Distribution and reasons explaining mergers and acquisitions (M&A) in the EU countries and the US

The M&A phenomenon has more than one century and has reached a particular highlight as the previous millenium went away. In fact, several mega operations occurred in the late nineties, particulary between 1998 and 2000, and it was very well widespread by worldwide media. The growing importance and dimension of the capital markets and also new business strategies seem to provide a major role for business combinations in a more global economy. The purpose of this paper is to analyse the M&A distribution among EU countries and the US. To achieve that we used several data, such as M&A activity and market capitalization, from 1990 to 1999. We also present some reasons that could explain the evolution of M&A activity in the EU in the nineties. The methodology used in the study is based on the regression model and in the 2000 European Comission M&A report.Instituto Politécnico de Braganç

Some evidence about how corporations perceive the success in M&A

URL: http://www.eiasm.org/associations/eaa/presentation.asp?id=1795 Conference URL: http://files.eiasm.org/eaa/pastconferences/2004.htmFinancial analysts, academics and media often warn about the risks inherent to Mergers & Acquisitions (M&A). In fact, failures are not uncommon in corporate M&A. Several studies concluded that M&A usually provide negative returns to the shareholders of the bidder corporations both in the short and medium terms. Other studies, using financial indicators such as return on investment (ROI), also suggested a negative performance from M&A deals. However, the success definition in M&A goes beyond the conclusions of that type of studies. After all, despite financial markets pressure, numbers are not everything in corporations’ existence. The aim of this paper is to discuss how corporate managers measure the success in M&A. We carried on a global study about M&A in Portugal, using the questionnaire methodology, which included the assessment of success by corporate managers. Some questions were made such as Hunt (1987) to make possible further comparisons between Portugal and the United Kingdom (UK). We also used some other evidence, brought by international consulting firms, to assess how much our findings could differ from other scenarios.FC

Characterization of insulin-loaded alginate nanoparticles produced by ionotropic pre-gelation through DSC and FTIR studies

Insulin-loaded nanoparticles were prepared by ionotropic pre-gelation of alginate with calcium chloride followed by complexation between alginate and chitosan. The influence of the pH and stoichiometry relationship between polyelectrolytes providing individual particles with a nano-scale size was assessed by photon correlation spectroscopy (PCS) and scanning electron microscopy (SEM). Insulin-polyelectrolyte interactions at varying pH and polyelectrolytes stoichiometry were assessed by differential scanning calorimetry (DSC) and Fourier-transform infrared (FTIR) studies. Individual and smaller sizing nanoparticles, around 800 nm, were obtained at pH 4.7 with an alginate:chitosan mass ratio of 6:1. Thermograms of insulin-loaded nanoparticles originated shifts on same unloaded nanoparticle peaks and suggested polyelectrolytes-protein interactions at pH around 4.5-5.0. FTIR spectra of insulin-loaded nanoparticles showed amide absorption bands characteristic of protein spectra and revealed the formation of new chemical entities.http://www.sciencedirect.com/science/article/B6TFD-4JKYTNH-1/1/f2878177436b8ca802aa251efe948a9

Collaborative learning and ICT use in French for specific purposes classes

In recent decades, telecollaboration has become more frequent in different teaching contexts, with regular publication of studies on this type of practice [1]. Based on the interaction, mediated by digital communication tools, between students from different geographical, cultural and/or linguistic contexts, telecollaboration favours sharing, dialogue and debate, contributing to the consolidation of linguistic, cultural and digital competences and, therefore, being a pedagogical option increasingly valued in the context of foreign language teaching-learning [2]. This paper describes a collaborative learning experiment developed (from October 2020 to January 2021) between two French for Specific Purposes (FOS) classes (25 students), from two undergraduate courses taught in Portuguese higher education institutions. This project, which took place in the first semester of 2020/2021, aimed, above all, to interact with FOS students from different scientific areas (Office Management and Business Communication (OMBC) and Tourism and Cultural Management (TCM)), thus favouring interdisciplinarity. This article, based on data collected through a questionnaire applied to participants in January 2021, presents some digital tools that students used to accomplish the work and describes the technical and soft skills developed by the participants. The technological solutions that students preferred to communicate and share information were WhatsApp, Zoom and MSTeams. Web pages of companies, airlines and accommodation/restaurant service providers were the most used sources of information by the students. For French text validation, students refer to Linguee and GoogleTranslator as the most relevant. The soft skills that were mentioned by the respondents as being the most developed were "tolerance", "resilience" and "autonomy".publishe

El aborto como causa de mortalidad materna: una reflexión sobre el cuidado de enfermería

O aborto é um tema polêmico e um sério problema de saúde pública mundial, responsável pela manutenção das altas taxas de mortalidade materna em muitos países em desenvolvimento. No Brasil, por se tratar de um ato ilegal, muitas mulheres que não desejam manter uma gestação acabam por procurar clínicas clandestinas, submetendo-se ao aborto em condições precárias, o que acarreta graves consequências à sua saúde física e psicológica e à própria vida. Como enfermeiras, reconhecemos a magnitude das questões que permeiam as discussões sobre o abortamento e a mortalidade materna no cenário das políticas de saúde que envolvem a área da saúde da mulher e, dessa forma, nos propomos, com este artigo, realizar uma reflexão acerca do aborto como causa de mortalidade materna.Abortion is a polemic theme and a serious public health problem in the world, responsible for the maintenance of high maternal death rates in many developing countries. In Brazil, even though it is an illegal act, many women who do not wish to maintain their pregnancy end up seeking underground clinics where they undergo abortions in precarious conditions, carrying with it grave consequences to their physical and mental health and even their own lives. As nurses, we recognize the magnitude of these questions that permeate discussions about abortion and maternal death regarding health policy involving the area of women's health, and for this reason intend to, with this article, induce a reflection concerning abortion as a cause of maternal death.El aborto es un tema polémico y un serio problema de salud pública mundial, responsable por el mantenimiento de las altas tasas de mortalidad materna en muchos países en desarrollo. En Brasil, por tratarse de un delito, muchas mujeres que no desean continuar con un embarazo acaban buscando clínicas clandestinas sometiéndose al aborto en condiciones precarias, lo que ocasiona graves consecuencias a su salud física y psicológica y a su propia vida. Como enfermeras, reconocemos la magnitud de las cuestiones que engloban las discursiones sobre el aborto y la mortalidad materna en el escenario de las políticas de salud relacionadas con el área de la salud de la mujer y, de esta forma, nos proponemos, con este artículo, realizar una reflexión sobre el aborto como causa de mortalidad materna

Evaluation of different rotary devices on bone repair in rabbits

In oral surgery, the quality of bone repair may be influenced by several factors that can increase the morbidity of the procedure. The type of equipment used for ostectomy can directly affect bone healing. The aim of this study was to evaluate bone repair of mandible bone defects prepared in rabbits using three different rotary devices. Fifteen New Zealand rabbits were randomly assigned to 3 groups (n=5) according to type of rotary device used to create bone defects: I - pneumatic low-speed rotation engine, II - pneumatic high-speed rotation engine, and III - electric low-speed rotation engine. The anatomic pieces were surgically obtained after 2, 7 and 30 days and submitted to histological and morphometric analysis. The morphometric results were expressed as the total area of bone remodeling matrix using an image analysis system. Increases in the bone remodeling matrix were noticed with time along the course of the experiment. No statistically significant differences (p>0.05) were observed among the groups at the three sacrificing time points considering the total area of bone mineralized matrix, although the histological analysis showed a slightly advanced bone repair in group III compared to the other two groups. The findings of the present study suggest that the type of rotary device used in oral and maxillofacial surgery does not interfere with the bone repair process.A ostectomia é uma manobra cirúrgica fundamental que pode afetar a reparação tecidual de modo a aumentar a morbidade do procedimento. O tipo de equipamento e/ou instrumental utilizado para a ostectomia pode influenciar diretamente no reparo ósseo. O objetivo deste trabalho foi analisar o processo de reparação óssea em defeitos realizados em mandíbula de coelho com três diferentes equipamentos. Quinze coelhos foram aleatoriamente divididos em 3 grupos (n=5) de acordo com o equipamento usado para preparacão de 3 cavidades ósseas com brocas padronizadas: I) motor de baixa rotação pneumático, II) motor de alta rotação pneumático e III) motor de baixa rotação elétrico, todos com refrigeração constante. Após os períodos experimentais de 2, 7e 30 dias, as peças anatômicas foram removidas e submetidas a análises microscópica e histomorfométrica. Não houve diferença estatisticamente significante (p>0,05) entre os grupos nos 3 períodos experimentais, considerando-se a área total de matriz óssea mineralizada, embora a análise microscópica tenha revelado uma tendência a um processo de reparação óssea um pouco mais adiantado no grupo III, quando comparado aos demais grupos. Os resultados deste estudo sugerem que o tipo de equipamento rotatório utilizado em cirurgia bucomaxilofacial não interfere no reparo ósseo.Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)Sacred Heart University Department of Oral SurgeryFederal University of São Paulo Department of Health SciencesUNIFESP, Department of Health SciencesSciEL

Caracterização genotípica dos fatores de virulência em amostras de Escherichia coli isoladas de pacientes com cistite

Adhesins (P-fimbriae, S-fimbriae, type 1 fimbriae and afimbrial adhesin), toxins (α-hemolysin and cytotoxic necrotizing factor type 1), iron acquisition systems (aerobactin) and host defense avoidance mechanisms (capsule or lipopolysaccharide) have been shown to be prevalent in Escherichia coli strains associated with urinary tract infections. In this work, 162 Uropathogenic Escherichia coli (UPEC) strains from patients with cystitis were genotypically characterized by polymerase chain reaction (PCR) assay. We developed three multiplex PCR assays for virulence-related genes papC, papE/F, papG alleles, fimH, sfa/foc, afaE, hly, cnf-1, usp, cdtB, iucD, and kpsMTII, all of them previously identified in UPEC strains. The PCR assay results identified 158 fimH (97.5%), 86 kpsMTII (53.1%), 53 papC/papEF/papG (32.7%), 45 sfa (27.8%), 42 iucD (25.9%), 41 hly (25.3%), 36 usp (22.2%), 30 cnf-1(18.5%) and 10 afa (6.2%) strains. No strain was positive for cdtB. In this work, we also demonstrated that adhesins may be multiple within a single strain and that several virulence genes can occur combined in association.Adesinas (Fímbria P, fímbria S, fímbria do tipo 1 e a adesina afimbrial), toxinas (α-hemolisina e o fator necrosante citotóxico do tipo 1), sistemas de captação de ferro (aerobactina), e mecanismos de defesa do hospedeiro (cápsula ou lipopolissacarídeo) são prevalentes em amostras de Escherichia coli associadas a infecções do trato urinário. O objetivo deste trabalho foi caracterizar genotipicamente 162 amostras de Escherichia coli uropatogênica (UPEC) de pacientes com cistite através do ensaio da reação em cadeia da polimerase. Foram realizados três ensaios de PCR multiplex para os seguintes fatores de virulência: papC, papE/F, alelos de papG, fimH, sfa/foc, afaE, hly, cnf-1, usp, cdtB, iucD, e kpsMTII. Os resultados da PCR identificaram, 158 amostras fimH (97,5%), 86 amostras kpsMTII (53,1%), 53 amostras papC/papEF/papG (32,7%), 45 amostras sfa (27,8%), 42 amostras iucD (25,9%), 41 amostras hly (25,3%), 36 amostras usp (22,2%), 30 amostras cnf-1 (18,5%) e 10 amostras afa (6,2%). Nenhuma amostra foi positiva para o gene cdtB. Neste trabalho, demonstramos que podemos encontrar múltiplas adesinas em uma única amostra e que diferentes genes de fatores de virulência podem ser encontrados em associação

An application of the SMED methodology in an electric power controls company

Lean production is a strategy for high competiveness in manufacturing. The capability for economical manufacture in small batch sizes is an essential requirement for achieving lean production. This facilitates mixed production of several kinds of products to match varying product demand and can have a major impact in reducing inventories. An obvious requirement for this is the high frequency of equipment setups or product changeovers. This will not be attractive unless set-up times and costs can be reduced to competitive levels. The application of SMED can achieve this. SMED is a well-established methodology involving a set of techniques, methods and guidelines to achieve fast product changeovers at machines. This paper describes the application of SMED in the production process of plastic and metal components required for the assembly of several types of circuit breakers. The work was carried out during a short period of a few months under a master thesis project. Several important SMED strategies and solutions were implemented and evaluated in terms of their impact on productivity and on other manufacturing performance measures. Three specific machines were involved: a punch-bending machine, a punch press and an injection moulding machine. An important contribution was made by introducing innovative and simple solutions such as adapting tools and normalizing changeover operations. Most of the achieved results exceeded the initial expectations. Beyond the purely technical and economic benefits of SMED, better workstations’ ergonomic conditions were also attained. Besides the usual quantification of setup time reduction, other indicators were calculated, namely: work-in- process (WIP), annual setup cost and distance travelled by operators during the changeover process. Reductions of setup time varying from 59% to 90% were achieved. WIP of metal components was reduced from 17.05 to 7.74 days reducing more than 50% on the corresponding costs. A more impressive reduction on WIP was obtained for plastic parts, actually from 5 to 1.09 days of work corresponding to a WIP cost reduction of over 80%. The distance travelled by operators during the changeover process was dramatically reduced too: typically a reduction from 300 m to 10 m and less. The total annual cost savings projection, in this small area of parts production, is near 20,000 €. Although large benefits were obtained from the study, scope for further improvement still exists. In fact the objective of product changeover times below 10 minutes aimed by SMED was not achieved in one case.Universidade do MinhoFundação para a Ciência e a Tecnologia (FCT

Da análise de funções à análise de necessidades de formação em contexto autárquico

Relatório de estágio de mestrado em Educação (área de especialização em Formação, Trabalho e Recursos Humanos)A dinâmica da Administração Local e a maximização do contributo das pessoas para o seu melhor desempenho exige um vasto conjunto de competências aos dirigentes, chefias e demais trabalhadores. Os novos desafios e, ainda, a emergência de novos problemas sociais, tornam fundamental a formação e a gestão da formação consubstanciadas em processos de detecção de necessidades adequados com os quais se possa efectivamente contribuir para a valorização dos recursos humanos. A problemática central, aqui considerada, pretende olhar as crescentes exigências de funcionamento das organizações públicas, em particular as autarquias, os interesses e expectativas das pessoas e grupos de trabalho, bem como da sociedade em geral. Neste âmbito, a definição do perfil funcional, a partir das especificidades das tarefas desenvolvidas, levou à análise e interpretação dos desvios, das discrepâncias em relação às competências requeridas na actividade laboral e as funções/tarefas exercidas e a exercer, no sentido de a partir de uma reflexão fundamentada, participada e contextualizada, empreender uma análise de necessidades de formação. A investigação realizada permite a elaboração da descrição do conteúdo funcional específico do Publico Alvo, detetando as competências profissionais e pessoais requeridas em função de uma análise de necessidades de formação, numa abordagem qualitativa e sob uma perspetiva humanista, quer a nível individual como organizacional. Sob a forma de propostas, a par das necessidades de formação e as respetivas áreas e formação a promover, são indicadas novas formas de efectivar descrições de conteúdo funcional, no sentido de deter as informações necessárias para futuros processos formativos.The dynamics of local administration, a maximization of people’s contribution to improve performance, both require a broad set of skills to managers, supervisors and other workers. The new challenges and also the uprise of new social problems, makes training management processes absolutely crucial and fundamental, embodied in appropriate detection needs with which they can effectively contribute for the development of human resources. The central issue here considered intends to study the increasing demands of working methods operating in public organizations, particularly in local authorities; the interests and expectations of people and working groups, as well as society in general. In this context, the definition of the functional profile, based on the specifities of their tasks, led to the analysis and interpretation of deviations, discrepancies regarding the competencies required in their work activities and their roles or tasks carried out, in order to form a well-funded, participative reflection to undertake a contextual and effective training needs analysis. The accomplished investigation leads to the development of the description of the specific functional contents of the public being studied, detecting the professional and personal skills required in terms of a training needs analysis, a qualititive up approach from a humanistic perspective both individually and organizationally. In form of proposals, together with training needs and the respective areas to promote training, new forms of descriptions for functional effect are given with the aim of maintaining all necessary information for future processes related to training needs

Questões de soberania e o pensamento sobre o bárbaro

Resumo: O problema que propomos tem como fundamento discutir a função da figura do Bárbaro como representante da exclusão política. Para Foucault o Bárbaro é a figura do inadaptável. Por sua vez Jaques Derrida nomeia outra figura que também representa a barbárie, a Besta. Ambas representam a forma pela qual a política moderna se estruturou para erguer a idéia de civilidade que em nome da seguridade tende excluir o insubordinável e o diferente.Palavras-chave: Bárbaro, Besta, Civilizado, Michael Foucault, Jacques Derrida.Abstract : Le problème que nous proposons est basée la discussion sur le rôle de le Barbare comme une figure représentative de l'exclusion politique. Pour Foucault le Barbare est la figure de inadaptables. Jacques Derrida nomme à son tour une autre figure représente également la barbarie, la Bête. Les deux représentent de la manière dont la politique moderne est structurée de manière à soulever l'idée de civilité dans le nom de la sécurité qui tend à exclure lo insubordinável et lo différent.Mots-clés: Barbare, Bête, Civilisée, Michael Foucault, Jacques Derrida