Flávia Barbosa

Abstract
A área de conhecimento associada à gestão de ativos potencia a extração de valor de ativos físicos, incorporando uma abordagem integrada que envolve riscos, custos e desempenho. Este trabalho propõe uma nova abordagem para selecionar projetos de investimento em infraestruturas no âmbito da gestão de ativos. A métrica padrão utilizada para a seleção de projetos em ativos múltiplos é o Índice de Valor de Infraestruturas (IVI), que tem sido utilizado para caracterizar ativos do setor de águas em diversos países. Este trabalho desenvolveu dois modelos de programação linear inteira mista. O primeiro modelo de otimização trata de um problema de alocação de orçamento de capital selecionando projetos de investimento com vista à maximização da condição dos ativos. O segundo modelo de otimização trata de um problema de planeamento de orçamento, visando minimizar o capital necessário para manter os ativos nas condições desejadas. A aplicação dos modelos é ilustrada por um estudo de caso de uma empresa que opera no setor da água em Portugal. Os resultados obtidos nos diferentes cenários analisados são discutidos com vista a apoiar o desenho de políticas de gestão de ativos mais eficientes.

Abstract
The Strategic Framework for European Cooperation in Education and Training (ET 2020) aimed to pro-mote the exchange of best practices among the Member States. This paper assesses the performance evo-lution of European countries in terms of the common objectives for the education sector. The framework used to evaluate European education systems is based on constructing a composite indicator adopting a benefit-of-the-doubt approach. The evaluation of performance change over time is done using a Global Malmquist Index. Sigma and beta convergence of EU countries are also explored using non-parametric frontier techniques. The results are analysed for the period 2009-2018 and discussed in light of the goals envisaged and the national policies adopted. The results revealed a trend of improvement in the perfor-mance of education systems in most European countries in the period analysed. Although most European countries moved closer to the European best practice frontier over time, as confirmed by the values of sigma-convergence, a few countries are still lagging considerably below their peers, as revealed by the existence of divergence in beta.(c) 2022 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license ( http://creativecommons.org/licenses/by-nc-nd/4.0/ )

Abstract
Assessing the evolution of the performance of water supply and sanitation services is essential to monitor progress towards the universalization of water services, as specified by the Sustainable Development Goal 6 of Agenda 2030, adopted by United Nations member countries. Brazil, a developing country with a continental size and geographical diversity, will face significant challenges to achieve this goal. The main objective of this paper is to evaluate the evolution of productivity of water supply and sanitation services in Brazilian municipalities in the period 2012-2019. The analysis also explores whether water services' performance is balanced across the country, with a specific analysis of performance at the macroregion level. From a methodological perspective, this research evaluates productivity change over time using a Malmquist Productivity Index estimated with a metafrontier, satisfying the circularity property. It also develops a pseudo Malmquist index that compares productivity levels across macro-regions. The results revealed a productivity loss of approximately 4% at the national level, with an unequal profile across the macro-regions. The Southeast municipalities stand out for exhibiting, on average, higher productivity levels than the South and Northeast municipalities.

Abstract
A significant challenge in asset management is the selection of investment projects for infrastructures, which often relies on subjective judgement and lacks structured decision support methods. This challenge is particularly complex in water systems due to the diverse and heterogeneous nature of the components requiring investment. While the infrastructure value index (IVI) is widely used to characterise assets and support investment decisions in the water sector, its application in optimisation models for generating efficient project portfolios remains unexplored. To address this research gap, this study introduces optimisation models for generating investment portfolio plans in water systems' asset management. The proposed approach includes two mixed-integer linear programming (MILP) models that determine optimal solutions and an evolutionary algorithm that offers sub-optimal alternative investment selection plans to provide decision-makers with additional choices for balancing optimal outcomes. The primary contribution of this research is the combined utilisation of MILP and evolutionary algorithms, integrating the IVI into the decision-making process. These tools provide decision-makers with structured methods for defining investment plans and minimising the subjective elements typically associated with such processes. To illustrate the effectiveness of the models, a case study is presented involving a pumping station of a Portuguese water company. The results demonstrate the practical application and benefits of the proposed approach in optimising investment decisions. This research contributes to advancing asset management practices by integrating quantitative optimisation techniques and leveraging the IVI, thereby enhancing the objectivity and efficiency of investment planning in water systems' asset management.

Abstract
The Single Supervisory Mechanism (SSM) was implemented as a first step towards a Banking Union in November 2014. This paper investigates the impact of the SSM on Eurozone banks' efficiency and position of best-practice frontier. It is based on a balanced panel analysis of 931 European bank-year observations from 2011 to 2017 (133 banks, seven years). The study uses Data Envelopment Analysis and a difference-in-differences approach to explore the evolution of banking performance. We found that the SSM had a negative impact on the efficiency levels of Eurozone banks, particularly in the year after the introduction of the mechanism. Additionally, we observed that the frontier formed by non-Eurozone European Union banks is more productive than the frontier of Eurozone banks in all the years analysed. Both efficiency and frontier position show evidence of a recovery trend in more recent years for both groups. We also found that while Equity-to-Asset Ratio, Return on Average Assets and Gross Domestic Product per capita positively impacted banks' efficiency, domestic credit provided by banks expressed as %GDP had a negative impact on efficiency.