A informação dada nos relatórios financeiros dos analistas portugueses

Mestrado em GestãoThis paper studies the importance of Portuguese financial sell-side analysts’ reports by testing reliability in firms’ Price Target calculation and information aptitude (deliver ability) in the content of sell-side analysts’ reports. The importance of sell-side analysts reports has long been studied, mainly in two different perspectives: the consequences of their work (market price reactions, trading strategies based in analysts’ recommendations) and the externalizations that influence their work (herding and bias behaviors). We believe that before either perspective can explain their value, analysts through their reports should be able to deliver the information users need and offer coherent calculation that justifies the Price Targets. We explore and encode the complete content of 73 reports from PSI20 listed companies, and apply consistency and reliability procedures to test them. Informativeness is tested against an ideal report (built mainly from the Jenkins Report conclusions). To test reliability in the Prices Targets calculations we investigate if the method and the parameters of the evaluation are clearly disclosed and if the calculative procedure is according to the theoretical conventions.O presente trabalho propõe-se avaliar a importância dos analistas financeiros Portugueses testando para isso a fiabilidade no cálculo dos Price Targets e a capacidade informativa dos relatórios que produzem. A utilidade dos analistas financeiros tem sido há muito estudada, por norma através de duas perspectivas: avaliando as consequências do seu trabalho (reacção dos mercados às suas recomendações e estratégias de investimento baseadas nessas mesmas recomendações) e por outro lado considerando as variáveis exógenas que influenciam o seu trabalho (comportamentos tendenciosos e de “arrebanhamento”). Acreditamos que antes de avaliar a pertinência destas perspectivas, importa averiguar se através dos relatórios que produzem os analistas financeiros fornecem a informação que os seus utilizadores necessitam. Para isso examinamos e codificamos 73 relatórios financeiros de empresas que integram o PSI20, testando-os em termos de informatividade e fiabilidade. A capacidade informativa é testada em confronto com um relatório ideal (baseado nas conclusões do Relatório Jenkins). Para testar a confiabilidade no cálculo dos Price Targets investigamos se o método e os parâmetros utilizados são expressos com clareza e se o processo de cálculo está em conformidade com aquilo que são os princípios teóricos aceites

Use of acoustic energy in sand casting of aluminium alloys

During the last years, some researchers have focused the development of ultrasonic microstructure refinement /modification techniques of die-casting aluminium alloys, to improve their properties. The developed techniques are highly efficient when applied to the die-casting process, but their capability with sand and ceramic moulding are unknown. Sand/ceramic aluminium castings are prone to coarse microstructure, porosities and inclusions due to low cooling rates and turbulent gravity pouring, and suitable processing techniques are required to eliminate those drawbacks. This article reports some results of a research work aiming the development of a reliable, low-cost and environmentally friend casting process, for geometrically complex and massive high strength sand/ceramic aluminium castings, to eliminate traditional soundness related defects and simultaneously promote the development of refined microstructures. The article presents the effect of applying ultrasound to AlSi9Cu3 alloy during solidification on a sand mould on the resultant microstructure. Results include microstructure characterization and its relationship with thermal analysis data collected from the center of the cast samples during cooling.Fundação para a Ciência e Tecnologia (FCT

The economy principle: 17 characteristics that make the English language economical…in comparison to Portuguese – a pedagogical perspective

ABSTRACT We believe that all languages in the world use the Economy Principle in some way or other. The principle states that “languages tend to express ideas as economically as possible”. This means that the speaker tends to leave out unnecessary words and not to repeat concepts that have been previously expressed. In the Portuguese language, such expressions as “recuar para trás”, “ambos os dois”, and “preferir antes” are justifiably viewed as poor, since they unnecessarily repeat ideas (“para trás” is implied in “recuar”, “ambos” includes the idea of “os dois”, “preferir” encompasses the concept of “antes”). This type of expressions is anti-economical, and grammar books classify them as pleonasms, i.e. redundancies. English is so easy to learn by foreigners partly because it is one of the languages that most efficiently use the economy principle. In this brief note, we present several perspectives that justify the previous statements, with examples from English and Portuguese.N/

Vestígios permanentes de um fluxo de continuidade

No âmbito do Mestrado em Ensino de Artes, a componente escrita desta tese teórico-prática debruça-se, sobre a explicitação de problemáticas consideradas pertinentes no contexto da minha produção artística mais recente. A reflexão que se segue incide essencialmente sobre o meu percurso artístico dos últimos dois anos, retratando um trajeto com derivações assentes numa busca que oscila entre o egocentrismo da procura de uma forma natural de expressão e a vontade de distanciamento da mediocridade e uniformidade social. É um registo onde mais do que explicitar um resultado final e fechado, constata-se como um work in progress. Articular um discurso em torno dos objetivos da minha produção artística, relembra-me a citação de Montaigne de que “Somos retalhos de uma textura tão disforme e diversa que cada pedaço, a cada momento, faz o seu jogo. E existem tantas diferenças entre nós e nós próprios como entre nós e os outros”, ao pensar a minha obra artística observo o reflexo de um trajeto misto de derivações, em que cada opção tomada não renega a anterior. Consciente de que esta é uma análise passível de se perder, na lógica de uma transposição de uma linguagem plástica para o recurso narrativo, esta tese será exposta na forma de uma reflexão, ao processar os trabalhos desenvolvidos através de três eixos: a indexação teórica do trabalho a referências conceptuais e pessoais, a metodologia de trabalho e a exposição final. Pretendo que a partir destes três vetores, possa legitimar a ideia titular de “vestígios permanentes de um fluxo de continuidade” ao explicitar, a intervenção gráfica, corporal e conceptual da minha ação para com a matéria, numa ligação umbilical e visceral, que se encontra perpetua na poética da matéria

On resource complementarity in activity networks: further results

We address the issue of optimal resource allocation, and more specifically, the analysis of complementarity of resources (primary resource or P-resource and supportive resource or S-resource) to activities in a project. We developed a mathematical model capable of determining the ideal mixture of resources allocated to the activities of a project, such that the project is completed with minimal cost. This problem has a circularity issue that greatly increases its complexity. We have developed a procedure which we illustrate by application to small instances of the problem, using complete enumeration over the decision space. The development of a more computationally efficient procedure awaits the second phase of this study.Fundação para a Ciência e a Tecnologia (FCT

Um algoritmo genético para programação de projectos em redes de actividades com complementaridade de recursos

Neste artigo abordamos a questão da alocação óptima dos recursos, mais especificamente, a análise da complementaridade dos recursos (recurso principal ou recurso-P e do recurso de suporte ou recurso-S) às actividades de um projecto. Neste artigo apresenta-se um algoritmo genético, baseado num alfabeto de chaves aleatórias, e analisa-se o procedimento para criar soluções a partir de um cromossoma.We address the issue of optimal resource allocation, and more specifically, the analysis of complementarity of resources (primary resource or P-resource and supportive resource or S-resource) to activities in a project. In this paper we present a Genetic Algorithm, based in a random keys alphabet, and we analyse the procedure to build solutions from a chromosome

Sequencing activities in a project network considering resource complementarity

Project management is a methodology widely used in organizations that believe in innovation and choose to organize their resources around projects. This paper presents new results and developments of a model that address the issue of optimal resource allocation, and more specifically, the analysis of complementarity of resources (primary resource and supportive resource) in a project. The concept of complementarity, which has been discussed based on an economic view, can be incorporated into the engineering domain as an enhancement of the efficacy of a “primary” resource (P-resource) by adding to it another “supportive” resource (S-resource). No replacement takes place. The gain achieved from such action is manifested in improved performance; e.g., shorter duration or improved quality, because of the enhanced performance of the P-resource. But such gain is usually achieved at an increased cost; namely the cost of the support resource(s). We developed a conceptual system capable of determining the ideal timing, and the ideal mixture of resources allocated to the activities of a project, such that the project is completed on time, if not earlier, with minimal cost. We present new computational results of a Genetic Algorithm, based in a random keys alphabet, with an optimized process that allowed reaching better results. The sequence of activities and the resource combinations for each pair activity/resources were obtained, respecting network constraints, showing the flexibility of the solution considering resources distribution and early resources release

On resource complementarity in activity networks

The methodology of project management has been widespread in organizations of different functions and sizes. In this context, we address the issue of optimal resource allocation, and more specifically, the analysis of complementarity of resources (primary resource and supportive resource) in a project. We develop a conceptual system capable of determining the ideal timing, and the ideal mixture of resources allocated to the activities of a project, such that the project is completed on time, if not earlier, with minimal cost.Fundação para a Ciência e a Tecnologia (FCT

Sequencing activities in a project network with resource complementarity : further results

We address the issue of optimal resource allocation, and more specifically, the analysis of complementarity of resources (primary resource or P-resource and supportive resource or S-resource) to activities in a project. In this paper we present new computational results of a Genetic Algorithm, based in a random keys alphabet