Evidence of portuguese stock market abnormal returns

According to the stock market efficiency theory, it is not possible to consistently beat the market. However, technical analysis is more and more spread as an efficient way to achieve abnormal returns. In fact there is evidence that momentum investing strategies provide abnormal returns in different stock markets, Jegadeesh, N. and Titman, S. (1993), George, T. and Hwang, C. (2004) and Du, D. (2009). In this work we study if like other markets, the Portuguese stock market also allows to obtain abnormal returns, using a strategy that consists in picking stocks according to their past performance. Our work confirms the results of Soares, J. and Serra, A. (2005) and Pereira, P. (2009), showing that an investor can get abnormal returns investing in momentum portfolios. The Portuguese stock market evidences momentum returns in short term, exhibiting reversal in long term.

The role of an illiquidity factor in the Portuguese stock market

This study examines the role of illiquidity (proxied by the proportion of zero returns) as an additional risk factor in asset pricing. We use Portuguese monthly data, covering the period between January 1988 and December 2008. We compute an illiquidity factor using the Fama and French [Fama, E. F., and K. R. French (1993), "Common risk factors in the returns on stocks and bonds", Journal of Financial Economics, Vol. 33, Nº. 1, pp. 3-56] procedure and analyze the performance of CAPM, Fama-French three-factor model and illiquidity-augmented versions of these models in explaining both the time-series and the cross-section of returns. Our results reveal that the effect of characteristic liquidity is subsumed by the models considered, but the risk of illiquidity is not priced in the Portuguese stock market.

O impacto energético e as emissões de CO2 dos veículos eléctricos em Portugal

Para a diminuição da dependência energética de Portugal face às importações de energia, a Estratégia Nacional para a Energia 2020 (ENE 2020) define uma aposta na produção de energia a partir de fontes renováveis, na promoção da eficiência energética tanto nos edifícios como nos transportes com vista a reduzir as emissões de gases com efeito de estufa. No campo da eficiência energética, o ENE 2020 pretende obter uma poupança energética de 9,8% face a valores de 2008, traduzindo-se em perto de 1800 milhões de tep já em 2015. Uma das medidas passa pela aposta na mobilidade eléctrica, onde se prevê que os veículos eléctricos possam contribuir significativamente para a redução do consumo de combustível e por conseguinte, para a redução das emissões de CO2 para a atmosfera. No entanto, esta redução está condicionada pelas fontes de energia utilizadas para o abastecimento das baterias. Neste estudo foram determinados os consumos de combustível e as emissões de CO2 de um veículo de combustão interna adimensional representativo do parque automóvel. É também estimada a previsão de crescimento do parque automóvel num cenário "Business-as-Usual", através dos métodos de previsão tecnológica para o horizonte 2010-2030, bem como cenários de penetração de veículos eléctricos para o mesmo período com base no método de Fisher- Pry. É ainda analisado o impacto que a introdução dos veículos eléctricos tem ao nível dos consumos de combustível, das emissões de dióxido de carbono e qual o impacto que tal medida terá na rede eléctrica, nomeadamente no diagrama de carga e no nível de emissões de CO2 do Sistema Electroprodutor Nacional. Por fim, é avaliado o impacto dos veículos eléctricos no diagrama de carga diário português, com base em vários perfis de carga das baterias. A introdução de veículos eléctricos em Portugal terá pouca expressão dado que, no melhor dos cenários haverão somente cerca de 85 mil unidades em circulação, no ano de 2030. Ao nível do consumo de combustíveis rodoviários, os veículos eléctricos poderão vir a reduzir o consumo de gasolina até 0,52% e até 0,27% no consumo de diesel, entre 2010 e 2030, contribuindo ligeiramente uma menor dependência energética externa. Ao nível do consumo eléctrico, o abastecimento das baterias dos veículos eléctricos representará até 0,5% do consumo eléctrico total, sendo que parte desse abastecimento será garantido através de centrais de ciclo combinado a gás natural. Apesar da maior utilização deste tipo de centrais térmicas para produção de energia, tanto para abastecimento das viaturas eléctricas, como para o consumo em geral, verifica-se que em 2030, o nível de emissões do sistema electroprodutor será cerca de 46% inferior aos níveis registados em 2010, prevendo-se que atinja as 0,163gCO2/kWh produzido pelo Sistema Electroprodutor Nacional devido à maior quota de produção das fontes de energia renovável, como o vento, a hídrica ou a solar.

Rentabilidade e risco na comercialização agregada de energia elétrica

Dissertação para obtenção do grau de Mestre em Engenharia Electrotécnica na Área de Especialização de Energia

Efeito de contágio no mercado financeiro português

Mestrado em Contabilidade e Gestão das Instituições Financeiras

A divulgação de informação financeira no relato intercalar : uma análise às entidades cotadas no PSI geral

Mestrado em Auditoria

Edição de revista para público com mais de 50 anos

Projeto de mestrado apresentado à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Jornalismo.

Aplicação do princípio das ondas de Elliott à bolsa portuguesa

Tese para a obtenção do grau de Doutor em Economia, especialidade de Economia da Empresa

Conceção e pré-teste de comunicação de uma campanha publicitária para a revista "Courrier Internacional"

Trabalho de projeto apresentado à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Publicidade e Marketing.

Efeitos da fusão num grupo grupo de empresas do mesmo setor

Mestrado em Controlo de Gestão e dos Negócios

Micro-generation Evaluation of the Zero Emissions Technologies in the Portuguese Market

Micro-generation is the small scale production of heat and/or electricity from a low carbon source and can be a powerful driver for carbon reduction, behavior change, security of supply and economic value. The energy conversion technologies can include photovoltaic panels, micro combined heat and power, micro wind, heat pumps, solar thermal systems, fuel cells and micro hydro schemes. In this paper, a small research of the availability of the conversion apparatus and the prices for the micro wind turbines and photovoltaic systems is made and a comparison between these two technologies is performed in terms of the availability of the resource and costs. An analysis of the new legal framework published in Portugal is done to realize if the incentives to individualspsila investment in sustainable and local energy production is worth for their point of view. An economic evaluation for these alternatives, accounting with the governmentpsilas incentives should lead, in most cases, into attractive return rates for the investment. Apart from the attractiveness of the investment there are though other aspects that should be taken into account and those are the benefits that these choices have to us all. The idea is that micro-generation will not only make a significant direct contribution to carbon reduction targets, it will also trigger a multiplier effect in behavior change by engaging hearts and minds, and providing more efficient use of energy by householders. The diversified profile of power generation by micro-generators, both in terms of location and timing, should reduce the impact of intermittency or plant failures with significant gains for security of supply.

The portuguese insurance industry: basis for strategic process decision

Nowadays, the Portuguese insurance industry operates in a market with a much more aggressive structure than a few decades ago. Markets and the economy have become globalised since the last decade of the 20th century. Market forces have gradually shifted – power is now mainly on the demand side. In order to meet the new requirements, the insurance industry must develop a strong strategic ability to respond to constant changes of the new international economic order.One of the basic aspects of this strategic development will focus on the ability to predict the future. We introduce the subject by briefly describing the sector, its organisational structure in the Portuguese market, and challenges arising from the development of the European Union. We then analyse the economic and financial structure of the sector. From this point of view, we aim at the possibility of designing models that could explain the demand for insurance, claims and technical reserves evolution. Such models, (even if based on the past), would resolve, at least partly, one of the greatest difficulties experienced by insurance companies when estimating the budget. Thus, we examine the existence of variables that explain the previous points, which are capable of forming a basis for designing models that are simple but efficient, and can be used for strategic planning.

Occupational exposure to volatile organic compounds in the Portuguese printing industry

In the printing industry, volatile organic compounds main sources are the uses of organic solvents, fountain solutions and cleaning agents. Nowadays, one circumstance which might confuse the exposure reality is that the majority of solvents which are often used have a faint odour. Therefore, the conditions at offset printing in regard to solvent exposure may seem acceptable to workers. Fortunately, general ventilation and local exhaust systems have also become more common, and new printing machines, often with automatic cleaning, have entered the market. The health effects of volatile organic solvents are dependent on the chemicals involved but, normally, are associated with affecting the nervous system, the liver and also the kidneys. The purpose of this study was to document the conditions regarding exposure to volatile organic compounds in an offset printing unit and to permit identify task with higher exposure and with priority for preventive measures application. Exposure assessment was done before and after installation of general ventilation and local exhaust equipments and during printing and cleaning procedure.

Optimizing the renewable generation mix in the Portuguese power system based on temporal and spatial diversity

Renewable energy sources (RES) have unique characteristics that grant them preference in energy and environmental policies. However, considering that the renewable resources are barely controllable and sometimes unpredictable, some challenges are faced when integrating high shares of renewable sources in power systems. In order to mitigate this problem, this paper presents a decision-making methodology regarding renewable investments. The model computes the optimal renewable generation mix from different available technologies (hydro, wind and photovoltaic) that integrates a given share of renewable sources, minimizing residual demand variability, therefore stabilizing the thermal power generation. The model also includes a spatial optimization of wind farms in order to identify the best distribution of wind capacity. This methodology is applied to the Portuguese power system.

Market power analysis in the Iberian electricity market using a conjectural variations model

In the last years the electricity industry has faced a restructuring process. Among the aims of this process was the increase in competition, especially in the generation activity where firms would have an incentive to become more efficient. However, the competitive behavior of generating firms might jeopardize the expected benefits of the electricity industry liberalization. The present paper proposes a conjectural variations model to study the competitive behavior of generating firms acting in liberalized electricity markets. The model computes a parameter that represents the degree of competition of each generating firm in each trading period. In this regard, the proposed model provides a powerful methodology for regulatory and competition authorities to monitor the competitive behavior of generating firms. As an application of the model, a study of the day-ahead Iberian electricity market (MIBEL) was conducted to analyze the impact of the integration of the Portuguese and Spanish electricity markets on the behavior of generating firms taking into account the hourly results of the months of June and July of 2007. The advantages of the proposed methodology over other methodologies used to address market power, namely Residual Supply index and Lerner index are highlighted. (C) 2014 Elsevier Ltd. All rights reserved.