A Contabilização de instrumentos financeiros: um estudo comparativo POC / Sistema de Normalização Contabilística

Jornadas de Contabilidade e Fiscalidade promovidas pelo Instituto Superior de Contabilidade e Administração do Porto, em Abril de 2009,O ambiente em que os agentes económicos, em geral, e as empresas, em particular, tomam as suas decisões tem sofrido, no passado recente, profundas alterações. O fenómeno da inovação fi nanceira, caracterizado, designadamente, pela criação acelerada de instrumentos fi nanceiros complexos, o desenvolvimento das tecnologias de informação, a globalização e integração dos mercados de capitais são fenómenos e processos irreversíveis, criando novas exigências em termos de novas formas de pensar, de estar e de tomar decisões. Neste contexto, a procura por informação mais útil é uma consequência a esperar. À contabilidade cumpre procurar as respostas às novas necessidades de informação, a fi m de garantir a utilidade da informação que produz.Instituto Politécnico do Porto. Instituto Superior de Contabilidade e Administração do Port

Accounting for Financial Instruments: An Analysis of the Determinants of Disclosure in the Portuguese Stock Exchange

This paper analyzes the determinants of disclosure level in the accounting for financial instruments of Portuguese listed companies. We have constructed an index of disclosure based on IAS 32 and 39 disclosure requirements and computed the index score for each company. Consequently, this study also analyzes the characteristics of companies that are closest to IAS before 2005. The analysis includes variables that capture intrinsic features of Portuguese companies and institutional regulatory context, such as capital structure and characteristics of the corporate governance structure, within contingency theory. We could not find significant influence of corporate governance structure and of financing structure. We conclude that disclosure degree is significantly related to size, type of auditor, listing status and to the economic sector. This research reveals areas for improvement of the Portuguese companies’ reporting practices and suggests areas for intervention of the Portuguese capital markets regulator in the context of mandatory IAS after 2005.Financial instruments accounting, Disclosure indices, Firm-specific characteristics, International Accounting, IAS, Portugal

Accounting for financial instruments: A comparison of European companies’ practices with IAS 32 and IAS 39

This paper analyses accounting for financial instruments of STOXX 50 companies and compare them to the requirements of IAS 32 and IAS 39, before IFRS are mandatory in the European Union. We use a list of 120 categories of inquiry and 370 possible responses and analyse companies’ annual reports. The results show that the majority of companies disclose the fair value amounts and methods of calculation but the information is neither clear nor objective, preventing the fair value information from being relevant and useful. We conclude that companies have a long way to go in terms of accounting and disclosure of financial instruments, namely derivatives. The mandatory adoption of more stringent standards such as the IAS 32 and IAS 39 may improve the information disclosed by companies. Doubts about the compliance degree and the usefulness of the information still remain. This paper brings new perspectives to the challenges of IAS/IFRS adoption, namely to what relates to fair value measurement.Accounting for financial instruments, Fair value accounting, International Accounting, Accounting harmonisation, IAS/IFRS, STOXX 50

Maturity and volatility effects on smiles or dying smiling?

The "smile effect" is a result of an empirical observation of the options' implied volatility with the same expiration date, across different exercise prices. It describes a U-shape form showing high implied volatilities for in and out-of-the-money options and low volatility figures for at-the-money options. We can find empirical evidence of this phenomenon. The reasons suggested in the literature were stochastic volatility, traders' behaviour, transaction costs, and the effect of dividends on pricing American options. But the most recent literature seems to conclude that the sophistication of financial modelling for option pricing is not enough for removing the "smile". In this paper we used liquid equity options on 9 stocks traded on the London International Financial Futures and Options Exchange (LIFFE) between August 1990 and December 1991. We tested two different hypothesis trying to verify the existence of two different phenomena: (1) the increase of the "smile" as maturity approaches; (2) and the association between the smile and the volatility of the underlying stock. In order to estimate implied volatilities for unavailable exercise prices, we modelled the smile using cubic B-spline curves. We found empirical support for the smile intensification (the U-shape is more pronounced) as maturity approaches as well as when volatility rises. However, this increase in the curvature is asymmetric. As maturity approaches the implied volatility of out-of-the-money options tends to be higher than the implied volatility of in-the-money options and, as the volatility of the underlying increases, the implied volatility of in-the-money options tend to be higher than implied volatility of out-of-the-money options. We claim to have detected new empirical reasons for previous empirical findings where the smile was, for some authors, a symmetric smile, while for others it converts into a "wry grin" or a "reverse grin".info:eu-repo/semantics/publishedVersio

Maturity and volatility effects on UK smiles or dying smiling?

The “smile effect” is a result of an empirical observation of the options’ implied volatility with the same expiration date, across different exercise prices. However, its shape has been under discussion seeming to be dependent on the option underlying security. In this paper, and filling up a scarce empirical research on the topic, we used liquid equity options on 9 stocks traded on the London International Financial Futures and Options Exchange (LIFFE) between August 1990 and December 1991. We tested two different hypothesis for testing two different phenomena: (1) the increase of the “smile” as maturity approaches; (2) and the association between the smile and the volatility of the underlying stock. In order to estimate implied volatilities for unavailable exercise prices, we modelled the smile using cubic B-spline curves. We found empirical support for the smile intensification (the U-shape is more pronounced) as maturity approaches as well as when volatility rises. However, we found two major sources of disagreement with the literature on stochastic volatility models. First, as maturity approaches, out-of-themoney options’ implied volatility tends to be higher than the implied volatility of in-the-money options. Second, as the volatility of the underlying asset increases, the implied volatility of in-the-money options tends to be higher than implied volatility of out-of-the-money options.Financial support granted by the Fundação para a Ciência e a Tecnologia (FCT) and the Programa Praxis XXIinfo:eu-repo/semantics/publishedVersio

Plano de marketing para Academia Kids Doutor Finanças

A educação financeira é um dos temas em destaque nos diferentes organismos nacionais e internacionais. A OCDE reconheceu recentemente que este é um dos pilares essenciais ao desenvolvimento de mercados financeiros sustentáveis e, consequentemente ao bem-estar económico das famílias. As crianças são consideradas o alvo prioritário da educação financeira, sendo o objetivo torná-las adultos capazes de fazer escolhas financeiras mais conscientes. Além disso, os mais novos são quem mais influência o processo de compra dos agregados familiares. O Doutor Finanças tem demonstrado uma intenção clara de ajudar as famílias portuguesas a terem vidas financeiras mais sustentáveis. A empresa acredita que não basta ajudar na negociação e contratação de produtos financeiros, é essencial que cada família adquira conhecimentos sólidos que as permita controlar o seu orçamento de forma consciente. O presente estudo tem como objetivo estruturar o Plano de Marketing para a Academia Kids Doutor Finanças. Desta forma, será dada continuidade as ações que o Doutor Finanças tem realizado desde 2019 junto deste público alvo. Com este projeto conclui-se que, apesar de não existir fonte de captação direta de receitas, é possível recuperar em três anos o investimento feito pela empresa. Neste caso, as vendas resultam do impacto no "brand equity" da marca provocado por este projeto.Financial education is one of the themes highlighted in different national and international organizations. The OECD has recently recognized that this is one of the essential pillars for the development of sustainable financial markets and, consequently, for the economic well-being of families. Children are considered the target of financial education, with the primary objective being to make them capable adults of making more conscious financial choices. Furthermore, the youngest are the ones who influence the most the household purchasing process. Doutor Finanças has shown a clear intention to help Portuguese families to have more sustainable financial lives. The company believes that helping in the negotiation and contracting of financial products is not enough, it is essential that all families acquire solid knowledge that allows them to consciously control their budget This study aims to structure the Marketing Plan for "Academia Kids Doutor Finanças". Therefore, the actions that Doutor Finanças has carried out with this target audience, since 2019, will be continued. In conclusion, with this project we realize that, although there is no source of direct revenue income, it is possible to recover the investment made in three years with the sales result from the impact on brand equity caused by this project

O cuidado promotor de integridade cutânea no recém-nascido pré-termo

O presente relatório reflete o percurso formativo realizado no âmbito do 9º Curso de Mestrado em Enfermagem na área de Especialização de Enfermagem de Saúde Infantil e Pediatria. Aqui, pretendo retratar as aprendizagens pessoais, profissionais e académicas que contribuíram para o desenvolvimento das competências comuns do enfermeiro especialista (EE) e específicas do enfermeiro especialista em enfermagem de saúde infantil e pediatria (EEESIP). Ao longo deste percurso passei pelas diferentes áreas da pediatria: saúde comunitária, centro de desenvolvimento, internamento pediátrico, serviço de urgência e unidade de neonatologia, de forma a adquirir conhecimento comum e específico da área da pediatria e a desenvolver competências especificas do EEESIP. A metodologia utilizada para a elaboração deste documento foi a descritiva, analítica e reflexiva, utilizando a evidência científica como base fundamental e os contributos retirados da prática clínica. Neste processo formativo, para sustentar teoricamente a problemática aqui exposta e orientar o estudo, identifiquei o Modelo de Sistemas de Betty Neuman como o suporte teórico primordial, guiando as boas práticas clínicas para os Cuidados para o Desenvolvimento e apoiando-se nos Cuidados Centrados na Família e nos Cuidados Não Traumáticos. A inquietação sobre o tema O Cuidado Promotor de Integridade Cutânea no Recém-Nascido (RN) Pré-Termo advém da minha experiência pessoal na neonatologia e da necessidade crescente que existe de tratamento aos RN com lesão da pele. A ausência de protocolos e de estudos que refletem esta prática clínica, bem como das boas práticas que devem ser utilizadas, surgiram da confirmação do aumento do número de feridas existentes, através do uso de escalas de avaliação da integridade cutânea. A manutenção da integridade cutânea é uma prática promotora da saúde e uma intervenção autónoma do enfermeiro, esta deve estar presente diariamente nos cuidados ao RN pré-termo de forma a promover o seu desenvolvimento neurossensorial, envolvendo toda a equipa multidisciplinar e a família, promovendo os cuidados centrado na família e o desenvolvimento pleno do RN pré-termo.The present report reflet my formative journey within the framewok of the 9th Course in Nursing – Specialization in Child Nursing and Pediatrics. Therefore, aims to reproduce the personal, professional and acamedic learnings which contributed for the acquisition of the competencies as a specialized nurse and specialized nurse in pediatrics. During this academic program I went through all the different áreas: Pediatric Community Health, Development Pediatric Center, Pediatric Ward, Accident and Emergency Pediatric and Neonatology Ward, in order to get common and specific knowledge to develop specific skills as a Specialized nurse in pediatrics. The methodology used for the formulation of this report was descriptive, analitic and reflective, based on scientific evidence as the fundamental basis and contributions drawn from clinical practice. In this formative process, to theoretically sustain and to guide the study, I identified the Betty Neuman Systems Model as essential theorical support and guiding good clinical practice for development care and support the Family Centered Care and Non Traumatic Care. The concern about the topic of care promotor of skin integrity in the preterm newborn comes from my personal experience in neonatology and the increasing need for treatment of wounds in this population. The lack of protocols and studies to reflect this clinical practices, as well as the good practice which should be used to confirm the increased number of wounds, through the use of cutaneous integrity assessment scales. The maintenance of cutaneous integrity is a health promotion practice and an autonomous nurse intervention, that should be present daily during the cares to the preterm newborn to promote their sensorineural development, including the muldisciplinar team and family, fomenting the family Centered Care and the full development of the preterm newborn

Explaining Accounting Policy Practices Under IFRS: The Role of Institutional Factors

Available at SSRN: https://ssrn.com/abstract=2869902 or http://dx.doi.org/10.2139/ssrn.2869902We argue and document that persistent institutional factors determine managerial accounting policy practice under IFRS. In an analysis of accounting choice across thirteen European countries, we study both overt and covert choices, aggregating them to measure their impact over income, thereby focusing on firm overall accounting strategy and not only on individual choices. Our results indicate that institutional factors significantly explain the observed heterogeneity in accounting policy practices and that firm characteristics have a smaller role in explaining them. Capital market structure and tax-alignment are particularly important factor in driving accounting practice. Contrary to the recent emphasis on enforcement as a key institutional factor, our evidence indicates it is a second order factor, when controlling for other institutional factors. Keywords: Accounting policy practices, International differences, IFRS, institutional factors, managerial reporting incentives JEL Classification: M41, M44, M4

pH-responsive hybrid nanoassemblies for cancer treatment: formulation development, optimization, and in vitro therapeutic performance

Current needs for increased drug delivery carrier efficacy and specificity in cancer necessitate the adoption of intelligent materials that respond to environmental stimuli. Therefore, we developed and optimized pH-triggered drug delivery nanoassemblies that exhibit an increased release of doxorubicin (DOX) in acidic conditions typical of cancer tissues and endosomal vesicles (pH 5.5) while exhibiting significantly lower release under normal physiological conditions (pH 7.5), indicating the potential to reduce cytotoxicity in healthy cells. The hybrid (polymeric/lipid) composition of the lyotropic non-lamellar liquid crystalline (LNLCs) nanoassemblies demonstrated high encapsulation efficiency of the drug (>90%) and high drug loading content (>7%) with colloidal stability lasting at least 4 weeks. Confocal microscopy revealed cancer cellular uptake and DOX-loaded LNLCs accumulation near the nucleus of human hepatocellular carcinoma cells, with a large number of cells appearing to be in apoptosis. DOX-loaded LNLCs have also shown higher citotoxicity in cancer cell lines (MDA-MB 231 and HepG2 cell lines after 24 h and in NCI-H1299 cell line after 48 h) when compared to free drug. After 24 h, free DOX was found to have higher cytotoxicity than DOX-loaded LNLCs and empty LNLCs in the normal cell line. Overall, the results demonstrate that DOX-loaded LNLCs have the potential to be explored in cancer therapy.This research was funded by FCT/MCTES—Foundation for Science and Technology I.P. from the Minister of Science, Technology, and Higher Education (PIDDAC) and European Regional Development Fund (ERDF) by the COMPETE—Programa Operacional Factores de Competitividade (POFC) through the project CONCERT [POCI-01-0145-FEDER-032651 and PTDC/NAN-MAT/326512017]. This work was also supported by the Portuguese Foundation for Science and Technology (FCT) in the framework of the Strategic Funding UIDB/04650/2020 and UIDB/04050/2020 (CF-UM-UP and CBMA). The authors are grateful for the support of the BioISI center grant (UIDB/04046/2020 and UIDP/04046/2020), financed by FCT. R.M. acknowledges FCT I.P. for funding within the Scientific Employment Stimulus instrument (CEECIND/00526/2018)

Implementação dum sistema integrado de gestão de resíduos no Campus da UA

Mestrado em Gestão do Ambiental, Materiais e Valorização de ResíduosUm dos problemas considerado mundialmente como urgente e fundamental, associado à gestão ambiental é o da gestão dos resíduos. O padrão de desenvolvimento actual traduz-se na exploração intensa dos recursos existentes e na produção excessiva de resíduos. Os números são impressionantes e fazem da gestão de resíduos um tema de topo nas agendas ambientais. A sociedade e, em particular as Instituições de Ensino Superior (IES), devem encarar o problema, responder de forma activa e assumir-se como um exemplo de progresso no caminho da sustentabilidade. Com o estudo do caso do campus da Universidade de Aveiro (UA), pretendese determinar em que medida a implementação de um Sistema de Gestão de Resíduos (SGR) numa IES pode contribuir para a melhoria do seu desempenho, nas vertentes ambiental, económica e social. Esta dissertação pretende ainda fornecer orientações para IES que pretendam gerir os resíduos gerados nos seus campi. O Projecto GeReSUA II apurou informações, através de várias entrevistas, relativamente aos meios alocados para a gestão de resíduos, à tipologia produzida, ao conhecimento e à sensibilização da comunidade universitária para a temática. Após análise dos resultados da quantificação de produção de resíduos sólidos urbanos e outras tipologias, bem como do inventário aos resíduos produzidos nos vários laboratórios do campus, o GeReSUA II adianta nesta dissertação algumas soluções de encaminhamento mais sustentáveis que as actuais e apresenta um programa alicerçado na sustentabilidade ambiental, económica, social e de cidadania, com a gestão e monitorização centralizadas da produção de resíduos, conseguidas através da criação dum Parque Central de Resíduos e da constituição duma equipa de gestão que garanta a sua prossecução. Pode concluir-se que um sistema como este poderá trazer grandes vantagens para o funcionamento sustentável do campus, nomeadamente: i) a centralização da informação sobre a produção de resíduos do campus, crucial para o cumprimento legal, de acordo com o disposto no Decreto-Lei n.º 178/2006, que estabelece a obrigatoriedade de reporte anual no SIRAPA, através da concentração da gestão de resíduos da UA numa equipa de gestão do Parque; ii) a prestação de auxílio às Unidades na dissolução de dúvidas no relativo ao encaminhamento final dos resíduos produzidos; iii) negociação de novos contratos globais e avaliação da sua renovação; iv) aproveitamento do know-how interno nas suas diversas especialidades em prol da implementação dum sistema de gestão.One of the world’s most urgent and fundamental problems associated with environmental management is the waste management. The current pattern of development is the intense exploitation of existing resources and the excessive waste production. The numbers are impressive and make the waste management one of the top issues of the environmental agendas. Society, and in particular the Higher Education Institutions (HEI), must face the problem and address it in an active way, standing as an example of development in the path of sustainability. With the analysis of a case study, the University of Aveiro campus, we want to determine in what way the implementation of a Waste Management System (WMS) in a HEI can contribute to improve the environmental, economical and social performance of the institution. This paper also aims at supplying orientation to other HEI that might want to manage the wastes generated on their campus. The GeReSUA II Project gathered information through several interviews, regarding the available means for waste management, the produced typology, the knowledge and the awareness of the university community on this subject. After analyzing the results of the quantifying of production of municipal and other solid waste, as well as inventorying the waste produced in the several laboratories on campus, GeReSUA II introduces in this paper some more sustainable follow-up solutions than the existing ones and presents a program based on environmental, economic, social and citizenship sustainability, by using central management and monitoring of waste production, through the creation of a Central Waste Park and the assembling of a management team that can guarantee its execution. We can conclude that a system like this one can bring big benefits for the sustainable running of the campus, namely: i) Centralizing information on the campus waste production, essential for the enforcement of the provisions in Decree-law 178/2006, that states the obligation to present an annual report to SIRAPA, through the concentration of UA’s waste management in a management team for the Park; ii) Providing assistance to the Units in clarifying doubts regarding the final routing of the waste produced; iii) Negotiating new global contracts and assessing their renewal; iv) Using the several skills of the internal know-how to implement a management system