Public perspective towards social impact of chang e lunar probe program

The present article is based on the MA thesis of Hou Bowen (Ph.D candidate) and on the presentation made at the ISA World Congress of Sociology held in Yokohama (Japan) on July 2014 at the Session on “Assessing Technologies: Global Patterns of Trust and Distrust” of RC23-Sociology of Science and Technology.

Basel III new capital requirements, impacts and bank behavior

For some years, researchers could not find a clear effect of capital adequacy on the risk profile of banks, as shareholders could increase the riskiness of the assets (qualitative effect), crowding-out the effect of reduced leverage (volume effect). Some shareholders might have the will to increase the riskiness of the assets, but they may lack the power to do so. Considering only ”powerful” shareholders, definitive conclusions were drawn but with constant ownership profile. In this paper I investigate whether there is a significant change in the type of shareholders in response to regulatory capital shocks and, if so, will the banking system be in the hands of more “desired” shareholders. I find that ownership profile responds to a regulatory shock, changing the risk appetite of the ruling power at the bank. I find more banks and the government in the ownership of undercapitalised banks and much less institutional shareholders and free float. I claim that these new shareholders may not the desired ones, given the objective of the regulatory change, as they are associated with a preference for more leverage. One possible explanation for this crowding-out effect is that regulators are trying to contain idiosyncratic risk (more linked to the riskiness of the assets) with a rule that contains systematic risk (capital adequacy). This has a distorting effect on ownership. Another insight can be drawn from the tests: supervisors should be aware of significant ownership movements that cause the crowding-out.

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

Connect to success- consulting program of the U.S. embassy Lisbon creation of a business plan for “Quinta dos I’s”

The purpose of this project is to analyse and evaluate if the rural tourism cottage Quinta dos I’s will be profitable within the first five years of operation. It starts with a brief description of the business, followed by an industry analysis of the rural tourism market in Portugal and an intensive competitor analysis to evaluate Quinta dos I’s’ competitive advantages. The project then defines a marketing plan to generate awareness and establish the cottage in the market. Finally, a financial analysis is performed to examine the outcome of Quinta dos I’s’ recommended strategic activities. The results of this project show that the cottage is profitable after the first year of operation and expects to grow annually.

Avaliação da implementação da fase III da zona de emissões reduzidas de Lisboa

Os efeitos de uma qualidade do ar reduzida são sentidos principalmente em centros urbanos, como Lisboa, onde persistem situações de concentrações elevadas de dióxido de azoto (NO2) e matéria particulada (PM10), originadas pelo tráfego automóvel. Para diminuir a concentração desses poluentes foi implementada uma Zona de Emissões Reduzidas (ZER) em Lisboa, que entrou na fase III em janeiro de 2015. Avaliou-se a evolução da qualidade do ar nos últimos cinco anos em Lisboa, nomeadamente as excedências aos valores limite legais de curto prazo para NO2 e PM10, bem como a influência da meteorologia na sua ocorrência. A qualidade do ar, em geral, melhorou, registando-se a maioria das excedências no outono e inverno, em dias úteis e final da tarde e início da manhã, períodos coincidentes com a maior intensidade de tráfego rodoviário. A altura da base da inversão térmica e a velocidade do vento são mais reduzidas em dias com excedências, o que indicia um papel relevante da meteorologia. A avaliação do impacte da fase II da ZER nas excedências aos valores limite revelou que o número de excedências e a duração dos episódios de poluição diminuíram, mas mais significativamente em estações fora da ZER. Analisou-se a influência da fase III da ZER na composição da frota automóvel e nas emissões associadas de NOX e PM na Avenida da Liberdade, com base nos dados obtidos antes (2014) e depois (2015) da fase III. Verificou-se uma melhoria na frota em toda a cidade, mais acentuada na zona 2 que na zona 1. Concluiu-se que o impacte da fase III foi reduzido, principalmente na zona 1, possivelmente relacionado com a escassa fiscalização. Caso o número de veículos se tivesse mantido igual entre 2014 e 2015, teria sido possível uma redução de 23% nas emissões de NOX e de 8% nas de PM.