Contracting debt and the quality of financial reporting in private firms

This study investigates whether the quality of firms' financial reporting is influenced by the contracting of debt, using data on Portuguese private firms from 2013 to 2015. More specifically, the study uses earnings smoothing, magnitude of absolute discretionary accruals, and timeliness of disclosure as proxies for financial reporting quality. I find that private firms which contract more debt exhibit higher levels of financial reporting quality. Additionally, firms that contract larger amounts of debt and with a good financial performance tend to exhibit lower quality financial reporting. The results provide strong evidence that private firms have an interest in camouflaging their performance in the presence of higher levels of bank debt.info:eu-repo/semantics/publishedVersio

Research in hospitality management and accounting: a research synthesis and analysis of current literature and future challenges

This study characterizes the results of social-scientific, behavioral science, and managerial/accounting research on current management and accounting matters in the hotel industry published in the most prestigious scientific hospitality journals and identifies avenues for future research. Based on an analysis of a set of 55 articles published in the journals that make up the SCImago Journal and Coutry Rank, published between 2005 and 2015, it is concluded that there is a lack of research in the financial accounting group; additional research is required for the small hotel category, and it is the important to use comparative studies that are better able to capture the characteristics of the hospitality industry. Additionally, most of the empirical studies analyzed come from European countries and statistical methods are extensively used in all topic areas. Finally, some gaps are identified in the literature and indicated future research priorities.info:eu-repo/semantics/publishedVersio

Quantum tomography via equidistant states

We study the possibility of performing quantum state tomography via equidistant states. This class of states allows us to propose a non-symmetric informationally complete POVM based tomographic scheme. The scheme is defined for odd dimensions and involves an inversion which can be analytically carried out by Fourier transform

An exploratory study: Corporate social responsibility perceptions in Guinea-Bissau and Ivory Coast

Corporate Social Responsibility (CSR) is now crucial to enhance long-term competitiveness. CSR is also linked with several strategic business dimensions such as innovation, performance, and competitive success. However, most of the available studies conducted at the moment use samples from developed countries in America and Europe, and insufficient attention has been given to less developed countries, particularly in Africa. Taking into account that the current models to understand and measure the concept of CSR, and to determine how to obtain competitive advantage through responsible business behaviour, have not yet been applied to Africa, this article is a first step to fill the gap. Based on recently published models addressing the above-mentioned variables, this paper aims to study CRS through the application of a questionnaire to managers in two countries in West Africa: Guinea-Bissau and the Ivory Coast. The main goal of this exploratory study was the understanding of the current situation of CSR managers´ perceptions in both countries. For this purpose, the paper uses an overall scale to examine the different theoretical dimensions reflecting CSR: social, economic, and environmental dimensions. The results show that there is a generally positive perception of the CSR elements, although the emphasis is given to economic issues and the social issues related to human resources, training and empowerment of employees and leadership skills, among others. As conclusion the study points out the role of managers in promoting a culture of social innovation by focusing on the CSR philosophy.info:eu-repo/semantics/publishedVersio

Screening for novel Angiotensin I - Converting Enzyme (ACE) inhibitory peptides from Azorean Macroalgae: Extraction, purification, characterization and evaluation of their antihypertensive activity

Jornadas "Ciência nos Açores – que futuro? Tema Ciências Naturais e Ambiente", Ponta Delgada, 7-8 de Junho de 2013.A descoberta de inibidores naturais da ECA como alternativa às drogas sintéticas tem-se tornado de suma importância na prevenção da hipertensão. O sistema Renina-Angiotensina desempenha um papel importante na regulação da pressão arterial, em particular na ativação da enzima conversora da angiotensina I (ECA), que converte esta na angiotensina II, um ente vasoconstritor, sendo portanto, a inibição da atividade da ECA importante na prevenção da hipertensão. O presente estudo visa contribuir para: (i)a investigação in vitro das propriedades inibitórias da ECA pelos péptidos obtidos das macroalgas mais abundantes dos Açores; (ii) a extração e purificação dos péptidos inibidores da ECA, bem como a determinação do seu perfil de aminoácidos; (iii) a valorização das macroalgas açorianas, com possível impacto na saúde públi - ca, tendo em conta o potencial dos derivados proteicos destas para a produção de alimentos funcionais e/ou produtos farmacêuticos que previnam a hipertensão; (iv) a comparação da atividade inibitória da ECA dos novos produtos biológicos marinhos (péptidos) com os anti-hipertensivos comer - ciais (sintéticos) prescritos aos pacientes e (v) a determinação da composição bioquímica das macroalgas selecionadas. A descoberta no final deste projeto, de constituintes novos das macroalgas dos Açores, particularmente os péptidos inibidores da ECA, terá um impacto para o desenvolvimento futuro da economia regional, e deverá representar um incentivo para a conservação de um ambiente marinho “limpo” e para a proteção da sua biodiversidade. Os resultados podem tam - bém contribuir para uma redução substancial dos fundos destinados aos pacientes hipertensos, especialmente os que são suportados pelo Serviço Regional de Saúde.ABSTRACT: There is a trend towards the searching for natural ACE inhibitors as alternatives to the synthetic drugs prescribed for hypertension. The rennin angiotensin system plays an important role in the regulation of blood pressure particularly with Angiotensin I-Converting Enzyme (ACE) that converts angiotensin I to angiotensin II, a potent vasoconstrictor. Therefore, the inhibition of ACE activity is a major focus in the prevention ofhypertension. The present study aims to contribute to: (i) the searching of the peptides from the most abundant Azorean macroalgae by the evaluation in vitro of their ACE inhibitory properties; (ii) the extraction, purification of the referred peptides and their amino acids profile determination; (iii) the valorization of Azorean macroalgae, with potential impact on public health taking into account the algae´s protein-derivative products for producing functional foods and/or pharmaceutical formulations that prevent hypertension; (iv) the comparison of the ACE inhibitory activity of the novel marine bio-products (peptides) with the prescribed synthetic commercial antihypertensive drugs and v) the determination of the biochemical composition of the selected Azorean macroalgae. At the end of this project, the discovery of such novel macroalgae’s components, particularly the ACE inhibitory peptides, will have the potential for future economic development which in turn can provide an incentive for the conservation of the biodiversity and for the maintenance of a clean environment ocean around the Azores Islands as a natural resource that must be preserved. The results may also contribute to the reduction of funds allocated for hypertensive patients, particularly the ones that are supported by the Regional Health Public Service

Angiotensin I-Converting Enzyme (ACE) Inhibitory Activity, Antioxidant Properties, Phenolic Content and Amino Acid Profiles of Fucus spiralis L. Protein Hydrolysate Fractions

Food protein-derived hydrolysates with multi-bioactivities such as antihypertensive and antioxidant properties have recently received special attention since both activities can play significant roles in preventing cardiovascular diseases. This study reports, for the first time, the angiotensin I-converting enzyme (ACE)-inhibition and antioxidant properties of ultrafiltrate fractions (UF) with different molecular weight ranges (<1, 1–3 and ≥3 kDa) obtained from Fucus spiralis protein hydrolysate (FSPH) digested with cellulase–bromelain. The amino acids profile, recovery yield, protein, peptide and total phenolic contents of these FSPH-UF, and the in vitro digestibility of F. spiralis crude protein were also investigated. FSPH-UF ≥3 kDa presented remarkably higher ACE-inhibition, yield, peptide and polyphenolic (phlorotannins) contents. Antioxidant analysis showed that FSPH-UF <1 kDa and ≥3 kDa exhibited significantly higher scavenging of 2,2-diphenyl-1-picrylhydrazyl radical and ferrous ion-chelating (FIC) activity. FSPH-UF ≥3 kDa had also notably higher ferric reducing antioxidant power (FRAP). Strong correlations were observed between ACE-inhibition and antioxidant activities (FIC and FRAP). The results suggest that ACE-inhibition and antioxidant properties of FSPH-UF may be due to the bioactive peptides and polyphenols released during the enzymatic hydrolysis. In conclusion, this study shows the potential use of defined size FSPH-UF for the prevention/treatment of hypertension and/or oxidative stress-related diseases.This study was financially supported by cE3c funding (Ref: UID/BIA/00329/2013). Lisete Paiva was supported by a doctoral grant (Ref: M3.1.2/F/014/2011) awarded by FRC (Fundo Regional da Ciência).info:eu-repo/semantics/publishedVersio

Propriedades bioativas de macroalgas comuns nos Açores

A secção UAciência é coordenada pelo Professor Universitário Armindo Rodrigues.[…]. Como e do conhecimento geral, a hipertensão e um dos maiores fatores de risco das doenças cardiovasculares e esta estimado que afeta cerca de 25% da população mundial. Existem varias drogas sintéticas no mercado utilizadas para o seu controlo e prevenção, mas todas apresentam vários efeitos secundários adversos, o que promove a necessidade de encontrar alternativas naturais que evitem ou reduzam estes efeitos secundários. Neste sentido, tem-se desenvolvido investigação na Universidade dos Açores, no Laboratório de Tecnologia Alimentar, sobre a composição nutricional e as atividades biológicas, nomeadamente antioxidantes e anti-hipertensivas, de macroalgas comuns nos Açores, com o objetivo de promover estas espécies como potencial fonte de compostos nutricionais e farmacêuticos importantes. Esta investigação, desenvolvida no âmbito de um projeto de Doutoramento financiado pelo Fundo Regional da Ciência e Tecnologia resultou em informação inovadora, já apresentada a comunidade científica nacional e internacional e já publicada em revistas científicas com revisão por pares. […].info:eu-repo/semantics/publishedVersio

Isolation and characterization of angiotensin I-converting enzyme (ACE) inhibitory peptides from Ulva rigida C. Agardh protein hydrolysate

Ulva rigida protein was hydrolysed with pepsin plus bromelain after a screening of nine enzymes for optimal proteolysis. This hydrolysate, presenting ACE-inhibitory activity with an IC₅₀ value of 0.483 mg/mL, was fractionated by ultrafiltration membranes into three molecular weight ranges (3 kDa). The <1 kDa fraction that exhibited the highest activity (IC₅₀: 0.095 mg/mL) was purified using size-exclusion chromatography and reversed-phase high-performance liquid chromatography, yielding two active ACE-inhibitory purified peptides. Edman degradation revealed its amino acid sequences to be IP and AFL with IC₅₀ values of 0.020 and 0.023 mg/mL, respectively. Both peptides were synthesized to confirm the structure and to validate their ACE-inhibitory activities. Lineweaver–Burk plots suggest that IP acts as a non-competitive and AFL as a competitive ACE-inhibitors. Stability assays showed that both peptides are heat-stable and AFL is hydrolysed by intestinal mucosa peptidases to FL with IC₅₀ value of 0.004 mg/mL that acts as a non-competitive ACE-inhibitor. The results suggest that these peptides might have a potential use in the preparation of antihypertensive drugs or functional foods.This study was financially supported by funds from CIRN (Centro de Investigação de Recursos Naturais, University of the Azores) and by cE3c funding (Ref: UID/BIA/00329/2013). Lisete Paiva was supported by a doctoral grant (Ref: M3.1.2/F/014/2011) awarded by FRC (Fundo Regional da Ciência).info:eu-repo/semantics/publishedVersio

Seasonal Variability of the Biochemical Composition and Antioxidant Properties of Fucus spiralis at Two Azorean Islands

This study evaluates, for the first time, the seasonal (winter and summer) and geographical (São Miguel–SMG and Santa Maria–SMA Islands) variability of Fucus spiralis (Fs) biochemical composition (dry weight basis) and antioxidant properties. Protein and carbohydrates presented higher values in Fs-SMGwinter, lipids, total dietary fiber, and energy value in Fs-SMAsummer, and ash and soluble dietary fiber/insoluble dietary fiber ratio in Fs-SMAwinter. The fatty acid (FA) profiles showed a lower SFA in Fs-SMGsummer, whereas MUFA and PUFA presented higher values in Fs-SMGsummer and Fs-SMGwinter, respectively. Excellent dietary ratios of n6/n3 PUFA and hypocholesterolemic/hypercholesterolemic FA were found, with lower values in Fs-SMAwinter and higher in Fs-SMGsummer, respectively. The highest total phenolics was found in Fs-SMAsummer acetone:water extract and total flavonoids showed the higher value in Fs-SMGwinter methanol extract. The best free radical-scavenging activity was observed in the Fs-SMAwinter methanol (EC50 = 0.045 mg/mL) and acetone: water (EC50 = 0.059 mg/mL) extracts. The ferric-reducing antioxidant power showed the best results in Fs-SMAwinter methanol extract (EC50 = 0.016 mg/mL) and Fs-SMAsummer acetone:water extract (EC50 = 0.017 mg/mL). The best ferrous ion-chelating activity was found in Fs-SMGwinter acetone:water extract. Overall, results revealed that F. spiralis nutritional and functional bioactivity values have geographical and seasonal variations and that its regular consumption may add benefits to human health.This study was financially supported by cE3c funding (Ref: UID/BIA/00329/2013). Lisete Paiva was supported by a doctoral grant (Ref: M3.1.2/F/014/2011) awarded by FRC (Fundo Regional da Ciência).info:eu-repo/semantics/publishedVersio