Residential property loans and performance during property price booms: evidence from European banks

Understanding the performance of banks is of the utmost relevance, because of the impact of this sector on economic growth and financial stability. Of all the different assets that make up a bank portfolio, the residential mortgage loans constitute one of its main. Using the dynamic panel data method, we analyse the influence of residential mortgage loans on bank profitability and risk, using a sample of 555 banks in the European Union (EU-15), over the period from 1995 to 2008. We find that banks with larger weights of residential mortgage loans show lower credit risk in good times. This result explains why banks rush to lend on property during booms due to the positive effects it has on credit risk. The results show further that credit risk and profitability are lower during the upturn in the residential property price cycle. The results also reveal the existence of a non-linear relationship (U-shaped marginal effect), as a function of bank’s risk, between profitability and the residential mortgage loans exposure. For those banks that have high credit risk, a large exposure of residential mortgage loans is associated with higher risk-adjusted profitability, through lower risk. For banks with a moderate/low credit risk, the effects of higher residential mortgage loan exposure on its risk-adjusted profitability are also positive or marginally positive.

Residential property loans and performance during property price booms: evidence from European

Understanding the performance of banks is of the u tmost importance due to the impact the sector may have on economic growth and financial stability. Residential mortgage loans constitute a large proportion of the portfolio of many banks and are one of the key assets in the determination of performance. Using a dynamic panel model , we analyse the impact of res idential mortgage loans on bank profitability and risk , based on a sample of 555 banks in the European Union ( EU - 15 ) , over the period from 1995 to 2008. We find that banks with larger weight s in residential mortgage loans display lower credit risk in good market conditions . This result may explain why banks rush to lend on property during b ooms due to the positive effect it has on credit risk . The results also show that credit risk and profitability are lower during the upturn in the residential property cy cle. Furthermore, t he results reveal the existence of a non - linear relationship ( U - shaped marginal effect), as a function of bank’s risk, between profitability and residential mortgage exposure . For those banks that have high er credit risk, a large exposur e to residential loans is associated with increased risk - adjusted profitability, through a reduction in risk. For banks with a moderate to low credit risk, the impact of higher exposure are also positive on risk - adjusted profitability.

Optimization of the Ion Source-Mass Spectrometry Parameters in Non-Steroidal Anti-Inflammatory and Analgesic Pharmaceuticals Analysis by a Design of Experiments Approach

The flow rates of drying and nebulizing gas, heat block and desolvation line temperatures and interface voltage are potential electrospray ionization parameters as they may enhance sensitivity of the mass spectrometer. The conditions that give higher sensitivity of 13 pharmaceuticals were explored. First, Plackett-Burman design was implemented to screen significant factors, and it was concluded that interface voltage and nebulizing gas flow were the only factors that influence the intensity signal for all pharmaceuticals. This fractionated factorial design was projected to set a full 2(2) factorial design with center points. The lack-of-fit test proved to be significant. Then, a central composite face-centered design was conducted. Finally, a stepwise multiple linear regression and subsequently an optimization problem solving were carried out. Two main drug clusters were found concerning the signal intensities of all runs of the augmented factorial design. p-Aminophenol, salicylic acid, and nimesulide constitute one cluster as a result of showing much higher sensitivity than the remaining drugs. The other cluster is more homogeneous with some sub-clusters comprising one pharmaceutical and its respective metabolite. It was observed that instrumental signal increased when both significant factors increased with maximum signal occurring when both codified factors are set at level +1. It was also found that, for most of the pharmaceuticals, interface voltage influences the intensity of the instrument more than the nebulizing gas flowrate. The only exceptions refer to nimesulide where the relative importance of the factors is reversed and still salicylic acid where both factors equally influence the instrumental signal. Graphical Abstract ᅟ.

Monetary and fiscal policies interactions in a monetary union with country-size asymmetry

Within a country-size asymmetric monetary union, idiosyncratic shocks and national fiscal stabilization policies cause asymmetric cross-border effects. These effects are a source of strategic interactions between noncoordinated fiscal and monetary policies: on the one hand, due to larger externalities imposed on the union, large countries face less incentives to develop free-riding fiscal policies; on the other hand, a larger strategic position vis-à-vis the central bank incentives the use of fiscal policy to, deliberately, influence monetary policy. Additionally, the existence of non-distortionary government financing may also shape policy interactions. As a result, optimal policy regimes may diverge not only across the union members, but also between the latter and the monetary union. In a two-country micro-founded New-Keynesian model for a monetary union, we consider two fiscal policy scenarios: (i) lump-sum taxes are raised to fully finance the government budget and (ii) lump-sum taxes do not ensure balanced budgets in each period; therefore, fiscal and monetary policies are expected to impinge on debt sustainability. For several degrees of country-size asymmetry, we compute optimal discretionary and dynamic non-cooperative policy games and compare their stabilization performance using a union-wide welfare measure. We also assess whether these outcomes could be improved, for the monetary union, through institutional policy arrangements. We find that, in the presence of government indebtedness, monetary policy optimally deviates from macroeconomic to debt stabilization. We also find that policy cooperation is always welfare increasing for the monetary union as a whole; however, indebted large countries may strongly oppose to this arrangement in favour of fiscal leadership. In this case, delegation of monetary policy to a conservative central bank proves to be fruitful to improve the union’s welfare.

Building a knowledge and learning society in Portugal: adult students in technological schools and higher education institutions

Lifelong learning (LLL) has received increasing attention in recent years. It implies that learning should take place at all stages of the “life cycle and it should be life-wide, that is embedded in all life contexts from the school to the work place, the home and the community” (Green, 2002, p.613). The ‘learning society’, is the vision of a society where there are recognized opportunities for learning for every person, wherever they are and however old they happen to be. Globalization and the rise of new information technologies are some of the driving forces that cause depreciation of specialised competences. This happens very quickly in terms of economic value; consequently, workers of all skills levels, during their working life, must have the opportunity to update “their technical skills and enhance general skills to keep pace with continuous technological change and new job requirements” (Fahr, 2005, p. 75). It is in this context that LLL tops the policy agenda of international bodies, national governments and non-governmental organizations, in the field of education and training, to justify the need for LLL opportunities for the population as they face contemporary employability challenges. It is in this context that the requirement and interest to analyse the behaviour patterns of adult learners has developed over the last few years

Abordagem da segurança, higiene e saúde na organização e gestão escolar

A escola é o centro de convergência que justifica e fundamenta os recursos alocados ao sistema educativo. Durante o normal funcionamento das escolas, as condições de segurança, salubridade dos edifícios e equipamentos devem ser previstas e mantidas para garantir a salvaguarda da saúde e bem-estar dos seus ocupantes. A responsabilidade sobre estas questões encontra-se transferida para os Órgãos de Gestão dos estabelecimentos educativos. Neste âmbito efectuou-se um estudo que objectivou caracterizar a organização e a gestão escolar, no contexto da segurança, higiene e saúde; conhecer a forma da organização e da gestão da emergência nos estabelecimentos de ensino e o grau de satisfação dos gestores escolares relativamente aspectos relacionados com a Segurança, Higiene e Saúde. Neste sentido, foi aplicado um inquérito por questionário on-line, dirigido aos directores dos agrupamentos de escolas e escolas únicas da Região Norte de Portugal. Na generalidade os resultados obtidos demonstraram que ao nível da organização e gestão da emergência é evidenciada alguma preocupação, constatando-se no entanto, que nem todas as escolas possuam delegado de segurança, algumas não possuem plano de segurança, apenas metade evidenciou a existência de projectos educativos em áreas relacionadas com a temática e não existe ainda uma participação efectiva no seio escolar por parte da comunidade. Os gestores escolares, relativamente ao grau de satisfação, referiram as condições das infra-estruturas e estado de conservação dos estabelecimentos escolares, como factores de maior descontentamento. Percepcionou-se que a gestão escolar é centrada nos problemas do quotidiano, não existindo uma planificação ou um programa legitimado de segurança, higiene e saúde a longo prazo. A análise à actuação do gestor escolar face à segurança e higiene, não pode efectuar-se alheia e separadamente do actual regime de autonomia, administração e gestão dos estabelecimentos públicos da educação pré-escolar e dos ensinos básico e secundário, porque o desempenho dos diferentes actores no processo educativo é por si condicionada. Cabe ao gestor escolar, na figura do Director(a) consagrar a segurança, higiene e saúde integradas na dinâmica escolar, promovendo um ambiente escolar mais saudável e seguro.

Estudo sobre as representações sociais face à deficiência em contexto escolar

A descriminação e a ausência de igualdade de oportunidades no acesso a direitos fundamentais inscritos na constituição portuguesa continuam a ser para as pessoas com deficiência um tema bastante actual e uma das preocupações nucleares de todos aqueles que directa ou indirectamente se interessam por estas questões. O acesso a educação e ao emprego, ainda que incentivado por políticas sociais inclusivas, continua a ser extremamente dificultado pela existência de barreiras, com configurações diversas, mas quase sempre organizadas em torno de representações acerca da deficiência pouco coerentes e coincidentes com o entendimento actual deste fenómeno. O trabalho por nós realizado teve como objectivo contribuir para o estudo das representações sociais relativamente à deficiência em Portugal, perspectivada a análise a partir dos agentes educativos do agrupamento de escolas do distrito de Viana do Castelo, uma das zonas do país com maior número de pessoas com deficiência, de acordo com o Censo de 2001. O inquérito por questionário de auto-administração realizado a uma amostra de 56 agentes educativos foi concordante com muitas das crenças e estereótipos face às pessoas com deficiência encontrados em estudos similares, nomeadamente no que reporta às atitudes negativas de pena e de culpa e à visualização da pessoa com deficiência como incapaz e pouco autónoma. Esta situação sugere a necessidade de se continuar a desenvolver estudos de caracterização destes traços em diferentes micro-culturas, no sentido de se desenvolverem estratégias personalizadas que permitam a sua remissão e o desmantelar das barreiras ainda existentes para a inclusão destes cidadãos na sociedade.

Estágio no Departamento Financeiro do Município de Penafiel

Relatório de estágio para obtenção do grau de mestre em Finanças Empresariais

Comfort and functionality of pregnant women's feet study of kinetic parameters with silicon insoles

As gestantes, fruto das suas alterações fisiológicas e biomecânicas, constituem uma população de risco relativamente a dores ou lesões do sistema músculo-esquelético, nomeadamente, nos membros inferiores e coluna. Os objectivos deste estudo consistiram em avaliar: (i) a dor e o conforto dos pés durante a marcha: sem o uso de qualquer palmilha nas gestantes e no grupo de controlo; com a aplicação de uma palmilha de retropé e com a aplicação de uma palmilha completa (nas gestantes); (ii) a distribuição das pressões plantares e, (iii) as forças de reacção do solo nas mesmas condições experimentais. Avaliámos ainda a duração das diferentes fases do ciclo de marcha nas gestantes, com e sem palmilhas, e no grupo de controlo, sem o uso de palmilha. Os nossos resultados mostraram que: (i) as gestantes demoram mais tempo a completar a fase de apoio da marcha, (ii) têm um aumento significativo de dores nos pés, face ao grupo de controlo, (iii) as gestantes sentem menos dor e mais conforto quando realizam marcha, com palmilhas, especialmente com a palmilha completa, (iv) a palmilha completa redistribui as forças, diminui os valores de pressão e aumenta a área de contacto do pé com o solo. Os nossos resultados sugerem que, o uso da palmilha completa de silicone, durante a marcha, pode ser eficaz na melhoria da sintomatologia dolorosa e no aumento do conforto da grávida.

Mundos dentro de um mundo: representações interculturais na Polónia sob a influência nazi

Europa, 1939 A Alemanha, sob a influência do partido Alemão Nazi, deu início a um confronto que mudou a face do mundo. Inicialmente os seus países vizinhos Europeus, depois alguns mais distantes e até o continente Africano sentiram o seu poder e tremeram de medo. Medo, um sentimento tão poderoso que em pequenas quantidades, pode aguçar os sentidos mas que, em quantidades grandes, pode gerar pânico, suprimir o intelecto e até levar a negar aquilo que temos presente como verdades absolutas. A Europa era uma mistura de culturas; até os próprios países eram uma mistura de culturas. A Polónia era um desses países. Neste país, Polacos, Judeus, Ucranianos e Romanis viviam numa paz frágil mas duradora. Quando a II Guerra Mundial começou, as cidades polacas foram conquistadas uma após a outra e, uns após os outros, os seus cidadãos foram confinados à sua cidade para manter a ordem pública. Nesta época de incerteza e insegurança poderíamos pensar que todas estas culturas, diferentes nas suas fundações mas todas elas constituídas por seres humanos que respondem da mesma forma em situações desta natureza, sentir-se- iam na necessidade de se juntar, deixar de parte as suas diferenças e tentariam fazer tudo o que estivesse ao seu alcance para assegurar aquilo que é a necessidade básica de qualquer ser humano: sobreviver. A sobrevivência é o instinto mais básico atribuído ao ser humano. O medo de não ser capaz de sobreviver gerou algo que vai contra este tipo de certezas. Gerou ódio. Não ódio contra o inimigo comum mas sim uma cultura contra a outra. O exército Alemão Nazi foi implacável na sua marcha em busca do domínio total mas, em alguns casos, não foi ele apenas a face do terror. O exército Alemão Nazi conquistava e seguia em frente, a caminho da próxima conquista, deixando governos de fachada para manter a ordem. O medo e o terror eram gerados por outrém. Um verdadeiro choque de culturas cujo resultado foi um dos maiores derramamentos de sangue na história do mundo civilizado.

Family and non-family businesses on internal factors of entrepreneurship

Small firms are a major player in development. Thus, entrepreneurship is frequently attached to these rms and it must be present in daily management of factors such as planning and cooperation. We intend to analyze these factors, comparing familiar and non-familiar businesses. This study was conducted in a Portuguese region in the north of Portugal - Vale do Sousa . The results allow us to conclude that even with some managerial di erences it was not possible to identify distinct patterns between them. The main goal of this paper is to open research lines on important issues to distinguish familiar from non-familiar businesses.

Entrepreneurship Strategies in Family and Non-family Businesses

The goal of the present paper is to analyse the classic entrepreneurship strategies (Innovation, Risk and Proactivity) in small and medium-sized businesses. However as presented in the title, the study will go further by comparing the results of those strategies in familiar and nonfamiliar businesses. This study was carried on in construction and industry sectors, in the region of Vale do Sousa, in the north of Portugal. In order to classify businesses as familiar or non-familiar types two criterion were adopted: (1) Management Control, (2) Family Employability. On the opposite to some studies that present a larger percentage of familiar businesses in national and European entrepreneurial fabric, the criterion used leaded to a larger number of non-familiar businesses (53%). The results showed that in general SMEs in this region are not following entrepreneurship strategies. Analysing the entire sample without a separation of businesses by nature (familiar/non-familiar) only proactivity showed to be more present in the managerial decisions. There is a lack of innovation and risk culture. Comparing the groups only on proactivity tests was possible to verify some differences. It was concluded that non-familiar businesses are more proactive than familiar ones. Between those groups there are no statistical differences on the means of the variables innovation and risk. At the same time some tests were conducted to test the differences on the variable entrepreneurship. The results were similar to innovation and risk strategies: There are no significant differences on entrepreneurship between these groups of businesses.

When Corporate Governance crosses the firm borders: family firms in local productive systems

The family involvement in firms is observable is most economies around the world, although there are significant differences among these countries, not only regarding its predominance in these economies, but also in what refers to the levels of involvement of the family in business. This research aims at understanding the family-based firms’ management when compared to non family based, with particular regards to the forms of corporate governance. This analysis is based on case studies and on secondary data found in the literature to support the findings from the empirical research. The data was collected via face to face in-depth interviews with entrepreneurs from the furniture and the events organisation industries (where the family is predominantly present in the furniture but not on the events organisation industry) and with industry and regional business associations. The case studies used in this research allowed the comparison between the Portuguese firms when the family plays an important role in business and those in which the family is absent. It has been found that there are important differences in businesses in countries/industries/local productive systems in which the family is seen as a dominant institution in the society (where businesses are based on strong ties; there is a harmonious relationship between the family members; and the family is accepted locally and dominates the firm organization) and on situations in which the family plays a more marginal role in the society. In fact, the family brings special characteristics to the business, in terms of management, corporate governance, inter and intra firm relationships and succession. Our findings confirm other empirical studies’ results found in the literature. Thus, this article provides a discussion on the factors that play a role in the form of corporate governance structure in family firms highlighting the pros and cons of organising the firm around the family.