A Regional Human Development Index for Portugal

In a report from 2008 the Organization for Economic Cooperation and Development came to the conclusion that Portugal is still a country very much marked by regional asymmetries and in need of better regional governance mechanisms and policies. In the face of these conclusions it becomes important to address the issue of constructing an index of regional development for Portuguese regions to better assess the evolution of the differential between regions. We propose a regional human development index for Portugal at the NUTS III level, based on the methodology of the Human Development Index (HDI) from the United Nations Development Programme (UNDP). Results show us a country that has most of the highest ranked NUTS III positioned in the coastline, although some interior NUTS III regions improve their relative positions in the ranking between 2004 and 2008. Additionally to the traditional dimensions of the HDI, we also added two dimensions, that we choose to include, given the main criticisms pointed in the literature to the HDI - governance and environment. Results show some significative differences when we add the environment dimension, but in terms of governance they don't change significantly.Human Development Index, Regional Asymmetries, Portugal.

Caracterização de Puccinia hemerocallidis causadora do primeiro surto de ferrugem de lírio-de-um-dia na Europa

Daylily (Hemerocallis spp.) is an ornamental plant widely used in gardens. Daylily rust, caused by the fungus Puccinia hemerocallidis, has disseminated through all continents only in the 21th century, except in Europe, where it has been considered a quarantine disease by the European Plant Protection Organisation. In Portugal, since November 2015, typical rust symptoms were observed in daylily plants in gardens in Lisbon, Alentejo, Algarve and Madeira, attaining high prevalence, incidence and severity. The causal agent was identified as P. hemerocallidis and the Koch’s postulates were fulfilled. Phylogenetic data suggest that this fungus may have been introduced from North America. Using flow cytometry, the genome size of the P. hemerocallidis populations present in Portugal was estimated to be 345 Mbp (0.3533 pg DNA/1C). For such analysis Rhamnus alaternus was validated as a DNA standard, exhibiting a nuclear content of 0.680 pg DNA/2C. The identification of this disease in diverse locations in Portugal represents a threat to European breeding and nursery industries, since there are the appropriate conditions for inoculum maintenance and propagation from Portugal to the rest of Europeinfo:eu-repo/semantics/publishedVersio

Equity Research - Hermès International

Mestrado Bolonha em FinançasO presente trabalho apresenta uma estimativa de valor da empresa Hermès International e das suas ações, no âmbito do Trabalho Final de Mestrado do Mestrado em Finanças do ISEG – Instituto Superior de Economia e Gestão. Este documento foi elaborado de acordo com as recomendações do CFA Institute. A escolha pela Hermès International deveu-se ao facto da mesma ser uma das empresas mais conceituadas da indústria de Luxury Goods, deter as maiores margens do setor e, ao contrário dos seus mais diretos competidores não possuir um vasto portfólio de diversas marcas comerciais, sendo a sua principal marca a Hermès. O exercício de avaliação e o preço-alvo foram obtidos através do método dos Fluxos de Caixa Descontados (DCF) na perspetiva do acionista (FCFE). Complementariamente foi realizada uma avaliação pelos fluxos de caixa libertos na perspetiva de empresa (FCFF), pelo método dos dividendos descontados (DDM) e pelo método relativo, nomeadamente os múltiplos de mercado EV/EBITDA, EV/Revenue e P/E. O preço-alvo obtido pelo DCF foi de €994,05 por ação, o que implica uma desvalorização potencial de 16.9% face ao preço de fecho a 30 setembro 2021 (data da avaliação) de €1.195,50. Face aos resultados obtidos a nossa recomendação é de VENDA.This Equity Research aims to present a valuation of Hermès International in respect of ISEG – Lisbon School of Economics and Management’s Master’s in Finance final work. This document has been prepared in accordance with the recommendations of the Chartered Financial Analyst (CFA) Institute. The choice for Hermès International was due to the fact that it is one of the leading companies in the Luxury Goods industry, holds the highest margins in the sector and, unlike its most direct competitors, does not have a portfolio of several strong commercial brands but a single really strong brand, Hermès. The valuation exercise and the price target were obtained using the Discounted Cash Flows (DCF) method, namely the Free Cash Flows to Equity (FCFE). Complementarily, we conducted a valuation analysis from the perspective of Free Cash Flows to the Firm (FCFF), Dividend Discount Model (DDM) and relative valuation using the market multiples EV/EBITDA, EV/Revenue and P/E. The price target obtained by DCF method was €994.05 per share, implying a potential downside of 16.9% compared to the closing price of €1,195.50 as of 30 September 2021 (valuation date). Taking in consideration the results obtained the final recommendation stands for SELL.info:eu-repo/semantics/publishedVersio

From mega merger to mega failure: Bayer-Monsanto merger

In May 2016, Baumann landed in St. Louis with plans for the at-the-time largesteverall-cash deal. The transaction would combine Monsanto’s expertise in seeds and traits, and Bayer’s crop protection products creating the world’s biggest player in the agriculture-science market. After two years dealing with antitrust regulations, the German blue ship is now drowning in plaintiffs suing Monsanto’s best-selling product. Bayer share price has fallen nearly 30% since the closure of the $63billion mega deal and the company now worth barely what it paid for the U.S. giant seed compan

Equity valuation using accounting numbers in high and low intangible-intensive industries

Recent scandals in companies such as Enron, WorldCom or Tesco have become practical solid examples of accounting manipulation and have been disrupting the accountancy field. As a consequence, there has been a regular reinforcement regarding the practical use of accounting numbers. Equity valuation using accounting numbers plays a vital responsibility in both finance and accounting areas, grounding on the use and comparison of valuation models’ performance. This dissertation aims to explore the association between high and low intangibleintensive industries as well as the performance of accounting-based valuation models. After assessing not only stock- but also flow-based models across the two industries, results reveal a superior performance of the former models for low intangible-intensive industries while flow-based models disclose superior stock price predictions for high intangible-intensive industries. In complement, an analysis of the valuation techniques applied in analysts’ reports demonstrates that marked multiples are usually the preferred methodology for equity research analysts to value companies

Testing Intra-Industry Trade Between Portugal and Spain [1990-1996]

This paper shows how, in the period 1990-1996, economic integration between the two Iberian economies has deepened through intra-industry trade. The enquiry was led at the level of the main forty traded products. In this context, several tests have been made. Our analysis combines first the application of the Grubel and Lloyd index of the main forty products and the marginal intra-industry trade of Brulhart, and Brulhart and Elliot. On the basis of these indexes we defined our criterion for the selection of the competitive cluster of Portugal throughout the period. We have also considered the global intra-industry trade, in nominal and real terms, according to the method of Greenaway et al. In econometric terms we have tried to know which is the relation between the intra-industry trade index and the marginal intra-industry trade at the level of the main forty products, the results however were not unequivocal. The same is true as far as concerns the relation between the intra-industry trade index and the net export position at the level of the same products. Despite the fact that some attempts have been inconclusive, knowledge about Iberian trade has developed in a field essential to its upgrading, and the way is open for further research.intra-industry trade; marginal intra-industry trade; competitive cluster; net export position.

Electromagnetic fields: risk perception and acceptance

Introdução e Objetivos – Os campos eletromagnéticos estão presentes naturalmente no Universo. Há alguns anos, os valores referentes a campos eletromagnéticos eram relativamente constantes. Com o desenvolvimento da tecnologia, a exposição a novas fontes de radiação eletromagnética aumentou. Desta forma, é normal que a preocupação pública, principalmente sobre os potenciais riscos para a saúde provenientes dos campos eletromagnéticos, tenha aumentado. O objetivo deste trabalho foi conhecer e analisar a preocupação e a perceção dos indivíduos sobre a radiação eletromagnética, tendo por base que um dos principais fatores para a adoção de medidas de precaução é o modo como o risco é percecionado pelo indivíduo. Metodologia – Trata-se de um estudo do tipo descritivo, de natureza quantitativa. A amostra, composta por 320 indivíduos, é de natureza não probabilística de conveniência. Resultados – Verificou-se que os inquiridos se manifestam “pouco preocupados” relativamente à exposição aos campos eletromagnéticos, desconhecem as fontes emissoras de radiação eletromagnética presentes no seu quotidiano e não tomam precauções relativamente à exposição a campos eletromagnéticos. Conclusões – Os indivíduos mostram imaturidade conscienciosa em relação à problemática da radiação eletromagnética, em parte justificada pela ausência de mecanismos sensoriais que a permitam detetar. A aposta na educação e sensibilização pode garantir um futuro com melhor qualidade de vida. É importante reunir esforços de várias entidades (saúde, meios de comunicação social e educação). A escola, através das crianças e jovens, constitui um meio privilegiado para a transmissão de informação.ABSTRACT: Introduction and Aims – Electromagnetic fields are found naturally in the universe. Some years ago, the levels relating to electromagnetic fields were relatively stable. With technological development, exposure to new sources of electromagnetic radiation has increased. It is to be expected, then, that public concerns, primarily about the potential health risks derived from electromagnetic fields, have also increased. The aim of this study was to discover and analyse individual people’s concerns about and understanding of electromagnetic radiation, based on the fact that one of the main factors for adopting precautionary measures is how risk is perceived by the individual person. Methods – This is a descriptive quantitative study. The sample is composed of 320 individuals and is a non-probability, convenience sample. Results – It was found that the respondents are “not very concerned” about exposure to electromagnetic fields, have relatively little knowledge about sources of electromagnetic radiation in their everyday life and do not take precautions about exposure to electromagnetic fields. Conclusions – Individuals showed an immature awareness of the issue of electromagnetic radiation, partly justified by the absence of sensory mechanisms that are able to detect it. Investing in education and raising awareness could guarantee a future that has better quality of life. It is important for several bodies to join forces (health care, media, and education). Schools, through children and young people, are an excellent means for transmitting information

Aplicação multimédia -Em Busca dos Fósseis...- dirigida aos alunos do 3º ciclo

Apresentação de uma aplicação multimédia desenvolvida no âmbito de um projecto Ciência Viva, com vista à divulgação e ensino da Geologia, dirigido ao 3º ciclo do ensino básico

Colecções geológicas das antigas Províncias Ultramarinas Portuguesas arquivadas na Litoteca no LNEG

O acervo das antigas Províncias Ultramarinas Portuguesas, organizado em colecções, faz pare do património histórico do LNEG, preservado por constituir um recurso de conhecimento e de divulgação da nossa História Geológica e Mineira no contexto da colonização. A melhoria das condições de conservação e acessibilidade, trabalho ainda em decurso, permitiu obter uma visão abrangente destas colecções, facilitando o trabalho de enriquecimento e caracterização histórica, patrimonial e científicadas mesmas