Understanding the internet banking adoption by Portuguese customers - a unified theory of acceptance and use of technology and perceived risk application.

Trabalho de Projeto apresentado como requisito parcial para obtenção do grau de Mestre em Estatística e Gestão de Informação

Measuring the impact of short and lending practices using the DGTW benchmarks

Mutual fund managers increasingly lend their holdings and/or use short sales to generate higher returns for their funds. This project presents a first look into the impact these practices on performance using the performance measures: i) Characteristic Selectivity (CS), the ability of the fund's managers to choose stocks that outperform their benchmarks; ii) Characteristic Timing (CT), the ability of the manager to time the market; iii) and Average Style (AS), the returns from funds systematically holding stocks with certain characteristics. These returns are computed through the DGTW benchmarks. The effect of other variables that have also been shown to impact fund’s returns – total net assets under management, investment styles, turnover and expense ratios – will also be analyzed. I find that managers who use short-sales do not exhibit better stock picking abilities than those who do not, while mutual funds that lend do present higher CS returns. In addition, while lending is not significant for the total performance of a fund, the employment of short-sales and of both short-sales and lending has a negative impact on the fund’s performance.

Continuidade de cuidados numa Unidade de Saúde Familiar : o efeito nos custos

RESUMO - Caracterização do problema: O sistema de saúde português atingiu um patamar de ineficiência tal que urge ser reestruturado de forma a torná-lo sustentável. De forma a atingir este nível de sustentabilidade, uma série de soluções podem ser consideradas das quais destacamos a integração de cuidados. Este conceito exige que os diferentes níveis de saúde sigam um único caminho, trabalhando de forma coordenada e contínua. A integração de cuidados pode ser implementada através de várias tipologias entre as quais se destaca a integração clínica que por sua vez é composta pela continuidade de cuidados. Assim, ao medir a continuidade de cuidados, quantifica-se de certa forma a integração de cuidados. Objetivos: Avaliar o impacto da continuidade de cuidados nos custos. Metodologia: Os dados foram analisados através de estatísticas descritivas para verificar o seu grau de normalidade. Posteriormente foram aplicados testes t-student para analisar a existência de diferenças estatisticamente significativas entre as médias das diferentes variáveis. Foi então estudado o grau de associação entre variáveis através da correlação de spearman. Por fim, foi utilizado o modelo de regressão log-linear para verificar a existência de uma relação entre as várias naturezas de custos e os índices de continuidade. Com base neste modelo foram simulados dois cenários para estimar o impacto da maximização da continuidade de cuidados nas várias naturezas de custos. Conclusões: No geral, verifica-se uma relação muito ligeira entre a continuidade de cuidados e os custos. Mais especificamente, uma relação mais duradoura entre o médico e o doente resulta numa poupança de custos, independentemente da tipologia. Analisando a densidade da relação, observa-se uma relação positiva entre a mesma e os custos totais e o custo com Meios Complementares de Diagnóstico e Terapêutica (MCDT). Contudo verifica-se uma relação médico-doente negativa entre a densidade e os custos com medicamentos e com pessoal. Ao analisar o impacto da continuidade de cuidados nos custos, conclui-se que apenas a duração da relação médico-doente tem um impacto negativo em todas as categorias de custos, exceto o custo com medicamentos. A densidade de cuidados tem um impacto negativo apenas no custo com pessoal, influenciando positivamente as outras categorias de custos. Extrapolando para o nível nacional se o nível de densidade de uma relação fosse maximizado, existiria uma poupança de 0,18 euros, por ano, em custos com pessoal.

E-Health individual adoption - empirical model based on UTAUT 2.

The future of health care delivery is becoming more citizen-centred, as today’s user is more active, better informed and more demanding. The European Commission is promoting online health services and, therefore, member states will need to boost deployment and use of online services. This makes e-health adoption an important field to be studied and understood. This study applied the extended unified theory of acceptance and usage technology (UTAUT2) to explain patients’ individual adoption of e-health. An online questionnaire was administrated Portugal using mostly the same instrument used in UTAUT2 adapted to e-health context. We collected 386 valid answers. Performance expectancy, effort expectancy, social influence, and habit had the most significant explanatory power over behavioural intention and habit and behavioural intention over technology use. The model explained 52% of the variance in behavioural intention and 32% of the variance in technology use. Our research helps to understand the desired technology characteristics of ehealth. By testing an information technology acceptance model, we are able to determine what is more valued by patients when it comes to deciding whether to adopt e-health systems or not.

Mobile payment

Este estudo visa perceber quais os principais determinantes da adopção e recomendação da tecnologia de pagamentos móveis. Para atingir este objectivo, foi desenvolvido um modelo de pesquisa que combinou os modelos de adopção unified theory of acceptance and use of technology 2 (UTAUT2) e diffusions on innovations (DOI), juntamente com a variável perceived technology security (PTS). Foi realizado um questionário online, tendo sido obtidas 301 respostas válidas. Os dados recolhidos foram analisados utilizando a técnica de structured equation modeling (SEM), de forma a testar empiricamente o modelo e pesquisa. As principais conclusões retiradas são que os principais factores, com efeitos directos e indirectos, para a adopção e recomendação da tecnologia de pagamentos móveis são compatibility, perceived technology security, performance expectations, innovativeness e social influence. As conclusões deste estudo fornecem informações úteis às partes interessadas na tecnologia de pagamentos móveis.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

Crowdfunding

Crowdfunding, as we know it today, is a very recent activity that was born almost accidentally in the end of the 90’s decade. Due to the advent of the internet and the social networks, entrepreneurs are now able to promote their projects to a very large community. Whether it is composed by family, friends, acquaintances or simply people that are interested in the same topic or share the passion, the community is able to fund new ventures by individually investing modest amounts of money. In return, the entrepreneur can offer symbolic rewards, shares or other financial returns. New crowdfunding platforms are born almost every day all over the world, offering a new way of raising capital for their projects or a new way to invest their money in innovative ventures. Although crowdfunding is still finding its place in the financial services, successful cases such as Kickstarter demonstrate the power of the crowd in boosting creativity and productivity, financing thousands of projects by raising millions of dollars from thousands of investors. Due to regulatory restrictions, the most prominent model for now is reward-based crowdfunding, where the investors are prized with symbolic returns or privileged access to the products or services offered by the entrepreneurs. Other models such as peer-to-peer lending are also surging, allowing borrowers access to capital at a lower cost compared to so-called traditional financial institutions, and offering lenders a higher rate of return. But when it comes to offering shares to investors, i.e. using equity-based crowdfunding, entrepreneurs face regulatory obstacles in almost every country, where legislation was passed decades ago with the objective of promoting financially-capable ventures and protecting investors. Access to capital has become more difficult after the global economic recession of 2008, and for most countries it will not get easier in the near future, leaving start-ups and small enterprises with few options to start or expand their operations. In this study we attempt to answer the following research questions: how has equity-based crowdfunding evolved since its creation? Where and how has equity-based crowdfunding been implemented so far? What are the constraints and opportunities for implementing equity-crowdfunding in the world, and more particularly in Portugal? Finally, we will discuss the risks of crowdfunding and reflect on the future of this industry.