Depreciação dos ativos fixos tangíveis : o novo referencial contabilístico alterou os hábitos instalados em Portugal?

Mestrado em Auditoria

What drives corporate default risk premia? Evidence from the CDS market

This paper studies the evolution of the default risk premia for European firms during the years surrounding the recent credit crisis. We employ the information embedded in Credit Default Swaps (CDS) and Moody’s KMV EDF default probabilities to analyze the common factors driving this risk premia. The risk premium is characterized in several directions: Firstly, we perform a panel data analysis to capture the relationship between CDS spreads and actual default probabilities. Secondly, we employ the intensity framework of Jarrow et al. (2005) in order to measure the theoretical effect of risk premium on expected bond returns. Thirdly, we carry out a dynamic panel data to identify the macroeconomic sources of risk premium. Finally, a vector autoregressive model analyzes which proportion of the co-movement is attributable to financial or macro variables. Our estimations report coefficients for risk premium substantially higher than previously referred for US firms and a time varying behavior. A dominant factor explains around 60% of the common movements in risk premia. Additionally, empirical evidence suggests a public-to-private risk transfer between the sovereign CDS spreads and corporate risk premia.

Effectiveness of online corporate collaborative teams

With this article we intend to contribute to the understanding of what can make Online Collaborative Teams (OCT) effective. This is done by identifying what can be considered best practices for individual team members, for leaders of OCT, and for the organizations that the teams are a part of. Best practices in these categories were identified from the existing literature related to online teams and collaborative work literature.

Changes in the influence of board characterisitcs on corporate results due to the recent global financial crisis

The main purpose of this study is to analyse the changes caused by the global financial crisis on the influence of board characteristics on corporate results, in terms of corporate performance, corporate risk-taking, and earnings management. Sample comprises S&P 500 listed firms during 2002-2008. This study reveals that the environmental conditions call for different behaviour from directors to fulfil their responsibilities and suggests changes in normative and voluntary guidelines for improving good practices in the boardroom.

Validation of a measurement scale for the relationship between the orientation to corporate social responsibility and other business strategic variables

The importance of Social Responsibility (SR) is higher if this business variable is related with other ones of strategic nature in business activity (competitive success that the company achieved, performance that the firms develop and innovations that they carries out). The hypothesis is that organizations that focus on SR are those who get higher outputs and innovate more, achieving greater competitive success. A scale for measuring the orientation to SR has defined in order to determine the degree of relationship between above elements. This instrument is original because previous scales do not exist in the literature which could measure, on the one hand, the three classics sub-constructs theoretically accepted that SR is made up and, on the other hand, the relationship between SR and the other variables. As a result of causal relationships analysis we conclude with a scale of 21 indicators, validated scale with a sample of firms belonging to the Autonomous Community of Extremadura and it is the first empirical validation of these dimensions we know so far, in this context.

Information and investor behavior surrounding earnings announcements

Preliminary version

Ageing effects on the wettability behavior of laser textured silicon

In the present work we investigate the ageing of acid cleaned femtosecond laser textured < 100 > silicon surfaces. Changes in the surface structure and chemistry were analysed by Rutherford backscattering spectrometry (RBS) and X-ray photoelectron spectroscopy (XPS), in order to explain the variation with time of the water contact angles of the laser textured surfaces. It is shown that highly hydrophobic silicon surfaces are obtained immediately after laser texturing and cleaning with acid solutions (water contact angle >120 degrees). However these surfaces are not stable and ageing leads to a decrease of the water contact angle which reaches a value of 80 degrees. XPS analysis of the surfaces shows that the growth of the native oxide layer is most probably responsible for this behavior. (C) 2010 Elsevier B.V. All rights reserved.

Syntheses, Molecular Structures, Electrochemical Behavior, Theoretical Study, and Antitumor Activities of Organotin(IV) Complexes Containing 1-(4-Chlorophenyl)-1-cyclopentanecarboxylato Ligands

The organotin(IV) compounds [Me2Sn(L)(2)] (1), [Et(2)sn(L)(2)] (2), [(Bu2Sn)-Bu-n(L)(2)] (3), [(n)Oct(2)Sn(L)(2)] (4), [Ph2Sn(L)(2)] (5), and [PhOSnL](6) (6) have been synthesized from the reactions of 1-(4-chlorophenyl)-1-cyclopentanecarboxylic acid (HL) with the corresponding diorganotin(IV) oxide or dichloride. They were characterized by IR and multinuclear NMR spectroscopies, elemental analysis, cyclic voltammetry, and, for 2, 3, 4 and 6, single crystal X-ray diffraction analysis. While 1-5 are mononuclear diorganotin (IV) compounds, the X-ray diffraction of 6 discloses a hexameric drumlike structure with a prismatic Sn6O6 core. All these complexes undergo irreversible reductions and were screened for their in vitro antitumor activities toward HL-60, BGC-823, Bel-7402, and KB human cancer cell lines. Within the mononuclear compounds, the most active ones (3, 5) are easiest to reduce (least cathodic reduction potentials), while the least active ones (1, 4) are the most difficult to reduce. Structural rearrangements (i.e., Sn-O bond cleavages and trans-to-cis isomerization) induced by reduction, which eventually can favor the bioactivity, are disclosed by theoretical/electrochemical studies.

A responsabilidade social e ética nas organizações: estudo de caso na indústria farmacêutica

Mestrado em Contabilidade

Ética e responsabilidade social das organizações perante os Técnicos Oficiais de Contas

Mestrado em Contabilidade

Py-GC/MS(FID) assessed behavior of polysaccharides during kraft delignification of Eucalyptus globulus heartwood and sapwood

Eucalyptus globulus heartwood, sapwood and their delignified samples by kraft pulping at 130, 150 and 170 degrees C along time were characterized in respect to total carbohydrates by Py-GC/MS(FID). No significant differences between heartwood and sapwood were found in relation to pyrolysis products and composition. The main wood carbohydrate derived pyrolysis compounds were levoglucosan (25.1%), hydroxyacetaldehyde (12.5%), 2-oxo-propanal (10.3%) and acetic acid (8.7%). Levoglucosan decreased during the early stages of delignification and increased during the bulk and residual phases. Acetic acid decreased hydroxyacetaldehyde and 2-oxo-propanal increased, and 2-furaldehyde and hydroxypropanone remained almost constant during delignification. The C/L ratio was 3.2 in wood and remained rather constant in the first pulping periods until a loss of 15-25% in carbohydrate and 60% in lignin. Afterwards it increased sharply until 44 that correspond to the removal of 25-35% of carbohydrates and 95% of lignin. The pulping reactive selectivity to lignin vs. polysaccharides was the same for sapwood and heartwood. (C) 2013 Elsevier B.V. All rights reserved.

Measuring spatial interaction behavior in team sports using superimposed Voronoi diagrams

In team sports, the spatial distribution of players on the field is determined by the interaction behavior established at both player and team levels. The distribution patterns observed during a game emerge from specific technical and tactical methods adopted by the teams, and from individual, environmental and task constraints that influence players' behaviour. By understanding how specific patterns of spatial interaction are formed, one can characterize the behavior of the respective teams and players. Thus, in the present work we suggest a novel spatial method for describing teams' spatial interaction behaviour, which results from superimposing the Voronoi diagrams of two competing teams. We considered theoretical patterns of spatial distribution in a well-defined scenario (5 vs 4+ GK played in a field of 20x20m) in order to generate reference values of the variables derived from the superimposed Voronoi diagrams (SVD). These variables were tested in a formal application to empirical data collected from 19 Futsal trials with identical playing settings. Results suggest that it is possible to identify a number of characteristics that can be used to describe players' spatial behavior at different levels, namely the defensive methods adopted by the players.

Synthesis, characterization, electrochemical behavior and in vitro protein tyrosine kinase inhibitory activity of the cymene-halogenobenzohydroxamato [Ru(eta(6)-cymene)(bha)Cl] complexes

The ruthenium(II)-cymene complexes [Ru(eta(6)-cymene)(bha)Cl] with substituted halogenobenzohydroxamato (bha) ligands (substituents = 4-F, 4-Cl, 4-Br, 2,4-F-2, 3,4-F-2, 2,5-F-2, 2,6-F-2) have been synthesized and characterized by elemental analysis, IR, H-1 NMR, C-13 NMR, cyclic voltammetry and controlled-potential electrolysis, and density functional theory (DFT) studies. The compositions of their frontier molecular orbitals (MOs) were established by DFT calculations, and the oxidation and reduction potentials are shown to follow the orders of the estimated vertical ionization potential and electron affinity, respectively. The electrochemical E-L Lever parameter is estimated for the first time for the various bha ligands, which can thus be ordered according to their electron-donor character. All complexes exhibit very strong protein tyrosine kinase (PTK) inhibitory activity, even much higher than that of genistein, the clinically used PTK inhibitory drug. The complex containing the 2,4-difluorobenzohydroxamato ligand is the most active one, and the dependences of the PTK activity of the complexes and of their redox potentials on the ring substituents are discussed. (C) 2012 Elsevier B.V. All rights reserved.

Determinantes do comportamento de compra verde em Portugal

Apesar do avanço tecnológico, uma grande maioria dos consumidores contínua a utilizar excessivamente os recursos naturais não renováveis do planeta, resultado de um consumo exagerado e inconsciente. Atualmente, os consumidores possuem mais informação sobre as questões ambientais e, alguns, refletem esse conhecimento nas suas decisões de compra. Com a crescente preocupação e atenção, quer por parte da população, quer por parte das organizações governamentais e empresas, para com o meio ambiente e a sua preservação, as questões ecológicas têm cada vez mais importância nas estratégias das empresas. Na presente investigação é analisado o comportamento de compra verde com a utilização das variáveis sociodemográficas (género, idade, número de filhos, rendimento e habilitações literárias) e psicográficas (conhecimento ecológico, coletivismo e individualismo), indo ao encontro do objetivo geral de investigação que visa compreender qual a relevância destas variáveis face ao comportamento de compra verde. O estudo desenvolvido é operacionalizado por via de um método quantitativo, através da utilização de um inquérito por questionário com base nas escalas do conhecimento ecológico (Laroche et al., 2001), coletivismo e individualismo (Singelis et al., 1995 e Triandis & Gelfand (1998)) e do comportamento de compra verde (Jain & Kaur, 2004). O questionário foi aplicado a uma amostra de conveniência (N=350), dando origem a uma análise quantitativa face aos dados obtidos. Os resultados indicam que as variáveis psicográficas exercem maior influência no comportamento de compra verde do que as variáveis sociodemográficas. As variáveis psicográficas, conhecimento ecológico e coletivismo, têm uma grande influência no comportamento de compra verde, ao contrário do individualismo. Por seu lado, do conjunto das variáveis sociodemográficas, apenas a idade e o número de filhos influenciam significativamente o comportamento de compra verde.

A responsabilidade social e as PME: as práticas de SER das microempresas

Mestrado em Contabilidade e Gestão das Instituições Financeiras