Consumption, Wealth, Stock and Housing Returns: Evidence from Emerging Markets

In this paper, we show, using the consumer's budget constraint, that the residuals of the trend relationship among consumption, aggregate wealth, and labour income should predict both stock returns and housing returns. We use quarterly data for a panel of 31 emerging economies and find that, when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing assets are complementary to stocks, then investors react in the same way. If, however, the increase in the exposure through risky assets is achieved by lowering the share of wealth held in the form of housing (i.e., when stock and housing assets are substitutes), then they will temporarily reduce their consumption.consumption, wealth, stock returns, housing returns, emerging markets

Are Stock and Housing Returns Complements or Substitutes?: Evidence from OECD Countries

In this paper we use a representative consumer model to analyse the equilibrium relation between the transitory deviations from the common trend among consumption, aggregate wealth, and labour income, cay, and focus on the implications for both stock returns and housing returns. The evidence based on data for 15 OECD countries shows that when agents expect future stock returns to be higher, they will temporarily allow consumption to rise. Regarding housing returns, if housing assets are seen as complements to stocks, then investors react in the same way, but if they are instead treated as substitutes consumption will be temporarily reduced.consumption, wealth, stock returns, housing returns, OECD countries

Durability of etics incorporating high reflectance pigments in finishing coatings

The increase of the durability of building materials and components presents great importance since it contributes to a more sustainable environment by increasing its service life. The development of new building materials and technologies with improved thermal characteristics, such as ETICS with high reflectance coatings, contributes to meet the thermal requirements defined by the European regulation. However, the importance of the durability assessment of new solutions cannot be understated as it plays a key role in the prevention of future early degradation. This paper has the objective of assessing the durability of ETICS incorporating high reflectance pigments in organic coatings. The solar reflectance can be increased through optimized material formulations with the inclusion of nanoparticles in coatings. If the near-infrared (NIR) solar absorption is reduced, the referred benefits can be achieved even in darker colours. One of the main concerns is the durability of the entire system, but the stability of the darker colours must also be taken into account. As such, relevant parameters solar absorptance, surface temperature and colour were measured in a long-term in-situ experimental campaign, in ETICS specimens with distinct coatings. The effect of the thermal insulation layer, in the referred parameters, was also evaluated, by measuring the effect of the same coatings in samples with traditional substrates. The solar absorptance was measured with a pyranometer with an adapted methodology based on the ASTM E1918 standard. The surface temperature of the samples was continuously monitored for an extended period enabling a comparison of the benefits under different climatic conditions. The colour was determined by the CIELAB colour space, by measuring the L*A*B parameters. The results showed that the incorporation of high reflectance pigments leads to a decrease in the solar absorptance and surface temperature even in darker colours. The pigments also influenced the lightness of the coating, by increasing the L parameter. The potential benefits of these thermal enhanced systems combine an enhanced thermal performance, durability and a higher diversity of aesthetic features

Longevity of risks in software development projects: a comparative analysis with an academic environment

The study presented in this paper was developed in an academic environment. All subjects involved in this research are enrolled in the Information Systems Master’s Degree of the University of Minho. The main objective of this study is to demonstrate the need for the continuity of studies about the risks presented in software development projects. For this purpose, we analyzed more than four hundred risks and about one hundred problems faced and documented by the working groups. With the collected data we defined a list of twenty risks and conducted a comparative study of these risks with others already formalized in previous industrial studies. The comparison data was analyzed and interpreted, and important conclusions were made.info:eu-repo/semantics/publishedVersio

Colour degradation of facade coatings - the effect of nanopigments incorporation

The increasing interest in the use of a wide range of colours in buildings, especially dark colours, may lead to the early degradation of the facades, compromising their aesthetic and thermal performance. On the other hand, the incorporation of nanopigments with high reflectance properties can contribute to reducing the absorption of solar radiation. The nanoparticles contribute to increasing the solar reflectance of coatings, decreasing the surface temperature and improving the coating performance. This work evaluates the natural degradation of the colour of finishing coat with nanopigments in ETICS. The colour parameters were evaluated in different ETICS specimens, considering the colour black and red with and without incorporated nanopigments, under natural ageing. The colour measurement was performed according to ISO 1164-4, using a portable spectrophotometer. The results confirmed that the use of nanopigments improved the colour durability, promoting the maintenance of the colours parameters. The total colour difference was lower than the perceptible by the human eyes, even as the lower variation on chroma and hue parameters of the colours with nanopigments. In summary, the incorporation of nanoparticles in finishing coat of ETICS can contribute to increasing their durability and improve their thermal performance without compromising the aesthetic characteristics

Solar reflectance of ETICS finishing coatings - a comparison of experimental techniques

The solar reflectance has a significant role in the thermal behaviour and surface temperature of ETICS finishing coats. Incomplete information of solar reflectance of ETICS with nanopigments can sometimes difficult their adequate selection. In this work, the solar reflectance of different ETICS finishing coats was measured using two distinct methodologies, and the importance of the adopted procedure was discussed. The experimental methodologies used were: i) the adapted conventional pyranometer technique (non-ASTM E 1918A), which measures the global solar reflectance; and ii) the use of the spectrophotometry, to measure the spectral reflectance. It was verified that the El 918A methodology is more sensitive to environmental conditions than the spectrophotometry procedure. Also, the calculation of solar reflectance with spectrophotometer can be carried out by the 50 or 100 ordinates. However, the surface characteristics, as the concentration of pigments and roughness, affect more the solar reflectance measured with the spectrophotometer than with the pyranometer. It was verified that the nanopigments could improve solar reflectance and change the spectral reflectance. The results showed that, if the procedure is well applied, both methodologies could be used to evaluate the advantages of incorporating nanopigments in facade finishing coatings and also to assess the durability of these materials

Adesão de brackets ortodônticos a superficies acrílicas. Uma revisão sistemática sobre estudos in vitro

Supplementary content Supplementary data associated with this article can be found, in the online version, at http://doi.org/10.24873/j.rpemd.2017.07.020.Objectives: The aim of this study was to systematically review the available literature about in vitro orthodontic bond strength tests regarding bonding brackets to acrylic teeth. Methods: A comprehensive electronic database search with no date or language limits was conducted. Relevant studies were selected based on predefined criteria: in vitro investigation on the shear/tensile bond strength of brackets evaluated and expressed in megapascals and/or considering the adhesive remnant index; and studies with a clear explanation of the bonding technique/protocol, bonding materials and type of surface acrylic material used. Results: 2044 published articles were presented by the four databases. Of the studies collected from all the databases, 28 based on their title and 14 based on their abstract, only 10 studies fulfilled the selection criteria after being examined twice by the two reviewers. Conclusion: The type of surface noticeably influenced the adhesion, and surface treatments should be performed to improve bond strength. (Rev Port Estomatol Med Dent Cir Maxilofac. 2017;58(2):65-70)Objetivos: O objetivo deste estudo foi efetuar uma revisao sistematica da literatura sobre testes in vitro de resistencia a adesao entre brackets ortodonticos e dentes acrilicos. Métodos: Foi realizada uma pesquisa abrangente em bases electronicas, sem limites de data ou idioma. Os estudos relevantes foram selecionados com base nos seguintes criterios pre-definidos: investigacao in vitro sobre resistencia ao cisalhamento/tracao dos brackets avaliada e apresentada em megapascais e/ou considerando o indice de adesivo remanescente; estudos com explicacao clara da tecnica/protocolo de adesao, adesivos e tipo de material acrilico das superficies. Resultados: dos 2044 artigos publicados apresentados pelas quatro bases de dados electronica, 28 foram selecionados com base no titulo e 14 com base no resumo. Apenas 10 obedeceram aos criterios definidos e foram incluidos apos analise por dois revisores, duas vezes. Conclusão: O tipo de superficie parece influenciar a adesao e o tratamentos destas deve ser realizado para melhorar a adesao. (Rev Port Estomatol Med Dent Cir Maxilofac. 2017;58(2):65-70)The author M.C. Manso acknowledges Fundacao para a Ciencia e a Tecnologia through grant UID/Multi/04546/2013 and UID/QUI/50006/2013 – POCI/01/0145/FERDER/007265