Evaluation of the welfare impact of regulating mobile termination rates in Portugal

Following the European Commission’s 2009 Recommendation on the Regulatory Treatment of Fixed and Mobile Termination Rates in the EU, the Portuguese regulatory authority (ANACOM) decided to reduce termination prices in mobile networks to their long-run incremental cost (LRIC). Nevertheless, no serious quantitative assessment of the potential effects of this decision was carried out. In this paper, we adapt and calibrate the Harbord and Hoernig (2014) model of the UK mobile telephony market to the Portuguese reality, and simulate the likely impact on consumer surplus, profits and welfare of four different regulatory approaches: pure LRIC, reciprocal termination charges with fixed networks, “bill & keep”, and asymmetric termination rates. Our results show that reducing MTRs does increase social welfare, profits and consumer surplus in the fixed market, but mobile subscribers are seriously harmed by this decision.

O dever de obediência a ordens ilegais na Guarda Nacional Republicana

The Republican National Guard (GNR) is a military structure and hierarchical force where discipline and obedience is a serious matter, but at the same time, the scope of its activity relates to the protection of the rights, freedoms and guarantees of citizens and the primacy of public interest. While security force, GNR ensures democratic law, guarantee the internal security and the rights of citizens. The controversial issue that lies at the heart of this work its related with the balance between the hierarchy and the written law. The hierarchy, also established by law, with given powers, exist to apply the law. However, the rule of law has exceptions. Which institute to prioritize, hierarchy or the law. And within the law, its rules or the exceptions. Who decides? The GNR's officers have to obey the laws and regulations and comply with the accuracy and timeliness determinations, orders and instructions issued by a superior, given in terms of service, as long as does not involve the practice of crime. The GNR´s officer with command tasks exercises power of authority inherent in these functions, and the corresponding disciplinary authority, being responsible for acts by himself or by his order are practiced. Identify situations of exception to law enforcement, the situations in which one must obey illegal orders, is difficult and thankless, it requires conferred authority and raises the weight of responsibility for decisions and orders issued.

Banco BPI and the reimbursement of contingent convertible subordinated bonds (CoCos)

This case study focuses on the BPI’s recapitalization plan, its causes and the reasons for the early reimbursement of CoCos in June 2014. The need for a capital intervention and the subsequent subscription agreement with the Portuguese Government of €1 500 million Core Tier 1 instruments were the result of a temporary capital buffer for sovereign debt exposures imposed by the European Banking Authority. The capital increase, the positive earnings in 2012 and 2013, the improvements in the sovereign debt crisis, the implementation of Basel III, in addition to the public exchange offer and the conversion of deferred tax assets into tax credits are the main factors for concluding the entire recapitalization operation three years before the deadline.

Zon-Optimus merger: Case study

The present Work Project was performed as a Case Study, analysing the merger between Zon, a leading Portuguese Pay TV operator and Optimus, the third largest mobile company in Portugal. The Case Study was developed with the purpose of understanding the value creation of the Zon-Optimus merger, being analysed the: (i) industry trends, (ii) parties’ contribution, (iii) pre-merger events, (iv) merger rationale, (v) deal structure and valuation, (vi) competition authority decision and (vii) competitive advantages and future strategy. Was also attached a Teaching Note where synergies, implied valuations, exchange ratios, shareholder agreements, swot analysis, among others, were duly analysed.

The new economy: Essays in network economics and two-sided markets

Following the Introduction, which surveys existing literature on the technology advances and regulation in telecommunications and on two-sided markets, we address specific issues on the industries of the New Economy, featured by the existence of network effects. We seek to explore how each one of these industries work, identify potential market failures and find new solutions at the economic regulation level promoting social welfare. In Chapter 1 we analyze a regulatory issue on access prices and investments in the telecommunications market. The existing literature on access prices and investment has pointed out that networks underinvest under a regime of mandatory access provision with a fixed access price per end-user. We propose a new access pricing rule, the indexation approach, i.e., the access price, per end-user, that network i pays to network j is function of the investment levels set by both networks. We show that the indexation can enhance economic efficiency beyond what is achieved with a fixed access price. In particular, access price indexation can simultaneously induce lower retail prices and higher investment and social welfare as compared to a fixed access pricing or a regulatory holidays regime. Furthermore, we provide sufficient conditions under which the indexation can implement the socially optimal investment or the Ramsey solution, which would be impossible to obtain under fixed access pricing. Our results contradict the notion that investment efficiency must be sacrificed for gains in pricing efficiency. In Chapter 2 we investigate the effect of regulations that limit advertising airtime on advertising quality and on social welfare. We show, first, that advertising time regulation may reduce the average quality of advertising broadcast on TV networks. Second, an advertising cap may reduce media platforms and firms' profits, while the net effect on viewers (subscribers) welfare is ambiguous because the ad quality reduction resulting from a regulatory cap o¤sets the subscribers direct gain from watching fewer ads. We find that if subscribers are sufficiently sensitive to ad quality, i.e., the ad quality reduction outweighs the direct effect of the cap, a cap may reduce social welfare. The welfare results suggest that a regulatory authority that is trying to increase welfare via regulation of the volume of advertising on TV might necessitate to also regulate advertising quality or, if regulating quality proves impractical, take the effect of advertising quality into consideration. 3 In Chapter 3 we investigate the rules that govern Electronic Payment Networks (EPNs). In EPNs the No-Surcharge Rule (NSR) requires that merchants charge at most the same amount for a payment card transaction as for cash. In this chapter, we analyze a three- party model (consumers, merchants, and a proprietary EPN) with endogenous transaction volumes and heterogenous merchants' transactional benefits of accepting cards to assess the welfare impacts of the NSR. We show that, if merchants are local monopolists and the network externalities from merchants to cardholders are sufficiently strong, with the exception of the EPN, all agents will be worse o¤ with the NSR, and therefore the NSR is socially undesirable. The positive role of the NSR in terms of improvement of retail price efficiency for cardholders is also highlighted.

Segurança privada

This work aims to reflect on the way as the security has come to evolue, fitting new private actors who now play functions, long ago private the public beings. This new situation raises issues of privatization of public authority, which puts into question the ius imperii and rights of citizens. Although private security is a growing reality, and that it needed to study.

Stress relacionado com o trabalho e motivação para a cessação tabágica: um obstáculo?: Estudo exploratório de uma amostra de vendedores fumadores

RESUMO - O tabagismo surge como a primeira causa evitável de doença, incapacidade e morte prematura em países desenvolvidos. Dentre os fatores influenciadores do comportamento face ao consumo de tabaco, a influência dos fatores de stress no local de trabalho foi alvo de diversos estudos com resultados mistos, revelando uma evidência empírica inconclusiva. Foi feito um estudo exploratório, transversal, que visou verificar a existência de associação entre algum dos fatores de stress no trabalho, nomeadamente 1) requisitos no trabalho, 2) autoridade decisória, 3) discriminação de tarefas, 4) condições de emprego, 5) apoio dos chefes e colegas, 6) número de horas de trabalho e 7) satisfação com o trabalho; com a motivação para a cessação tabágica. A amostra contou com 95 vendedores de bens de consumo alimentar, fumadores. Foi aplicado um questionário com variáveis sociodemográficas, variáveis de caracterização do comportamento face ao consumo de tabaco, o Teste de Richmond, variáveis de caracterização profissional e o Questionário Sobre Stress no Local de Trabalho. O Questionário Sobre o Stress no Local de Trabalho revelou uma validade insuficiente para a caracterização da maioria dos fatores de stress em estudo, manifestada por α de Cronbach muito baixos, pelo que a análise de associação apenas foi realizada entre os fatores de stress 1) apoio dos chefes e colegas, 2) número de horas de trabalho e 3) satisfação com o trabalho; e a motivação para a cessação tabágica. Para níveis de significância de 10%, o número de horas de trabalho apresentou uma associação positiva estatisticamente significativa com a motivação para a cessação tabágica, duplicando a probabilidade da sua ocorrência [OR = 2,429 (IC95%: 0,945 – 6,240)]. Em toda a análise de dados realizada foi prevalente a baixa motivação para a cessação tabágica dos vendedores, independentemente da variação dos fatores de stress relacionados com o trabalho.

Hospital-empresa : crónica de um nascimento retardado : Políticas de saúde : Em foco

RESUMO - A gestão empresarial dos hospitais é uma velha aspiração do sistema e dos profissionais da saúde em Portugal. Já o Estatuto Hospitalar de 1968 previa a organização e a gestão dos hospitais «em termos de gestão empresarial». A Lei de Bases da Saúde, de 1990, relembrava que a administração das unidades de saúde deveria obedecer a «regras de gestão empresarial». O Hospital Fernando da Fonseca, criado desde 1991, foi objecto de concessão de gestão por contrato, precedendo concurso público, a uma entidade privada, em 1995. Em 1997, o relatório do Grupo de Trabalho sobre o Estatuto Jurídico do Hospital recomendava a adopção da figura de instituto público com natureza empresarial, adequada autonomia de gestão e forte responsabilidade, podendo regular-se, em alguns domínios, por normas de direito privado. Em 1998 foi criado o Hospital de São Sebastião, em Santa Maria da Feira, com formas inovadoras de gestão, utilizando meios de gestão maleáveis. Em 1999 foi criada a Unidade Local de Saúde de Matosinhos, englobando não apenas o Hospital de Pedro Hispano, naquela cidade, mas também os quatro centros de saúde da sua área de atracção. Em 2001 foi criado o Hospital do Barlavento Algarvio, em moldes semelhantes aos do Hospital de São Sebastião. Os restantes hospitais públicos mantiveram a estrutura e regras de funcionamento convencionais. Observa-se que o modelo de gestão convencional do hospital público tem hoje consequências desfavoráveis para os cidadãos, para os profissionais que nele trabalham e também para o sistema de saúde no seu conjunto. Em 2002, uma nova lei alterou disposições da Lei de Bases da Saúde de 1990 e aprovou um novo regime jurídico de gestão hospitalar. De acordo com ele, a rede de prestação de cuidados de saúde passou a integrar vários modelos de hospitais: hospitais SPA, hospitais EPE, hospitais SA, clínicas privadas com ou sem nome de hospital, instituições e serviços geridos por entidades públicas ou privadas, mediante contrato de gestão e hospitais PPP. Analisam-se os ganhos introduzidos pelo modelo inovador de hospital SA, no que respeita ao estatuto, dotação de capital, poderes especiais, regras de controlo financeiro, regimes laborais, órgãos sociais, instrumentos de gestão e direcção técnica. Finalmente, antecipa-se um quadro analítico de oportunidades e riscos sobre este modelo. As críticas têm-se concentrado sobre a estratégia de mudança e sobre o mecanismo de escolha dos dirigentes e das respectivas chefias intermédias. Em relação à estratégia, conclui-se ser a questão mais empírica do que conceptual. Em relação à forma de identificação dos dirigentes, recomenda-se o acompanhamento crítico da experiência, salientando-se, a par do que ela pode trazer de positivo, os riscos de partidarização e instabilidade.

Fiscalização dos serviços de informações em Portugal

The present work offers a brief historical and evolutionary introduction to the legal basis of the Portuguese Republic Intelligence System (SIRP) which comprises two services – the Security Intelligence Service (SIS) and the Defence Strategic Intelligence Service (SIED) – and two entities responsible for its oversight – the Supervisory Body (CFSIRP) and the Data Monitoring Committee (CFD), also responsible for supervising the Military Intelligence and Security Centre (CISMIL) of the General Staff of the Armed Forces (EMGFA). The initial narrative subsequently leads us to a detailed analysis of the Portuguese Intelligence services' current model of monitoring, as well as of the legislator’s options, namely in the legal drafting field, used within the construction and definition of the legal structure that currently regulates the Portuguese Republic Intelligence System. For the purposes of this study we have broadly examined different models of the European Union, in particular those of Belgium, the Netherlands and Croatia. We have also transposed to the text the valuable contributions collected during the research phase, more precisely the replies to questionnaires and interviews conducted with certain individuals selected according to their knowledge and affinity with the subject of this study, including members and former members of the Supervisory Body and former directors of the three portuguese intelligence services. The present dissertation intends to contribute to the development of this subject, promoting critical analysis, within and beyond the academia, with the aim that some of its reflections might be useful towards the intelligence system’s future reform, particularly in what concerns intelligence services monitoring.