Equity research – BMW AG

Mestrado em FinançasEste projeto aborda uma extensa e detalhada avaliação da BMW AG, obedecendo à estrutura de Trabalho Final de Mestrado, neste caso projeto, do Mestrado de Finanças do ISEG. O relatório foi escrito tendo conta as recomendações do Instituto CFA.This project represents a detailed evaluation of BMW AG, guided by the structure of ISEG's Master in Finance final work project. This equity report was written according to CFA Institute's recommendations. The reason behind choosing BMW AG lies on my personnel interest on auto industry and the curiosity to analyze how the reality of it is changing nowadays. This report was written in accordance with the public information available on August 30, 2018, and any information or event subsequent to this specific date will not be reflected on this valuation.info:eu-repo/semantics/publishedVersio

Archaeology of the Pleistocene-Holocene transition in Portugal: synthesis and prospects

The Tardiglacial of Portugal has been associated with the Magdalenian culture and lithic industries characterized by tool miniaturization, a diversity of microlith types, and the absence of a intentional blade production. The technological characterization, the chronology and the phasing of the Portuguese Magdalenian have been defined based on data recovered from open-air sites of the Estremadura region (Central Portugal). This paper presents an overview of the research undertaken over the last twenty-five years, including results from research and preventive archaeology fieldwork outside this region, namely in the Côa, Sabor and Vouga Valleys (northern Portugal), as well as in the Guadiana Valley and Algarve regions (southern Portugal). Our chronological boundaries are the Greenland Stadial 2-1b and the 8.2 ka event, from Early Magdalenian to Early Mesolithic. Regarding vegetation, deciduous Quercus underwent expansion during the warm phases of the Tardiglacial and retracted during cold ones, when pines increased. After the Solutrean, the faunal assemblages show a decrease in the variability of the represented species and an increase in fish, birds, small mammals and rabbits (Oryctolagus cuniculus). Concerning the cultural sequence, the Middle Magdalenian remains uncharacterised. After the Upper Magdalenian, and thenceforward, the use of local raw materials and of cores-on-flakes (burin or carinated endscraper type) for bladelet production gradually increased. In terms of lithic armatures typology, a four-stage sequence can be discerned: 1) Upper Magdalenian with axial points rather than backed bladelets, quite common in previous phases; 2) Final Magdalenian with an increase in the diversity of armature types; 3) Azilian with geometric microliths, curved backed points (Azilian points) and Malaurie points, and 4) Early Mesolithic without retouched bladelet tools or at best a persistence of Azilian armature types. There were some changes in the Palaeolithic rock art of the Douro basin between phase 3 (Final Magdalenian) and phase 4 (Late Azilian): figurative animal representations give place to animal depictions characterized by their geometrical bodies, often filled-in, and red deer becomes the best-represented animal.FCT: PTDC/EPH-ARQ/0326/2014info:eu-repo/semantics/publishedVersio

Actas de las V Jornadas ScienCity 2022. Fomento de la Cultura Científica, Tecnológica y de Innovación en Ciudades Inteligentes

ScienCity es una actividad que viene siendo continuada desde 2018 con el objetivo de dar a conocer los conocimientos y tecnologías emergentes siendo investigados en las universidades, informar de experiencias, servicios e iniciativas puestas ya en marcha por instituciones y empresas, llegar hasta decisores políticos que podrían crear sinergias, incentivar la creación de ideas y posibilidades de desarrollo conjuntas, implicar y provocar la participación ciudadana, así como gestar una red internacional multidisciplinar de investigadores que garantice la continuación de futuras ediciones. En 2022 se recibieron un total de 48 trabajos repartidos en 25 ponencias y 24 pósteres pertenecientes a 98 autores de 14 instituciones distintas de España, Portugal, Polonia y Países Bajos.Fundación Española para la Ciencia y la Tecnología-Ministerio de Ciencia, Innovación y Universidades; Consejería de la Presidencia, Administración Pública e Interior de la Junta de Andalucía; Estrategia de Política de Investigación y Transferencia de la Universidad de Huelva; Cátedra de Innovación Social de Aguas de Huelva; Cátedra de la Provincia; Grupo de investigación TEP-192 de Control y Robótica; Centro de Investigación en Tecnología, Energía y Sostenibilidad (CITES

Do despotismo da gentalha à democracia da gravata lavada: história do conceito de democracia no Brasil (1770-1870)

The voting rate in Brazil only reached 40% (considered consistent with a modern democracy) in the 1980s. However, the bibliography always refers to the 1986, 1945, and 1933 elections as moments of "re-democratization", when explicitly or implicitly the original "democracy" could only have existed during the fraudulent and oligarchic First Republic (1889-1930). This article focuses on the process by which the 19th century Brazilian elites slowly forged this purely liberal-institutional concept of democracy, with extensive repercussions during the following century. The concept found its symbol in the "starched collar democracy" to which Teófilo Ottoni referred in his campaign in 1860, limited to the educated and moneyed stratum of the population, and reclaimed by the UDN party in the 1945 presidential campaign

Characterisation of microbial attack on archaeological bone

As part of an EU funded project to investigate the factors influencing bone preservation in the archaeological record, more than 250 bones from 41 archaeological sites in five countries spanning four climatic regions were studied for diagenetic alteration. Sites were selected to cover a range of environmental conditions and archaeological contexts. Microscopic and physical (mercury intrusion porosimetry) analyses of these bones revealed that the majority (68%) had suffered microbial attack. Furthermore, significant differences were found between animal and human bone in both the state of preservation and the type of microbial attack present. These differences in preservation might result from differences in early taphonomy of the bones. © 2003 Elsevier Science Ltd. All rights reserved

Global variation in postoperative mortality and complications after cancer surgery: a multicentre, prospective cohort study in 82 countries

© 2021 The Author(s). Published by Elsevier Ltd. This is an Open Access article under the CC BY-NC-ND 4.0 licenseBackground: 80% of individuals with cancer will require a surgical procedure, yet little comparative data exist on early outcomes in low-income and middle-income countries (LMICs). We compared postoperative outcomes in breast, colorectal, and gastric cancer surgery in hospitals worldwide, focusing on the effect of disease stage and complications on postoperative mortality. Methods: This was a multicentre, international prospective cohort study of consecutive adult patients undergoing surgery for primary breast, colorectal, or gastric cancer requiring a skin incision done under general or neuraxial anaesthesia. The primary outcome was death or major complication within 30 days of surgery. Multilevel logistic regression determined relationships within three-level nested models of patients within hospitals and countries. Hospital-level infrastructure effects were explored with three-way mediation analyses. This study was registered with ClinicalTrials.gov, NCT03471494. Findings: Between April 1, 2018, and Jan 31, 2019, we enrolled 15 958 patients from 428 hospitals in 82 countries (high income 9106 patients, 31 countries; upper-middle income 2721 patients, 23 countries; or lower-middle income 4131 patients, 28 countries). Patients in LMICs presented with more advanced disease compared with patients in high-income countries. 30-day mortality was higher for gastric cancer in low-income or lower-middle-income countries (adjusted odds ratio 3·72, 95% CI 1·70–8·16) and for colorectal cancer in low-income or lower-middle-income countries (4·59, 2·39–8·80) and upper-middle-income countries (2·06, 1·11–3·83). No difference in 30-day mortality was seen in breast cancer. The proportion of patients who died after a major complication was greatest in low-income or lower-middle-income countries (6·15, 3·26–11·59) and upper-middle-income countries (3·89, 2·08–7·29). Postoperative death after complications was partly explained by patient factors (60%) and partly by hospital or country (40%). The absence of consistently available postoperative care facilities was associated with seven to 10 more deaths per 100 major complications in LMICs. Cancer stage alone explained little of the early variation in mortality or postoperative complications. Interpretation: Higher levels of mortality after cancer surgery in LMICs was not fully explained by later presentation of disease. The capacity to rescue patients from surgical complications is a tangible opportunity for meaningful intervention. Early death after cancer surgery might be reduced by policies focusing on strengthening perioperative care systems to detect and intervene in common complications. Funding: National Institute for Health Research Global Health Research Unit

Effects of hospital facilities on patient outcomes after cancer surgery: an international, prospective, observational study

© 2022 The Author(s). Published by Elsevier Ltd. This is an Open Access article under the CC BY 4.0 licenseBackground: Early death after cancer surgery is higher in low-income and middle-income countries (LMICs) compared with in high-income countries, yet the impact of facility characteristics on early postoperative outcomes is unknown. The aim of this study was to examine the association between hospital infrastructure, resource availability, and processes on early outcomes after cancer surgery worldwide. Methods: A multimethods analysis was performed as part of the GlobalSurg 3 study—a multicentre, international, prospective cohort study of patients who had surgery for breast, colorectal, or gastric cancer. The primary outcomes were 30-day mortality and 30-day major complication rates. Potentially beneficial hospital facilities were identified by variable selection to select those associated with 30-day mortality. Adjusted outcomes were determined using generalised estimating equations to account for patient characteristics and country-income group, with population stratification by hospital. Findings: Between April 1, 2018, and April 23, 2019, facility-level data were collected for 9685 patients across 238 hospitals in 66 countries (91 hospitals in 20 high-income countries; 57 hospitals in 19 upper-middle-income countries; and 90 hospitals in 27 low-income to lower-middle-income countries). The availability of five hospital facilities was inversely associated with mortality: ultrasound, CT scanner, critical care unit, opioid analgesia, and oncologist. After adjustment for case-mix and country income group, hospitals with three or fewer of these facilities (62 hospitals, 1294 patients) had higher mortality compared with those with four or five (adjusted odds ratio [OR] 3·85 [95% CI 2·58–5·75]; p<0·0001), with excess mortality predominantly explained by a limited capacity to rescue following the development of major complications (63·0% vs 82·7%; OR 0·35 [0·23–0·53]; p<0·0001). Across LMICs, improvements in hospital facilities would prevent one to three deaths for every 100 patients undergoing surgery for cancer. Interpretation: Hospitals with higher levels of infrastructure and resources have better outcomes after cancer surgery, independent of country income. Without urgent strengthening of hospital infrastructure and resources, the reductions in cancer-associated mortality associated with improved access will not be realised. Funding: National Institute for Health and Care Research