of the municipality in regional context. This paper intends to provide an innovative approach regarding the provision, at an early stage, of technical support to decision-makers in order to define Mobility and Transportation Policies. The opportunity provided by using adapted SWOT analysis (among others) to identify weakening or potential factors, and how to take advantage of the results, always using a cause and effect approach and a coherent policy in order to obtain high quality and effective studies and politics. The methodology relies on a two-stage process. In the first stage a summary diagnose is provided, using inputs which are supposed to well characterise the territory’s mobility patterns. Afterwards, in a second phase, these are inter-related and evaluated in order to build-up a table of options, where policies are proposed with a careful attention to its qualitative cross impact with the measures and objectives intended to be achieved. The proposed methodology was applied in the Alcobaça´s Municipality case study, which provided different lines of action in diverse subjects, such as, public and private transportation networks, parking policies and organisation, and territory competitiveness. This study was particularly relevant, since this Municipality is under great pressure of its neighbour municipalities, has a low level of regional importance and a low intra-municipal cohesion. Finally, the general opinion of the decision-makers about this technical approach is presented. Keywords: Mobility; Transportation; Land Planning and Policies; Decision-making Support

Geologia e génese do relevo da Rocha da Pena (Algarve, Portugal) e o seu enquadramento educativo

Dissertação mest., Biologia e Geologia, Universidade do Algarve, 2006Located in central Algarve, the Rocha da Pena (RP) Classified Site constitutes a place of renowned scientific importance for several disciplines. The study area involves terrains belonging to the Hesperian Massif and to the Algarve Basin. The ages of the units found in the study area range from the topmost Lower Carboniferous to the Quaternary, presenting two major stratigraphic hiatuses – the first between the lowermost Upper Carboniferous and Upper Triassic and the second between the Lower Jurassic and, at least, the Pliocene. Several factors, such as the lithology, stratigraphy, tectonics, geomorphology, hydrology and climate, acted together to produce the RP, which consists of a residual and structural upland. Fracturing along an E-W direction controlled the alignment of both the topography and the drainage network in the area. Structurally, the RP consists of an anticline, which axis bears an E-W trend inherited from the Upper Cretaceous N-S compressive phase. Vertical fluvial erosion resulting from the uplift of the Algarve Ridge and differential erosion associated to the uneven resistance of the lithologic units and its stratigraphic order isolated the RP from the neighbouring terrains during Upper Pliocene times. The RP constitutes an example of karst topography that has been preserved throughout the geologic time due to karst immunity phenomena and to a paleoclimatic setting unfavourable to its erosion. Given its geologic peculiarities and grandeur, which kindles the curiosity of numerous visitors, the RP should be considered a valuable piece of geologic heritage and, as such, it is a legacy that should be promoted and preserved for the future generations. On this account, several partnerships were forged with a number of institutions in order to develop scientific and educational material and activities rooted on the fields of geodiversity and geoconservation

Web-IDE for Low-Code Development in OutSystems

Due to the growing popularity of cloud computing and its numerous benefits, many desktop applications have been, and will continue to be, migrated into the cloud and made available through the web. These applications can then be accessed through any device that has access to a browser and internet connection, eliminating the need for installation or managing dependencies. Moreover, the process of introduction to the product is much simpler, faster and collaboration aspects are facilitated. OutSystems is a company that provides software that enables, through an Integrated Development Environment (IDE) and a specific Low-Code language, users to securely and rapidly build robust applications. However, there are only available desktop versions of this IDE. For this reason, the objective of the proposed thesis is to understand what would be the best path for developing a Web-based version of the IDE. To achieve this, it is important not only to understand the OutSystems Platform and, more specifically, the architecture of the Service Studio IDE, which is the component IDE provided by the product, but also to explore the state-of-the-art technologies that could prove to be beneficial for the development of the project. The goal of this work is to debate different architectural possibilities to implement the project in question and present a conclusion as to what the adequate course of action, given the context of the problem. After distinguishing what are the biggest uncertainties and relevant points, a proof of concept is to be presented accompanied with the respective implementation details. Finally, this work intends to determine what would be a viable technological architecture to build a Web-based IDE that is capable of maintaining an acceptable performance, similarly to Service Studio IDE, while also insuring that the this system is scalable, in order to be able to provide the service to a large amount of users. That is to say, to present a conclusion regarding the feasibility of the project proposed.Devido ao aumento de popularidade de tecnologias de computação cloud e as suas inúmeras vantagens, aplicações desktop estão e vão continuar a ser migradas para a cloud para que possam ser acedidas através da web. Estas aplicações podem ser acedidas através de qualquer dispositivo que tenha acesso à internet, eliminando a necessidade de instalação e gestão de dependências. Além disso, o processo de introdução ao produto é simplificado, mais rápido e a colaboração é facilitada. A OutSystems é uma empresa que disponibiliza um software que faz com que utilizadores, através de um IDE e uma linguagem de baixo nível, possam criar aplicações robustas de forma rápida e segura. No entanto, atualmente só existem versões deste IDE para desktop. Como tal, o objetivo da tese proposta é perceber qual será a melhor forma de desenvolver uma versão do IDE sobre a Web. Para alcançar isto, é importante não só compreender a Plataforma OutSystems e, mais especificamente, a arquitetura do Service Studio IDE, que é o principal componente disponibilizado pelo produto, mas também explorar as tecnologias estado de arte que podem ser benéficas para o desenvolvimento do projeto. O objetivo deste trabalho é debater diferentes arquiteturas possíveis para a implementação do projeto e concluir qual será o curso de ação adequado, dado o contexto do problema. Após distinguir quais são os maiores pontos de incerteza, uma prova de conceito é apresentada juntamente com os respetivos detalhes de implementação. Finalmente, este trabalho tem como intenção detalhar uma arquitetura tecnológica viável para construir um IDE na web capaz de manter uma performance aceitável, semelhante à do Service Studio IDE, e garantir a escalabilidade do sistema, de forma a conseguir oferecer o serviço a um número elevado de utilizadores. Por outras palavras, apresentar uma conclusão em relação à viabilidade do projeto proposto

Equity research REN - Redes Energéticas Nacionais, SGPS, S.A. : Yields Double Hedge

Mestrado em FinançasEste projeto consiste num relatório de avaliação da REN - Redes Energéticas Nacionais, S.G.P.S., S.A. O relatório contém uma extensiva análise financeira à empresa, com foco na sua estratégia de gestão da dívida, e um entendimento geral do mercado energético em Portugal, na Europa e na América Latina (LATAM). Esta analise resultou num preço alvo de €2.76, representando um potencial de crescimento de 15% face ao preço fecho de €2.43, a 9 de fevereiro de 2018. Adicionalmente, a REN paga aos seus acionistas um dividendo de €0.171 por ação, o que representa uma dividend yield de 6.89%. A avaliação foi obtida com recurso ao método da soma das partes, na qual os negócios em Portugal foram avaliados utilizando o modelo dos free cash flows descontados e a participação da Electrogás do Chile com o modelo dos dividendos descontados e um múltiplo. Como suporte à avaliação, foram utilizados modelos de complementares. O modelo de regulação providencia à empresa uma espécie de natural hedge, tendo em conta que as suas vendas aumentam quando há um aumento da taxa de juro das obrigações portuguesas a 10 anos, compensando a empresa pelo aumento causado nos custos de financiamento. Com uma perspicaz gestão da dívida, a REN melhorou esse hedge, aumentando a proporção de dívida à taxa fixa para mais de 60% protegendo ainda mais o resultado líquido contra o espectável aumento das taxas de juro, criando desse modo o Yields Double Hedge. O relatório é apresentado segundo o formato do CFA Institute.This project consists of an Equity Research Report on REN - Redes Energéticas Nacionais, S.G.P.S., S.A. It contains a comprehensive financial analysis of the company, with focus on its debt management strategy, and a brief understanding of the energy market in Portugal, Europe and Latin America (LATAM). This analysis resulted in a price target of €2.76, representing a 15% upside potential to the €2.43 closing price at February 9th, 2018. On top of that, REN pays a €0.171 dividend per share, translated in a 6.89% dividend yield. This valuation was obtained using a Sum of the parts approach, in which the businesses in Portugal where valued with the discounted free cash flow model, and the Electrogás share with the dividend discount model and a multiple. Additionally, some complementary approaches were used to support the base case valuation. The regulatory scheme provides to the company a natural hedge, in the sense that its revenues will increase when the 10Y Portuguese Yields increase, compensating the company for the losses due to the increase of the cost of debt. With crucial debt management, REN was able to improve that hedge, by increasing the share of fixed rate debt to above 60% protecting the net income, even more, against the expected increases in Yields, creating in that way the Yields Double Hedge. The report is presented under the CFA Institute Format.info:eu-repo/semantics/publishedVersio

The impact of IT governance institutionalization on individuals’ behavior in Portugal

Information technology (IT) is increasingly important in organizations' life and has, therefore, become essential to the development of sustainable business growth. Thus, it is necessary to adopt IT governance (ITG) mechanisms to better control solutions, sustainable growth, and better decision making. Since an advantageous competitive differential lies in the behavior of its employees, this work focuses on the behavioral expression of ITG, aiming to analyze the effect of the impact of ITG institutionalization on the main dimensions of Organizational Citizenship Behavior (OCB). OCB describes the voluntary commitment of the individuals to an organization, with attitudes that are not part of their contractual functions. A descriptive-confirmative ex post facto research was conducted through survey research to 112 employees of IT-related departments and divisions from companies in Portugal. The Partial least square - structural equation modeling (PLS-SEM) method was used to test the overall model. The general hypothesis of this study was confirmed, showing that the ITG institutionalization has a positive effect on the individuals’ OCBs. Moreover, this study was subjected to a comparative analysis with one made in Brazil, which confirmed that the ITG institutionalization Model has different effects on individuals' OCBs in cultural terms. Finally, two main contributions emerge. On the one hand, in theory, it confirmed the relationship between OCB and ITG constructs. On the other hand, in practice, it shows the organizations that by implementing their ITG Mechanisms, they are increasing employees' OCBs and, consequently, organizational effectiveness.As tecnologias de informação (TI) são cada vez mais importantes nas organizações, sendo essenciais para o desenvolvimento sustentável dos negócios. Assim, torna-se necessário a adoção de mecanismos de Governação de TI (GTI) para uma melhor decisão, controlo das soluções, e crescimento sustentável. Estando o diferencial competitivo no comportamento dos seus colaboradores, este trabalho foca-se na expressão comportamental da GTI, analisando o impacto da institucionalização da GTI nas dimensões do Comportamento de Cidadania Organizacional (CCO). O CCO é descrito como o compromisso voluntário dos indivíduos para com a organização, com atitudes que não fazem parte de suas funções contratuais. Foi realizada uma pesquisa ex post facto com desenho descritivo e natureza confirmatória a partir de um questionário a 112 funcionários de departamentos e divisões de TI de empresas em Portugal. Foi utilizada a Modelação de Equações Estruturais com Mínimos Quadrados Parciais (PLS-SEM) para testar o modelo. A hipótese geral deste estudo foi confirmada, mostrando que a institucionalização do GTI tem um efeito positivo na CCO dos indivíduos. Além disso, foi realizada uma análise comparativa entre este estudo e outro realizado no Brasil, confirmando que o efeito da institucionalização do GTI sobre os CCO dos indivíduos altera de acordo com o contexto cultural. Finalmente, podemos afirmar, na teoria, que se confirma a relação entre os construtores da CCO e do GTI, e de forma pratica, para as organizações Portuguesas que implementam os seus mecanismos de GTI, estes aumentam as CCO dos funcionários e, consequentemente, a eficácia organizacional

Welfare and inequality effects of debt consolidation processes: The case of Spain, 1996-2007

The Spanish debt consolidation between 1996 and 2007 represents, by its size and duration, an impressive case among the European Union countries. This paper aims at characterizing the Spanish debt consolidation process in order to assess its effects on economic inequality and welfare. For that purpose we built a general equilibrium heterogeneous-agent model capable of exploring the relationship between fiscal policy variables and the endogenous cross-section distribution of income and wealth. The results show a quite impressive positive welfare gain despite significant transition costs. The simulations point to an increase of inequality during the initial transition period, reversing to more compressed distributions as the economy evolves to its final steady state equilibrium. Overall, the welfare gains are slightly biased towards wealthier individuals. Furthermore empirical data on the dynamics of some crucial variables during the consolidation period lend support to the model simulation results