Consumption, wealth, stock and housing returns: evidence from emerging markets

We test the predictive ability of the transitory deviations of consumption from its common trend with aggregate wealth and labour income, cay, for both future equity and housing risk premia in emerging market economies. Using quarterly data for 31 markets, our country-level evidence shows that forecasting power of cay vis-à-vis stock returns is high for Brazil, China, Colombia, Israel, Korea, Latvia and Malaysia. As for housing returns, the empirical evidence suggests that financial and housing assets are perceived as complements in the case of Chile, Russia, South Africa and Thailand, and as substitutes in Argentina, Brazil, Hong Kong, Indonesia, Korea, Malaysia, Mexico and Taiwan. Using a panel econometric framework, we find that the cross-country heterogeneity observed in asset return predictability does not accrue to regional location, but can be attributed to differences in the degree of equity market development and in the level of income.

Investor sentiment and the cross-section of stock returns in the French stock market

Dissertação de mestrado em Finanças

Avaliação do desempenho de fundos de investimento de obrigações: evidência para o mercado Brasileiro

Dissertação de mestrado em Finanças

Avaliação do desempenho de carteiras de fundos verdes em diferentes estados de mercado

Dissertação de mestrado em Finanças

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.

Tribunais nacionais e tutela jurisdicional efetiva: da cooperação à integração judiciária no contencioso da união europeia

Tese de Doutoramento em Ciências Jurídicas (área de especialização em Ciências Jurídicas Públicas).

Os fatores de risco da rendibilidade das ações: análise e evidência empírica em países da Zona Euro

Tese de Doutoramento em Ciências Empresariais.

The trading relationship between the EU and Mercosur: the mediatory role of Brazil

Dissertação de mestrado em European and Transglobal Business Law

Transcranial direct current stimulation based metaplasticity protocols in working memory

It has been already shown that delivering tDCS that are spaced by an interval alters its impact on motor plasticity. These effects can be explained, based on metaplasticity in which a previous modification of activity in a neuronal network can change the effects of subsequent interventions in the same network. But to date there is limited data assessing metaplasticity effects in cognitive functioning.

Specification and testing of multiplicative time-varying GARCH models with applications

In this article, we develop a specification technique for building multiplicative time-varying GARCH models of Amado and Teräsvirta (2008, 2013). The variance is decomposed into an unconditional and a conditional component such that the unconditional variance component is allowed to evolve smoothly over time. This nonstationary component is defined as a linear combination of logistic transition functions with time as the transition variable. The appropriate number of transition functions is determined by a sequence of specification tests. For that purpose, a coherent modelling strategy based on statistical inference is presented. It is heavily dependent on Lagrange multiplier type misspecification tests. The tests are easily implemented as they are entirely based on auxiliary regressions. Finite-sample properties of the strategy and tests are examined by simulation. The modelling strategy is illustrated in practice with two real examples: an empirical application to daily exchange rate returns and another one to daily coffee futures returns.

Low f-number microlenses for integration on optical microsystems

This paper presents microlenses (MLs) with low f-number made of AZ4562 photoresist for integration on optical microsystems. The fabrication process was based on the thermal reflow and rehydration. Large series of MLs were fabricated with a width of 35 μm, a thickness of 5 μm, and spaced apart by 3 μm. The MLs were fabricated directly on the surface of a die with type n+/p-substrate junction photodiode fabricated in a standard CMOS process. The measured focal length was 49 μm with a tolerance of ±2 μm (maximum error of ±4%), resulting in a numerical aperture of 33.6 × 10-2 (±1.3 × 10-2). The measurements also revealed an f-number of 1.4.

Introduction to special Issue: future priorities in European media and communication research

(Excerto) The European Journal of Communication seeks to present the best in current research in the broad field of media and communication research. Irregularly, we seek to take stock by inviting a small group of leading scholars to present their work at a symposium on a common theme, which then forms the basis for a Special Issue of the Journal. In 2014, the European Science Foundation (ESF) published one of their ‘Forward Looks’ entitled Media in Europe: New Questions for Research and Policy. We subsequently invited several of the Forward Look’s authors to meet and discuss their work with us at a symposium hosted by the European University Cyprus, and the discussion and revised papers that resulted are published here.

O filme “A Gaiola Dourada”: reflexões sobre o regresso em força da emigração portuguesa e a ‘portugalidade’ de uma gaiola (cada vez menos) dourada

A história de um casal de emigrantes portugueses em França bateu, no verão de 2013, recordes de audiência nas salas de cinema. O filme “A Gaiola Dourada”, de Ruben Alves, recuperou a temática da emigração portuguesa, numa altura em que esta atingiu o boom registado nos anos 1960. Recorrendo ao seu percurso, o realizador refere-se à ‘portugalidade’ como alegada ‘pertença a Portugal’, que assume como um cliché, e utiliza de forma humorística vários estereótipos associados aos emigrantes portugueses, através dos quais é mostrada alguma vergonha que os filhos dos emigrantes sentem em relação ao comportamento dos pais, trazendo ao de cima os contrastes com a sociedade onde vivem. A grande ficção reside no regresso ao país de origem, concretizando o sonho da grande maioria dos emigrantes, mas subvertendo a lógica: no filme, não são os pais que voltam a Portugal, mas os filhos, que aparentemente pouco se identificam com o país dos progenitores. “A Gaiola Dourada” reintroduziu o debate sobre a emigração em Portugal, aproveitando a crise económica para refletir sobre o seu regresso em força, bem como traçar o perfil dos novos emigrantes. Será que os portugueses na ‘diáspora’ ainda reavivam a chama ‘lusitana’ (Gonçalves, 2009)? E será que a partilha do nome ‘Portugal’ basta para sublinhar uma alegada identidade nacional (Sobral, 2012)?

The real economic effects of cross-delistingfrom the united states: evidence on post-operating performance, financial constraints and stock crash risk

Tese de Doutoramento em Ciências Empresariais.