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.

Colour filtering in a-SiC : H based p-i-n-p-i-n cells: A trade-off between bias polarity and absorption regions

A large area colour imager optically addressed is presented. The colour imager consists of a thin wide band gap p-i-n a-SiC:H filtering element deposited on the top of a thick large area a-SiC:H(-p)/a-Si:H(-i)/a-SiC:H(-n) image sensor, which reveals itself an intrinsic colour filter. In order to tune the external applied voltage for full colour discrimination the photocurrent generated by a modulated red light is measured under different optical and electrical bias. Results reveal that the integrated device behaves itself as an imager and a filter giving information not only on the position where the optical image is absorbed but also on it wavelength and intensity. The amplitude and sign of the image signals are electrically tuneable. In a wide range of incident fluxes and under reverse bias, the red and blue image signals are opposite in sign and the green signal is suppressed allowing blue and red colour recognition. The green information is obtained under forward bias, where the blue signal goes down to zero and the red and green remain constant. Combining the information obtained at this two applied voltages a RGB colour image picture can be acquired without the need of the usual colour filters or pixel architecture. A numerical simulation supports the colour filter analysis.

The risk-return trade-off in Europe: A temporal and cross-sectional analysis

This paper analyzes the risk-return trade-off in European equities considering both temporal and cross-sectional dimensions. In our analysis, we introduce not only the market portfolio but also 15 industry portfolios comprising the entire market. Several bivariate GARCH models are estimated to obtain the covariance matrix between excess market returns and the industrial portfolios and the existence of a risk-return trade-off is analyzed through a cross-sectional approach using the information in all portfolios. It is obtained evidence for a positive and significant risk-return trade-off in the European market. This conclusion is robust for different GARCH specifications and is even more evident after controlling for the main financial crisis during the sample period.

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.

The tricks of the trade (un)exposed

One of the filmic trends which has been neglected by the Academy Awards is the metacinema, which for practical purposes I will consider to be a cross between the complexities of the self-reflexive cinema (highly connoted with modernism) and the Hollywood Film (the classical films about the urge to ‘make it’ in Hollywood). Indeed, these films have always existed and some, as Sunset Boulevard (Billy Wilder, 1950, USA) and Mulholland Dr. (David Lynch, 2001, FRA/USA), have even made it to the ceremony, but were, predictably, defeated in the main categories, by other more ‘serious’ or less self-reflexive products. The United States has always insisted on not revealing the tricks of the trade while, ironically, generating films that deal with this theme, in order to cater to the curiosity of the metacinema-inclined spectator. For this reason such films are usually about the universe of cinema but not its medium, at least not in a way that discloses the operations of the technical apparatus. Why are these films not viewed as serious enough and artistic enough to be awarded Oscars by the Academy in the categories of Best Picture, Best Director, Best Screenplay, and Best Cinematography? Are they being discarded for the same reasons that comedy and musicals usually are? Or are they being punished for being too unveiling? Or is the industry going for commercial products that can easily be pushed on a global scale and make a profit?