3 resultados para branch and price

em Repositório Científico da Universidade de Évora - Portugal


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This article addresses the effects of the prohibition against naked CDS buying implemented by the European Union in November 2012. Three aspects of market quality are analyzed: liquidity, volatility, and price informativeness. Overall, our results suggest that the ban produced negative effects on liquidity and price informativeness. First, we find that in territories within the scope of the EU regulation, the bid–ask spreads on sovereign CDS contracts rose after the ban, but fell for countries outside its bounds. Open interest declined for both groups of CDS reference entities in our sample, but significantly more in the constraint group. Price delay increased more prominently for countries affected by the ban, whereas price precision decreased for these countries while increasing for CDSs written on other sovereign reference entities. Most notably, our findings indicate that hese negative effects were more pronounced amid reference entities exhibiting lower credit risk. With respect to volatility, the evidence suggests that the ban was successful in stabilizing the CDS market in that volatility decreased, particularly for contracts written on riskier CDS entities.

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In the Iberian Variscides several first order arcuate structures have been considered. In spite of being highly studied their characterization, formation mechanisms and even existence is still debatable. Themain Ibero-Armorican Arc (IAA) is essentially defined by a predominantNW–SE trend in the Iberian branch and an E–Wtrend in the Brittany one. However, in northern Spain it presents a 180° rotation, sometimes known as the Cantabrian Arc (CA). The relation between both arcs is controversial, being considered either as a single arc due to one tectonic event, or as the result of a polyphasic process. According to the last assumption, there is a later arcuate structure (CA), overlapping a previousmajor one (IAA). Whatever themodels, they must be able to explain the presence of a Variscan sinistral transpression in Iberia and a dextral one in Armorica, and a deformation spanning from the Devonian to the Upper Carboniferous. Another arcuate structure, in continuity with the CA, the Central-Iberian Arc (CIA) was recently proposed mainly based upon on magnetic anomalies, geometry of major folds and Ordovician paleocurrents. The critical review of the structural, stratigraphic and geophysical data supports both the IAA and the CA, but as independent structures. However, the presence of a CIA is highly questionable and could not be supported. The complex strain pattern of the IAA and the CA could be explained by a Devonian — Carboniferous polyphasic indentation of a Gondwana promontory. In thismodel the CA is essentially a thin-skinned arc,while the IAA has a more complex and longer evolution that has led to a thick-skinned first order structure. Nevertheless, both arcs are essentially the result of a lithospheric bending process during the Iberian Variscides.

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A presente investigação procura estudar a internacionalização das empresas portuguesas para Cabo Verde, através de investimento direto, e as estratégias competitivas que elas adotaram. Na sequência da revisão da literatura, a fim de obter respostas para a pergunta de pesquisa, analisamos a internacionalização das empresas portuguesas, a sua evolução, o investimento português no estrangeiro, e a evolução dos fluxos do Investimento Direto Estrangeiro (IDE) em Cabo Verde, a partir de dados estatísticos recolhidos na literatura publicada. De seguida foram recolhidos dados primários, através da aplicação de dois questionários direcionados para o mercado cabo-verdiano (clientes) e empresas portuguesas que investiram em Cabo Verde. A amostra é constituída por 157 clientes, 77 do sexo feminino e 80 do sexo masculino, e a outra amostra é constituída por 10 empresas portuguesas que investiram em Cabo Verde através de Investimento Direto. Os resultados do presente estudo mostram que a estratégia de adaptação não contribuiu significativamente para melhorar a opinião do mercado cabo-verdiano sobre as marcas portuguesas e que, as empresas adaptaram naquele mercado principalmente as variáveis distribuição e preço. As empresas portuguesas podem seguir estratégias de padronização do produto e da promoção/comunicação, precisando apenas adaptar o preço aos diferentes fatores de custo e a distribuição à natureza insular do mercado. Concluímos que, de uma forma geral, a proximidade cultural, geográfica e histórica entre os dois países é responsável pela não necessidade da estratégia de adaptação por parte das empresas portuguesas quando internacionalizam para Cabo Verde. /ABSTRACT: The present investigation aims to study the internationalization of portuguese companies to Cape Verde, through direct investment, and their competitive strategies. Following the literature review, in order to answer the research question, the internationalization of Portuguese companies was analyzed, as was the Portuguese investment abroad, and the evolution of Foreign Direct Investment (FDI) flows in Cape Verde, with statistical data collected from the literature. Primary data was collected through the use of two questionnaires directed to the Cape Verdean market (customers) and to the Portuguese companies that have invested in Cape Verde. The sample consists of 157 customers, 77 females and 80 males, and the other sample consists of 10 Portuguese companies that have invested in Cape Verde through Direct Investment. The results of this study show that the adaptation strategy did not help improve Cape Verdean market's opinion about the Portuguese brands, and those, companies adapted primarily the distribution and price variables. The Portuguese companies can follow standardization strategies of the product and the promotion I communication, just needing to adjust the price to the various cost factors and the distribution to the insular nature of the market. We conclude that, in general, the cultural, historic and geographical proximity and the close relationship between the two countries lessens the necessity of adaptation strategy by the Portuguese companies when they internationalize to Cape Verde.