Browsing by Issue Date, starting with "2024-10"
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- Measuring sentiment: the impact on financial markets volatilityPublication . Carvalho, Carolina e Silva Correia de; Garcia, Maria Teresa MedeirosThis dissertation provides insights into the impact of sentiment factors on stock market volatility using monthly panel data from Germany, the UK and the US from 2002-2022. The main objective is to understand how the consumer confidence index, the trading volume, the put/call ratio, and the number of IPOs - components of the sentiment index used in this research - affect the volatility of the DAX 40, FTSE 100, and S&P 500 indices, respectively. The results suggest that investor sentiment has impact on market volatility in all three indices. In particular, a higher consumer confidence index correlates with lower volatility, suggesting that positive sentiment stabilizes markets. Conversely, increased trading volume and a higher put/call ratio are associated with increased volatility, reflecting greater market activity and investor uncertainty. In addition, the number of IPOs serves as a sentiment gauge, with increased IPO activity corresponding to a more optimistic market outlook and contributing to lower volatility. Overall, the results underscore the importance of integrating sentiment measures into financial analysis and provide valuable insights for investors and policymakers seeking to understand and manage market fluctuations. This research contributes to the behavioural finance literature by elucidating the complex interplay between investor sentiment and stock market behaviour.
- Sustainable risk management in new product development case study: Automotive industryPublication . Parra, Duarte Nuno Oliveira Ferreira Dunões; Soares, José Miguel Aragão Celestino Soares; Santos, Ricardo SimõesThe current market environment is increasingly competitive and dynamic, and each client's requirements are becoming more complex, influencing and impacting the cost, quality levels, and timings of all projects. To achieve competitive advantage and overcome these levels of dynamism and complexity, analysing the risks involved is crucial at all stages of the project life cycle, a critical dimension for the project management process, which is gaining increasing relevance due to is ability to answer the inefficiencies generated by the various uncertainties and due to the help provided in the decision-making process throughout the different stages of a project or process. On this basis, the main objective of this work is to identify and assess the influence of risk levels in the early stages of the new product development process, focusing on the sustainability dimensions in the automotive sector, since the balance in this dimension increases organisational value and is increasingly included in differentiation strategies. To achieve the study's objective, a model was developed to support risk assessment in project management and decision-making. The model is based on fuzzy inference systems essential in risk management. These systems allow the subjectivity of the analysis associated with human perception to be mitigated based on Artificial Intelligence algorithms, known as Fuzzy Logic. In summary, the presentation and application of this proposed model have reduced the uncertainty and ambiguity inherent in risk analysis. Therefore, the discussion of the problem under study was focused on identifying the development phase of a new program for a company in the automotive industry that presents the most significant risk regarding sustainability dimensions.
- A adoção de tecnologias de inteligência artificial no setor imobiliário portuguêsPublication . Fonseca, Patrícia Alexandra de Jesus; Godinho, Manuel MiraEsta dissertação tem como objetivo avaliar o estado atual da adoção de tecnologias de Inteligência Artificial (IA) no setor imobiliário português, bem como identificar os principais benefícios e barreiras associados à sua implementação e os principais impactos observáveis. A investigação baseia-se num estudo quantitativo, utilizando um questionário respondido por 228 profissionais do setor imobiliário. Os resultados indicam que, embora a adoção de IA esteja em crescimento, ainda é um fenómeno relativamente recente. As principais vantagens percecionadas incluem o aumento da eficiência operacional e a melhoria na tomada de decisões, enquanto a complexidade tecnológica e a falta de compatibilidade com sistemas existentes são apontadas como as maiores barreiras. A análise revela que áreas como a avaliação de imóveis e a recomendação personalizada de propriedades são as mais influenciadas pela IA, com impacto positivo significativo. Por outro lado, áreas como a previsão de preços e o atendimento ao cliente apresentam uma adoção mais lenta. Este estudo oferece insights valiosos sobre o potencial e os desafios da adoção de Inteligência Artificial (IA) no setor imobiliário português, focando-se na área da mediação imobiliária.
- Líderes políticos como líderes de opinião na formação de atitudes e intenções dos eleitoresPublication . Borges, Pedro Miguel Dinis; Santos, Susana Fernandes dosA crescente personalização da política e o aumento da importância dos líderes partidários no contexto político tornam essencial entender como os líderes políticos influenciam atitudes e intenções de voto. Estudando se as características dos líderes de opinião são replicadas pelos líderes políticos, na sua área de atuação, procura-se obter novas informações na tentativa de clarificar como podem ser influenciadas as atitudes e intenções do eleitorado. O objetivo desta dissertação passa por desenvolver um modelo explicativo com base na literatura referente aos líderes de opinião para explorar o impacto que tais características têm nas atitudes e intenções de voto do eleitorado, quando percecionadas nos líderes políticos. Mais ainda, as heurísticas políticas foram testadas no modelo enquanto moderadoras da relação entre as características e as atitudes. Através de um estudo quantitativo mono-método, esta investigação segue uma abordagem explanatória e foi realizada num horizonte temporal cross-sectional. Foi utilizada uma amostra não probabilística por conveniência, composta por 125 eleitores portugueses, recolhida através de um questionário online. Para a análise de dados foi utilizada a Modelagem de Equações Estruturais de Mínimos Quadrados Parciais (PLS-SEM). Os resultados mostram que a característica da originalidade percebida dos líderes políticos impacta positivamente a formação de atitudes em relação aos mesmos, não tendo sido encontrada significância estatística nas restantes três características. Ademais, a intenção de voto é influenciada pelas atitudes em relação ao líder e ao partido. Contrariamente ao esperado, as heurísticas políticas apenas são significativas na explicação da atitude em relação ao líder partidário. A nível académico, a investigação contribui para o entendimento sobre quais as características dos líderes partidários têm maior impacto na formação de atitude e intenção de voto. A nível prático permite aos partidos perceberem como trabalhar melhor a imagem do próprio partido e do seu líder de forma a obterem maior sucesso político.
- Assessing the burden of submicroscopic Plasmodium infections in a pre-elimination malaria setting in sub-Saharan Africa, Guinea-BissauPublication . Silva, Ronise; Lopes, Luis Filipe; Rodrigues, Amabelia; Arez, Ana Paula; Medeiros, Márcia M.Background Submicroscopic Plasmodium infections can be a source of persistent malaria transmission. The aim of this study was to assess their frequency, distribution, morbidity and associated factors in a pre-elimination malaria setting in sub-Saharan Africa, Guinea-Bissau, where the Plasmodium falciparum is the predominant Plasmodium species. Methods Dried fingerprick whole blood samples from 601 participants in the 2017 national, household-based, cross-sectional survey to estimate malaria prevalence were subjected to DNA extraction. The DNA was used in nested end-point PCR assays targeting genus- and species-specific regions of the Plasmodium 18S rRNA genes. Statistical analysis of socio-demographic, clinical and molecular data was carried out using the Statistical Package for the Social Sciences, version 29. Factors associated with submicroscopic P. falciparum infections and their magnitude were sought using Chi-square test and multiple logistic regression models, respectively. Statistically significant level was considered at P-value < 0.05. Results Nested PCR assays detected submicroscopic P. falciparum infections in 20.3% (95% CI = 16.8–23.8) of individuals microscopically negative for Plasmodium species in the general population and in 21.4% (95% CI = 9.9–36.5) of microscopically negative pregnant women. Submicroscopic Plasmodium malariae infections were also detected as co-infections in 3.0% individuals who were microscopically positive only for P. falciparum. Infections with other Plasmodium species were not detected. Submicroscopic P. falciparum infections were not associated with age, sex, or the presence of fever. A logistic regression model adjusted for ethnicity and health region showed that individuals from the Balanta and Bijagos ethnic groups, most of whom live in the low malaria-transmission areas of Quinara and Bissau, and the Bijagos archipelago, respectively, were less likely to have submicroscopic P. falciparum infections than individuals from the large Fula ethnic group, most of whom live in the high malaria-transmission area of Gabu. Submicroscopic P. falciparum infections were not associated with anaemia in children under 5 years of age. Conclusion The results obtained highlight the contribution of asymptomatic and submicroscopic P. falciparum infections to malaria transmission in high malaria-transmission areas and the need for molecular-based tools to detect submicroscopic Plasmodium species.
- O modelo de tributação do IMT na aquisição de imóveis para habitação própria e permanentePublication . Miranda, Maria Inês Bota; Pires, José Maria Fernandes; Basto, Florence Mendes Correia Carp PintoThe purpose of this work is to investigate the impact that the evolution of the exemption from Municipal Property Transfer Tax (MPT) for Own Permanent Housing (OPH) has on access to housing for residents in Portugal. We present an analysis of the property market and its social function in Portugal, focusing on the influence of the taxation model on the purchase of housing between 2019 and 2023. The rise in house prices, driven by factors such as tourism, foreign investment, the post Covid-19 pandemic recovery and the war in Ukraine, has affected housing affordability. In order to achieve the proposed objectives, two econometric models were developed to assess whether the model for taxing the purchase of housing in Portugal complies with the constitutional principle of the right to housing. The results show that the IMT exemption limit has a significant impact both on families' decision to buy their own home and on housing market prices. We conclude that this limit is outdated, and a review is recommended to improve access to OPH. Finally, the study suggests evaluating the concrete repercussions of proposals aimed at finding the ideal version of this Tax Benefit (TB), while also analysing the possibilities of offsetting possible tax revenues, from a perspective of financial neutrality of the alternatives analysed, for the revenues of municipalities.
- South Korean Universities’ patenting activity analysis : evolution and technological specialization trendsPublication . Costeira, Beatriz da Silva; Godinho, Manuel MiraUniversities have been playing an increasingly active role in worldwide patenting. South Ko rea, as a fast technologically developing country, is home to multiple well distinguished universities marking their position in patenting. This study investigates the patenting trends of South Korean universities, analising how these activities align with national industrial strengths and comparing them with leading universities internationally. Specifically, patent applications filed by South Korean universities at the Korean Intellectual Property Office (KIPO) from 2003 to 2021 were examined, focusing on the top 30 universities ranked in the Academic Ranking of World Universities (ARWU). Analysis of over 27,000 patent applications filed reveals that South Korean universities experienced approximately a 45.5% increase in patent filings, and the International Patent Classification (IPC) subclass most often given to patent applications was the A61, which belongs to the “Medical or veterinary science; hygiene” class. Followed by Physics (G) and Electricity (H) as dominant fields of patent application classes, fields closely aligned with South Korean’s national industrial priorities. South Korean universities demonstrate a technological advantage over the country’s industry in almost all the fields requested for protection, and results show an increase in proximity between industry and academia technological trends, highlighting a foundation for collaborative innovation. In a global context, South Korean universities show a rapid growth rate in patenting activities, mirroring that of Chinese institutions, although total patent volumes remain lower than those of United States institutions. A comparative analysis with universities from the United States, China, Japan, and Taiwan, using data from the United States Patent and Trademark Office (USPTO), highlights similarities and divergences in technological focus across these economies. The findings underscore South Korea’s competitive positioning within the global innovation landscape, suggesting potential areas for policy support, industry partnerships, and international collaborations to further strengthen South Korean universities' role in technological advancement.
- Unravelling the therapeutic effect of hnMSCs in an in vitro hepatic disease model of insulin resistance using hepatocyte-like cells and Kupffer cellsPublication . Rodrigues, Joana S.; Miranda, Joana Paiva Gomes; Ruas, Jorge Manuel Lira GonçalvesChronic liver diseases represent one of the leading causes of mortality worldwide. In particular, metabolic dysfunction-associated steatotic liver disease (MASLD) is the most common chronic liver disease in the Western world, fuelled by the increasing prevalence of obesity and diabetes. However, an effective therapy able to treat most patients is not yet available. Therefore, understanding disease development to identify potential drug targets is a pressing need. In this context, human stem cell-derived hepatocyte-like cells (HLCs) constitute a promising alternative to human primary hepatocytes and animal models for studying the mechanisms underlying liver disease and for testing the efficacy and safety of drugs or new therapies. However, the use of HLCs as a preclinical tool has been hampered by the immature phenotype obtained with current differentiation protocols. To address these problems, this thesis tested approaches to obtain a functional human-based stem cell-derived HLC model, able to mimic MASLD pathophysiological mechanisms and to evaluate therapeutic candidates. Accordingly, by modulating the concentration of differentiation-promoting compounds, such as glucose, insulin and dexamethasone, we could achieve a more physiologically relevant model with improved HLC biotransformation capacity and insulin responsiveness. Furthermore, HLC adaptation to a fit-for-purpose microfluidic culture system, constituting a microphysiological system, enhanced the degree of differentiation and drug metabolism capacity, demonstrated by the increased presence of hepatic-specific markers and production of diclofenac glucuronidation metabolites. Moreover, the establishment of insulin responsive HLCs set up the grounds for the development of a MASLD model. Thus, by exposing HLCs to oleic and palmitic acids, we could observe lipid accumulation, activation of gluconeogenesis, synthesis of lipotoxic species, such as ceramides and diacylglycerol, increased reactive oxygen species production and mitochondrial dysfunction along with induction of lipogenesis and gradual decrease in the antioxidant response. Additionally, considering that MASLD onset is correlated with liver zonation, in particular, perivenous (PV) hepatocytes, we explored the role of the hypoxia mimetic dimethyloxalylglycine (DMOG) in creating a PV-like HLC subpopulation. Of note, DMOG was more effective in inducing the expression of genes associated with PV-specific functions than exposing HLCs to 5% pO2. In addition, HLCs treated with DMOG presented signs of faster MASLD development, namely lower expression of genes involved in fatty acid oxidation and antioxidant response along with higher ceramide production levels. Thus, this platform not only presents itself as an alternative for the implementation of PV hepatocytes, but it could be further explored for the identification of biomarkers enabling earlier MASLD diagnosis. Lastly, the incorporation of the immune response in this hepatic model, by co-culturing HLCs and THP-1-derived macrophages, provided evidence on the therapeutic effect of mesenchymal stem cells’ secretome at the metabolic and immunomodulatory levels. Overall, this thesis demonstrated that recapitulating liver microenvironment is fundamental for unravelling the full potential of stem cell-derived HLCs for metabolic disease modelling, drug screening and drug metabolism assessment. Importantly, the therapeutic properties of the MSC secretome in MASLD setting should be evaluated in more detail.
- O modelo do custo versus o modelo do justo valor na mensuração subsequente das propriedades de investimentoPublication . Silva, Beatriz Marques da; Morais, Ana; Tavares, Teresa AlexandraO presente Trabalho Final de Mestrado (TFM) trata-se de um relatório de estágio e, numa primeira parte será realizado um trabalho de investigação, no âmbito das Propriedades de Investimento e os Modelos de Mensuração subsequente das mesmas, sob a forma de um Estudo de Caso. Será então apresentada uma revisão de literatura sobre o tema escolhido, seguindo-se o Estudo de Caso aplicado a uma empresa internacional que opera na área de Real Estate Services and Property Investment, a Sonae Sierra, por forma a identificar o impacto que os modelos de mensuração subsequente têm nas demonstrações financeiras e nos principais rácios financeiros da mesma. Deste modo, a questão de investigação deste trabalho é: Qual o impacto nas demonstrações financeiras e nos rácios da Sonae Sierra, provenientes da adoção dos modelos de mensuração subsequente das propriedades de investimento. Numa segunda parte do relatório serão descritas as funções desempenhadas e as tarefas realizadas ao longo do estágio na área de Audit – PSUR, na entidade Deloitte e Associados, SROC, S.A. Assim, o presente relatório de estágio tem como objetivo, não só descrever as tarefas realizadas ao longo do Estágio Curricular, como também aprofundar o conhecimento e a investigação sobre a aplicação do modelo do custo e do modelo do justo valor enquanto política contabilística na mensuração subsequente de propriedades de investimento, por parte das empresas.
- Satisfação no trabalho em teletrabalho : uma abordagem na ótica do colaboradorPublication . Correia, Margarida Pardal; Henriques, Paulo LopesA presente dissertação explora a satisfação no trabalho em contextos de teletrabalho, analisando como diversas variáveis independentes, como gestão do tempo, produtividade, evitar deslocações, interações sociais, saúde mental e condições laborais, afetam essa satisfação. A pesquisa utilizou um questionário online, aplicando uma amostra de 87 colaboradores com experiência em teletrabalho, e os dados foram analisados utilizando o software IBM SPSS. Os resultados indicaram que as variáveis estudadas explicam apenas uma pequena fração da variabilidade na satisfação dos colaboradores. Embora a gestão do tempo e a produtividade sejam frequentemente destacadas na literatura como fatores cruciais para a satisfação no trabalho, a análise não encontrou evidências significativas das suas influências. Ao contrário, das condições laborais que mostraram uma associação mais significativa com a satisfação. Além disso, a correlação negativa observada entre a satisfação no trabalho e variáveis demográficas, como género e idade, sugere que fatores sociais e culturais desempenham um papel importante na experiência de satisfação. Este estudo contribui para a compreensão da complexidade da satisfação no teletrabalho, indicando a necessidade de explorar outros fatores não medidos que possam influenciar o bem-estar dos trabalhadores em regime remoto ou híbrido.