Application of the real options theory to investment appraisal : the case of a photovoltaic investment

Dissertação de mestrado integrado em Engenharia e Gestão IndustrialWrong investment decisions today can lead to situations in the future that will be unsustainable and lead eventually to the bankruptcy of enterprises. Therefore, good financial management combined with good capital investment decisionmaking are critical to the survival and long-term success of the firms. Traditionally, the discounted cash flow (DCF) methods (e.g. NPV – Net Present Value and IRR – Internal Rate of Return) have been worldwide used to evaluate project investments. However, given that today investments are characterized by high risks and uncertainty, DCF methodologies might be inadequate to deal with these issues. Some authors argue that only the techniques that can appropriately address the problem of uncertainty should be applied. In this paper, the major differences between the traditional methods and Real Options Theory (ROT) were analysed, in the context of an investment in the energy sector. Energy shortage, global warming, and climate change led to an increase in the use of alternative sources of energy, with renewable energy sources (RES) playing a fundamental role in this new energetic paradigm. However, the investment costs often constitute a major barrier to their spread use. Moreover, the overall benefits of renewable energy technologies are often not well understood and consequently they are often evaluated to be not as cost effective as traditional technologies. The way investors evaluate their investments call now for the use of more sophisticated evaluation techniques. Real Options approach can deal with these issues and, as so, began to be considered and applied for the energy sector decision aid. A large set of applications in almost all fields of energy decision making, from electricity generation, technologies appraisal and to policy evaluation is available in the literature. However the use of this technique in the field of RES is still limited and worth to be analysed. This paper addresses this issue. A review of the current state of the art in the application of Real Options approach to investments in non-renewable energy sources and RES is presented, giving perspectives for further research in this field. Also, an application of the ROT to a photovoltaic investment with the study of three different cases is presented, providing some interest conclusions about the major differences in evaluating this technology under ROT and the traditional project evaluation techniques.Más decisões de investimento hoje podem levar a situações insustentáveis no futuro e que, eventualmente poderão levar à falência de empresas. Portanto, uma boa gestão financeira combinada com uma correcta tomada de decisão de investimento são fundamentais para a sobrevivência e sucesso a longo prazo das empresas. Tradicionalmente, métodos baseados nos Fluxos de Caixa Actualizados (Cash flows) (e.g. VAL – Valor Actual Líquido e TIR – Taxa Interna de Rentabilidade) têm sido utilizados para avaliar os projectos de investimento. Porém, os investimentos de hoje são caracterizados por elevados níveis de risco e incerteza, pelo que metodologias como o VAL são inadequadas para lidar completamente com essas questões. Alguns autores argumentam que somente as técnicas que conseguem abordar adequadamente o problema da incerteza devem ser aplicadas. Neste trabalho, as principais diferenças entre os métodos tradicionais e a Teoria das Opções Reais (TOR) foram analisadas, no contexto de um investimento no sector da energia. A escassez de energia, aquecimento global e alterações climáticas levaram a um aumento no uso de fontes alternativas de energia, com as fontes de energia renováveis a desempenharem um papel fundamental neste novo paradigma energético. No entanto, os custos de investimento constituem, muitas vezes, um grande obstáculo ao seu uso e à sua difusão. Para além disso, os benefícios globais das tecnologias de energias renováveis são frequentemente mal compreendidos e por isso estas são frequentemente avaliadas como sendo menos rentáveis do que as tecnologias tradicionais. A forma como os investidores avaliam o potencial dos seus investimentos parece indicar a necessidade do uso de técnicas de avaliação mais sofisticadas. A Teoria das Opções Reais consegue lidar com estas questões e, como tal, começou a ser aplicada no apoio à tomada de decisão no sector energético. Um grande conjunto de aplicações em quase todos os domínios da tomada de decisão neste sector, desde a avaliação de tecnologias de geração de electricidade até à avaliação das políticas, pode ser encontrado na literatura. No entanto, o uso desta técnica no domínio da avaliação de projectos de investimento em energias renováveis é ainda limitado e vale a pena ser analisado. Este trabalho aborda esta questão. Assim, apresenta-se uma revisão do estado da arte na aplicação da metodologia das opções reais para investimentos em fontes de energia não renovável e renovável, sugerindo-se perspectivas para futuras pesquisas neste campo. Além disso, ilustra-se a aplicação da teoria das Opções Reais a um investimento num parque fotovoltaico, fornecendo algumas conclusões interessantes sobre as principais diferenças entre a avaliação desta tecnologia pela teoria das Opões Reais e pelas técnicas tradicionais de avaliação de projectos de investimento.This work was financed by: the QREN – Operational Programme for Competitiveness Factors – the European Union – European Regional Development Fund and National Funds - Portuguese Foundation for Science and Technology, under Project FCOMP-01-0124-FEDER-01137

Evaluation of RES projects for electricity generation

Renewable energy sources (RES) emerge as a necessary condition to achieve sustainable development. Traditional evaluation models relying mainly on discounted cash-flows fail to assess the strategic dimension of the investments in RES and do not allow for properly dealing with the risk and uncertainty of these particular projects. The diffusion of the renewable energy technologies are also affected by this features, so, the way investors evaluate their investments call for the use of more sophisticated evaluation techniques. Real options theory (ROT), gives the investor the ability to account for the value inherent in the flexibility to delay an irreversible investment into the future. This paper presents an application of the ROT to a photovoltaic investment project for the particular case of the Portuguese electricity market conditions. Special attention is given to the combination of learning curves and ROT aiming to provide a new approach to the sustainable development and diffusion possibilities of renewable energy technologies.This work was financed by: the QREN – Operational Programme for Competitiveness Factors, the European Union – European Regional Development Fund and National Funds- Portuguese Foundation for Science and Technology, under Project FCOMP-01-0124-FEDER-011377 and Project Pest-OE/EME/UI0252/2011

The use of real options approach in energy sector investments

Energy shortage, global warming, and climate change led to an increase in the use of alternative sources of energy, with renewable energy sources (RES) playing a fundamental role in this new energetic paradigm. However, the investment costs often constitute a major barrier to their spread use. Moreover, the overall benefits of renewable energy technologies are often not well understood and consequently they are often evaluated to be not as cost effective as traditional technologies. From the moment that the energy sector started a deregulation process, with a high level of competitiveness and associated increased market uncertainty, traditional project evaluation techniques alone became insufficient to properly deal with these additional risk and uncertainty factors. The diffusion of the renewable energy technologies is also affected by this feature. The way investors evaluate their investments call now for the use of more sophisticated evaluation techniques. Real options approach can deal with these issues and, as so, began to be considered and applied for the energy sector decision aid. This approach it is now extensively widespread in evaluating investment projects in the energy sector. A large set of applications in almost all fields of energy decision making, from electricity generation technologies appraisal to policy evaluation is available in the literature. However the use of this technique in the field of RES is still limited and worth to be analysed. This paper addresses this issue. A review of the current state of the art in the application of real options approach to investments in non-renewable energy sources and RES is presented, giving perspectives for further research in this field.This work was financed by: the QREN – Operational Programme for Competitiveness Factors, the European Union – European Regional Development Fund and National Funds- Portuguese Foundation for Science and Technology, under Project FCOMP-01-0124-FEDER-011377 and Project Pest-OE/EME/UI0252/201

Real options theory in comparision to other project evaluation techniques

Wrong investment decisions today can lead to situations in the future that will be unsustainable and lead eventually to the bankruptcy of enterprises. Therefore, good financial management combined with good capital investment decision-making are critical to survival and long-term success of the firms. Traditionally, the net present value (NPV) and discounted cash flow (DCF) methods are worldwide used to evaluate project investments. These techniques have been classified in two major groups: sophisticated and non-sophisticated. In the former group, techniques like the DCF methods (e.g. NPV and IRR) can be found. In the latter group, techniques like the Payback Period and the Accounting Rate of Return have been included. However given that, today investments are characterized by high risks and uncertainty, DCF methodologies are inadequate to deal with these issues. Some authors argue that only the techniques that can appropriately address the problem of uncertainty (like the Real Options theory) should be applied. In this paper, the major differences between DCF methods and Real Options (RO) theory will be analyzed. Using an example, the advantages of the RO theory, compared with other methods, such as the DCF methods, in the search of better decisions will be shown. This work is expected to contribute to an increase of application of the RO Theory, by showing this technique potential.This work was financed by: the QREN – Operational Programme for Competitiveness Factors, the European Union – European Regional Development Fund and National Funds- Portuguese Foundation for Science and Technology, under Project FCOMP-01- 0124-FEDER-011377 and Project Pest-OE/EME/UI0252/2011

Brincadeiras de faz-de-conta: interações entre crianças de diferentes idades

Relatório da Prática Profissional Supervisionada II apresentado à Escola Superior de Educação de Lisboa para obtenção de grau de mestre em Educação Pré-EscolarO presente relatório surge no âmbito da unidade curricular Prática Profissional Supervisionada II (PPS II), no contexto de Jardim de Infância, que decorreu entre 18 de outubro de 2021 e 11 de fevereiro de 2022. Este relatório visa refletir sobre o percurso vivenciado com um grupo de crianças com idades compreendidas entre os 2 e os 3 anos. Está dividido em seis partes: (i) introdução; (ii) caracterização do contexto (iii) análise reflexiva da intervenção (iv) investigação em JI; (v) construção da profissionalidade docente; e (vi) considerações finais, a que se seguem as referências e os anexos. A partir do exercício do estágio surgiu a problemática de investigação abordada neste relatório – “Brincadeiras de faz-de-conta: interações entre crianças de diferentes idades”. A investigação insere-se numa perspetiva de metodologia de estudo de caso que partiu das características do grupo de crianças e da observação da existência de interações/ brincadeiras entre as mesmas. Com o presente estudo, pretende-se (i) caracterizar as brincadeiras que ocorrem entre as crianças do grupo original da sala (dois a três anos); (ii) caracterizar as brincadeiras que ocorrem entre as crianças quando do grupo heterogêneo, com as crianças que vêm de outras salas pela manhã (o que forma um grupo de crianças de dois a seis anos); e (iii) verificar em que medida as brincadeiras diferem consoante as idades de cada grupo. Como estratégias metodológicas utilizei as observações, notas de campo e entrevista à educadora cooperante, sendo, posteriormente, analisados com recurso à análise de dados. Neste seguimento concluo que as crianças procuram brincar mais na área da casa e na área do teatro; interagem bastante umas com as outras, preferindo brincar com as crianças da sua sala (ou seja, da sua idade), possivelmente por brincarem juntas diariamente e terem brincadeiras habituais. Ainda assim, é importante manter-se as interações entre crianças de diferentes idades, uma vez que tomam consciência de si mesmas na relação com os outros, aprendem sobre os outros, constroem conhecimento e ampliam o seu repertório de brincadeiras.ABSTRACT This report is part of the curricular unit Supervised Professional Practice II (PPS II), in the context of Kindergarten, which took place between October 18, 2021 and February 11, 2022. This report aims to reflect on the journey experienced with a group of children aged between 2 and 3 years. It is divided into six parts: (i) introduction; (ii) characterization of the context (iii) reflexive analysis of the intervention (iv) research in JI; (v) construction of teaching professionalism; and (vi) final considerations, which are followed by references and annexes. The research problem addressed in this report emerged from the internship exercise – “Make-believe games: interactions between children of different ages”. The investigation is part of a case study methodology perspective that started from the characteristics of the group of children and from the observation of the existence of interactions/plays between them. With the present study, we intend to (i) characterize the games that occur among the children of the original group in the room (two to three years old); (ii) characterize the games that occur between children in the heterogeneous group, with children who come from other classrooms in the morning (which forms a group of children aged between two and six years); and (iii) verify to what extent the games differ according to the ages of each group. As methodological strategies I used observations, field notes and interviews with the cooperating educator, which were later analyzed using data analysis. In this follow-up, I conclude that children try to play more in the home area and in the theater area; they interact a lot with each other, preferring to play with the children in their class (that is, their age), possibly because they play together daily and have regular games. Even so, it is important to maintain interactions between children of different ages, as they become aware of themselves in relation to others, learn about others, build knowledge and expand their repertoire of games.N/

“PRIVILÉGIO NEGRO”: UM PANORAMA SOBRE O INGRESSO DE PESSOAS NEGRAS NOS CURSOS SUPERIORES DE DIREITO PELO SISTEMA DE COTAS EM MINAS GERAIS

RESUMO O tema-problema da pesquisa que se pretende desenvolver é o estado e efetividade do sistema de cotas nos cursos superiores de Direito em Minas Gerais, bem como a situação das pessoas negras presentes nesses cursos. O interesse pela presente pesquisa surgiu a partir da constatação de que os negros ainda estão em um número menor nas universidades, em especial nos cursos mais prestigiados, como o Direito, Engenharia e Medicina. O negro foi em grande parte, criminalizado, e tal constatação encontra-se até mesmo presente em ações tomadas pelo governo em anos anteriores. [...

Metastatic Peripheral Neuroblastoma in a Dog

Background: Peripheral neuroblast neoplasms are considered as a group of tumors derived from primitive cells of the neural crest that are progenitors of the sympathetic ganglia and adrenal medulla. Reports of neuroblastoma in dogs are scarce in English literature, and there are no reports from Brazil due to its rare occurrence or missed diagnosis, because modern techniques are often not accessible in Brazil. The aim of the present study was reported a case of metastatic peripheral neuroblastoma in a 10-month-old bitch of Canadian Shepherd breed, attended at the Small Animal Veterinary Hospital of the Federal Rural University of Rio de Janeiro (HVPA-UFRRJ).Case: A 10-month-old female dog, Canadian Shepherd breed, presenting prostration, inappetence, emesis, progressive weight loss, and difficulties in the locomotion of the pelvic limbs was brought to the Small Animal Veterinary Hospital of the Federal Rural University of Rio de Janeiro (HVPA / UFRRJ) for treatment. Palpation of the abdominal cavity revealed a mass of approximately 14.0 cm diameter in the thoracolumbar region. After the second visit to HVPA/ UFRRJ, there was worsening of the clinical condition and onset of pain and dyspnea; hence, euthanasia was performed. The dog was referred for necropsy; the examination revealed a mass measuring 40.0 × 35.0 cm in the abdominal cavity that caused displacement of the intestines and compressed the liver against the diaphragm, as well as another mass that traversed the diaphragm through the esophageal hiatus and surrounded the esophagus, aorta, and caudal vena cava. The right adrenal gland was compressed and adhered to the mass, and the left adrenal gland was not visualized. Specimens of various organs were collected, fixed in 10% buffered formalin, and processed according to routine histological technique. Immunohistochemical examination performed on mass specimens revealed positivity for the anti-CD56, anti-synaptophysin, anti-GFAP, and anti-NSE markers and negativity for the anti-chromogranin and anti-Olig2 markers. Based on pathology and immunohistochemistry findings, a diagnosis of poorly differentiated peripheral neuroblastoma was made; in addition, presence of emboli of neoplastic cells in the hepatic sinusoids and branches of the portal vein and metastasis in the spleen, lymph nodes, lung, and meninges were confirmed.Discussion: Positive results for neural markers associated with negative results for those of other small round cell tumors was considered to indicate the presence of neuroblast tumors; glioblastoma and oligodendroglioma were ruled out based on the absence of anti-Olig2 labeling, and, especially, the possibility of occurrence of pheochromocytoma was excluded based on the absence of anti-chromogranin. During necropsy, the location of the mass at the retroperitoneal space near the thoracolumbar junction, craniomedially in relation to the left kidney, was confirmed, which is compatible with the location of the adrenal gland. Metastasis in the dura mater was determined to be present based on necropsy findings alone, and neoplastic invasion through the esophageal hiatus of the diaphragm of a large part of the thoracic cavity was observed, which, to the best of our knowledge, have not been described in reports of veterinary medicine. The high rate of tumor growth and compression and invasion of adjacent tissues and organs may be considered as potential factors for unfavorable prognosis of peripheral neuroblastoma

School and family: reflections on a necessary and timeless relationship

A escola e a família cruzam abundantemente os desígnios e os objetivos centrais da sua ação e intervenção na comunidade educativa. Esta relação, mais do que necessária, passa a ser declaradamente intemporal, não só no que respeita ao envolvimento de ambos, mas também no que concerne à adoção de medidas e estratégias decorrentes da realidade observada num processo sempre complexo que é o ato de educar alguém. O presente artigo tem por objetivo demonstrar que a família assume uma preparação prévia, continuada e complementar à escola, enquanto a escola se assume como o local onde, por excelência, se reforçam e complementam saberes, atitudes, valores e competências. A união de esforços e a relação interinstitucional reforça e não prejudica a identidade de cada um destes parceiros profundamente relacionados. Apresentando o quadro normativo, pretende-se, por fim, refletir sobre o caminho a percorrer para um envolvimento pleno e desejável entre os pares.The school and the family abundantly cross the central objectives and plans of their action and intervention in the educational community. This relationship more than necessary is now reportedly timeless, not only regarding the involvement of both within but also when it comes to the adoption of measures and strategies arising from the reality observed in a process always complex that is the act of educating someone. This article aims to show that the family assumes a previous preparation, continuous and complementary to school, while the school is assumed as the place where, par excellence, reinforce and complement knowledge, attitudes, values, and skills. The union of efforts and inter-institutional relationship strengthens and does not affect the identity of each of these deeply related partners. Therefore, with the framework, it is intended to finally reflect on the way to go for full involvement and desirable between the pairs.info:eu-repo/semantics/publishedVersio

A ação tranformadora dos contos de autoria feminina na sociedade contemporânea brasileira na perspetiva pedagógico-interventiva de Conceição Evaristo

O conto contemporâneo de autoria feminina surge na literatura brasileira como um instrumento literário capaz de alterar o status quo do ser humano enquanto individuo, contribuindo desta feita para o aperfeiçoamento humano. Surge e manifesta-se como causa e efeito de transformação social: em primeiro lugar, assume a reivindicação da própria escrita feminina que busca o seu lugar no panteão da literatura; num segundo momento, ao jeito de fermento, vai levedando a massa que teimosamente cria resistências à mudança e paulatinamente vai ampliando as possibilidades transformadoras de que a escrita feminina é capaz de operar na sociedade, tornando-a, porventura, mais consciente de si, da sua natureza essencialmente dialógica. A expressão e valorização do conto brasileiro é sintoma suficientemente claro da aparição de um diálogo que nasce no intertexto da literatu ra feminina e se manifesta no formato de um plano dinâmico capaz de colocar o homem todo e todo homem na rota de uma nova axiologia ancorada em valores mais altos que se alevantam na defesa acérrima de um povo bem instruído capaz de colocar o seu país no carril do desenvolvimento: a literatura feminina será para a contista não um fim que se esgota em mesmo, mas o meio privilegiado de lançar à terra a boa semente e esperar que a colheita se traduza no nascimento de uma sociedade mais justa, mais fraterna, ancorada em alicerces humanitários.The contemporary tale of female authorship appears in Brazilian literature as a literary instrument capable of altering the status quod of the human being as an individual, thus contributing to human improvement. It appears and manifests itself as a cause and effect of social transformation: first, it assumes the claim of feminine writing itself that seeks its place in the pantheon of literature; in a second moment, like leaven, it raises the dough that stubbornly creates resistance to change and gradually expands the transformative possibilities that feminine writing is capable of operating in society, making her, perhaps, more aware of herself, of its essentially dialogical nature. The expression and valorization of the Brazilian short story is a sufficiently clear symptom of the appearance of a dialogue that is born in the intertext of female literature and manifests itself in the format of a dynamic plan capable of putting the whole man and woman on the route of a new axiology anchored in values tallest people who rise up in the fierce defense of a well-educated people capable of putting their country on the rail of development: women's literature will be, for the short story, not an end that ends in itself, but the privileged means of launching the good seed and hope that the harvest will translate into the birth of a more just, more fraternal society, anchored in humanitarian foundations.info:eu-repo/semantics/publishedVersio