Design of future distribution grids

Dissertação para obtenção do Grau de Mestre em Engenharia Electrotécnica e de Computadores

The Future of services: Uncovering latent needs through trend analysis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Measuring social impact: A guideline to implement a tableau de bord

Many impact-seeking organisations cannot measure and demonstrate their social impact because they either lack technical expertise or requisite financial and human resources. This report clarifies the process of social impact measurement to help these organisations engage in social impact measurement practices. It presents a simple guideline to create a measurement approach based on the Tableau de Board. The guideline has been developed through a theoretical revision of best practices in social impact measurement, academic research and the author's individual thoughts and ideas. While a first testing of the approach revealed positive feedback, only future broad-scale testing will demonstrate the approach’s validity and feasibility.

The quest for growth in the German organic food retail market: Historical trends, current strategies, and future outlook

This paper aims to provide strategies for the organic supermarket chain “Alnatura” to shape the demand and its market share of the organic food & beverage (F&B) market in Germany within the next five years. Through the historic evolution and the current market assessment of Germany, compared to a benchmark country (US), as well as prospective trends in Germany, reasons and opportunities for market growth are evaluated. In addition, an industry attractiveness, competitor and company analysis is executed. Based on those findings and a conducted survey, suggestions to adjust Alnatura´s current business strategies are deduced and finally examined on its risk and feasibility.

The future of airline business models:

This research is titled “The Future of Airline Business Models: Which Will Win?” and it is part of the requirements for the award of a Masters in Management from NOVA BSE and another from Luiss Guido Carlo University. The purpose is to elaborate a complete market analysis of the European Air Transportation Industry in order to predict which Airlines, strategies and business models may be successful in the next years. First, an extensive literature review of the business model concept has been done. Then, a detailed overview of the main European Airlines and the strategies that they have been implementing so far has been developed. Finally, the research is illustrated with three case studies

Does direct cash flow presentation help in predicting future operating cash flow?

Research literature and regulators are unconditional in pointing the disclosure of operating cash flow through direct method a section of unique information. Besides the intuitive facet, it is also consistent in forecasting future operating cash flows and a cohesive piece to financial statement puzzle. Bearing this in mind, I produce an analysis on the usefulness and predictive ability on the disclosure of gross cash receipts and payments over the disclosure of reconciliation between net income and accruals for two markets with special features, Portugal and Spain. Results validate the usefulness of direct method format in predicting future operating cash flow. Key

Future lending income and security value

I test the Duffie, Gârleanu, and Pedersen hypothesis that security prices incorporate expected future securities lending income. To determine whether institutional investors anticipate gains from future lending of securities, I examine their trading behavior around loan-fee increases. The evidence suggests that institutions buy shares in response to an increase in lending fees, and that this could explain the premium associated with high- lending-fee stocks. Expected future lending income affects stock prices, although the effect seems to be attenuated by the negative information that arises from short selling.

CTT, the mail going public

The main purpose of this case-study is to analyse CTT’s privatisation process, a previously Government-owned firm, which went public in 2013, under the terms of the adjustment program agreed between Portugal, the European institutions (ECB and European Commission) and the IMF. The emphasis will be placed on the IPO process, but also on the company itself (its history, current situation and prospects for its new phase, as a publicly listed company). This piece of work aims to evaluate the different alternatives for the privatisation of the company along with the respective implications, as well as the outcome of the actual decision taken by the Portuguese Government. One key aspect of the case is also to understand the importance that the privatisation of the Royal Mail, which can be seen as a peer of the Portuguese company, in the unfolding of the process and in the choice of the privatisation model. The case intends to show how the British process influenced the subsequent option of the Portuguese entities to sell CTT through an IPO, instead of a trade sale. All in all, the overall objective of this case-study is to analyse CTT’s successful sale process, which created the first Portuguese company with 100% free-float. 3 On the last days of November 2013, Steven Bernstein was staring at the window of his office overlooking downtown Manhattan, not even noticing the intense rain that was pouring down. As senior manager at ABC Fund, a pension fund responsible for managing more than 800 million dollars, his thoughts were focused on a very important decision that ABC Fund would have to make in just a matter of days. The American pension fund was considering whether or not to invest in the upcoming Initial Public Offering of CTT- Correios de Portugal, the Government-owned Portuguese mail company. Is this investment opportunity in accordance with the risk profile of a pension fund? Is it a wise decision to acquire shares in a Portuguese company when the country is at the centre of the European Sovereign debt crisis, going through a very demanding economic adjustment program imposed by its bail-out creditors? Would the creation of Portugal's Postal Bank make CTT a sure bet today when its price does not fully reflect the future benefits from entering financial services? Those were some of the questions that were constantly in Mr. Bernstein’s mind over the last couple of days and he was struggling to find the answers…

Econet wireless Zimbawe Limited: Building the future

In February 2015, when Econet Wireless Zimbabwe Limited, EWZL, the market leader of the telecommunications sector in Zimbabwe, published the financial results, the management team was worried about the shareholders’ reaction. With over 60% market share in its core business (the voice and SMS market), it has achieved remarkable results due to the great diversification strategy. However, the share price was continuously falling due to exogenous factors that were pressuring margins and threatening future sustainability of the company. EWZL was highly exposed to Zimbabwe’s specific risks and regulatory policies. This case explores both the business environment surrounding the company and the strategic decisions necessary to fight against the economic and political challenges. Students will step into Econet’s obstacles by analyzing the strategies and diagnosing the multiple risk factors affecting the profitability of the firm. Furthermore, they will have to compute the valuation of the firm, facing several challenges of a developing country.

Regret associated with past and future messes under a maximizing mind-set

Promotions can make you happy if you get the “best” deal or miserable if you miss it. Previous research on this topic has shown that people favor products associated with a past miss to products associated with a future miss, and people in a maximizing mind-set, i.e. people who search for the best in different domains, feel more regret in a consumption domain. This research confirms that consumers prefer purchasing a product associated with a past miss (Experiments 1 and 2) and that regret levels are higher when participants come across the future miss, under the maximizing mind-set (Experiment 2). These studies add to the notion that information on regret might prompt people to make decisions towards a more optimistic outcome.

Empowerment and intentions to resist future change: the moderating effect organization-based self-esteem

Nowadays, organizations face a constant need for adaptability, increasing the importance of change management. Our study focuses of how empowering leadership influences intentions to resist future changes, mediated by the effects of psychological and structural empowerment. From the responses of the two questionnaires (N1=230; Ntf=113), we found that empowering leadership fosters psychological and structural empowerment. Structural empowerment was the main driver in reducing intentions to resist future change when an employee has high organization-based self-esteem. Our findings add to the literature by examining how we can anticipate and manage change under an empowering context, building on social exchange and uncertainty reduction theories

Choosing between past and future regret

Sometimes decisions imply trade-offs that force people to accept missing an opportunity in the past or in the future. It has not yet been clarified whether a past miss or a future miss elicits more regret. In a direct comparison, Shani, Danziger, and Zeelenberg found support for the greater impact of future misses. In an experimental design with 216 students, we replicated their study and tested the strength of the future miss in a separate evaluation and with different periods. The results show that future misses cause less regret than past misses do when evaluated separately. However, future misses made participants change their feelings of regret more than past misses did. Feelings of regret did not decrease when future misses were further away. Our findings support the strength of future misses on regret but also show contrasting effects when evaluated separately. This indicates the further need for research in this topic.