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.

Late-medieval construction site management at the Monastery of Jerónimos in Lisbon

Through the analysis of the exceptional accounting documents of 1517 related to the construction of the Monastery of Jerónimos (Lisbon), this paper discusses the main characteristics of a new model of construction site organization. In the later Middle Ages we can find, among others, two main models of constructing site organization. One, older and more widespread, consisted in a centralized and pyramidal management model. The other, apparently more recent, was based in the existence of several autonomous teams working simultaneously, each one responsible for building a specific part or section of the building. This paper describes and discusses this new organizational model as it was adopted and implemented by João de Castilho (1470–1552) for the construction of the Monastery of Jerónimos in 1517, probably for the first time in Portugal, but with some parallels in other places in Europe.

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

Organization of construction activity in medieval Portugal: a comparative approach

This paper aims to identify and characterize the organizational models of construction site and building activity in late fifteenth and early sixteenth centuries, through the analysis of specific Portuguese case studies, related with important buildings financed by the royal power. This paper also intends to develop a comparative analysis between those different organizational models, identifying the main features of each one, as well as their similarities and differences. In this sense, we intend to present a comparative analysis between the two main models of organization of the construction site, through a methodology of crossing different types of sources, including written ones, such as books of accounts, but also iconographic and material sources, as well as the buildings and monuments still preserved today. In terms of written sources, the construction site accounting books allow us to study several specific aspects of the construction process, but also allow us to infer the organizational models of the construction activity.