This paper provides evidence on abnormal returns of Portuguese privatization public offerings for the period from 1989 to 2001. This study explores the abnormal performance of a comprehensive sample of Portuguese privatization transactions and investigates the determinants of the observed price behavior. We find some evidence of the underpricing phenomenon for privatized offerings but initial returns are low and barely significant. The results show further that privatization IPOs underperform private sector IPOs. In the long run, we observe negative abnormal returns. While in early event months, privatization public offerings yield more negative returns than private sector offerings, this effect is reversed in longer horizon periods. Initial underpricing is thus partially reversed and investors seem to require higher returns in partial privatizations.

The objective of this study was to develop a rapid multimetric index using benthic macrofauna as bioindicators of ecological conditions for the upper reaches of the Piabanha-Paquequer-Preto Basin located in the state of Rio de Janeiro, Brazil. A total of 33698 macroinvertebrates were collected in 27 sites. Benthic macroinvertebrates were sampled using the multi-habitat method that consists in sampling 20 m² of substrate collected in approximate proportion to the representation of all major habitat types in the reach. A subsampling procedure was used. The main steps followed to develop and test the index were: exclusion of unsuitable metrics using box-whisker plots, considering the degree of overlapping among interquartile limits (1º-3º) and confirmed by Mann-Whitney U test (p < 0.05) using six reference rivers and six impaired rivers. From all the candidate potential metrics, 36 were considered suitable. After identifying redundant metrics, through Spearman correlation analysis, and considering practical application criteria, six core metrics were selected to compose the Piabanha-Paquequer-Preto Multimetric Index (PPPMI) using the continuous method: Family richness, Shannon-Wiener family diversity, EPT family richness, %Diptera, %MOLD (Mollusca + Diptera) and %Collectors. The sensitivity of the index was tested in 15 rivers using a Principal Components Analysis (PCA) of the six environmental variables. The first axis of the PCA was highly correlated to the PPPMI scores (r = 0.703, p < 0.001). The PPPMI responded to a set of environmental variables associated to a gradient of human disturbance affecting the ecological condition of the waterbodies. This indicates that the PPPMI is an effective tool for biological monitoring and decision making in the hydrographic region of the Piabanha-Paquequer-Preto rivers

Background Sugarcane hemicellulosic material is a compelling source of usually neglected xylose that could figure as feedstock to produce chemical building blocks of high economic value, such as xylitol. In this context, Saccharomyces cerevisiae strains typically used in the Brazilian bioethanol industry are a robust chassis for genetic engineering, given their robustness towards harsh operational conditions and outstanding fermentation performance. Nevertheless, there are no reports on the use of these strains for xylitol production using sugarcane hydrolysate. Results Potential single-guided RNA off-targets were analyzed in two preeminent industrial strains (PE-2 and SA-1), providing a database of 5′-NGG 20 nucleotide sequences and guidelines for the fast and cost-effective CRISPR editing of such strains. After genomic integration of a NADPH-preferring xylose reductase (XR), FMYX (SA-1 hoΔ::xyl1) and CENPKX (CEN.PK-122 hoΔ::xyl1) were tested in varying cultivation conditions for xylitol productivity to infer influence of the genetic background. Near-theoretical yields were achieved for all strains; however, the industrial consistently outperformed the laboratory strain. Batch fermentation of raw sugarcane straw hydrolysate with remaining solid particles represented a challenge for xylose metabolization, and 3.65 ± 0.16 g/L xylitol titer was achieved by FMYX. Finally, quantification of NADPH — cofactor implied in XR activity — revealed that FMYX has 33% more available cofactors than CENPKX. Conclusions Although widely used in several S. cerevisiae strains, this is the first report of CRISPR-Cas9 editing major yeast of the Brazilian bioethanol industry. Fermentative assays of xylose consumption revealed that NADPH availability is closely related to mutant strains’ performance. We also pioneer the use of sugarcane straw as a substrate for xylitol production. Finally, we demonstrate how industrial background SA-1 is a compelling chassis for the second-generation industry, given its inhibitor tolerance and better redox environment that may favor production of reduced sugars.

Elected in 1723, Isaac de Sequeira Samuda (1681–1729) was the first Jewish Fellow of the Royal Society. He had arrived in London just a few years earlier, escaping from the Portuguese Inquisition. Despite his past, he had no difficulty in establishing links with his country's diplomatic representatives in London. A physician and adviser on scientific subjects, he became a conduit between the emerging world of Portuguese astronomy and the British scientific community. He reported to the Royal Society on astronomical observations made in the new observatories in Lisbon and helped with the acquisition of scientific instruments and books destined for Portugal. These activities were facets of Samuda's unusual career and the diverse though often converging associations that he established until his death. As the member of a network active in the diffusion of new ideas and in the modernization of Portuguese science, Samuda can be regarded as an estrangeirado , as this term has come to be used in the modern literature.

The so-called Notícias Recônditas, an anonymous account written in the context of the negotiations that led to the suspension of Inquisition-related actions in Portugal between 1674 and 1681, has been approached by historiography principally from the points of view of its controversial authorship, its compositional framework, and even the accuracy of its contents. This article proposes a different perspective, focusing on its circulation and reception in the eighteenth-century England. Comparing different handwritten and printed versions of this text reveals numerous additions, transformations, and adaptations of its contents and structure, from its moment of composition until its publication and even afterwards. Eighteenth-century London, where anti-Catholic polemical literature was flourishing, is the place of publication of the first editions. There, Notícias was also appropriated by Anglican polemists with one main purpose in mind: attacking the Catholic Church. This, however, did not suit the text's original goals of making contributions to reforms to the Inquisition in Portugal and raising awareness for the New Christian cause. Therefore, identifying and analyzing the discrepancies among the different versions of the text give way to new questions concerning the intervention of copyists, translators, compilers, and publishers in order to achieve specific objectives and to reach target audiences.