International Portfolio Management under Uncertainty

Although the consideration of foreign investments may have a positive impact on the overall market risk of the portfolio through diversi cation, it also adds a new source of uncertainty due to changes in the value of the currency. We investigate portfolio optimization models that account separately for the local asset returns and the currency returns, providing the investor with a full investment strategy. We tackle the uncertainty inherent to the estimation of the parameters with the aid of robust optimization techniques. We show how, by using appropriate assumptions regarding the formulation of the uncertainty sets, the original non-linear and non-convex models may be reformulated as second order cone or as semide nite programs. Additionally to the guarantees provided by robust optimization, we consider the use of hedging instruments such as forward contracts and options. The proposed hedging strategies are implemented from a portfolio perspective, and therefore do not depend on the individual value or behavior of any particular asset or currency. Hedging decisions are taken at the same time as investment decisions in a holistic approach to portfolio management. While dynamic decision making has traditionally been represented as scenario trees, these may become severely intractable and di cult to compute with an increasing number of time periods. We present an alternative approach to multiperiod international portfolio optimization based on an a ne dependence between the decision variables and the past returns. We add to our formulation the minimization of the worst case value-at-risk and show the close relationship with robust optimization. The proposed theoretical framework is supported by various numerical experiments with simulated and historical market data demonstrating its potential bene ts

ICT in higher education in Portugal. Call computer assisted language learning

Este artículo pretende explorar el Aprendizaje de Lenguas Asistido por Ordenador (CALL, Computer-Assisted Language Learning) en Portugal. Para ello, se centrará en el nivel de educación superior. La escasa explotación del CALL en Portugal ha sido ampliamente estudiado en varios informes, por ejemplo, el informe encargado por la UE titulado The Impact of Information and Communications Technologies on the Teaching of Foreign Languages and on the Role of Teachers of Foreign Languages (2002: 5): "The use and employment of ICT in FLT and FLL is far from satisfactory, as ICT resources are traditionally reserved for '(computer) science' subjects, and rarely assigned to art subjects. A general lack of appropriate training of language teachers in meaningful uses of ICT tends to strengthen this trend". Este artículo abordará dichas necesidades centrándose en los resultados de proyectos europeos como POOLS. Analizaremos cuestiones relativas a los materiales en línea que pueden utilizarse para desarrollar contenidos de clases de lengua, hacienda uso de las ventajas del e-Learning.G.I. HUM 767 (ayudas a Grupos de Investigación de la Junta de Andalucía) / Editorial Comares (colección interlingua

The Sensitive Indicators of Rehabilitation Nursing care, at the level of self-care, in people with respiratory disorders, a systematic review of the literature

With the increase in the average life expectancy, the appearance of chronic diseases and, in particular, in the respiratory forum and its disadvantages in the autonomy and self-care of patients, brought an important paradigm for health care and, in particular, rehabilitation nursing . Thus, it is imperative to systematize them in scientifically measurable indicators to demonstrate the benefit that rehabilitation nursing must improve patients' quality of life, thus ensuring excellence. Objective: To identify indicators sensitive to the rehabilitation of nursing care, at the level of self-care, in relation to people with respiratory pathology. Methods: A systematic review of the literature was performed using the EBSCO (full-text MEDLINE, CINAHL, Full-Text Plus, British Nursing Index), using the PI [C] O method with 6 emergent articles. Results: A total of 20 indicators were identified, including: Ability to perform activities, increase physical and functional independence, symptom management, reduction of complications, increase in quality of life Conclusion: Knowledge of indicators sensitive to nursing care recognition of the importance of rehabilitation nursing in increasing self-care and autonomy for people with respiratory pathology, and research in this area is fundamental for its effectiveness and efficiency

Síntese proteica em espermatozoides de mamífero

Reversible protein phosphorylation is the key general mechanism for regulating vital sperm cells functions since sperm cells are highly compartmentalized and almost devoid of transcription and translation. However, there is a small area of uncondensed chromatin where transcription and translation are still possible. There is only one study in the literature showing protein synthesis occurs in spermatozoa during capacitation. The main goal of this work was to study if protein translation occurs, both in human and bovine spermatozoa. In order to achieve that, we monitored protein synthesis using the Surface Sensing of Translation (SUnSET) technique, followed by flow cytometry. The results revealed mRNA translation in spermatozoa. Furthermore, we analysed the impact of translation inhibition by mitochondrial and cytoplasmic ribosomes in the expression levels of diverse spermatozoa proteins. The results show that, while some proteins are affected by translation inhibitors, others remain stable. To conclude, our results support protein synthesis occurs in spermatozoa and show, for the first time, SUnSET technique allows to monitor and quantify the global protein synthesis in mammalian spermatozoa.A fosforilação proteica reversível é o principal mecanismo que regula as funções vitais dos espermatozóides, uma vez que, os espermatozóides são altamente compartimentados e praticamente desprovidos de transcrição e tradução. No entanto, existe uma pequena área de cromatina descondensada, na qual a transcrição e tradução ainda são possíveis. Existe apenas um estudo na literatura a demonstrar que ocorre síntese proteica nos espermatozóides durante a capacitação. O principal objetivo deste trabalho foi avaliar se a síntese proteica ocorre em espermatozoides de bovino e de humano. Deste modo, monitorizámos a síntese proteica, utilizando a técnica Surface Sensing of Translation (SUnSET), seguida de citometria de fluxo. Os resultados revelaram tradução de mRNA nos espermatozóides. Para além disso, avaliamos o impacto da inibição da tradução pelos ribossomas mitocondriais e citoplasmáticos nos níveis de expressão de diversas proteínas do espermatozoide. Os resultados demonstraram que, enquanto algumas proteínas são afetadas pelos inibidores da tradução, outras mantêm-se estáveis. Concluindo, os nossos resultados suportam que ocorre síntese proteica nos espermatozoides e demonstram, pela primeira vez, que a técnica SUnSET permite monitorizar e quantificar a síntese global de proteínas em espermatozoides de mamíferos.Mestrado em Biomedicina Molecula

Exploring the role of proteolysis in Extracellular Matrix remodeling: Links to Chronic Obstructive Pulmonary Disease and Lung Cancer

Chronic obstructive pulmonary disease (COPD) and lung cancer (LC) are two complex disorders, currently representing the 4th cause of death and the most lethal cancer in Western countries, respectively. A mechanistic link between COPD and LC has been proposed due to an overlap of risk factors of both diseases, where uncontrolled proteolysis may be a critical event in their progress and outcomes. The activity of proteases, their substrates and inhibitors have a significant impact in the extracellular matrix (ECM) remodeling, which may ultimately lead to the development of COPD and LC. Despite the identification of several susceptibility factors in both diseases, there is still many aspects of their pathogenesis that require further elucidation. To address this issue, for our study, we selected 73 proteolysis genes, based on their roles in ECM remodeling, lung expression and/or presence in lung samples and former reports by Genome Wide Association Studies. In a first analysis, we took benefit of The Cancer Genome Atlas on-line database regarding clinical, epidemiological and mutational (somatic and germline) information for two common LC subtypes (adenocarcinoma and squamous cell carcinoma). We found that somatic mutability differs from germline trends and between the two LC subtypes, possibly affecting ECM in distinct ways. Then, we screened by means of PCR-based and Sanger sequencing techniques SERPINB3/B4 and CTSG genes, in a small cohort of COPD and LC patients from which blood and bronchoalveolar lavage fluid samples were collected. Even though, we could not detect any somatic mutation in our sample, for SERPINB3 we detect a considerable number of low-frequency variants in COPD cases in particular, suggesting a misfunction of this gene as a possible genetic risk factor for lung disease. Additional studies in larger cohorts of patients and controls are necessary to confirm this hypothesis

Internationalization strategy of reliance to Brazil

This Work Project was focused, firstly, in an internal analysis to assess the possible competitive advantage sources of the firm and to identify the key weakness that the firm should improve before advancing with the internationalization strategy. Completed the analysis was possible to verify that the source of sustainable competitive advantage of Relance is the use of specific raw materials and that its biggest weaknesses are the lack of capacity and the excessive dependence on key employees. Overall, it was possible to conclude that the firm is in position of competing in the international markets. Secondly, due to its crucial importance, the country selection was made with a deep objective analysis, resulting with the selection of Brazil as the country with the highest market potential. Regarding the strategy to actually enter in Brazil’s market, after the study of 12 modes of entry it was possible to conclude that there is no ideal mode. However, the study performed allowed to undertake the conclusion that in order to obtain long-term optimization on the process, the adaptation, to the firm´s situation, of the Uppsala model progressive stages is the ideal. At the course of this Work Project it was inferred that the critical success factors are the choice of the distributor and the promotion of Relance as a premium brand