Banco Invest understanding how to grow in the Portuguese individual clients segment the client analysis

Field lab: Business project

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

Portuguese plain architecture: history opening a closed sequence

The paper will address George Kubler’s Portuguese Plain Architecture [PPA] (1972) and its effect in Portuguese architectural practice. Kubler’s philosophy of art history implied that closed sequences of objects could be opened by several reasons. Thus, it will be argued that there is an effect upon Portuguese architecture post 1974, that is apparent by the reemergence of some of the form classes treated by Kubler. This was mostly achieved through the popularity of Kubler’s book within architectural practice, scholarship and moreover by the establishment of the term “Plain Architecture” in portuguese architectural vocabulary. Plain Architecture of the seventeenth and eighteenth centuries shared some qualities with the architecture to be built in post‑revolutionary Portugal, most importantly the effect that could be achieved with low budget buildings that were responding to a situation of crisis, and simultaneously exhaled aristocratic sparsity. The connection of PPA with the ideological attributes of early modernism and the political context of the time catalysed the reemergence of a new order of Portuguese Plain that resonates still in contemporary architecture.

Versão portuguesa do CANE (Camberwell Assessment of Need for the Elderly) : desenvolvimento e dados preliminares

RESUMO - A avaliação de necessidades de cuidados é crucial no planeamento, monitorização e avaliação de serviços de psiquiatria e saúde mental, bem como na investigação e na clínica. Este princípio é obviamente aplicável aos serviços responsáveis por populações de pessoas mais velhas. O instrumento CANE — Camberwell Assessment of Need for the Elderly possibilita uma avaliação consistente das necessidades de utentes idosos, nomeadamente em situações de patologia neuropsiquiátrica. Procede-se a uma avaliação cruzada, entrevistando a pessoa em questão, o seu cuidador informal e o técnico responsável. Esta avaliação multidimensional abrange domínios da esfera biológica, psicológica e social, sendo aplicável na comunidade ou em internamento (regime parcial ou completo). A utilidade do CANE tem sido evidenciada em contextos clínicos, de investigação e de avaliação de serviços. Existem múltiplas traduções a nível internacional, a maioria das quais validada. Na área da epidemiologia psiquiátrica nem sempre estão disponíveis os dados relativos à qualidade das adaptações de instrumentos, pelo que se apresenta o processo de desenvolvimento da versão portuguesa (de acordo com as regras para validação transcultural, no processo de tradução-retroversão). A aplicabilidade da versão portuguesa foi satisfatória neste estudo-piloto, representando a primeira fase de um trabalho multicêntrico nacional. Nesta fase inicial, foram considerados casos de idosos com patologia neuropsiquiátrica (maioritariamente demência — 71,4%), em dois centros (Lisboa e Porto) (n = 21). A média de idades foi 73,9 (± 6,3) anos, sendo 76,2% do sexo feminino. A maioria vivia em casa, apresentava co-morbilidade somática e estava em contacto com um cuidador informal (em geral, familiares do sexo feminino). Os avaliadores identificaram necessidades, nem sempre cobertas, nas seguintes dimensões: cuidados com a casa, alimentação, actividades diárias, memória, saúde física, sofrimento psicológico, companhia e dinheiro/economias. Nem sempre a perspectiva de doentes, cuidadores, técnicos e avaliadores foi inteiramente coincidente. Estes resultados preliminares da aplicação da versão portuguesa do CANE são consistentes quanto à sua validade ecológica, facial e de conteúdo, estando em curso contributos adicionais para a validação efectiva numa amostra de maior dimensão.

How servant leadership is perceiver by leaders and followers in a Portuguese organizational context

Servant leadership theory has been the subject of great academic discussion, namely in what concerns reaching a consensus for its definition. As many frameworks have been designed in order to define the servant leader’s characteristics, we based ourselves in van Dierendonck’s review and synthesis on servant leadership (2011) to assess how it is perceived in a Portuguese organizational context. After performing several interviews in a private health care organization, we conclude that the perception of servant leadership is generally positive and that its characteristics seem to be in line with academic literature. However, some issues arose such as a seemingly lack of relevance given to authenticity and humility, the latter being a unique attribute of servant leadership. Also, we found a discrepancy between hierarchical levels’ perception of servant leadership characteristics as well as questioning if an over emphasis on service can diminish the servant leader’s impact on organizational performance.

A qualitative approach to define the prototype of a Portuguese expatriate leader in Angola

This qualitative research analyzes the individual life experiences of Portuguese expatriate leaders who left their home country to work at organizations in Angola, a place that offers better job opportunities. Through interviews with those professionals and their followers, a prototype of a Portuguese expatriate leader in Angola has been developed. Even though Angola is a former Portuguese colony, it was at war for many years and so the economic situation and culture of the country are distant from what Portuguese workers are used too, which requires them to adapt and be open-minded to change.

Estrutura Conceptual do Relato Financeiro : Da Definição de um Domínio à Sua Análise para uma Sociedade em Rede

Considerando a língua como um produto da sociedade, mas também como um meio fundamental para o estabelecimento de relações entre os homens, procuramos perceber o seu lugar na sociedade globalizada, com o objectivo de desenvolver uma metodologia de análise terminológica que contribua para uma maior qualidade da comunicação especializada na sociedade em rede. Este trabalho está organizado em duas partes, sendo a primeira dedicada à reflexão sobre o papel da língua na sociedade em rede, focando questões essenciais em torno da tensão existente entre o multilinguismo e a hegemonia do inglês enquanto lingua franca, sobretudo no espaço europeu. Interessa-nos, por um lado, reflectir sobre a definição de políticas linguísticas, concretamente na Europa multilingue dos 28, e, por outro, salientar o papel preponderante que a língua tem na transmissão do conhecimento. A segunda parte deste trabalho concretiza a investigação efectuada na primeira com base na análise do relato financeiro, um domínio do saber que não só é inerentemente multilingue ¾ porque a sua aplicação é transnacional ¾ mas também reflecte a tensão identificada na primeira parte, na medida em que o inglês assume, no mundo dos negócios em geral e nos mercados financeiros em particular, o papel hegemónico de lingua franca. A abordagem terminológica que defendemos é semasiológica para fins onomasiológicos, pelo que partimos da análise do texto de especialidade, organizado em corpora de especialidade. Discutimos subsequentemente os resultados da nossa análise com os especialistas que os irão validar e cuja colaboração em diversos vi momentos do processo de análise terminológica e conceptual é fundamental para garantir a qualidade dos recursos terminológicos produzidos. Nesta óptica, exploramos um corpus de textos legislativos no âmbito do Sistema de Normalização Contabilística (SNC), de modo a delinearmos uma metodologia de trabalho que, no futuro, conduzirá à construção de uma base de dados terminológica do relato financeiro. Concomitantemente, efectuamos também um estudo sobre a Estrutura Conceptual do SNC, para o qual elaboramos uma comparação ao nível da tradução especializada no relato financeiro, com base num corpus paralelo composto pela legislação contabilística internacional endossada pela União Europeia. Utilizamos o corpus paralelo constituído por textos redigidos originalmente em inglês e traduzidos para português, em articulação com o corpus de especialidade criado com a legislação relativa ao normativo contabilístico português, para testar uma metodologia de extracção de equivalentes. Defendemos, por fim, que a harmonização no relato financeiro para além de se reger por políticas contabilísticas comuns, deve ter subjacentes questões terminológicas. É necessário, portanto, harmonizar a terminologia do relato financeiro, possibilitando aos especialistas uma comunicação em português isenta da interferência do inglês herdado das normas internacionais, através dos dois processos que identificamos: a tradução e a adaptação das Normas Internacionais de Contabilidade.

Portraying the Portuguese Foundation Sector

Foundations’ importance in the actual economy has been increasingly recognized. This work project assesses the impact of the new legal framework in the foundations’ financial reporting and offers a financial statement analysis of the Portuguese foundational sector. It unveils links between financial performance and characteristics of foundations, and profiles foundations in three clusters, each with different approaches to disclosure, volunteer workforce, and taxes. It is concluded that foundations are not respecting the benefits trusted to them, calling for a tighter control to their financial reporting, and that even though that slowly, the sector is expected to continue growing.

Banco invest: Understanding how to grow in teh portuguese individual clients segment competitors analysis

Field lab: Business project

Banco invest: Understanding how to grow in the portuguese individual clients segment benchnarking

Field lab: Business project

Banco invest: Understanding how to grow in the portuguese individual clients segment

Field lab: Business project

How can digital help biotherm growing in the Portuguese selective skincare channel?

Branding Lab

Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

Innovative medicines in the portuguese private health sector

The present dissertation aims at contributing to a strategic view over the use of innovative medicines in the portuguese private health sector, as a way of being complementary to public system that nowadays finances most of the innovative medicines. With the rationalization of expenses in the public health sector, pharmaceutical companies tend to look for opportunities of expansion to the private sector. The creation of innovative financial models for the private sector to cover innovative treatments is the proposed way of surpassing the restriction on the NHS sales of innovative medicines. This can be both for differentiating private health providers from the NHS or for the creation of premium services that can be differentiated from other private providers of the portuguese market.