WOS 8th international conference - Book of Abstracts

Proceedings book of the WOS 8th international conference - Book of Abstracts Edited by WOS2015 - University of Minho Includes biographical references and index.

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.

Improving buildings energy performance: comparison between simple payback period and life cycle costs analysis

The building sector is one of the Europeâ s main energy consumer, making buildings an important target for a wiser energy use, improving indoor comfort conditions and reducing the energy consumption. To achieve the European Union targets for energy consumption and carbon reductions it is crucial to act in new, but also in existing buildings, which constitute the majority of the building stock. In existing buildings, the significant improvement of their efficiency requires important investments. Therefore, costs are a major concern in the decision making process and the analysis of the cost effectiveness of the interventions is an important path in the guidance for the selection of the different renovation scenarios. The Portuguese thermal legislation considers the simple payback method for the calculations of the time for the return of the investment. However, this method does not take into consideration inflation, cash flows and cost of capital, as well as the future costs of energy and the building elements lifetime as it happens in a life cycle cost analysis. In order to understand the impact of the economic analysis method used in the choice of the renovation measures, a case study has been analysed using simple payback calculations and life cycle costs analysis. Overall results show that less far-reaching renovation measures are indicated when using the simple payback calculations which may be leading to solutions less cost-effective in a long run perspective.

Project scheduling and cost minimization with multiple availability constrained resources under stochastic conditions

The authors propose a mathematical model to minimize the project total cost where there are multiple resources constrained by maximum availability. They assume the resources as renewable and the activities can use any subset of resources requiring any quantity from a limited real interval. The stochastic nature is inferred by means of a stochastic work content defined per resource within an activity and following a known distribution and the total cost is the sum of the resource allocation cost with the tardiness cost or earliness bonus in case the project finishes after or before the due date, respectively. The model was computationally implemented relying upon an interchange of two global optimization metaheuristics – the electromagnetism-like mechanism and the evolutionary strategies. Two experiments were conducted testing the implementation to projects with single and multiple resources, and with or without maximum availability constraints. The set of collected results shows good behavior in general and provide a tool to further assist project manager decision making in the planning phase.

A mensuração do Capital Humano nas organizações: estudo de caso da empresa Tuacar, SA

Relatório de estágio de mestrado em Contabilidade

O papel da diplomacia económica na dinamização da economia: o caso de Cabo Verde

Dissertação de mestrado em Negócios Internacionais

Silent citizens: on silence and silencing in journalism

Constructivist approaches to journalism, which have dominated the field for most of the second half of the 20th century, underline how selection and ranking processes produce representations and interpretations of social reality. Theoretical perspectives such as agenda-setting or framing have been pointing to the ways production of news messages are shaped and issues are defined. Research inspired by these contributions does however seem to keep in an area of relative shade not so much what is said and published but what is not selected: the unsaid, the withheld, the untold of journalism. The reality that remains in silence, for not being noticed or for being silenced, is the reverse of the coin of what is made visible. In this paper, it is suggested that this situation opens up the debate to a relatively unknown continent, which could contribute to the larger discussion on the current crisis in journalism. It is our contention that ‘the untold’ might be at the confluence of different levels: the journalistic agenda-setting by news sources; the deterioration of working conditions of journalists, compromising the investigation; and the social capital asymmetries from important segments of the population, hampering the public word (speech?) and the right to communicate. In order to build a comprehensive picture of the potentialities and contradictions of journalism from the unsaid side, we would put forward the outline of a typology of journalism's silences, with particular emphasis on some aspects of "discursive discrimination" (Boréus, 2006), on the one hand, and on citizen silence in the process of journalistic production, on the other hand.

A carta do presidente e o relato voluntário do capital intelectual: análise das empresas do segmento do novo mercado da BM&FBOVESPA

Dissertação de mestrado em Contabilidade

O acesso enquanto direito humano: relato da Conferência Federation of International Human Rights Museums

Centro em Rede de Investigação em Antropologia UID/ANT/04038/2013

A importância dos espaços verdes para a promoção de Guimarães a capital verde da Europa

Relatório de estágio de mestrado em Geografia (área de especialização em Planeamento e Gestão do Território)