The Exact Value for European Options on a Stock Paying a Discrete Dividend

In the context of a Black-Scholes economy and with a no-arbitrage argument, we derive arbitrarily accurate lower and upper bounds for the value of European options on a stock paying a discrete dividend. Setting the option price error below the smallest monetary unity, both bounds coincide, and we obtain the exact value of the option.Comment: 14 pages,3 figure

Molecular analysis of anterior endoderm during Xenopus development: a funtional and genomic approach

Tese de doutoramento em Biologia (Biologia do Desenvolvimento), apresentada à Universidade de Lisboa através da Faculdade de Ciências, 2008Fundação para a Ciência e Tecnologia (FCT), (SFHR/BD/10035/2002

Framework for IoT Service Oriented Systems

The forth industrial revolution is here, and with it Industry 4.0, which translates in many changes to the industry. With the introduction of paradigms like Internet of Things, Cyber Physical Systems or Cloud Computing, the so called Smart Factories are becoming a main part of today’s manufacturing systems. The vf-OS Project, where this thesis falls, intends to be an Open Operating System for Virtual Factories where the overall network of a collaborative manufacturing and logistics environment can be managed and thus enabling humans, applications and devices to communicate and interoperate in an interconnected operative environment. This thesis intends to contribute to the vision that any kind of sensor or actuator plugged to the virtual factory network, becomes promptly accessible in the operative environment and the services that it provides can be accessed and used by any API composing the system. Finally, it also aims to prove that an IoT Service Oriented Sys-tem constituted of open software components can be of great assistance and provide numerous contributions to the emerging Industry 4.0 and consequently to the Factories of the Future. With that aim, this thesis will focus on the development of two out of five inter-connected applications that answer not only to different use case scenarios presented in the vf-OS but also provide solutions to answer a practical agriculture scenario, which uses mainly IoT devices and other cutting-edge technologies like cloud compu-ting and FIWARE

Gas mass-flow meters: Principles and applications

Gas mass-flow meters (GMFM) for original equipment manufacturers (OEM) applications are presently found in a relatively easy and cheap way. GMFM may be applied in a number of different situations but technical formation concerning its principles of measurement and applications are still misleading. In this paper, the principles of GMFM measurement are discussed and the operating parameters are clarified. A concept of gas mass-flow response factor is introduced and further used in a model for gas mass-flow measurement that is suitable to any gas mixture of known composition. In addition, a model for the application of GMFM to dynamic volumetric methods of dilution is presented and generalized

The exact value for European options on a stock paying a discrete dividend

In the context of a Black-Scholes economy and with a no-arbitrage argument, we derive arbitrarily accurate lower and upper bounds for the value of European options on a stock paying a discrete dividend. Setting the option price error below the smallest monetary unity, both bounds coincide, and we obtain the exact value of the option.European options; Black-Scholes economy

Internationalization process of Água das Pedras to China

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsIn spite of the success in the Portuguese market, its small dimension and its proximity to maturity, led Água das Pedras to internationalize its strategy and grow overseas. After the internationalization to Brazil, one considered China as a highly potential market for Pedras to succeed in, mainly due to its size and untapped demand. Hence, this report presents the competitive assessment of Pedras in the Portuguese market followed by a macro-environmental study of China as well as a detailed industry analysis. As the competitors’ analysis evidenced the potential of Pedras, an implementation plan is proposed through an Indirect Export Strategy

A Ligação da Escola ao Meio como Factor de Desenvolvimento - Uma Reflexão

O desenvolvimento de uma região passa muito pela natureza da respectiva economia local. Neste sentido é importante que esta se desenvolva não apenas em resultado das decisões de localização de empresas dotadas de mobilidade, mas sobretudo pela intensificação das "interdependências industriais locais" no âmbito de um sistema gerador de economias de aglomeração. Este é um caminho longo que tem essencialmente duas fases, uma em que se constrói capacidade profissional e competência técnica, em que se assegura a manutenção das unidades produtivas, do volume de emprego, etc.. A seguinte corresponde ao seu aprofundamento, com a divisão do trabalho entre empresas e o desenvolvimento de novas funções numa lógica de integração produtiva. As economias de aglomeração desenvolvem-se não só pela densidade das interdependências sectoriais, mas também pelas características da mão-de-obra local (disponibilidade, competências e qualificações) e pelo ambiente favorável à circulação da informação que promovem uma certa aprendizagem colectiva

Bivalence and the challenge of truth-value gaps

This thesis is concerned with the challenge truth-value gaps pose to the principle of bivalence. The central question addressed is: are truth-value gaps counterexamples to bivalence and is the supposition of counterexamples coherent? My aim is to examine putative cases of truth-value gaps against an argument by Timothy Williamson, which shows that the supposition of counterexamples to bivalence is contradictory. The upshot of his argument is that either problematic utterances say nothing, or they cannot be neither true nor false. I start by identifying truth-bearers: an utterance, for instance, is a truth-bearer if it says that something is the case. Truth-bearers are evaluable items, with truth- and falsity-conditions statable in corresponding instances of schemas for truth and falsehood. A genuine case of a truth-value gap should be an utterance that is neither true nor false but says something to be the case. But it is inconsistent to accept the schemas for truth and falsehood and the existence of genuine cases of truth-value gaps. Secondly, I expound Williamson’s argument, which explores this inconsistency, and I identify two kinds of strategy to disarm his argument: those that preserve the schemas for truth and falsehood, and those that do not. Neither strategy is found to be persuasive. Thirdly, I argue that cases of reference failure causing truth-value gaps illustrate the upshot of Williamson’s argument. Fourthly, I examine Scott Soames’s account of liar sentences as counterexamples to bivalence. Soames adopts a strategy of the first kind to avoid contradictions. I argue that his solution allows some contradictions to be true, and that he fails to show that liar sentences are truth-bearers. Finally, I examine Charles Travis’s case for isostheneia: an equal balancing of reasons to evaluate a statement as true or as false, in which case a statement is neither. Travis avoids contradictions by adopting a strategy of the second kind. I argue that the schemas for truth and falsehood are immune to Travis’s objections, and that isostheneia fails to identify evaluable items. The cases examined confirm that utterances that are neither true nor false say nothing. My claim is thus that truth-value gaps are not counterexamples to bivalence