Conventos em tempos de crise. O Convento do Espírito Santo da Pedreira de Lisboa. Quatro desenhos de projecto de José Joaquim Ludovice

Fundação para a Ciência e a Tecnologia (FCT), Fundação Millennium bcp

Arbitragem voluntária desportiva ou outra forma de arbitragem necessária?

Atenta a preconização da legislação desportiva a nível interno, bem como a nível internacional, aliada ao usual recurso aos meios alternativos de resolução de litígios – arbitragem voluntária – por imposição das Federações Desportivas aos atletas, o ponto de ordem do presente estudo é aferir se a voluntariedade preconizada pela denominada arbitragem voluntária existe, é efectiva, ou meramente aparente. Este trabalho tem, assim, por objecto de estudo determinados aspectos das cláusulas de resolução de litígios e das convenções de arbitragem celebradas no seio desportivo e a sua efectiva voluntariedade, ou seja, a liberdade contratual e submissão voluntária a tal resolução alternativa de litígios com preterição do recurso aos tribunais judiciais.

Os diferentes níveis de regulação legal dos conflitos de interesses no âmbito da gestão de fundos de investimento mobiliário

In the context of the activity developed by securities investment funds (hereinafter referred to “SIF”) the holders of investment units have a very tiny power to intervene. Aware of the risks that a decoupling between ownership and control may pose, the legislator has foreseen a number of impositions and limitations to the activity of the managing entities, namely to prevent or prohibit the performance of acts in situations of potential conflicts of interests. Accordingly, the purpose of the dissertation on – “Os diferentes níveis de regulação legal dos conflitos de interesses no âmbito da gestão de FIM” – is exactly to determine the field of application of the several levels of legal regulation of the conflicts of interests that arise within the scope of the management of SIF, both at the level of the new legal requirements governing collective investment undertakings, and at the level of the legal requirements governing the conflicts of interests foreseen in the Portuguese Securities Code, in order to clarify the articulation of these different levels of conflicts of interests regulations.

Valuing an offshore exploration project through real options analysis

This thesis applied real options analysis to the valuation of an offshore oil exploration project, taking into consideration the several options typically faced by the management team of these projects. The real options process is developed under technical and price uncertainties, where it is considered that the mean reversion stochastic process is more adequate to describe the movement of oil price throught time. The valuation is realized to two case scenarios, being the first a simplified approach to develop the intuition of the used concepts, and the later a more complete cases that is resolved using both the binomial and trinomial processes to describe oil price movement. Real options methodology demonstrated to be capable of assessing and valuing the projects options, and of overcoming common capital budgeting methodologies flexibility limitation. The added value of the application of real options is evident, but so is the method's increased complexity, which adversely influence its widespread implementation.