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.

Ó sistema capitalista, quanto do teu Portugal são lavagens de capital?

Ouvimos também muitos a falar em branqueamento de capitais, crimes financeiros, abuso de informação, manipulação do mercado, etc.. Salvo o devido respeito, contudo, poucos sabem o quão difícil é a prova destes crimes! Sabiam que p.e. até meados de 2008, crimes como o abuso de informação ou a manipulação do mercado eram insusceptíveis de interferência nas comunicações?! Sabiam que até hoje, o Código dos Valores Mobiliários não prevê a criminalização das pessoas colectivas e, portanto, dos próprios bancos?! Abstract: We hear too many to talk about money laundering, financial crimes, insider trading, market manipulation, etc .. Unless all due respect, however, few know how hard it is to prove that the crimes! Standing knew that by mid-2008, crimes such as dealing or market manipulation were incapable of interference in communications ?! They knew that to date, the Securities Code does not provide for the criminalization of legal persons and therefore the banks themselves ?!

Portucorruptgal, SA e os 43

Bem, recordamos que, salvaguardando a presunção de inocência em relação a eventuais crimes como a fraude fiscal qualificada e/ou o branqueamento de capitais, entre outras especiarias, o art. 11º do Código Penal é claro (apesar da controversa constitucionalidade): “8 - A cisão e a fusão não determinam a extinção da responsabilidade criminal da pessoa colectiva ou entidade equiparada, respondendo pela prática do crime: § a) A pessoa colectiva ou entidade equiparada em que a fusão se tiver efectivado; e § b) As pessoas colectivas ou entidades equiparadas que resultaram da cisão; Abstract: Well, remember that, safeguarding the presumption of innocence in relation to possible crimes such as qualified tax fraud and / or money laundering, among other spices, art. 11 of the Criminal Code is clear (despite the controversial constitutionality): "8 - The split and the merger does not determine the extinction of criminal liability of the legal person or related entity, accounting for the crime: § a) The legal person or related entity where the merger has effected; and § b) A legal entity or related entities resulting from the split.

Papa Bento XVI e Papa Francisco na grande final!

A chamada Lei do Branqueamento de Capitais - Lei 25/2008, de 5/6 e alterações -, considera que estão sujeitas a especiais obrigações os “Notários, conservadores de registos, advogados, solicitadores e outros profissionais independentes, constituídos em sociedade ou em prática individual, que intervenham ou assistam, por conta de um cliente ou noutras circunstâncias, em operações: § vi) De alienação e aquisição de direitos sobre praticantes de actividades desportivas profissionais;”. Estamos a pensar, como é óbvio, nas transferências de jogadores de futebol, nomeadamente na Europa, as quais atingem somas astronómicas e muitas vezes ocultas. São por demais evidentes as notícias da comunicação social que dão conta que, em muitos dos casos, os verdadeiros valores envolvidos não são os declarados. Quer para fugir aos impostos, quer para esconder o pagamento de avultadas comissões extraordinárias; Abstract: The Call of the Money Laundering Law - Law 25/2008, of 5/6 and change - considers that are subject to the special obligations "notaries, registrars, lawyers, solicitors and other independent professionals, made in society or in practice individual, that participating or assisting, on behalf of a client or other circumstances in operations: § vi) sale and acquisition of rights to practitioners of professional sports activities; ". We are thinking, of course, transfers of football players, particularly in Europe, which reach astronomical sums and often hidden. Are all too apparent the news media that realize that in many cases the true values involved are not declared. Want to evade taxes or to hide the payment of large exceptional fees.

Sigilo da Correspondência e Privatizações

Estamos desde logo a falar de Direitos Fundamentais. De direitos, liberdades e garantias, também, mas não apenas, nos termos do art. 18º da CRP. Numa altura em que o ex-agente da CIA-Central Intelligence Agency e da NSA-National Security Agency, Sr. Snowden, revelou que é possível existir, e que existiu em efectivo, acesso a toda a correspondência privada em vários países do mundo, senão mesmo em todos, nomeadamente aquela que é feita por via electrónica e informática, cumpre recordar algumas notas do ponto de vista dos Direitos Fundamentais e do Direito Constitucional. § We are immediately talking about fundamental rights. Rights, freedoms and guarantees, too, but not only, in accordance with art. 18 of CRP. At a time when former CIA agent-Central Intelligence Agency and the NSA-National Security Agency, Mr. Snowden has revealed that it is possible to exist, and has existed in effective, access to all private correspondence in countries around the world, if not in all, including one that is made by electronic and computerized means, it is recalled some notes from the point of view of fundamental rights and constitutional law.

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.