Does export intensity affect corporate leverage? Evidence from Portuguese SMEs

This paper examines the effect of export intensity on a firm's capital structure using a sample of 7,676 Portuguese SMEs. Results obtained from a system GMM estimation method show that the leverage ratio is negatively affected by export intensity. We document that firms with more growth opportunities have a higher leverage, while firms that have more profits, higher asset tangibility and face higher business risk have lower debt ratios. Our results also show that the implementation of governmental mechanisms that support export firms’ borrowing activities are critical in economies facing a financial crisisinfo:eu-repo/semantics/acceptedVersio

Removal of Hydrophobic Organic Pollutants and Copper by Alginate-Based and Polycaprolactone Materials

Funding Information: This research was funded by the FUNDAÇÃO PARA A CIÊNCIA e TECNOLOGIA (FCT—Portugal), grant number PTDC/BIA-MIB/31864/2017 and by LA/P/0045/2020 (ALiCE), UIDB/50020/2020 and UIDP/50020/2020 (LSRE-LCM), funded by national funds through FCT/MCTES (PIDDAC) and by FEDER funding CENTRO-01-0246-FEDER-000044. Publisher Copyright: © 2022 by the authors.Organic pollutants (OPs) and heavy metals are environmental toxicants associated with great concerns. Decontamination processes are urgent for both, and the possibility to achieve their simultaneous removal from polluted waters is highly interesting. Additionally, in many cases, the effect of organic matter in the removal process is overlooked and must be considered. This work aimed to study the potential of alginate-based and polycaprolactone (PCL) materials to remove OPs and copper ions in the absence and presence of organic matter. The OPs investigated were the polycyclic aromatic hydrocarbons anthracene and benzo[a]pyrene, and the pesticide chlorpyrifos, both hydrophobic compounds. Copper (II) ions were used as a model of heavy metals. Alginate-based spheres were prepared by gelation, and PCL microparticles were obtained by oil/water emulsion solvent evaporation. The materials with the highest efficiencies for OP removal from aqueous solutions were those with activated carbon and PCL. Furthermore, the spheres with activated carbon could remove anthracene and copper simultaneously, even in the presence of humic acid. This work points to activated carbon–alginate spheres as a multifunctional adsorbent able to remove different pollutants and to PCL for potential applications in OP decontamination processes.publishersversionpublishe

Towards the Development of Delivery Systems of Bioactive Compounds With Eyes Set on Pharmacokinetics

Delivery systems carrying natural bioactive compounds for enhanced targeting and controlled release are capturing increasing attention. High loadings and sustained release are common design goals. However, in the case of compounds naturally present in human nutrition and physiology, further efforts are justified to optimize their bioactivity and promote clinical success. In this work, it is proposed a specific attention to the regulation of drug temporal presentation as important factor to obtain novel multifunctional delivery systems meeting higher therapeutic efficiencies. Case studies on the relation between drug release dynamics and biological responses are presented for some major delivery strategies and different bioactive molecules. Pharmacokinetic essential concepts and issues concerning the multi-target mode of action typical of the pharmacological properties of natural compounds are discussed in the perspective of improving the development of efficient drug formulations. Several classes of controlled release systems are considered through the chapter, and laboratory setups for testing films and particulate delivery systems are detailed, as well as the application of models for kinetic analysis. Descriptions are illustrated with experimental results obtained with caffeine and epicatechin in our laboratory. Future investigations will benefit from preclinical and clinical evaluation of the new formulations developed by emerging approaches and tools that are being suggested by diverse authors.info:eu-repo/semantics/publishedVersio

Adaptive spatial combining for passive time-reversed communications

Passive time reversal has aroused considerable interest in underwater communications as a computationally inexpensive means of mitigating the intersymbol interference introduced by the channel using a receiver array. In this paper the basic technique is extended by adaptively weighting sensor contributions to partially compensate for degraded focusing due to mismatch between the assumed and actual medium impulse responses. Two algorithms are proposed, one of which restores constructive interference between sensors, and the other one minimizes the output residual as in widely used equalization schemes. These are compared with plain time reversal and variants that employ postequalization and channel tracking. They are shown to improve the residual error and temporal stability of basic time reversal with very little added complexity. Results are presented for data collected in a passive time-reversal experiment that was conducted during the MREA’04 sea trial. In that experiment a single acoustic projector generated a 2/4-PSK phase-shift keyed stream at 200/400 baud, modulated at 3.6 kHz, and received at a range of about 2 km on a sparse vertical array with eight hydrophones. The data were found to exhibit significant Doppler scaling, and a resampling-based preprocessing method is also proposed here to compensate for that scaling

Joint passive time reversal and multichannel equalization for underwater communications

Time reversal has aroused considerable interest in communications applications as a means of partially compensating for the intersymbol interference introduced by the channel. This paper presents experimental results for a passive time reversal experiment conducted off the west coast of Portugal during the MREA’2004 mission. A single acoustic projector generated a 2/4-PSK stream at 200 and 400 baud, modulated around a carrier frequency of 3600 Hz. The signals were received at a range of about 2 Km from the source on a sparse vertical array with 8 hydrophones. We examine several strategies for demodulating the data, including equalization, time-reversal, and combinations of both techniques. This work emphasizes the use of low-complexity multichannel combining algorithms for tracking channel variations prior to generating a passively focused signal.This work was supported by Fundação para a Ciência e a Tecnologia (ISR/IST plurianual funding) through the POS– Conhecimento Program that includes FEDER fund

OFDM demodulation in underwater time-reversed shortned channels

This work addresses the problem of OFDM transmission in dispersive underwater channels where impulse responses lasting tens of miliseconds cannot be reliably handled by recently proposed methods due to limitations of channel estimation algorithms. The proposed approach relies on passive time reversal for multichannel combining of observed waveforms at an array of sensors prior to OFDM processing, which produces an equivalent channel with a shorter impulse response that can be handled much more easily. A method for tracking the narrowband residual phase variations of the channel after Doppler preprocessing is proposed. This is a variation of an existing technique that can improve the spectral efficiency of OFDM by reducing the need for pilot symbols. This work also examines techniques to handle sparse impulse responses and proposes a channel estimation method where an l1 norm is added to the standard least-squares cost function to transparently induce sparseness in the vector of channel coefficients. Algorithms are assessed using data collected during the UAB’07 experiment, which was conducted in Trondheim fjord, Norway, in September 2007. Data were transmitted with bandwidths of 1.5 and 4.5 kHz, and recorded at a range of about 800 m in a 16-hydrophone array. Significant multipath was observed over a period of at least 30 ms.FC

Passive time reversal probe-signal capture optimization for underwater communications

Passive Time Reversal (pTR) is an emerging technique for underwater communications where a channel probe is sent ahead of the data packet. The channel probe must be captured in a time window for post crosscorrelation with the data. The Signal to Noise Ratio (SNR) of pTR, and hence the detector error rate, will be dependent on the starting point and duration of this time window. Typically the beginning and length of the time window should depend on the time dispersion of the acoustic channel which, in turn, depends on the environment properties and on the experimental geometry. Heuristic reasoning would suggest that if a short time window fails to include all significant multipath it will result in imperfect focusing, while an overly long window will reduce the efficiency of the communication system by introducing additional noise in the pTR system. That problem calls for an optimization that has previously been addressed only heuristically. In order to bring the pTR capabilities to a practical modem the engineering problem of time window automatic optimisation must be solved, and that is the main purpose of our paper. An expression for the optimal pTR SNR time window length is presented and its validity confirmed with simulations and real data from the INTIFANTE’00 sea trial

Performance analysis of multichannel lattice equalization in coherent underwater communications

This work examines the numerical fixed-point performance of a new multichannel lattice RLS filtering algorithm using data from two underwater acoustic communication experiments. The algorithm may be an appealing choice for underwater equalization due to its robust numerical behavior and linear scaling of the computational complexity with filter order. Simple modifications to widely-used methods for carrier/timing synchronization and symbol slicing in transversal equalizers are proposed. Experimental results show that the algorithm is as accurate as the similarly array-based QR-RLS, tolerating word lengths as low as 16-20 bits with minor degradation relative to floating-point benchmarks. These features, coupled with a very modular and regular structure, are highly desirable in energyefficient hardware or embedded implementations.FC

Modulation of erythrocyte hemorheological properties by band 3 phosphorylation and dephosphorylation

© 2007 – IOS Press and the authors. All rights reservedThe objective of the present work was to study the effects of erythrocyte proteins phosphorylation in erythrocyte aggregation and deformability. Human whole blood samples were incubated in vitro in absent and in presence of the phosphorylation/dephosphorilation band 3 inhibitors and also with adenylyl cyclase, guanylate cyclase and PI3K inhibitors and the erythrocyte aggregation index (EAI) and deformability were assayed. The results show that when band 3 is phosphorylated in presence of a PTP inhibitor an increase in erythrocyte aggregation index is observed (p < 0.0001). A partial dephosphorylation band 3 state, induced by PTK inhibitors, show a decrease in the erythrocyte aggregation index (p < 0.002). However both manipulated states induced lower EAI values than blood samples aliquots controls. The guanylate cyclase and PI3-K inhibitors significantly decrease the erythrocyte aggregation index in relation with the control blood samples. Erythrocyte deformability in presence of all the inhibitors did not showed significant changes. PTP and PI3-K inhibitors showed a significantly increase in the plasma potassium concentrations not associated with EAI values. Methehemoglobin levels were increased significantly when guanylate cyclase inhibitor is present in the blood samples. In conclusion, the results suggest that erythrocyte aggregation index is dependent of the phosphorylated/dephosphorylated state of band 3

Industry energy optimization: A case study in a biodiesel production site

This paper presents a case study of heat exchanger network (HEN) retrofit with the objective to reduce the utilities consumption in a biodiesel production process. Pinch analysis studies allow determining the minimum duty utilities as well the maximum of heat recovery. The existence of heat exchangers for heat recovery already running in the process causes a serious restriction for the implementation of grassroot HEN design based on pinch studies. Maintaining the existing HEN, a set of alternatives with additional heat exchangers was created and analysed using some industrial advice and selection criteria. The final proposed solution allows to increase the actual 18 % of recovery heat of the all heating needs of the process to 23 %, with an estimated annual saving in hot utility of 35 k(sic)/y