Trading the differences in expectations between the CDS and bond markets

This paper uses the framework developed by Vrugt (2010) to extract the recovery rate and term-structure of risk-neutral default probabilities implied in the cross-section of Portuguese sovereign bonds outstanding between March and August 2011. During this period the expectations on the recovery rate remain firmly anchored around 50 percent while the instantaneous default probability increases steadily from 6 to above 30 percent. These parameters are then used to calculate the fair-value of a 5-year and 10- year CDS contract. A credit-risk-neutral strategy is developed from the difference between the market price of a CDS of the same tenors and the fair-value calculated, yielding a sharpe ratio of 3.2

Differences and reasons in IASB accounting standards between small and large companies

This paper studies the main differences in accounting standards of the International Accounting Standards Board (IASB) between small and large companies, materialised in the dissimilarities between the International Financial Reporting Standard for Small and Medium-sized Entities and the full International Financial Reporting Standards, as of 2010. Another element of this project is the analysis of the reasons behind the differences between the two aforementioned frameworks, which intends to expose the rationale and the mindset that led to an adaptation of the full standards in a stand-alone document designed for small companies.

Return on equity: A comparison between companies in Portugal and Brazil: Similarities and differences

The purpose of this research is to study the Return on Equity of Portuguese and Brazilian companies, through the DuPont method. This project analyses whether differences in the ratios depend on specific features of the country, or if it is influenced by the industry where it is located. From the comparisons it is concluded that Brazilian companies pay higher corporate taxes and while the Portuguese companies are more leveraged, it is the Brazilian companies which pay higher interests. It is also noticeable that Portuguese companies take more advantage from the financing decisions and Brazilian on the investing decisions.

Funcionalidade e qualidade de vida : um estudo no processo de envelhecimento em portadores e não portadores da diabetes tipo 2

RESUMO: Introdução: A diabetes é uma patologia crônica que vêm crescendo exponencialmente em países desenvolvidos e, principalmente, naqueles em desenvolvimento, como é o caso do Brasil. Além de gerar importante custo aos sistemas públicos de saúde, sabe-se que as consequências do mau controle da diabetes tem impacto importante na vida de indivíduos que apresentam a doença, como a perda precoce da funcionalidade e a reduzida qualidade de vida. Nesse sentido, o governo federal brasileiro estabelece em 2002 o Programa Hiperdia, que prevê educação terapêutica e a assistência multiprofissional como estratégias na prevenção e controle das consequências geradas pelo mau controle da diabetes. Objetivo: O estudo aqui proposto tem como objetivo avaliar de que modo a presença e o tempo de diagnóstico da diabetes do tipo 2 (DM2) estão associados à funcionalidade e qualidade de vida de indivíduos assistidos pelo Programa Hiperdia. Metodologia: Foram avaliados indivíduos com idade igual ou superior a 40 anos, residentes na cidade de Viçosa-Minas Gerais/Brasil, distribuídos em diferentes grupos conforme as perspectivas de análise 1 (estudo da presença da DM2) e 2 (estudo do tempo de diagnóstico da patologia). Para a perspectiva 1 dois diferentes grupos foram comparados: controle (CTL), indivíduos sem DM2 ou qualquer patologia em órgãos alvo da doença; e DM2, indivíduos diagnosticados com diabetes do tipo 2. Já para a perspectiva 2 de análise pessoas diagnosticadas com DM2 foram distribuídas em dois diferentes grupos: G1, indivíduos com tempo de diagnóstico da DM2 ≥ 1 ano e ≤ 5 anos; e G2, indivíduos com tempo de diagnóstico da DM2 ≥ 10 anos. Previamente, avaliamos o estado cognitivo dos participantes por meio do Mini Mental State Exam. Dados sociodemográficos e clínicos (rastreio de sintomas depressivos, sonolência diurna excessiva e antropometria) também foram avaliados, além da verificação do perfil bioquímico por meio de informações provenientes de prontuários médicos. Para o estudo da funcionalidade, os instrumentos Activities of Daily Living, Instrumental Activities of Daily Living e o Life Style Questionnaire foram utilizados, assim como o SF-36v2 para a avaliação da qualidade de vida. Por fim, outras variáveis como conhecimento sobre a DM2 e gestão da patologia também foram investigadas. 10 Resultados: 198 indivíduos (CTL: 81; DM2: 117) com idade ≥ 40 anos foram avaliados, dos quais 55,5% apresentaram idade igual ou superior a 60 anos. A maioria corresponderam ao sexo feminino (62,6%). Foram verificados similares resultados para o estado cognitivo em ambas as perspectivas de análise. Pode-se dizer que, para a perspectiva 1 (CTL vs. DM2), os grupos apresentaram diferenças estatísticas significantes para a maioria das variáveis estudadas e tendência para a variável estilo de vida, com resultados desfavorecedores ao grupo DM2. Para a perspectiva 2 (G1 vs. G2), nossos resultados não evidenciam diferenças significantes para o tempo de diagnóstico em nenhuma das variáveis estudadas. Conclusões: Os resultados do estudo mostram que a presença da DM2 em situação de inadequado controle, bem como o insuficiente conhecimento sobre a patologia entre os indivíduos assistidos pelo Centro Hiperdia podem representar um importante fator para a verificação da reduzida funcionalidade e qualidade de vida. Isto sugere a necessidade de ajustes na execução do Programa, de modo a tornar possível o alcance dos objetivos propostos pelo mesmo. Referente ao tempo de diagnóstico da DM2, em nossa amostra, os resultados indicam que este parece não representar um fator desfavorecedor da funcionalidade e qualidade de vida.---------------------------ABSTRACT: Introduction: Type 2 diabetes (DM2) is a chronic disease that has been growing exponentially in developed countries, and even more so in developing countries such as Brazil. In addition, the pathology generates a significant cost to public healthcare systems. It is well known that the poor control of diabetes has important consequences on the lives of individuals diagnosed with the disease, such as the early loss of functionality and a reduced quality of life. In this sense, the Brazilian federal government established the Programa Hiperdia in 2002, a program that provides therapeutic education and multidisciplinary care in order to prevent and control the consequences of diabetes. Objective: The aim of this study is to evaluate how the presence and the diagnosis time of DM2 are associated with the functionality and quality of life of individuals assisted by the Programa Hiperdia. Methodology: We evaluated individuals aged 40 years or older living in Viçosa, Minas Gerais/Brazil, and divided them into different groups according to the analytical perspectives 1 (the study of the presence of DM2) and 2 (the study of the diagnosis time of DM2). For perspective 1, two different groups were compared: the DM2 group, which consisted of individuals diagnosed with type 2 diabetes, and the control group (CTL), which consisted of individuals without type 2 diabetes or any disease in the target organs. For perspective 2, people diagnosed with type 2 diabetes were divided into two different groups: G1, individuals with diagnosis time ≥ 1 year and ≤ 5 years; and G2, individuals with diagnosis time ≥ 10 years. Prior to group assignment, we assessed the cognitive status of all participants with the Mini Mental State Exam (MMSE). Sociodemographic and clinical data (i.e. screening of depressive symptoms, excessive daytime sleepiness and anthropometry) were also evaluated, as well as the biochemical profile based on information from the local Hiperdia center. To study functionality, Activities of Daily Living, Instrumental Activities of Daily Living and Life Style Questionnaire were administered. Quality of life was assessed via the SF-36v2 Health Survey. Finally, variables such as knowledge about DM2 and disease management were also verified. Results: 198 subjects (CTL: 81; DM2: 117) aged ≥ 40 years were evaluated, of whom 55.5% were aged 60 years or older. The majority of subjects were women (62,6%). Cognitive status scores were similar amongst both analytical perspectives. In terms of perspective 1 (DM2. vs. CTL), it showed statistically significant differences between the groups for the most part of the variables studied, and poorer results in the DM2 group. Regarding perspective 2 (G1 vs. G2), our results did not show significant differences for the diagnosis time in any of the variables studied. Conclusions: Our findings show that the presence of DM2 with inadequate control of the condition, as well as lack of knowledge about the disease among individuals assisted by the Hiperdia center may represent an important factor in the poor functionality and reduced quality of life when compared to the control group. This suggests that the Program likely needs some adjustments on its implementation in order to make possible the achievement of the objectives proposed. With respect to the diagnosis time for DM2 in our sample, the results indicate that it does not seem to be a factor in poor functionality nor quality of life.

exploring the differences of CSR and CSE activities on consumer attributions and responses

The following directed research project analyzes how different sustainability efforts of an organization influence consumers’ responses in an industry, which faces high controversy. The study tested shows how two different high fit sustainability endeavors, namely high fit Corporate Social Responsibility (CSR) activities and Corporate Social Entrepreneurship (CSE), affect the way consumers’ attributions are being made with regard to the company’s motive. With data gathered from surveying 156 participants, the study provides evidence that CSR as well as CSE programs stimulate values-driven attributions which positively affect consumers’ trust, corporate reputation and corporate image. Lastly, theoretical and managerial implications of the study are discussed and future research suggestions provided.