Corporate strategy development: International distance model for the Brazilian market

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

Determinants of Portuguese trade: 1986-2010

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

Absorption in human capital and r&d effects in an endogenous growth model

Until now, in models of endogenous growth with physical capital, human capital and R&D such as in Arnold [Journal of Macroeconomics 20 (1998)] and followers, steady-state growth is independent of innovation activities. We introduce absorption in human capital accumulation and describe the steady-state and transition of the model. We show that this new feature provides an effect of R&D in growth, consumption and welfare. We compare the quantitative effects of R&D productivity with the quantitative effects of Human Capital productivity in wealth and welfare.

Proceedings of the eighth International Conference on Axiomatic Design (ICAD 2014)

ICAD2014, Campus de Caparica, Portugal

O fado e as artes : um século de cumplicidades e ambiguidades

Tem esta tese por objectivo a análise de um dos nossos factores identitários, o fado, ao longo de mais ou menos um século, desde a altura em que surgiu com a forma convencionalmente assumida (voz, guitarra e viola) até meados da passada centúria, numa perspectiva do seu comportamento como canção ligada à sociedade, sobretudo urbana, nos seus momentos bons e maus — e ao indivíduo, como tradução de sentimentos, mensagens de ordem política ou de crítica social, tal como aconteceria em períodos definidos, como a transição da Monarquia para a República e desta para a Ditadura Militar, que desembocaria no Estado Novo. Com letras escritas, primordialmente por poetas populares, capazes de grandes sínteses narrativas, seja do quotidiano ou dalguma eventual pequena tragédia amorosa, esta canção nascida nos bairros mais pobres da capital portuguesa, associada à prostituição e outros comportamentos considerados desviantes pela moral burguesa, levantou as mais apaixonadas contendas, pró e contra a sua sobrevivência, sobretudo durante o longo período ditatorial e até por parte do poder então vigente, por ser alegadamente desvirilizante, ao mesmo tempo que os sectores contrários ao regime, também a atacavam, argumentando que aquele dela se servia como intoxicante emblema nacionalista. Foi nossa tentativa compreender e analisar (desapaixonadamente) a forma como, afinal, algo odiado pelos extremos do espectro político, que assim concordavam em alguma coisa, concentravam as respectivas forças no ataque a uma mera manifestação artística, quando a sociedade se debatia com tantos e tão reais problemas, ao longo da segunda metade do século XIX, durante o agitado período republicano e nas décadas iniciais da ditadura salazarista. Isto ao mesmo tempo que o fado despertava o interesse de cada vez mais poetas eruditos e a sua temática, por vezes irreverente e arguta, servia de inspiração às mais diversas artes, afirmando-se como elemento popular agregador no plano interno e motivo de interesse crescente no estrangeiro.

Indexing and active fund management: International evidence

Author's pre-print

Flexible multivariate GARCH modeling with an application to international stock markets

This paper offers a new approach to estimating time-varying covariance matrices in the framework of the diagonal-vech version of the multivariate GARCH(1,1) model. Our method is numerically feasible for large-scale problems, produces positive semidefinite conditional covariance matrices, and does not impose unrealistic a priori restrictions. We provide an empirical application in the context of international stock markets, comparing the nev^ estimator with a number of existing ones.

Self-initiation expatriation: A focus on Italian and Portuguese students

The purpose of this work project is to analyze the phenomenon of self-initiated expatriation (SIE) through its link to the Protean Career and Career Capital theories, focusing in particular on Italian and Portuguese students attending a Master in the business area. The main research questions are to understand the reasons driving the intention to expatriate, after the conclusion of the academic path, using three main categories (Adventure Motivation, Work Characteristic Motivation and instrumental Motivation) and the intention to repatriate. A sample of Italian and Portuguese students was obtained. Italians show a higher intention to expatriate relative to Portuguese; nevertheless, no other significant differences were found among the two populations, because of the similar cultural background and economic situation. Additionally, several heterogeneities were observed considering other clusters defined by Gender, Teaching Language of the Master and Past International Experiences, across the two nationalities. Furthermore, possible future researches and practical implications were discussed.

Firms survival and international trade: The impact of exports and imports

Double Degree. A Work Project presented as part of the requirements for the Award of a Masters in Management from Nova School of Business and Economics and Maastricht University.

O uso da força no Direito Internacional = Use of force in Public International Law

Versão online da Revista Brasileira de Estudos Políticos, Belo Horizonte, nº 107, pp. 149-200, jul./dez.2013

Do social factors matter for innovation, and do they influence innovation in Aeronautics Industry?

Based on the report for the course on “Social Factors of Innovation” of the PhD Program on Technology Assessment, supervised by Prof. António Brandão Moniz, Monte de Caparica, University NOVA Lisbon, Faculty of Sciences and Technology, July 2013

Almirante: Evaluating the board game: Board game, startup, discounted cash flow, venture capital method, real options

This thesis evaluates a start-up company (Jogos Almirante Lda) whose single asset is a board game named Almirante. It aims to conclude whether it makes sense to create a company or just earn copyrights. The thesis analyzes the board game’s market, as part of the general toy’s market, from which some data exists: European countries as well as the USA. In this work it is analyzed the several ways to finance a start-up company and then present an overview of the valuation of the Jogos Almirante based on three different methods: Discounted Cash Flow, Venture Capital Method and Real Options.

The spin-off of Sonae Capital

The purpose of this project is to study the spin-off of Sonae Capital, which took place in January 2008. Taking the form of a case study, this project is divided between the case narrative and a teaching note. I study the background and motivation of the transaction, along with its outcome. With the available information at the time of the case, I value Sonae Capital at the date of the spin-off and describe a possible trading strategy involving both the spun-off and the demerged companies. Finally, I conclude that the transaction was more beneficial for the parent company, Sonae SGPS, and that it did not follow the typical outperformance pattern observed in other spin-offs.

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

Vila Galé: International expansion to Mozambique

The purpose of this project is to understand the outcomes of the implementation of 4 star city hotel from the Vila Galé brand in Maputo, Mozambique, and the conditions under which such project would be financially worthy. Both the tourism market in Mozambique and the Vila Galé Hotels company were studied, aligned with a projection of the operational results. The conclusions allow to infer that this is a project aligned with the overall company strategy and that the sector’s growth prospects in Mozambique would allow to achieve positive results that encourage Vila Galé to invest.