IAS/IFRS mandatory adoption and cross-border M&A

This study investigates the effect of the mandatory implementation of IAS/IFRS on cross-border M&A activity. I test the hypothesis that the improvement in the comparability of financial statements among the adopting countries facilitates crossborder transactions. According to the expectations, I find support for enhanced crossborder M&As following the mandatory adoption of IFRS due to a likely increase in the comparability of financial reports. Additionally, listed targets from IFRS adopting countries do experience stronger positive influence on foreign M&A transactions than unlisted target from adopting countries and listed targets from IFRS non-adopting countries.

Cross sectional default probabilities in european corporate bonds

This study attempts to identify basis-trading opportunities in the European banking sector by comparing two different measures for the market’s assessment of risk: market-observed CDS spreads and model-implied Z-spreads. Using a sample of 10 banks, over a period of 3 years following the European banking crisis, it can be concluded that there were arbitrage opportunities in the sector, as evidenced by the derived negative bases.

Conception and first results of a cross-sectional national study on the demography, disease characteristics and socioeconomics status of the Portuguese patients with multiple sclerosis : the PORT-MS study

RESUMO: Introdução e objetivos: Não existia um estudo multicêntrico que descrevesse as características dos doentes com EM, da doença em si, ou do seu tratamento, em Portugal.Métodos: Doentes McDonald 2010 positivos foram sequencialmente recrutados em 7 centros entre Maio e Novembro 2014. Aplicou-se um Caderno de Recolha de Dados incidindo na demografia, doença, educação e emprego (estudo PORT-MS). Resultados: 561 doentes incluídos. Primeiros sintomas aos 30,2±10,5 anos (RRMS 29,2±10, PPMS 39,4±11,7, p<0,001); diagnóstico 3,2±5,3 anos depois (RRMS 3,0±5,1, PPMS 4,9±2,5, p=0,002); tempo de doença após diagnóstico 9,4±7,2 anos (semelhante RRMS no diagnóstico e PPMS); idade atual 42,9±12,4 anos (grupo RRMS no diagnóstico 42,0±12,1, PPMS 52,5±11,3, p<0,001); EDSS atual 2,5 (RRMS 2.0, PPMS 6.0); proporção feminino:masculino é 2,5:1 (RRMS semelhante, PPMS 1,1:1, p<0,05); no diagnóstico RRMS 90,6%, SPMS 0,9%, PPMS 8,6%; 9,5% dos RRMS encontravam-se em SP na inclusão (nomeadamente os com mais idade no diagnóstico e/ou atualidade ou tempo de doença mais prolongado). PPMS mais frequente em doentes diagnosticados mais tardiamente (p<0,001), onde aumenta também ligeiramente a proporção de mulheres na PPMS. Nas últimas décadas: novos casos mostram estabilidade na proporção de géneros e tipos de doença; idade nos primeiros sintomas e no diagnóstico aumentou ligeiramente, tempo entre eles diminuiu ligeiramente. Proporção sob DMT (Maio 2014): global 84,5%; atualmente RRMS 90,4%; SPMS 70,8%; PPMS 36,8%; progressivas agregadas 48%. Tipo de DMT, amostra global: interferões 56,5%, GA 18,4%, Natalizumab 11,6%, Fingolimod 9,7%. Global: economicamente ativos 61,5%, desemprego 13,5%, 74,1% dos não activos estão reformados por doença. Gravidezes após diagnóstico em 15% mulheres. Casos com história familiar positiva 7,8%. Discussão e conclusões: Incluída cerca de 10% da população portuguesa. Resultados congruentes com dados internacionais. Elevada proporção sob DMT, mesmo EDSS alto e formas progressivas. Terapêuticas de segunda linha sub representadas. Doentes jovens e com doença ligeira com vida económica ativa; restantes essencialmente reformados por doença.---------------- ABSTRACT : Background/aims: In Portugal, there wasn’t a multicentric study on the general characteristics (demography, disease milestones, DMT, socioeconomic status) of Multiple Sclerosis patients. Methods: Patients fulfilling McDonald 2010 criteria were sequentially recruited from May to November 2014 in 7 centers and data was systematically collected. Results: 561 patients included. First symptoms occurred at 30,2±10,5 years-old (RRMS 29,2±10, PPMS 39,4±11,7, p<0,001); diagnosis 3,2±5,3 years later (RRMS 3,0±5,1, PPMS 4,9±2,5, p=0,002); 9,4±7,2 years elapsed since diagnosis (similar for those is RRMS at diagnosis and PPMS); current age 42,9±12,4 years-old (group RRMS at diagnosis 42,0±12,1, PPMS 52,5±11,3, p<0,001); current EDSS 2,5 (RRMS 2.0, PPMS 6.0); females to males 2,5:1 (RRMS similar, PPMS 1,1:1, p<0,05); at diagnosis RRMS 90,6%, SPMS 0,9%, PPMS 8,6%; 9,5% of RRMS reached SP at inclusion (those older at diagnosis, in actuality, or with longer follow-up). PPMS more frequente in patients diagnosed at older ages (p<0,001), also slight increase in females. Along the last decades: new cases have showed stable proportions of gender and disease types; age at first symptoms and diagnosis slightly increased, time between them slightly decreased. Proportion on DMT (May 2014): 84,5% of all; 90,4% of currently in RRMS; 70,8% of SPMS; 36,8% of PPMS; 48% of progressive forms together. Type of DMT, all patients: interferons 56,5%, Glatiramer Acetate 18,4%, Natalizumab 11,6%, Fingolimod 9,7%. Economically active 61,5% of all, unemployment 13,5%, 74,1% of non-active are retired due to disease. Females pregnant after diagnosis 15%. Positive family cases in 7,8%. Discussion/Conclusions: 10% of the national MS population collected. Data generally consistente with international reports. Proportion under DMT relatively high in all disease types, but second line therapies underrepresented. Young patients with mild disease have an active economic life. Those not active are essentially retired due to disease.

Strengthening to seismic action of reinforced columns with rectangular cross-section

The first part of this research work regards the assessment of the mathematical modelling of reinforced concrete columns confined with carbon fibre (CFRP) sheets under axial loading. The purpose was to evaluate existing analytical models, contribute to possible improvements and choose the best model(s) to be part of a new model for the prediction of the behaviour of confined columns under bending and compression. For circular columns, a wide group of authors have proposed several models specific for FRP-confined concrete. The analysis of some of the existing models was carried out by comparing these with several tested columns. Although several models predict fairly the peak load only few can properly estimate the load-strain and dilation behaviour of the columns. Square columns confined with CFRP show a more complex interpretation of their behaviour. Accordingly, the analysis of two experimental programs was carried out to propose new modelling equations for the whole behaviour of columns. The modelling results show that the analytical curves are in general agreement with the presented experimental curves for a wide range of dimensions. An analysis similar to the one done for circular columns was this turn carried out for square columns. Few models can fairly estimate the whole behaviour of the columns and with less accuracy at all levels when compared with circular columns. The second part of this study includes seven experimental tests carried out on reinforced concrete rectangular columns with rounded corners, different damage condition and with confinement and longitudinal strengthening systems. It was concluded that the use of CFRP confinement is viable and of effective performance enhancement alone and combined with other techniques, maintaining a good ductile behaviour for established threshold displacements. As regards the use of external longitudinal strengthening combined with CFRP confinement, this system is effective for the performance enhancement and viable in terms of execution. The load capacity was increased significantly, preserving also in this case a good ductile behaviour for threshold displacements. As to the numerical nonlinear modelling of the tested columns, the results show a variation of the peak load of 1% to 10% compared with tests results. The good results are partly due to the inclusion of the concrete constitutive model by Mander et al. modified by Faustino, Chastre & Paula taking into account the confinement effect. Despite the reasonable approximation to tests results, the modelling results showed higher unloading, which leads to an overestimate dissipated energy and residualdisplacement.

Relatório de estágio curricular:

The main purpose of this report is to inform about the work developed throughout the curricular training period, which took place in the Legal Department of The Portuguese Football Federation. Firstly, and in general terms, issues such as the evolution of football in Portugal and Sports Federations will be dealt with in this study. In addition, a characterization of the welcoming entity will be done as well, focusing not only on its legal context, but also on its organic structure and operating dynamics. Also, the work developed during the training period will be made known, namely the activities undertaken as part of the project. Besides all the above-mentioned, a study has been carried out essentially on the Regional District Football Associations, in what concerns the statutes of the various associations ( object of study ), including the statutes of FPF- since the main goal of this work is to understand whether the various District and Regional Football Associations, as regular partners of the Portuguese Football Federation, do or do not comply with the Duty of Statutory Adjustment imposed by it, regarding the amendment to the Sports Federation legal regime.

The determinants of mutual fund performance: A cross-country study

We use a new data set to study the determinants of the performance of open–end actively managed equity mutual funds in 27 countries. We find that mutual funds underperform the market overall. The results show important differences in the determinants of fund performance in the USA and elsewhere in the world. The US evidence of diminishing returns to scale is not a universal truth as the performance of funds located outside the USA and funds that invest overseas is not negatively affected by scale. Our findings suggest that the adverse scale effects in the USA are related to liquidity constraints faced by funds that, by virtue of their style, have to invest in small and domestic stocks. Country characteristics also explain fund performance. Funds located in countries with liquid stock markets and strong legal institutions display better performance.

Relatório de estágio curricular no Ministério dos Negócios Estrangeiros

The following report reflects a five-month internship in the Department of Legal Affairs of the Portuguese Ministry of Foreign Affairs, from 4 August to 30 December 2014. This report mainly had as a basis the knowledge from the Administrative Law, Procedural Administrative Law, Labour Law, Special Labour Law and Social Law classes. Thus, it was possible to experience procedural administrative phases, such as the hierarchical appeal, the impugnation of public tender, witness hearing, among others. Apart from these, it was possible to collaborate on the elaboration of a Handbook of Good Practices of Administrative Law and to receive training on Public Procurement.

Relatório de estágio curricular no Ministério Público na Comarca de Setúbal

This report represents four months of study on activities in the public prosecution service at the Local Instance of Setúbal judiciary district, started in September 2014 and completed of the same year. This report was prepared considering all the teachings of criminal law courses and criminal procedural law, doctrine, jurisprudence and all the practical experience experienced with prosecutors. In this context, their traineeship provided contact with different procedural stages: the investigation stage that allowed to understand better the progress of the processing of summary proceedings; the expedient distribution of urgent cases; the investigation stage, as regards the procedural impulse assistant and the accused; and the trial stage. This last phase allowed contact with different types of crimes especially road crimes and the crime of domestic violence. The analysis carried out the summary proceedings in the Public Ministry service would acquire relevant information to explain the incidence of road crimes. Topics will be addressed that were found on stage during the various procedural stages, as the implementation of new judicial map. The relationship between the prosecution and the Criminal Police Bodies was also an issue to be addressed. The work also raises awareness of the issue of archives in order to find out the position of assistant.

Distúrbios osteomioarticulares : lombalgia e escoliose : prevalência e fatores associados : um estudo analítico e transversal em adolescentes da região do Algarve

RESUMO - Introdução: Os distúrbios osteomioarticulares envolvem diversas condições donde se destacam a lombalgia e a escoliose, a primeira considerando o fato que a sua prevalência tem vindo a aumentar em adolescentes consistindo num problema crescente de saúde pública que envolve custos indiretos e a escoliose pela ausência de estudos nacionais. Diversos fatores físicos, genéticos, mecânicos, comportamentais e ambientais podem estar envolvidos na patogénese das lombalgias e escolioses. O ambiente escolar, incluindo as posturas adotadas pelos alunos e o transporte das mochilas escolares, e alguns hábitos de estilos de vida constituem fatores que podem contribuir para o desenvolvimento destes distúrbios osteomioarticulares. Este estudo também aborda o estado ponderal, nomeadamente o excesso de peso e a obesidade, pois este é referido frequentemente como um potencial fator de risco destes distúrbios osteomioarticulares (apesar de ainda apresentar controvérsia na literatura), além de ser, por si só, atualmente considerado como um dos mais graves problemas de saúde pública a nível mundial. Objetivos do estudo: (1) determinar a prevalência pontual, anual e ao longo da vida de lombalgia, assim como a prevalência de escoliose em adolescentes da região do Algarve; (2) identificar os fatores associados ao desenvolvimento destes distúrbios osteomioarticulares; (3) determinar a prevalência de excesso de peso e de obesidade e explorar a sua eventual associação com a prevalência de lombalgia e escoliose em adolescentes; (4) comparar os resultados obtidos nos diferentes métodos antropométricos (Índice de massa corporal - IMC, medição das pregas cutâneas e circunferência abdominal) e verificar a sua concordância. Material e métodos: O desenho deste estudo foi de natureza observacional, analítico e transversal. O estudo foi aprovado pela Comissão de Ética da Administração Regional de Saúde do Algarve, pela Direção Regional de Educação do Algarve, pela Direção-Geral de Inovação e de Desenvolvimento Curricular, Ministério da Educação e Ciência, e pelas Direções dos Agrupamentos de Escolas que participaram do projeto. A amostra incluiu 966 adolescentes da região do Algarve, sul de Portugal, com idades compreendidas entre os 10 e 16 anos (12,24±1,53 anos), sendo 437 (45,2%) do sexo masculino e 529 (54,8%) do feminino. O método de amostragem foi aleatório estratificado, com base nos concelhos da região do Algarve, assumindo que poderia existir heterogeneidades geográficas. Os instrumentos de medida foram aplicados num único momento (2011/2012) e incluíram o Questionário de Lombalgia e Hábitos Posturais para caracterizar a presença de lombalgia e os hábitos posturais adotados pelos alunos em casa e na escola, o escoliómetro para avaliar a presença de escoliose, a balança, o estadiómetro (sendo posteriormente calculado o IMC), o adipómetro e a fita métrica. A análise dos dados incluiu técnicas de estatística descritiva, gráficas e analíticas aplicadas à todas as variáveis em estudo. Para determinar a associação entre as variáveis do estudo foi utilizada a estatística inferencial, nomeadamente o teste de independência do Qui-quadrado. Para analisar as correlações entre as medidas obtidas com os métodos antropométricos (na sua forma quantitativa), foi utilizado o coeficiente de Spearman. A influência das diversas variáveis na presença de lombalgia foi aferida através de regressões logísticas binárias, sendo os resultados apresentados como odds ratios brutos e ajustados e respetivos intervalos de confiança. Resultados: O presente estudo revelou uma elevada prevalência de lombalgia (anual: 47,2%; pontual: 15,7%; ao longo da vida: 62,1%). As raparigas apresentaram 2,05 de probabilidade de apresentar lombalgia comparativamente aos rapazes (IC 95%: 1,58-2,65; p<0,001), assim como os alunos com idades mais avançadas (13-16 anos) comparativamente aos mais novos (10-12 anos) que tiveram 1,54 de chances (IC 95%: 1,19-1,99; p=0,001). Os alunos que indicaram adotar uma postura de sentado com a coluna vertebral posicionada incorretamente apresentaram 2,49 de probabilidade de revelar lombalgia (IC 95%: 1,91-3,24; p<0,001), os alunos que afirmaram se posicionar de forma inadequada para assistir televisão ou jogar videojogos tiveram a probabilidade de 2,01 (IC 95%: 1,55- 2,61; p<0,001) e aqueles que adotaram a postura de pé incorretamente tiveram 3,39 de chance de apresentar lombalgia (IC 95%: 2,19-5,23; p<0,001). A escoliose esteve presente em 41 (4,2%) alunos. As raparigas apresentaram a maior prevalência (4,5% versus 3,9%) do que os rapazes e o mesmo foi observado nas raparigas que apresentaram a menarca tardia (8,6% versus 3,3%) e os que foram classificados como magros (7,1%), não sendo no entanto estas diferenças estatisticamente significativas. Relativamente à prevalência de excesso de peso e obesidade, os valores variaram de 31,6%, 61,4% e 41,1% de acordo com a medição do IMC, pregas cutâneas e circunferência abdominal, respetivamente. Os valores obtidos com a avaliação dos três métodos antropométricos apresentaram um elevado alto grau de correlação entre o IMC e as pregas cutâneas (p<0,001; r=0,712), entre o IMC e circunferência abdominal (p<0,001; r=0,884) e entre a circunferência abdominal e as pregas cutâneas (p<0,001; r=0,701). Conclusões: O presente estudo revelou valores de prevalência de lombalgia semelhante a estudos anteriores sendo que os alunos com idade mais avançada, ou do sexo feminino ou aqueles que adotavam a postura sentada e de pé de forma inadequada ou os que transportavam indevidamente a mochila escolar apresentaram a maior prevalência. Quanto à presença de escoliose, observou-se uma baixa prevalência não sendo verificada nenhuma associação significativa com os fatores analisados. Relativamente ao estado ponderal, verificou-se uma elevada prevalência de excesso de peso e obesidade, com a utilização dos três métodos antropométricos: IMC, medição das pregas cutâneas e circunferência abdominal, tendo sido verificado um elevado grau de correlação entre estes três métodos antropométricos. Este estudo contribuiu para determinar a magnitude destes distúrbios osteomiarticulares nesta população específica, assim como seus possíveis fatores associados. De acordo os resultados obtidos no presente estudo, torna-se necessário ações de intervenção nas escolas, envolvendo não somente os alunos, mas toda a comunidade escolar, com o objetivo de prevenção destes distúrbios osteomioarticulares através da promoção de hábitos de vida saudável.

Socio-demographic correlates of physical activity of European adults: A cross-sectional study from the European Social Survey

ABSTRACT - Background: From a public health perspective, the study of socio-demographic factors related to physical activity is important in order to identify subgroups for intervention programs. Purpose: This study also aimed to identify the prevalence and the socio-demographic correlates related with the achievement of recommended physical activity levels. Methods: Using data from the European Social Survey round 6, physical activity and socio-demographic characteristics were collected from 39278 European adults (18271 men, 21006 women), aged 18-64 years, from 28 countries in 2012. Meeting physical activity guidelines was assessed using World Health Organization criteria. Results: 64.50% (63.36% men, 66.49% women) attained physical activity recommended levels. The likelihood of attaining physical activity recommendations was higher in age group of 55-64 years (men: OR=1.22, p<0.05; women: OR=1.66, p<0.001), among those who had completed high school (men: OR=1.28, p<0.01; women: OR=1.26, p<0.05), among those who lived in rural areas (men: OR=1.20, p<0.001; women: OR=1.10, p<0.05), and among those who had 3 or more people living at home (men: OR=1.40, p<0.001; women: OR=1.43, p<0.001). On the other hand, attaining physical activity recommendations was negatively associated with being unemployed (men: OR=0.70, p<0.001; women: OR=0.87, p<0.05), being a student (men: OR=0.56, p<0.001; women: OR=0.64, p<0.01), being a retired person (men: OR=0.86, p<0.05) and with having a higher household income (OR=0.80, p<0.001; women: OR=0.81, p<0.01). Conclusion: This research helped clarify that, as the promotion of physical activity is critical to sustain health and prevent disease, socio-demographic factors are important to consider when planning the increase of physical activity.

Relatório de estágio curricular no Centro de Arbitragem Comercial da Câmara de Comércio e Indústria portuguesa

This report is the outcome of an internship that took place in Centro de Arbitragem Comercial da Câmara de Comércio e Indústria Portuguesa and its completion is an essential part of the path towards obtaining the Master’s Degree in Faculdade de Direito da Universidade Nova de Lisboa. This report has been structured in two stages – firstly, the presentation of the Centro de Arbitragem Comercial, focusing on its field of expertise, organic structure, principles and advantages. Then, the description of the activities developed within the Secretariat over the several stages of the arbitration procedure – since the reception of the arbitration requirement in institutional proceedings, terms of reference in ad hoc procedures, through the monitoring of the arbitral tribunal sessions (preliminary hearings, submission of evidence and final allegations) and the notification of the arbitration award. The second stage of this report is related to the description of the functions and powers of the President of Centro de Arbitragem Comercial. Firstly, it defines those powers by analyzing the statutes and rules of proceedings of the Centro de Arbitragem, drawing comparisons between the above mention and the rules of proceedings of others arbitral institutional centres, some of them are international references. The report assesses and describes the presidential powers, such as: configuration and composition of the arbitral tribunal (including arbitrator’s replacements, excuses and refusals); deadline extensions; determination of procedural rules and decision-making on any procedural incidents which arise before the constitution of the arbitral tribunal; definition of arbitration costs and fees; joinder of parties and consolidation of proceedings admission; and appointment of an emergency arbitrator. Lastly, this report analyzes some decisions delivered by the President in the respective institutional procedures which took place in the Centre.

Relatório de estágio curricular realizado na Câmara Municipal de Lisboa

The experience of an internship is always considered an experience that should be enriching, a first contact with the employment world. The intention is to build a bridge between the theory and practice - applying what has been learnt throughout the course. Therefore, it was started a new learning phase that seeks to take advantage and obtain experiences useful for a professional life based in efficiency and efficacy. The curricular internship was carried out within the Masters in Public Law and held by Faculdade de Direito da Universidade Nova de Lisboa (FDUNL)(Law School Of University New Of Lisbon) in the Câmara Municipal de Lisboa (CML) (Lisbon's Town Hall), in the Departamento de Política de Solos e Valorização Patrimonial (DPSVP) (Soil Politics and Patrimonial Valuation Department) of the Direção Municipal de Planeamento, Reabilitação e Gestão Urbanística (Municipal Direction of Planning, Rehabilitation and Urban Management) between September and December 2013. Throughout this internship, several activities within the DPSVP were developed. In an early stage, there was a presentation of the organic structure of Lisbon's Town Hall, and the Department where I was going to do the internship, and its competencies. Therefore I acquired key concepts and researched jurisprudence and legislation needed to the analysis and understanding of the activities done in the internship. In a second stage, it was done the analysis and understanding of the division into lots administrative procedures, as well as the solving of the problems occurred throughout that analysis. Besides that, there was the need to help preparing some procedural acts to be applied regarding the Department competencies, namely within the alienation, procurement, encumbrance and rental of immovable assets owned by the Municipality of Lisbon.

Relatório de estágio curricular Federação Portuguesa de Futebol

This report aims to present the work that has been developed throughout the internship in the Portuguese Football Federation. First it is presented a characterization of the host institution, not only on its legal framework, but also on how it works. Then it´s revealed the work done during the internship, which consisted mainly in the preparation of a study about the opened / litigated cases in season 2012/2013 in what football concerns, that is to say, those cases where the Portuguese Football Federation Disciplinary Board, which is always the decision-making body, had direct intervention. The study is separated into two sections (one regards the professional football and the other the non-professional football) because each one have their own competence, and the processes obey to different formalities in the two sections. Within each section are defined all process forms, and it’s made an evaluation about their decisions and the timing of each procedural stage. What is expected with this work is that it can clarify and promote some aspects of the functioning of the sports justice in what football concerns.