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Wizz Air Holdings Plc. : equity valuation
No full textThe purpose of my dissertation is to conduct an equity valuation of Wizz Air Holdings Plc., a Hungarian low-cost airline dominating the CEE market. The analysis aims to estimate a 1-year target share price for the airline, incorporating extensive data regarding the company, industry dynamics, and key economic trends. After presenting the commonly used valuation methods, the dissertation contains an in-depth analysis of the internal and external factors impacting Wizz Air. This is complemented by a detailed operational and financial analysis to identify the most important drivers of the company9s performance. In the forecasting process, I employ three distinct scenarios to capture the changing factors more efficiently accompanied by a detailed estimation of the capacity, unit revenues, and unit costs. The share price implied by the DCF model is defined by the application of two sets of probabilities to the scenarios, while the relative valuation is based on a limited peer group using forward multiples. The DCF model determines a share price of 117.6 GBP, as the multiple valuation suggests a price of 24.4 GBP. This significant difference supports the fact that the growth opportunities and current market trends vary enormously. By allocating a higher weight to the multiple valuation, my analysis concludes a share price of 47.7 GBP, indicating a potential 182% increase in the share price, therefore my recommendation for Wizz Air is a strong buy.O objetivo desta dissertação é realizar uma avaliação de capital da Wizz Air Holdings Plc., uma companhia aérea de baixo custo húngara que domina o mercado da Europa Central e Oriental (CEE). A análise visa estimar o preço-alvo para as ações da companhia para um ano, incorporando dados extensivos sobre a empresa, a indústria e as principais tendências económicas. Após apresentar os métodos de avaliação utilizados, a dissertação contém uma análise aprofundada dos fatores internos e externos que impactam a Wizz Air. Este estudo é complementado por uma análise operacional e financeira detalhada para identificar os principais impulsionadores do desempenho da empresa. No processo de previsão utilizo três cenários distintos para capturar de forma eficiente os fatores em mudança, acompanhados por uma estimativa detalhada da capacidade, das receitas e custos unitários. O preço das ações implícito pelo modelo DCF, que é definido pela aplicação de dois conjuntos de probabilidades aos cenários, enquanto a avaliação relativa é baseada em um pequeno grupo de pares usando múltiplos futuros. O modelo DCF determina um preço das ações de 117.6 GBP, enquanto a avaliação por múltiplos sugere um preço de 24.4 GBP. Esta diferença significativa apoia o fato de que as oportunidades de crescimento e as tendências de mercado atuais variam enormemente. Ao atribuir um peso maior à avaliação por múltiplos, a minha análise conclui um preço das ações de 47.7 GBP, indicando um potencial aumento de 182% no preço das ações, portanto, a minha recomendação para a Wizz Air é uma compra forte
Video-based categorization system and frequency analysis of gestures in saxophone playing
Get PDFThe study of gestures in music performance provides valuable insights for instrumental learning. However, gestural vocabularies vary depending on the instrument being played, according to its postural and technical specificities. The goals of this study were twofold: first, to create a gesture categorization system for saxophone players, and second, to analyse their gestural behaviour across contrasting musical excerpts. A criteria-based observational analysis was conducted, considering the type and frequency of gestures identified in a database of 100 video and motion recordings. The categorization system, including 15 gesture types applicable to the case of saxophone playing, was further validated by 2 expert raters. A descriptive appendix is provided for the identification of each gesture type. Results revealed that: (1) knee and trunk flexion, feet elevation, mediolateral sway and flap were the most recurrent gestures among saxophone players; (2) energetic, fast-tempo excerpts led to higher movement frequency; and (3) impulsive gestures (head nods) were idiosyncratic of the excerpt containing repeated accentuated notes. These results present a definition of the gestural behaviour of saxophone players, which constitutes relevant knowledge for the development of future studies in the fields of injury prevention, body expression and historically informed performance.info:eu-repo/semantics/publishedVersio
Os riscos éticos de negligenciar o potencial humano no recrutamento por IA : resultados antiéticos actuais e estratégias futuras de mitigação
No full textThe rapid integration of Artificial Intelligence (AI) into recruitment processes has revolutionized hiring practices, offering significant opportunities while introducing profound ethical risks. This thesis aims to provide an overview of current debates on the ethical risks and opportunities posed by AI recruitment and their mitigation strategies, with a particular focus on the underexplored risk of AI-Defined Candidate Evaluation Filters Overlooking Human Potential. The central research question is: How can organizations deploy AI recruitment systems without risking overlooking human potential, especially among candidates with more individualistic or non-conforming backgrounds? Utilizing a qualitative systematic literature review, the study synthesizes peer-reviewed articles as well as established books in the field to assess AI's ethical challenges and identify gaps in the literature. Findings reveal that AI-defined evaluation filters can exclude capable candidates from diverse backgrounds, amplify biases, undermine inclusivity, and devalue human judgment. These various outcomes result in workforce homogeneity, stifling innovation and adaptability. To better understand the interconnected risks, the framework categorizes these into three dimensions: Inclusivity & Accessibility, Depth & Accuracy of Candidate Evaluation, and Organizational Adaptability & Long-Term Impact. Finally, the thesis addresses these challenges by proposing a mitigation framework based on two dimensions: resource intensity and implementation horizon. Strategies include expanding outreach channels, conducting algorithmic bias audits, refining data practices to exclude sensitive attributes, and fostering human-AI collaborative evaluation processes.A rápida integração da Inteligência Artificial (IA) nos processos de recrutamento transformou as práticas de contratação, oferecendo oportunidades significativas, mas também introduzindo riscos éticos profundos. Esta tese avalia os debates atuais sobre os riscos éticos do recrutamento com IA e suas estratégias de mitigação, com foco no risco pouco explorado de Filtros de Avaliação de Candidatos Definidos por IA que Ignoram o Potencial Humano. A questão central é: Como as organizações podem implementar sistemas de recrutamento com IA sem ignorar o potencial humano, especialmente de candidatos com perfis individualistas ou não conformistas? Baseando-se em uma revisão sistemática qualitativa da literatura, o estudo identifica que filtros definidos por IA podem excluir candidatos qualificados de origens diversas, amplificar preconceitos, minar a inclusão e desvalorizar o julgamento humano, levando a uma força de trabalho homogênea e reduzindo a inovação. Os riscos são categorizados em três dimensões: Inclusividade e Acessibilidade, Profundidade e Precisão na Avaliação de Candidatos e Adaptabilidade Organizacional e Impacto de Longo Prazo. Para mitigar esses riscos, a tese propõe um quadro baseado em dois dimensões: intensidade de recursos e horizonte de implementação, incluindo estratégias como expansão de canais de alcance, auditorias de viés algorítmico, exclusão de atributos sensíveis e processos colaborativos entre humanos e IA. Este estudo contribui para a governança ética da IA, promovendo práticas de recrutamento que equilibrem eficiência tecnológica com inclusão e responsabilidade
Echo chambers in a social finance platform and option-implied moments of stock performance
No full textThis thesis examines the role of echo chamber in financial markets. Using measures built by Cookson et. al. (2022) and variables based on option prices (DeMiguel et. al. (2013)), I analyzed how selective exposure shapes investors' perceptions of implied risks and expected excess stock returns. The results highlight that increased disagreement expressed by users stimulates trading activity, in line with Cookson et. al. (2022). Next, I document that a greater dispersion in the messages a member receives leads to a higher probability of extreme payoffs; higher implied skewness, volatility and expected returns. The analysis shows that the investors' tendency to interact with information that confirms their pre-existing beliefs, creates a polarised environment that biases users' trading decisions and market stability in the short run.Esta tese examina o papel da câmara de eco nos mercados financeiros. Usando medidas construídas por Cookson et. al. (2022) e variáveis baseadas em preços de opções (DeMiguel et.al. (2013)), analisei como a exposição selectiva molda as percepções dos investidores sobre os riscos implícitos e o excesso de retorno esperado das acções. Os resultados destacam que o aumento da discordância expressa pelos utilizadores estimula a atividade de negociação, em linha com Cookson et. al. (2022). Em seguida, documento que uma maior dispersão nas mensagens que um membro recebe leva a uma maior probabilidade de payoffs extremos; maior assimetria implícita, volatilidade e retornos esperados. A análise mostra que a tendência dos investidores para interagir com informações que confirmam as suas crenças pré-existentes cria um ambiente polarizado que enviesa as decisões de negociação dos utilizadores e a estabilidade do mercado a curto prazo
Spiritual integration of migrants: a Lisbon case study within the common home agenda and polyhedron of intelligibility framework
No full textMigration is a multidimensional process that reshapes identities and communities. This article adopts a polyhedral framework inspired by Pope Francis’s Laudato si’ and Michel Foucault’s concepts of “subjectivation” and the “polyhedron of intelligibility”. Both emphasize spirituality as a transformative force in individuals’ lives and a concept that connects philosophy and theology to support resilience among migrant populations. Using Portugal as a case study, the research examines migration’s historical and contextual landscape and its discursive framework. Through a Lisbon-based research project of interviews with migrants, the study explores the concept of spiritual integration by presenting how spirituality functions to preserve cultural identity while facilitating integration without full assimilation into the host community. Spirituality includes many rules and choices regarding ways of life; therefore, the interview projects’ migrants interpret the concept of spiritual integration in a subjective and polyhedron manner. Creating strong ties to their homes, traditions, cultures, spirituality, sports, and culinary practices, as well as practicing, sharing, and teaching these practices, protects them from total subjection, while learning the host society’s customs and rituals helps them to fit in. The findings show that spirituality serves as an integrational tool, a coping mechanism, and a form of resistance, providing a space for migrants to address and overcome challenges. The article emphasizes the importance of integration policies to create a “safe place” of inclusivity within host communities
Psychological type, emotional temperament, and burnout among Catholic priests in Brazil: a pilot empirical enquiry
No full textThis study was designed to test the power of psychological type and emotional temperament to predict individual differences in self-perceived work-related psychological wellbeing and professional burnout among Catholic priests serving in Brazil. A snowball sample of 147 Catholic diocesan priests completed the Francis Burnout Inventory and the Francis Psychological Type and Emotional Temperament Scales. The Francis Burnout Inventory employs the model of balanced affect, where negative affect is assessed by the Scale of Emotional Exhaustion in Ministry and where positive affect is assessed by the Satisfaction in Ministry Scale. The data demonstrated that extraversion and emotional volatility were key predictors of individual differences in levels of both positive affect and negative affect. Priests recording high introversion and high emotional volatility were more prone to experiencing burnout. Consistent with findings from research in other cultural contexts, these data affirm the value of psychological profiling for identifying priests more susceptible to burnout
Who will advocate? The impact of decision 93/PUU-XX/2022 on article 433 Civil Code amendments for disability rights and legal protection
No full textThe Constitutional Court of Indonesia’s Decision Number 93/PUU-XX/2022 marks a pivotal moment in disability rights by ruling that the terms “imbecile,” “mentally ill,” and “dark-eyed,” along with the word “must” in Article 433 of the Civil Code, are inconsistent with the 1945 Constitution. The Court replaced these derogatory terms with “persons with mental and/or intellectual disabilities” and revised “must” to “can,” signaling a shift toward a more rights-based approach. However, this legal amendment raises critical questions: Does it effectively balance guardianship proceedings with the rights and autonomy of persons with disabilities? And who will advocate for their protection and inclusion in the legal system? This study analyzes the decision’s implications, particularly its impact on the legal mechanisms available to individuals with mental and intellectual disabilities. Using a qualitative approach and a statutory analysis of the Civil Code, Law No. 8 of 2016 on Disability, Law No. 19 of 2011 on the Protection and Rights of Persons with Disabilities, and the Constitutional Court ruling, this research evaluates the extent to which the amendments align with international human rights standards, such as the UN Convention on the Rights of Persons with Disabilities (CRPD). By placing Indonesia’s legal reforms in the broader international debate on disability rights, this study highlights the urgency of stronger advocacy and legal safeguards to prevent continued marginalization. The findings contribute to discussions on legal capacity, guardianship, and human dignity, offering insights for policymakers, legal practitioners, and human rights advocates seeking to advance disability rights worldwide
Nearshoring como estratégia de sourcing para a indústria da moda alemã : uma análise prospectiva
No full textThis study examines the role of nearshoring in the German fashion industry and evaluates its potential as a dominant sourcing strategy. While nearshoring is increasingly discussed as an alternative to Offshoring, its actual impact remains debated. To assess this, a mixedmethods approach was applied, integrating expert interviews, literature analysis, and a scenario-based Cross-Impact Balance analysis to identify key influencing factors. The identified factors indicate that nearshoring is unlikely to see significant growth under current market conditions. While drivers such as regulatory developments, time to market, and sustainability goals create incentives, price-sensitive consumer preferences, operational constraints, and cost considerations limit its broad adoption. For the near future, companies are expected to maintain their current sourcing strategies that balance cost, risk, and demand. The scenario analysis further supports this conclusion. Most companies will continue to prioritize Global Sourcing due to cost efficiency, established supply chain structures, and logistical considerations. Only under specific conditions, such as stricter regulations, increased demand for quickly available sustainable products, and advancements in automation, does nearshoring gain strategic relevance. This study contributes to the academic discourse by integrating management theory, strategic procurement frameworks, and value chain perspectives. It provides a comprehensive assessment of nearshoring’s role in the German fashion industry, highlighting both its opportunities and limitations. By offering insights into key influencing factors and future developments, this research helps decision-makers assess the viability of nearshoring as part of a long-term procurement approach.Este estudo examina o papel do nearshoring na indústria da moda alemã e avalia seu potencial como estratégia predominante de sourcing. Embora seja cada vez mais discutido como alternativa ao offshoring, seu impacto real continua em debate. Para analisar essa questão, aplicou-se uma abordagem de métodos mistos, combinando entrevistas com especialistas, análise de literatura e uma análise de balanço de impacto cruzado baseada em cenários para identificar fatores-chave de influência. Os resultados indicam que o nearshoring dificilmente crescerá significativamente nas condições atuais do mercado. Fatores como regulamentações, tempo de mercado e metas de sustentabilidade criam incentivos, mas as preferências dos consumidores sensíveis ao preço, as restrições operacionais e os custos dificultam sua adoção em larga escala. No futuro próximo, espera-se que as empresas mantenham suas estratégias atuais de sourcing, equilibrando custo, risco e demanda. A análise de cenários confirma essa conclusão. A maioria das empresas continuará priorizando o global sourcing devido à eficiência de custos, às cadeias de suprimentos consolidadas e às considerações logísticas. Apenas sob condições específicas, como regulamentações mais rigorosas, maior demanda por produtos sustentáveis e avanços na automação, o nearshoring se tornará estrategicamente relevante. Este estudo contribui para o debate acadêmico ao integrar teorias de gestão, estruturas estratégicas de compras e perspectivas da cadeia de valor. Ele fornece uma visão abrangente do nearshoring na moda alemã, destacando oportunidades e limitações. A pesquisa apoia tomadores de decisão na avaliação do nearshoring como estratégia de longo prazo e oferece insights valiosos sobre fatores-chave de influência
The role of training and education for enhancing empathy among healthcare students: a systematic review of randomised controlled trials
No full textBackground: Empathy can lead to a better patient-professional relationship, and this skill that can be learned and trained, and the university is the ideal place to start this training. The aim of this systematic review is to assess whether training and education interventions have an impact on increasing empathy in health students. Methods: The acronym PICOS was used to formulate the research question. A high-sensitivity search was made combining indexed terms, entry terms, and Boolean OR/AND in 9 databases, including grey literature and manual search of retrieved articles. Two researchers selected the studies based on previously established eligibility criteria. The risk of bias was verified using the RoB2 tool and a meta-analysis was performed using RevMan 5.4. Results: The analysis included 30 studies in the qualitative synthesis and 20 studies that presented adequate data for the meta-analysis. An overall moderate effect on participants’ empathy was found after the intervention (standardized mean difference 0.45, 95% CI 0.25 to 0.65). However, heterogeneity was high (I2 = 79%). More than half of the studies were considered at high risk of bias. The results suggests that interventions can be effective in increasing empathy. Conclusion: This topic has been in the spotlight in the area of health education in recent years. And more quality studies will be needed, as well as long-term evaluation of interventions to ensure the durability of empathy enhancement. Clinical trial number: Not applicable
O sharenting como facto gerador de responsabilidade civil
No full textA presente dissertação visa estudar o sharenting sob as lentes dos direitos de personalidade do menor, nomeadamente os direitos de reserva sobre a intimidade da vida privada e direito à imagem. Assim, o presente estudo procurará perceber se a prática do sharenting coloca em crise estes direitos personalísticos do menor e em que circunstâncias pode configurar um ilícito civil. Nesta senda, afigura-se importante compreender se a prática, melhor aludida supra, poderá ser geradora de responsabilidade civil extracontratual e se o processo especial de tutela dos direitos de personalidade do menor se demonstra útil e adequado para tutelar os interesses do menor. Por fim, iremos abordar, ainda que de forma sucinta, o enquadramento jurídico atribuído ao sharenting pelos ordenamentos jurídicos francês e espanhol, de forma a perceber se será possível retirar contributos úteis para o enquadramento jurídico português.The present dissertation aims to study sharenting from the perspective of minors’ personality rights, namely the rights to privacy of private life and the right to image. Therefore, this study will seek to understand whether the practice of sharenting puts these personal rights of minors in crisis and under what circumstances it may constitute a civil unlawful. In this regard, it is important to understand whether the practice referred above could give rise to extra-contractual civil liability and whether the special process for protecting the minor's personality rights proves itself useful and appropriate for protecting the minor's interests. Finally, we will briefly address the legal framework attributed to sharenting by the French and Spanish legal systems, so we can understand whether it is possible to elicit useful contributions to the Portuguese legal framework