Systemic risk for financial institutions in UK

Marginal Expected Shortfall (MES) is an approach used to measure the systemic risk financial institutions face. It estimates how significantly systemic events (poor market performance, out of 1.6 times Standard Deviation borders) are expected to affect market capitalization of a particular firm. The concept was developed in the late 2000s and is widely used for cross-country comparisons of financial firms. For the purposes of generalization of this technique it is often used with market data containing non-domestic currencies for some financial firms. That may lead to results having currency noise in them as it is shown for 77 UK financial firms in our analysis between 2001 and 2014.

The financial system in Mozambique: Opportunities, barriers and market potential

This research is empirical and exploratory intending to analyse the attractiveness of banking in Mozambique, considering its positive outlook. To identify the opportunities and barriers, the methods adopted were elite interviews with banking executives, complemented by secondary data. The opportunities for new entrants seem to include bankarization and the emergence of micro and smallmedium enterprises; other avenues seem to include investment banking, support of mega-projects (e.g. energy, infrastructures) through syndicates and cooperation with multilaterals, and the participation in developing capital markets. Conversely, the main barriers include shortage of talent, inadequate infrastructures, poverty, unsophisticated entrepreneurial culture (e.g. informal economy, inadequate financial reporting), burdensome bureaucracy (e.g. visas), foreign exchange regulation, as well as low liquidity and high funding costs for banks. The key conclusions suggest a window of opportunity for niche markets, and new products and services in retail and investment banking.

Banking crises: The impact of financial liberalization

This paper intends to study whether financial liberalization tends to increase the likelihood of systemic banking crises. I used a sample of 79 countries with data spanning from 1973 to 2005 to run a panel probit model. I found that, if anything, financial liberalization as measured across seven different dimensions tends to decrease the probability of occurrence of a systemic banking crisis. I went further and did several robustness tests – used a conditional probit model, tested for different durations of liberalization impact and reduced the sample by considering only the first crisis event for each country. Main results still verified, proving the results’ robustness.

Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

Graph usage in financial reports: Evidence from Portuguese listed companies

When assessing investment options, investors focus on the graphs of annual reports, despite lack of auditing. If poorly constructed, graphs distort perceptions and lead to inaccurate decisions. This study examines graph usage in all the companies listed on Euronext Lisbon in 2013. The findings suggest that graphs are common in the annual reports of Portuguese companies and that, while there is no evidence of Selectivity Distortion, both Measurement and Orientation Distortions are pervasive. The study recommends the auditing of financial graphs, and urges preparers and users of annual reports to be wary of the possibility of graph distortion.

Reporting Income Taxes in the Banking Sector In Angola - Accounting, Tax Regulation and Financial Reporting Evidences

This research provides an insight into income taxes reporting in Angola, based on hand collected data from the annual reports of banks. Empirical studies on Angolan companies are scarce, in part due to the limited access to data. The results show that income taxes’ reporting has improved over the years 2010-2013, becoming more reliable and understandable. The Angolan Government is boosting the economic growth through tax benefits in the investment in public debt, which cause a reduction in the banks’ effective tax rate. The new income tax law will reduce the statutory tax rate from 2015 onwards and change the taxable income, resulting in shifting the focus to promoting private investment.

Integration of speech-processing technologies into Activobank's client interaction process

This dissertation analyzes the possibilities of utilizing speech-processing technologies to transform the user experience of ActivoBank’s customers while using remote banking solutions. The technologies are examined through different criteria to determine if they support the bank’s goals and strategy and whether they should be incorporated in the bank’s offering. These criteria include the alignment with ActivoBank’s values, the suitability of the technology providers, the benefits these technologies entail, potential risks, appeal to the customers and impact on customer satisfaction. The analysis suggests that ActivoBank might not be in a position to adopt these technologies at this point in time.

Why aren't brand names regognized as intangible assets in the financial Statements? A study of the subjectivity of brand valuation

The goal of this paper is to determine and to quantify how subjective brand valuation is. To do so, we review the different valuation methods and apply the Hirose model to a sample of 20 US companies from the technology sector. Even if the results vary in function of the rankings we choose as a comparison, we may identify the trend that brands are usually overvalued in those rankings. It explains why internally generated goodwill (which includes brand names) is not recognized as an intangible asset in the financial statements.

Smart machines in day-to-day financial management:

Starting from Novabase’s challenge to launch in the UK Millennials a personal financial advisor mobile application, this work project aims to build a planning model to frame a business side of a launch strategy for mobile application in similar market and category. This study culminates on the design of SPOSTAC planning model. The created framework is intended to effectively and efficiently plan a launch strategy, being structured based on seven sequential elements: Situation, Product, Objectives, Strategy, Tactics, Action, and Control.

Proxy statement proposals after the 2008 financial crash

In traumatic financial times, both shareholders and the media promptly blame companies for lack of decent corporate governance mechanisms. Proxy statement proposals have increasingly been used by the more active shareholders as to vindicate managers to correct anomalies and restore financial markets’ confidence. I examine the proposals of the largest companies in the S&P 500 index after the Lehmann Brothers crash and their effect on stock prices. Proposals initiated by shareholders negatively impact the company’s stock price, particularly if the proposers are unions, pension funds and institutional investors. Also, I find corporate governance proposals to harm firm’s market performance, unlike compensation and social policy proposals whose effects are intangible. The exception to these disappointing attempts to improve companies’ conduct relies on proposals shared by several investors.

Financial reporting and inventory disclosure in the extractive industry

Companies in the Extractive Industry (E.I) have some particularities and special regulation that provides an interesting study of inventory and reporting in their financial statements. The theme thus chosen here, aims to make a comparison of the various methods of reporting inventories (recognition, measurement, presentation and disclosures) as well as the different accounting regulations in place. Moreover, inventories are a current asset which represents a large per cent of total assets. Another is that it also provides an opportunity for analysis of the different regulations in place for disclosures; the different standards implemented- IAS, US GAAP and/or regional standards.

The integration of online advertising into social media

This study examined user-generated (UG) advertising in the context of social media networks. The focus was on how people, whether an expert in the area, a non-expert or a friend, influence the reader of the advertisement. Furthermore, the study analyzed how the certainty level of the UG advertisement influences the person viewing the ad. The study showed that for the friend source a high certainty message was more persuasive. However, regarding the certainty no significant results were found for the expert and non-expert. Further, the type of the source had a considerable impact on persuasion. Someone that we personally know (e.g., a friend) was rated most positive for all analyzes variables. This shows that with the rising usage of social media there are great opportunities for new effective advertising strategies that could include a new type of an endorser – friends.

Estudo sobre o Grau de Integração de Organizações de Saúde – EGIOS II

RESUMO - O movimento de integração dos cuidados de saúde tem como objectivo a procura de modelos de prestação de cuidados mais compreensivos, integrados e continuados. A determinação do grau de integração de cuidados pode ser realizada a partir da percepção dos profissionais de saúde, sendo os inquéritos por questionários uma fonte comummente utilizada neste tipo de estudos. O presente estudo, designado por EGIOS II, tem como objetivos: a) determinar o grau de percepção de integração, dos profissionais das Unidades Locais de Saúde; b) comparar a percepção do grau de integração dos profissionais entre 2010 e 2015; c) comparar a percepção do grau de integração dos profissionais que trabalham nas Unidades Locais de Saúde e em instituições não organizadas em Unidades Locais de Saúde; e d) identificar as áreas de maior e menor percepção de integração. O instrumento de recolha de dados utilizado, foi um inquérito por questionário, que pretende avaliar a percepção do grau de integração dos profissionais de acordo com as dimensões clínica, informação, normativa, administrativa, financeira e sistémica, em 53 itens. O inquérito foi estruturalmente adaptado do Health System Integration Study, tendo apresentado validade e fiabilidade. O inquérito foi aplicado em 22 instituições, a nível nacional, Unidades Locais de Saúde e a Centros Hospitalares / Hospitais e Agrupamentos de Centros de Saúde. A caraterização EGIOS II dividiu-se em quatro fases: preparação e envio dos ofícios; identificação dos interlocutores; envio dos inquéritos; e avaliação dos resultados. O inquérito apresentou uma taxa de resposta de 27%, representando 2085 respostas ao inquérito. Pode afirmar-se que globalmente o estudo apresenta representatividade estatística, com um intervalo de confiança de 95%. Os resultados indicam que os profissionais das Unidades Locais de Saúde em 2015 reportam maiores níveis de percepção de integração, quando comparados os dados com o estudo de 2010. Acrescenta-se que os profissionais das Unidades Locais de Saúde têm um maior grau de percepção de integração, do que os profissionais dos Centros Hospitalares / Hospitais e Agrupamentos de Centros de Saúde, não organizados em ULS. As dimensões administrativa, financeira e clínica são as que apresentam um menor grau de percepção de integração e as dimensões normativa e informação uma maior percepção de integração. Os órgãos de administração e órgãos de gestão intermédia apresentam uma percepção de integração superior comparativamente aos médicos e enfermeiros dos serviços hospitalares e cuidados de saúde primários. Foram identificadas nove recomendações que poderão servir como base para um plano de ação subsequente do presente estudo ou para aplicação em futuros estudos. Este estudo pode auxiliar no diagnóstico de problemas e barreiras da integração de cuidados, em que serviços atuar e ainda, identificar quais as estratégias e processos a priorizar de forma a melhorar a integração de cuidados de saúde.

Electro-Optical/Infrared sensor turret integration on an aircraft - structural im-pact on LOCKHEED MARTIN C-130H and design methodology

The growing need to patrol and survey large maritime and terrestrial areas increased the need to integrate external sensors on aircraft in order to accomplish those patrols at increasingly higher altitudes, longer range and not depending upon vehicle type. The main focus of this work is to elaborate a practical, simple, effective and efficient methodology for the aircraft modification procedure resulting from the integration of an Elec-tro-Optical/Infra-Red (EO/IR) turret through a support structure. The importance of the devel-opment of a good methodology relies on the correct management of project variables as time, available resources and project complexity. The key is to deliver a proper tool for a project de-sign team that will be used to create a solution that fulfils all technical, non-technical and certi-fication requirements present in this field of transportation. The created methodology is inde-pendent of two main inputs: sensor model and aircraft model definition, and therefore it is in-tended to deliver the results for different projects besides the one that was presented in this work as a case study. This particular case study presents the development of a structure support for FLIR STAR SAPHIRE III turret integration on the front lower fuselage bulkhead (radome) of the LOCKHEED MARTIN C-130 H. Development of the case study focuses on the study of local structural analysis through the use of Finite Element Method (FEM). Development of this Dissertation resulted in a cooperation between Faculty of Science and Technology - Universidade Nova de Lisboa and the company OGMA - Indústria Aeronáutica de Portugal

`When I'm sixty-four': old age, family values, and private financial transfers

Private financial transfers are becoming more and more important as ageing levels increase in Europe, with elders acting as both givers and receivers. Our study is divided in two main parts. In the first part we analyse the determinants of private financial transfers, using the Survey of Health, Ageing, and Retirement in Europe (SHARE). In the second part we analyse the importance of family values for these transfers, combining SHARE with European Values Study. We show that family functions as the main agent of private transfers. We conclude that family values drive financial transfers, mainly gifts provided by elderly individuals. We find that receipts by old-aged people are more related with need cases, such as illness and poorness; moreover, for these particular cases, family network plays a very important role, working as a safety net.