Financial constraints and financial crises: the case of Portuguese listed companies

The purpose of this study is to analyze the degree of financial constraints faced by the companies included on the Portuguese Stock General Index when accessing to external financing, especially after the beginning and during the most recent financial crisis that affected the world financial markets from 2007. According to this aim, a longitudinal database is collected from the SABI database and was analyzed under panel data methodology. The final sample is panel data of 430 firm-year observations, related to 43 companies, during the period 2006-2015. In line with previous literature, our results provide evidence that the payout ratio is an efficient measure of the degree of financial constraints; companies that pay out less (or no) dividends display higher sensitivity of the investment to the cash flow. Moreover, we also found that the investment sensitivity to cash flow intensifies immediately after and during the most recent financial crisis.(undefined

Edition and analysis of a 17th century inventory from Santa María, Ordás (León)

[ES]: El objetivo de este trabajo es presentar la edición y un breve análisis léxico de un inventario datado en el siglo XVII y localizado en la comarca de Ordás (León). Para su edición se han seguido los criterios de transcripción del grupo de investigación CorLexIn. Se han destacado para su análisis palabras de diversos campos semánticos, ya sean pertenecientes al espacio lingüístico asturleonés o al castellano.[EN]: The aim of this paper is to edit and carry out a brief lexical analysis of an inventory dating from the 17th century and located in the Ordás region (León). To do so, the transcription criteria of the CorLexIn research group have been followed. Words from different semantic fields have been highlighted, whether they belong to the Astur-Leonese or to the Castilian linguistic areas

Nuevas formas de trabajar la literatura en el aula de español: Esopo, de la antigua Grecia a Tiktok

Parte 1: Creatividad y motivación[ES] Formamos parte, actualmente, de una sociedad con una cultura fundamentalmente icónica que prima lo visual como medio para la transmisión de mensajes. Se tiene, además, generalmente, la idea de que la literatura solo puede emplearse en los niveles superiores de la enseñanza de lenguas extranjeras o en cursos con un objetivo centrado en lo literario, al considerarse un material denso y complicado, así como demasiado tradicional y, por tanto, superado en los métodos actuales de enseñanza (Sanz González 1995). Es preciso, en primer lugar, trabajar en el aula materiales pertenecientes a la vida real y cotidiana, de forma que la motivación y el interés del alumnado se vean aumentados, al responder a las necesidades comunicativas del mismo

AMS and IRM studies in the late-variscan Santa Eulália Plutonic Complex (Ossa-Morena Zone, Portugal)

The Santa Eulália Plutonic Complex (SEPC) is a calc-alkaline granitic body, with an area of 400 km2, and is located in the north of the Ossa Morena Zone of the Variscan Iberian sector, near the limit with the Central Iberian Zone. SEPC is considered late-Variscan because it cross-cuts the regional variscan structures. The host rocks are metamorphic formations from Upper Proterozoic to Lower Paleozoic. The SEPC has two main granitic facies with different compositions and textures. From the rim to the core, there is a medium-to coarse-grained pink granite (G0), which involves large elongated masses of mafic to intermediate rocks (M); and a central grey monzonitic granite (G1) which presents a dominant medium granular facies, and also a slight porphyritic texture close to G0. AMS and IRM studies were conducted to characterise these rocks, from 61 sampling sites: 29 in G0, 27 in G1 and 5 in M. The Km values range between 41.6 and 7343.7 x 10-6 SI in granitic rocks: G0, with Km > 10-3 SI (mean: 1357.4 x 10-6 SI) which supports the presence of magnetite, and G1 with Km< 10-4 SI (mean: 97.0 x 10-6 SI). In M, Km values are homogeneous with a mean of 620.9 x 10-6 SI. The magnetic anisotropy (P%) and the ellipsoid shape (T) were only determined in granites. The mean values of P% are 6.2% and 3.1% in G0 and G1, respectively. T shows the strongest oblate ellipsoids in central G1 (mean: 0.365) and slightly oblate in G0 (mean: 0.099). The magnetic foliations are subvertical ENE-WSW-striking in G0 and G1. Magnetic lineations are subvertical in G0 and moderately plunge to the SE in G1.The saturation IRM (SIRM) mean values are 9.345 A/m in G0, 0.027 A/m in G1 and 2.634 A/m in M. In G0 and M, the IRM acquisition curves show saturation between 0.3 and 0.4 T, followed by a small increase in increasing fields, suggesting that the main carrier of remanence is low magnetite or Ti-magnetite. In G1, the acquisition curves demonstrate paramagnetic and antiferromagnetic fractions, but a small magnetite fraction can also be present. SIRM/K have mean values of 7.119 kA/m, 0.298 kA/m and 3.425 kA/m for Go, G1 and M, respectively. The AMS and SIRM data support that G0 and G1 have a distinct magnetic behaviour. G0 is controlled by a ferrimagnetic fraction. G1, with Km< 10-4 SI, shows a paramagnetic behaviour due to ferromagnesian minerals, such as biotite and ilmenite. In M, Km is typical of gabbros and granodiorites and is due to the high contents of ferromagnesian minerals. The magnetic behaviours of G0 and G1 suggest different redox conditions in the magma genesis. Magnetic anisotropy is higher in G0 due to the presence of magnetite, but microscope observations also show signs of a post-magmatic deformation in G0. Although magnetic foliations are subvertical ENE-WSW-striking in both granites, magnetic lineations are different. The differences reflect distinct redox processes at magmatic sources and different emplacement mechanisms of M, G0 and G1

Hipertensão arterial sistêmica secundária

The prevalence of secondary systemic arterial hypertension (S-SAH) is 3% to 5%. Before investigating the secondary causes of SAH, the following should be excluded: ._ Inadequate measurement of arterial pressure (AP). ._ White-coat hypertension; ._ Inadequate treatment; ._ Treatment non-adherence; ._ Progression of lesions in hypertension target organs; ._ Presence of co-morbidities; ._ Interaction with prescription drugs. Table 1 lists the situations when the presence of S-SAH should be investigated. Next, the main causes of S-SAH will be discussed. [Author supplied abstract

Comparison of the Spherical Averaged Pseudopotential Model with the Stabilized Jellium Model

We compare Kohn-Sham results (density, cohesive energy, size and effect of charging) of the Spherical Averaged Pseudopotential Model with the Stabilized Jellium Model for clusters of sodium and aluminum with less than 20 atoms. We find that the Stabilized Jellium Model, although conceptually and practically more simple, gives better results for the cohesive energy and the elastic stiffness. We use the Local Density Approximation as well as the Generalized Gradient Approximation to the exchange and correlation energies.Comment: 13 pages, latex, 8 figures, compressed postscript version available at http://www.fis.uc.pt/~vieir