Determinantes da politica de dividendos: evidência empírica para as empresas não financeiras cotadas na Euronext Lisbon

The problematic of dividends paid out by firms has deserved the attention of several studies, theoretical and empirical, on corporate finance. This article intends to contribute to the theme by determining the factors that influence a firm’s dividends` policy. In this sense, it investigates the effect of a set of factors on the dividends paid out by issuing non financial firms belonging to Euronext Lisbon. Results suggest the existence of firm specific characteristics influencing its dividends policy. A firm’s Cash-flow and its stocks` market price seem to have a positive impact on the dividends paid out to stockholders. In issuing non financial firms that belong to the PSI 20 Index results additionally show the existence of a negative effect of net profits on dividend’s payment.

Os Media Participativos e a importância do Cidadão e da Instituição enquanto Marcas mobilizadoras na área da Oncologia

Present paper aims at surveying the relevance that brands and identities may have in participatory platforms in the context of oncology. Despite the fact that these platforms provide the same tools to citizens and institutions alike, their capacity for mobilization is distinct. In general, institutions seem to be more successful, although this is not always the case. Discussing the concept of brand and identity, as well as understanding how the differences between citizens and institutions may blur within the context of new media, may contribute to answering the above question. We anchor our analysis on the study of social network Facebook, oncological institutions and citizen support groups, and various health studies. The ultimate goal will be the clarification of the importance of brands and identity as a contributive factor towards new solutions in participatory media

Conditioning information in mutual fund performance evaluation: Portuguese evidence

We estimate and compare the performance of Portuguese-based mutual funds that invest in the domestic market and in the European market using unconditional and conditional models of performance evaluation. Besides applying both partial and full conditional models, we use European information variables, instead of the most common local ones, and consider stochastically detrended conditional variables in order to avoid spurious regressions. The results suggest that mutual fund managers are not able to outperform the market, presenting negative or neutral performance. The incorporation of conditioning information in performance evaluation models is supported by our findings, as it improves the explanatory power of the models and there is evidence of both time-varying betas and alphas related to the public information variables. It is also shown that the number of lags to be used in the stochastic detrending procedure is a critical choice, as it will impact the significance of the conditioning information. In addition, we observe a distance effect, since managers who invest locally seem to outperform those who invest in the European market. However, after controlling for public information, this effect is slightly reduced. Furthermore, the results suggest that survivorship bias has a small impact on performance estimates.

Measuring fund performance using multi-factor models: evidence for the Portuguese market

This paper examines the performance of Portuguese equity funds investing in the domestic and in the European Union market, using several unconditional and conditional multi-factor models. In terms of overall performance, we find that National funds are neutral performers, while European Union funds under-perform the market significantly. These results do not seem to be a consequence of management fees. Overall, our findings are supportive of the robustness of conditional multi-factor models. In fact, Portuguese equity funds seem to be relatively more exposed to smallcaps and more value-oriented. Also, they present strong evidence of time-varying betas and, in the case of the European Union funds, of time-varying alphas too. Finally, in terms of market timing, our tests suggest that mutual fund managers in our sample do not exhibit any market timing abilities. Nevertheless, we find some evidence of timevarying conditional market timing abilities but only at the individual fund level.

Remote Patient Monitoring Based on ZigBee: Lessons from a Real-World Deployment

AIM: This work presents detailed experimental performance results from tests executed in the hospital environment for Health Monitoring for All (HM4All), a remote vital signs monitoring system based on a ZigBee® (ZigBee Alliance, San Ramon, CA) body sensor network (BSN). MATERIALS AND METHODS: Tests involved the use of six electrocardiogram (ECG) sensors operating in two different modes: the ECG mode involved the transmission of ECG waveform data and heart rate (HR) values to the ZigBee coordinator, whereas the HR mode included only the transmission of HR values. In the absence of hidden nodes, a non-beacon-enabled star network composed of sensing devices working on ECG mode kept the delivery ratio (DR) at 100%. RESULTS: When the network topology was changed to a 2-hop tree, the performance degraded slightly, resulting in an average DR of 98.56%. Although these performance outcomes may seem satisfactory, further investigation demonstrated that individual sensing devices went through transitory periods with low DR. Other tests have shown that ZigBee BSNs are highly susceptible to collisions owing to hidden nodes. Nevertheless, these tests have also shown that these networks can achieve high reliability if the amount of traffic is kept low. Contrary to what is typically shown in scientific articles and in manufacturers' documentation, the test outcomes presented in this article include temporal graphs of the DR achieved by each wireless sensor device. CONCLUSIONS: The test procedure and the approach used to represent its outcomes, which allow the identification of undesirable transitory periods of low reliability due to contention between devices, constitute the main contribution of this work.

La innovación de los procesos - diferenciación en los servicios turísticos

The innovation contributes to business success and increased competitive advantage, one of the concepts that has deserved more attention among researchers in the field of management. Innovation is not exclusive of tangible products or services and can naturally extend to the process itself, the organization or marketing. Although it is not easy to gather a universal concept for innovation, do not seem to be no doubt that its importance is such that allows the company to build on the foundations of this future development, regardless of past success. This work has as its central purpose the study of process innovation in the supply outlook for tourism, given its importance in achieving business success. The recognition of its value assumes it as a challenge, making it necessary to distinguish with product, marketing and organizational innovation, either in substance or in the organizational competencies. Will be presented in this work, a brief description (as well as evolution of the concept) as a way of contextualizing and, then, clarified the distinction between the concepts process innovation and innovation process. Search will bring together the key distinguishing features from the perspective of tourism as a means of achieving competitive advantage for business. We will also discuss implications for management and future studies.

The international harmonization process of public accounting in Portugal: the perspective of different stakeholders

This paper investigates the reform of public accounting in Portugal through the IPSAS adoption highlighting the perception of different stakeholders. Two competing theories (NPM and the institutional theory) are used to understand public accounting changes within the Portuguese context. In general, different stakeholders agree with the favorable moment and the context of the reform. The context of financial crises and the great external pressures to cut public deficits and to improve the quality of financial information seem to be the most important factors to stimulate changes in public accounting. In addition, stakeholders recommend the use of different strategies to ensure success.

Evaluating the Guimarães 2012 European Capital of Culture: National and International Tourists’ Behaviors and Perceptions

In 2012, Guimarães hosted the European Capital of Culture (ECOC). An evaluation of this event was needed because public, private, and community funds were involved. This analysis considers tourists as external and independent stakeholders who assessed the cultural activities developed during the event as well as the attributes of the city. The main objectives of the research conducted were to assess the visitors` motivations during the hosting of the Guimarães ECOC 2012, their perceptions towards the city and if national and international visitors kept different perceptions of it. For two months, in the summer of 2012, a survey was applied to 390 visitors. The results revealed that hosting the 2012 ECOC was a major contribution towards attracting new visitors to the city (though many of the visitors stayed only for a short period of time). Based on tourists’ perceptions, the tangible heritage was clearly detached from the set of attributes associated to Guimarães, whereas the intangible heritage was less noted. The Portuguese tourists seem to be more prone to value the tangible heritage than the foreign tourists. Overall, Guimarães received a very positive evaluation relating to the city’s image and, as stated by tourists, visiting it was declared to be highly recommended. Following the obtained empirical results, the need for changing the city’s promoted image emerges, which has been too centered on its tangible heritage. In doing so, it is believed that there will be longer overnight stays by visitors.