Post-operating performance of cross-delisted firms from U.S. stock exchanges

We investigate the long-term performance of cross-delisted firms from U.S. stock markets. Using a sample of foreign firms listed and delisted from U.S. stock exchange markets over 2000-2012, we examine the operating performance and the long-run stock returns performance of firms post-cross-delisting. Our results suggest that cross-delisted firms have less growth opportunities than matched cross-listed firms in the long run. Moreover, firms that cross-delist after the passage of Rule 12h-6 of 2007 exhibit a significant decline in operating performance. In contrast, before the adoption of the Rule 12h-6, cross-delisted firms seem to be affected by the cost of a U.S. listing in the precross -delisting period. In addition, we provide evidence that cross-delisted firms underperform their cross-listed peers; cross-delisted firms experience negative average abnormal returns, especially in the post-delisting period.

Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.

Caught between changing tides: Gender and kinship in Cape Verde

Gender ideologies in Cape Verde are shifting. Individuals find themselves caught between changing tides, pushed and pulled in opposite directions by divergent gendered expectations. The article examines the different ways in which young women and men take recourse to tactics in response to the tensions that arise as they deal with changing gender ascriptions in the midst of their relations with community and kin. Women, in particular, are unevenly affected by traditional demands and expectations whilst they cross the boundaries of traditional gender roles in their pursuit of enhanced education and more sexual freedom. Yet, their actions are not characterized by an outright rejection of traditional gender ideologies, but rather by piecemeal tactical manoeuvres to plot a route through the centrifugal forces at play. keywords

Financiamento público e produtividade das empresas portuguesas

Dissertação de mestrado em Economia Industrial e da Empresa

Média digitais e lusofonia

É meu propósito, neste texto, discutir a Lusofonia através de um conjunto de conceitos ligados aos média digitais interativos, rompendo os limites da ligação entre produtores e recetores de conteúdos nas relações multi, inter e transculturais. Vou insistir na ideia de que os média digitais interativos significam novas práticas nas relações interculturais: por um lado, formas digitais interativas de comunicação intercultural e, por outro, textualidades multimodais (“hipertextualidades”) na produção do sentido lusófono. O percurso que proponho tem um cariz preponderantemente epistemológico. Tomando a Lusofonia como figura de interesse geoestratégico e cultural e os média digitais como objeto de análise, é minha preocupação fundamental interrogar a inovação, a hibridez e a interatividade digitais e verificar de que modo se articulam com as relações multi, inter e transculturais. Palavras-chave: Lusofonia, comunicação intercultural, média digitais interativos, comunicação multimodal, tecnologia da comunicação, Museu da Língua Portuguesa em São Paulo, Museu Virtual da Lusofonia.

Firm innovation and co-location in Portugal

This paper investigates the geographical distribution and concentration of firms’ innovation persistence and innovation type (product and process) based on three waves of the Portuguese Community Innovation Survey data covering the period 1998–2006. The main findings are: 1) both innovation persistence and innovation type are asymmetrically distributed across Portuguese regions, 2) the degree of correlation between geographical location and innovative output varies with the innovation type, and 3) the correlation between geographical unit and innovation increases when the spatial unit of analysis is narrower. The results suggest that the firms’ choices of geographical location have a long-lasting effect, engendering no equal probabilities of being persistently innovative.

Financiamento bancário e o desempenho das empresas em portugal: qual a relação?

Dissertação de mestrado em Economia Monetária, Bancária e Financeira

Pharming: análise dogmático-penal, em especial enquanto forma de lesão do património

Dissertação de mestrado em Direito e Informática