Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Altruism with Social Roots: An Emerging Literature

Revised: 2007-01.-- Published as an article in: Revista Desarrollo y Sociedad (2006), Semestre II, pp. 245-260.

Contemporary mormon literature: Phyllis Barber's writing

612 p.

Teaching how to Look at and View Bodies within Literature

[EN] This paper focuses on how to initiate discussions of the regulatory gaze in primary school classrooms through the study of characters in literature. It specifically focuses on two renowned characters in Spanish literature: Xola (Bernardo Atxaga) and Iholdi (Mariasun Landa). These characters are composed of a chorus of looks which in turn also look. We shall carefully reflect upon these looks and discuss how we see others, how others see us, and how we would like others to see us.

The impacts of leadership in the quality of municipal public services: case study of a portuguese municipal council

[EN]The present research work, based on some of the components of the Common Assessment Framework, sets to analyse the influence held by leadership in specific factors that constitute the organisational climate, and also the impact that these factors have on the quality of municipal public services. For the purposes of this study, we propose Likert’s exploitative autocratic and participative leadership styles to explain the genesis, structure and workflow. As far as the organisational climate is concerned, the variables used are motivation, satisfaction, empowerment, conflict and stress. The main conclusions that arose was that a participative leader confers higher relevance to the quality of service, through motivation, satisfaction, empowerment and human resources positive results, than an exploitative autocratic leader. Performed contributions are based on the empiric research hereby presented, and new research guidelines are proposed. The research methodology used was qualitative, based on the case study.

Translation, literature and nation: the Xeneración Nós and the appropriation of Joyce's texts

Santamaría, José Miguel; Pajares, Eterio; Olsen, Vickie; Merino, Raquel; Eguíluz, Federico (eds.)

Translating Spanish Literature into English: Some cross-cultural pragmatic issues

Eterio Pajares, Raquel Merino y José Miguel Santamaría (eds.)

Some remarks on asymmetrical cultural transfer. (The Case of Slovenian Literature for Italian Readers)

Eterio Pajares, Raquel Merino y José Miguel Santamaría (eds.)

Literature Review of Integrated Impact Assessment Models of Climate Change with Emphasis on Damage Functions

35 p.

La frontera, borders an transborders. Reflections of the borderlands in Chicana Literature (early 20th-21st c.)

421 p.