Capital requirements and loan market conditions insight into Portuguese Banking system (2004-2011)

Capital Requirements have been gaining importance in the current macroeconomic and financial environment and Portugal is no exception. Nonetheless, despite the several media articles on this subject, the associations with Loan Market Conditions, namely availability and pricing are still unstudied. Thus, this project adds to the existing literature a characterization of Portuguese four biggest banks on capital reporting and requirements fulfillment. It is concluded that banks under analysis need to increase capital and that there is an association between the variables under study: Share Capital is negatively correlated with Credit Volume, and it is positively correlated with Net Commercial Income.

Has the time for renewables finally arrived? – An event study on EPA’s Clean Power Plan

The recent proposals presented by EPA aimed to reduce the dependency of fossil fuels and to lower current emissions levels, hoping to gradually shift electric generation units to renewable energy sources. Actually, the Final Rule Proposal announcement day exhibited a negative Abnormal Return on Fossil Fuels but the following days had positive Abnormal Returns, mostly due to legislative change perceived by financial markets which eased up implementation periods of the proposed measures in the Final Rule when compared to the Draft Rule. Oppositely, Renewables and Solar Portfolios exhibited negative Cumulative Abnormal Returns over the period surrounding the Final Rule.

Projecto solvência II - Modelação do risco de subscrição numa companhia de seguros não vida

Dissertação apresentada na Faculdade de Ciências e Tecnologia da Universidade Nova de Lisboa para obtenção do grau de Mestre em Matemática e Aplicações - Actuariado, Estatística e Investigação Operacional

Does a Tougher Competition Policy Reduce or Promote Investment?

The question of how interventions from the Competition Authority (CA) affect investment is not a straightforward one: a tougher competition policy might, by reducing the ability to exert market power, either stimulate firms to invest more to counter the restrictions on their actions, or make firms invest less because of the reduced ability to have a return on investment. This tension is illustrated using two models. In one model investment is own-cost-reducing whereas in the other investment is anti-competitive. Anti-competitive investments are defined as investments that increase competitors’ costs. In both models the optimal level of investment is reduced with a tougher competition policy. Furthermore, while in the case of an anti-competitive investment a tougher authority necessarily leads to lower prices, in the case of a cost- reducing investment the opposite may happen when the impact of the investment on cost is sufficiently high. Results for total welfare are ambiguous in the cost- reducing investment model, whereas in the anti-competitive investment model welfare unambiguously increases due to a tougher competition polic

Estratégia de avaliação do risco de lesões músculo-esqueléticas de membros superiores ligadas ao trabalho aplicada na indústria de abate e desmancha de carne em P

RESUMO - Objectivo: As lesões músculo-esqueléticas ligadas ao trabalho (LMELT) são doenças profissionais frequentes. Neste estudo ensaiou-se uma estratégia de diagnóstico do risco e de vigilância da saúde dos trabalhadores numa empresa de abate e desmancha de carne. Métodos: Utilizou-se uma estratégia de obtenção de informação em todos os postos de trabalho e trabalhadores da empresa. Utilizaram-se: (i) adaptação do Questionário Nórdico Músculo-Esquelético, incluindo caracterização da exposição biomecânica; (ii) protocolo de avaliação clínica de LMELT; (iii) filtro RSI e método Strain Index; (iv) instrumentação, como electrogoniometria e sensores de força em postos de risco elevado. Resultados: Identificou-se a presença de sintomas e sinais de LMELT principalmente nos punhos/mãos (n=27) e região lombo-sagrada (n=32), uma importante prevalência de casos relacionados com a actividade de trabalho (30%) e níveis de risco elevados com base nas classificações do Strain Index (n=26 MSDto e n=7 MSEsq). A utilização da instrumentação permitiu obter detalhes da repetitividade, das posturas e dos momentos de aplicação de força, úteis para a intervenção. Conclusões: A prevenção só é possível através da aplicação de programas/estratégias integradas de diagnóstico e gestão do risco de LMELT que sejam eficazes no sentido da intervenção sobre a actividade e as condições de trabalho.--------------------------ABSTRACT – Background: Work-related Musculoskeletal Disorders (WRMSD) are common occupational diseases. The present study aims at examining an integrated perspective of risk assessment and health surveillance at a meatpacking plant. Methods: The strategy adopted was of obtaining information about WRMSDs awareness at all workstations and from all their workers. This was based on: (i) questionnaire application - an adaptation of the Nordic musculoskeletal questionnaire, including a biomechanical item, (ii) WRMSDs clinical protocol (iii) RSI risk filter and Strain Index application, (iv) instrumentation with electrogoniometry and force sensors at previously classified as high risk workstations. Results: WRMSDs signs and symptoms mainly in wrist/hands (n=27) and in lumbar region (n=32) were identified. Results revealed an important prevalence of WRULMSDs associated to meatpacking industry activities (30%) and high risk scores based on Strain Index (n=26 Right UL; n=7 Left UL). Instrumentation showed details of recurrency, of postures and of force, which can be used for intervention. Conclusions: It’s necessary to develop ergonomic strategies and approaches on WRMSDs prevention (risk assessment and manage

Reclamações, nova metodologia de avaliação do risco clínico

RESUMO - A OMS estima que dezenas de milhares de doentes em todo o mundo sofrem consequências ou morrem devido a cuidados e práticas médicas pouco seguras (JHA, A., ed. lit., 2008). Este estudo surge com o intuito de gerar conhecimento acerca dos EA e promover a melhoria da gestão do risco com base na perspectiva do doente, obtida através das reclamações. As reclamações contêm informação primordial acerca das necessidades reais, manifestas e sentidas pelo doente e as pessoas que lhes estão próximas (familiares, cuidadores informais). Elas podem reportar EA e constituir um veículo importante da melhoria da qualidade. O objectivo geral do estudo é contribuir para a melhoria da qualidade dos serviços de saúde, particularmente no que diz respeito à melhoria da segurança do doente. Para tal, será desenvolvida metodologia de análise de reclamações, para avaliação da ocorrência de EA. O instrumento de colheita de dados consiste numa checklist de verificação de variáveis, para posterior caracterização e realização de testes estatísticos. ----------ABSTRACT - The WHO estimate that tens of thousands customers around the world suffer or die due to Care and unsafe medical practices consequences (JHA, A., ed. lit., 2008). The aim of this research is to generate knowledge about the adverse events and promote the improvement of risk management based on patient perspective, obtained through complaints. Claims/Complaints contain vital information about the real needs, perceived and manifest by the patient and those close to them (families, informal caregivers). They can report adverse events and provide an essential vehicle to quality improvement. The study overall objective is to contribute to health services quality improvement, particularly as regard to improving the patient safety. For this will be developed methodology of complaints analysis, to adverse events occurrence assessment. The instrument for data collect consists in a checklist to variables verification toward further characterizati

Fearful asymmetry: An analysis of pre-earnings abnormal returns

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

The impacts of the Cape Verde self-employed social security scheme

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

Exploring profitability diversity through financial statement 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

Macroeconomic impacts of politics and policy: Applications to financial and real markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Application of geographic information system and modelling in health impact assessment for urban road mobility in Vietnam

Transport is an essential sector in modern societies. It connects economic sectors and industries. Next to its contribution to economic development and social interconnection, it also causes adverse impacts on the environment and results in health hazards. Transport is a major source of ground air pollution, especially in urban areas, and therefore contributing to the health problems, such as cardiovascular and respiratory diseases, cancer, and physical injuries. This thesis presents the results of a health risk assessment that quantifies the mortality and the diseases associated with particulate matter pollution resulting from urban road transport in Hai Phong City, Vietnam. The focus is on the integration of modelling and GIS approaches in the exposure analysis to increase the accuracy of the assessment and to produce timely and consistent assessment results. The modelling was done to estimate traffic conditions and concentrations of particulate matters based on geo-references data. A simplified health risk assessment was also done for Ha Noi based on monitoring data that allows a comparison of the results between the two cases. The results of the case studies show that health risk assessment based on modelling data can provide a much more detail results and allows assessing health impacts of different mobility development options at micro level. The use of modeling and GIS as a common platform for the integration of different assessments (environmental, health, socio-economic, etc.) provides various strengths, especially in capitalising on the available data stored in different units and forms and allows handling large amount of data. The use of models and GIS in a health risk assessment, from a decision making point of view, can reduce the processing/waiting time while providing a view at different scales: from micro scale (sections of a city) to a macro scale. It also helps visualising the links between air quality and health outcomes which is useful discussing different development options. However, a number of improvements can be made to further advance the integration. An improved integration programme of the data will facilitate the application of integrated models in policy-making. Data on mobility survey, environmental monitoring and measuring must be standardised and legalised. Various traffic models, together with emission and dispersion models, should be tested and more attention should be given to their uncertainty and sensitivity

Optimal choice between even- and uneven-aged forestry: the case of non-industrial private forest owners

An infinite-horizon discrete time model with multiple size-class structures using a transition matrix is built to assess optimal harvesting schedules in the context of Non-Industrial Private Forest (NIPF) owners. Three model specifications accounting for forest income, financial return on an asset and amenity valuations are considered. Numerical simulations suggest uneven-aged forest management where a rational forest owner adapts her or his forest policy by influencing the regeneration of trees or adjusting consumption dynamics depending on subjective time preference and market return rate dynamics on the financial asset. Moreover she or he does not value significantly non-market benefits captured by amenity valuations relatively to forest income.

Impact of corporate social responsibility in the European pharmaceutical market

The objective of this master thesis is to evaluate the impact of CSR measures in the financial performance of the European pharmaceutical industry. By definition, CSR measures is quantified as corporate social disclosure considering the published CSR keywords on the annual reports of the selected companies, over four fiscal years (2010-2013). The financial performance of the companies were measured as return on assets (ROA) and Tobin’s Q. In order to defend the hypothesis developed, a multivariate regression is performed. The results obtained show no significant impact on the financial performance of a company nor in the short-time, nor in the long-time. Moreover, by comparison with other studies, it was possible to conclude that the financial performance is differently affected when considering different industries.

Desigualdades sociais em saúde nos idosos : um retrato para Portugal

RESUMO - Contexto: As desigualdades sociais em saúde são uma questão central de justiça social. No contexto de forte envelhecimento populacional em Portugal, as desigualdades nos idosos representam um desafio crucial para o futuro, sobre as quais existe pouca evidência. Este estudo pretende investigar a existência de desigualdades socioeconómicas em saúde nos idosos, em Portugal. Metodologia: Foram utilizados os dados para Portugal, da quarta vaga do Survey of Health, Ageing and Retirement in Europe. O estudo engloba 2017 indivíduos com 50 ou mais anos. Foram utilizados quatro indicadores de saúde: problemas de saúde, saúde auto-reportada, doenças de longa duração e atividade limitada. Foi utilizado o nível de educação como indicador socioeconómico. As desigualdades socioeconómicas foram avaliadas através de regressões logísticas multivariadas. Resultados: Existem desigualdades socioeconómicas em saúde nos idosos favoráveis aos mais educados. Os indivíduos com menor educação estão em maior risco de reportar má saúde (OR=5,5); maior risco em ter problemas de saúde, existindo um gradiente social na Hipertensão Arterial (OR=2,4) e na Artrite (OR=7,0); maior risco de doenças de longa duração (OR=1,6) e maior risco de limitação nas atividades diárias (OR=5,1). As desigualdades socioeconómicas diminuem com a idade. Conclusão: De forma a melhorar a saúde e reduzir as desigualdades socioeconómicas em saúde nos idosos, os resultados apontam para a necessidade de implementar medidas no âmbito dos problemas de saúde em que existe um gradiente social, melhorar o nível de educação da população geral e implementar medidas de educação para a saúde, aumentando a literacia em saúde nos idosos mais jovens.

Carry and trend-following strategies

Recent research has shown that carry and trend strategies when combined lead to significant risk-adjusted returns that can be very attractive to investors, at a low cost with small and positive skewness. This study proposes to combine both carry and trend-following, considering a data set of ten years (09/2005-09/2015), within a portfolio composed by three major asset classes: currencies, commodities and equity indices. Following a futures-based methodology, the obtained results show that, indeed, the strategy results inevitably in higher returns and greater sharpe ratios for every asset class in study. This outcome results from the fact that trend proved to provide a significant hedge to the downside risk that carry is exposed to.