Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

Assessing the production of jet mix columns using alkali activated waste based on mechanical and financial performance and CO2 (eq) emissions

Recent research has proved the potential of alkaline activated fly-ash for soil stabilisation. However, such studies have not focused on the link between financial, mechanical and environmental aspects of this solution, but only on their absolute mechanical properties. The present paper characterises the mechanical behaviour of a large spectrum of activator-ash-soil combinations used to build jet mixing columns, analysing also the cost and CO2 (eq) emissions. The concern with these two vectors forced a decrease in the quantity of stabilising agent added to the soil, relatively to previous research, and the effects of such low quantities have not yet been published. However, the results clearly showed a significant improve in strength, still well above the average values expected when improving the stressstrain behaviour of a weak soil. Uniaxial compressive strength tests were used to assess the effects of the fly-ash percentage, the alkalieash ratio and the water content. The carbon calculator recently developed by the European Federation of Foundation Contractors and the Deep Foundations Institute was used to quantify the CO2 (eq) emissions associated with this technique. The financial cost was estimated based on the experience of a major Portuguese contractor. For comparison purposes, soil cement mixtures were also analysed, using similar conditions and tools used for the soil-ash analysis. Results showed that the cement and ash solutions are very similar in terms of overall performance, with some advantage of the former regarding financial cost, and a significant advantage of the latter regarding the CO2 (eq) emissions. This new grout, although it is in an embryonic stage, it has the potential for broader developments in the field.

Financial stress and sovereign debt composition

"Published online: 19 Oct 2015"

The alarm distress baby scale in a longitudinal Portuguese study reanalyzed with attachment data

Article first published online: 13 NOV 2013

Estudo de validação da versão portuguesa da Alarm Distress Baby Scale (ADBB)

Contexto. O comportamento de retraimento social prolongado da criança é um importante sinal de alarme, quer tenha origem orgânica, psicológica e/ou social. A. Guédeney construiu a Alarm Distress Baby Scale (ADBB), para identificar este comportamento no contexto da consulta pediátrica ou da observação psicológica. Objectivos. Validação da versão portuguesa da ADBB destinada a avaliar o comportamento de retraimento social de crianças com idades compreendidas entre 2 e 24 meses. Metodologia A ADBB e as Bayley Scales of Infant Development (BSID) foram administradas a uma amostra de 130 lactentes com 3 meses de idade, cujas mães preencheram a versão portuguesa da Edinburgh Postnatal Depression Scale (EPDS); 51 bebés foram novamente avaliados aos 12 meses de idade. Resultados. Os itens da ADBB organizam-se satisfatoriamente em duas sub-escalas. A consistência interna do instrumento é razoável (alpha de Cronbach = .587). A validade externa é elevada: a correlação entre os resultados na ADBB e nas BSID é muito significativa - os bebés que aos 3 meses apresentam um resultado igual ou superior a 5 na ADBB evidenciam menor desenvolvimento nas BSID. Os resultados testemunham ainda que bebés de mães deprimidas (EPDS ≥ 12) mostram mais sinais de retraimento social do que os bebés das mães não deprimidas. Conclusão. A escala permite detectar crianças a necessitar de ajuda no sentido de contrariar o retraimento social que encetaram em relação ao meio. Desenhada para sinalizar tão precocemente quanto possível o retraimento social do lactente, e na medida em que este é um comprovado sinal da perturbação do desenvolvimento, a ADBB pode estimular os clínicos na procura das suas causas e na intervenção junto das mesmas. Estudos em amostras de crianças com mais idade são necessários. No entanto, os resultados obtidos apontam que a Versão portuguesa da ADBB é robusta e válida.

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.