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.

HEP-Frame: A software engineered framework to aid the development and efficient multicore execution of scientific code

This work was supported by FCT (Fundação para a Ciência e Tecnologia) within Project Scope (UID/CEC/00319/2013), by LIP (Laboratório de Instrumentação e Física Experimental de Partículas) and by Project Search-ON2 (NORTE-07-0162- FEDER-000086), co-funded by the North Portugal Regional Operational Programme (ON.2 - O Novo Norte), under the National Strategic Reference Framework, through the European Regional Development Fund.

Using OpenFOAM to aid the design of complex profile extrusion dies

[Extrat] Thermoplastic profiles are very attractive due to their inherent design freedom. However, the usual methodologies employed to design extrusion forming tools, based on experimental based trial–and–error procedures, are highly dependent on the designer’s experience and lead to high resources consumption. Despite of the relatively low cost of the raw materials employed on the production of this type of profiles, the resources involved in the die design process significantly increase their cost. These difficulties are even more evident when a complex geometry profile has to be produced and there is no previous experience with similar geometries. Therefore, novel design approaches are required, in order to reduce the required resources and guarantee a good performance for the produced profile. (...)

The importance of risk assessment in the context of investment project management: a case study

Risk management is an important component of project management. Nevertheless, such process begins with risk assessment and evaluation. In this research project, a detailed analysis of the methodologies used to treat risks in investment projects adopted by the Banco da Amazonia S.A. was made. Investment projects submitted to the FNO (Constitutional Fund for Financing the North) during 2011 and 2012 were considered for that purpose. It was found that the evaluators of this credit institution use multiple indicators for risk assessment which assume a central role in terms of decision-making and contribute for the approval or the rejection of the submitted projects; namely, the proven ability to pay, the financial records of project promotors, several financial restrictions, level of equity, level of financial indebtedness, evidence of the existence of a consumer market, the proven experience of the partners/owners in the business, environmental aspects, etc. Furthermore, the bank has technological systems to support the risk assessment process, an internal communication system and a unique system for the management of operational risk.

BeSmart2: A multicriteria decision aid application

This paper presents an improved version of an application whose goal is to provide a simple and intuitive way to use multicriteria decision methods in day-to-day decision problems. The application allows comparisons between several alternatives with several criteria, always keeping a permanent backup of both model and results, and provides a framework to incorporate new methods in the future. Developed in C#, the application implements the AHP, SMART and Value Functions methods.

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

Dissertação de mestrado em Negócios Internacionais