Brazilian equity risk premium analysis: A macroeconomic approach

Double Degree Masters in Economics Program from Insper and NOVA School of Business and Economics

Tracking error of exchange-traded funds: Evidence from the UK

This paper is mainly concerned with the tracking accuracy of Exchange Traded Funds (ETFs) listed on the London Stock Exchange (LSE) but also evaluates their performance and pricing efficiency. The findings show that ETFs offer virtually the same return but exhibit higher volatility than their benchmark. It seems that the pricing efficiency, which should come from the creation and redemption process, does not fully hold as equity ETFs show consistent price premiums. The tracking error of the funds is generally small and is decreasing over time. The risk of the ETF, daily price volatility and the total expense ratio explain a large part of the tracking error. Trading volume, fund size, bid-ask spread and average price premium or discount did not have an impact on the tracking error. Finally, it is concluded that market volatility and the tracking error are positively correlated.

How premium brands should do to upgrade and move to a luxury status

Premium brands’ upgrade process to luxury is a phenomenon still not well analysed. A literature review allowed assessment of what distinguishes premium and luxury brands. We infered five propositions then tested through a case study research. The research investigated three Portuguese brands that successfully moved from premium to luxury - Claus Porto, Josefinas and Vila Joya. We conclude that acquiring social status is the most essential and difficult feature to deal with, when migrating from premium to luxury as it depends on voluntary and involuntary factors.

Vodafone - Kabel Deutschland Merger

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

In what extent can toy premiums promote healthy eating habits?: A study with school-age children

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

A Grande Reportagem no contexto informativo SIC

Os telespectadores querem ver grandes reportagens? Como evoluíram as audiências da Grande Reportagem SIC? É este o produto premium da estação? Terá este formato um investimento e continuidade garantidas? Estas são algumas das questões formuladas e às quais se procurou dar resposta neste Relatório de Estágio. Neste trabalho traça-se o perfil do programa Grande Reportagem SIC, clarificando a linha editorial que lhe serviu de base, procurando perceber as suas dinâmicas e passando em revista momentos importantes da sua evolução. A componente empírica assume um lugar de destaque, tendo sido analisadas mais de 200 grandes reportagens que permitiram tirar importantes conclusões, perceber tendências e corroborar teorias. A reflexão levada a cabo pretende contribuir para a clarificação e sistematização de um capítulo importante no jornalismo televisivo português, em especial no jornalismo de investigação.

O contrato de Project Finance

Currently, Angola portrays a notorious economic growth and due to recent innovative legislations, it has become the major investment attracting pole, especially in Sub-Saharan Africa, having, thus, an extraordinary potentiality for a rapid and sustainable development, likely to place her in outstanding positions in the world economic ranking. Yet, such economic growth entails demanding levels of intensive investment in infrastructure, what has been reported of the Angolan Government to be unable to respond to, save if recurring to very high index of external debt, poisoning, in this way, the future budgeting of the country. Due to these infrastructure investment shortages, the cost of production remains highly onerous and the cost of life extremely unaffordable. On this account, the current study disserts about the contract of Project Finance; an alternative finance resource given as a viable solution for the private financing of infrastructure, aiming to demonstrate that such contractual figure, likewise the experience of several emerging economies and others, is a contract bid framework to take into account in today’s world. It refers to a financing technique – through which the Government may satisfy a common need (for example, the construction of a public domain or public servicing), without having to pay neither offer any collateral – based on a complex legal-financial engineering, arranged throughout a coalition of typical and atypical agreements, whereby it is mandatory to look back at the basic concepts of corporate law. More than just a simple financial study, the dissertation at stake analyses the nature and legal framework of Project Finance, which is a legally atypical and innominate contract, concluding that there is a relevant need for regulating and devoting a special legal regime in the Angolan jurisdiction for this promising legal form in the contemporary corporate finance world.

Marketing, Sustentabilidade e Desenvolvimento Local

O objectivo deste Trabalho de Projecto é criar um plano de comunicação para a futura empresa Chousa Grande, com enfoque no lançamento do seu Queijo de Cabra “Chousa Grande Gourmet”. Mais do que um produto de qualidade premium, a marca Chousa Grande tem subjacente os valores de desenvolvimento local, sustentabilidade e preservação ambiental, concentrados num projecto ambicioso, da autoria de dois jovens naturais da aldeia de Chãos, que, com a construção de uma queijaria tradicional, pretendem revitalizar a actividade pastorícia e torná-la economicamente sustentável, assim como a outras actividades económicas relacionadas. Para tal, enquadramos as temáticas do marketing, sustentabilidade e desenvolvimento local, três dos pilares fundamentais que suportam o projecto e que, estrategicamente conjugados, posicionam a marca de acordo com as principais tendências dos consumidores actualmente identificadas. Assim, as acções de comunicação também devem espelhar os valores defendidos neste projecto. A estratégia assenta, portanto, na aposta em ferramentas de comunicação que não impliquem investimentos demasiado avultados, como a assessoria de imprensa, as relações públicas, os novos meios, a força de vendas e a promoção, mas que demonstrem ser igualmente eficazes a transmitir as mensagens ao público-alvo e a tornar a marca reconhecida.

Internationalization strategy of reliance to Brazil

This Work Project was focused, firstly, in an internal analysis to assess the possible competitive advantage sources of the firm and to identify the key weakness that the firm should improve before advancing with the internationalization strategy. Completed the analysis was possible to verify that the source of sustainable competitive advantage of Relance is the use of specific raw materials and that its biggest weaknesses are the lack of capacity and the excessive dependence on key employees. Overall, it was possible to conclude that the firm is in position of competing in the international markets. Secondly, due to its crucial importance, the country selection was made with a deep objective analysis, resulting with the selection of Brazil as the country with the highest market potential. Regarding the strategy to actually enter in Brazil’s market, after the study of 12 modes of entry it was possible to conclude that there is no ideal mode. However, the study performed allowed to undertake the conclusion that in order to obtain long-term optimization on the process, the adaptation, to the firm´s situation, of the Uppsala model progressive stages is the ideal. At the course of this Work Project it was inferred that the critical success factors are the choice of the distributor and the promotion of Relance as a premium brand.

A wave of change: Labor market and social security impacts of the EU refugee inflow

The recent massive inflow of refugees to the European Union (EU) raises a number of unanswered questions on the economic impact of this phenomenon. To examine these questions, we constructed an overlapping-generations model that describes the evolution of the skill premium and of the welfare benefit level in relevant European countries, in the aftermath of an inflow of asylum-seekers. In our simulation, relative wages of skilled workers increase between 8% and 11% in the period of the inflow; their subsequent time path is dependent on the initial skill premium. The entry of migrants creates a fiscal surplus of about 8%, which can finance higher welfare benefits in the subsequent periods. These effects are weaker in a scenario where refugees do not fully integrate into the labor market.

A decision- theoretic model for M&A sale processes

A Work Project, presented as part of the requirements for the Award of a Masters Double Degree in Economics and International Business from the NOVA – School of Business and Economics and Insper Instituto de Ensino e Pesquisa

O direito de exoneração do acionista minoritário

This study specifically addresses the situation of minority shareholders after the transfer of control in an listed company. The various underlying interests and reasons that shareholders have for investing in a company can demonstrate shareholders’ reasoning for taking radically different positions on issues relating to the transfer of control of the referred company. This study analyses the current legal system in Portugal and in the European Union in order to assess whether, in the event of a takeover bid of a listed company where there is a transfer of control, minority shareholders have the same appraisal rights as other shareholders to sell their shares and leave the company. The study then examines the European Court of Justice decision on whether a general principle of equal treatment of minority shareholders exists upon a transfer of control (Audiolux) and the Portuguese Securities Market Commission decision regarding the delisting of Brisa - Autoestradas de Portugal, S.A. based on the principle of investor protection. The study concludes that although the principle of equality amongst shareholders has made progress in the European legal system e.g. it is laid down in Directive 2004/25/EC of 21 April 2004 on takeover bids and the Portuguese Securities Market Code, there is also a need for further improvement, which can be accomplished by allowing minority shareholders to exercise an appraisal right in similar unregulated situations.

Opa e fusão

Control of a public company can be obtained through several ways, of which the tender offer and the merger are only two. We attempt to understand what are the risks involved in the appearance of a control position. Such underlying risks justify the rationality of the mandatory bid rule, as well as the consequences of said rule. Finally, we attempt to understand if the interests of the minority shareholders are duly defended in the case of control being acquired through merger, since that is the understanding of the legislator.

How to increase brand value expanding the category and brand presence to the main meal occasion for Sumol- Compal

Having registered negative retail value growth of 4% in Portugal in 2014, the juice category is set to decline further by 5,5% until 2019. Manufacturers of juices and nectars are therefore increasingly looking for new categories in order to balance this negative forecast in their home territory. One apparent growth opportunity for Compal, the leading producer of juices and nectars, is to expand its commercial reach to new occasions of consumption. This report carefully analyzes the opportunities related to an expansion to the main meal occasion and introduces a complete marketing and communications plan for a possible new main meal juice, Compal à Mesa. The product concept represents a rather premium positioning for the main meal occasion, including new flavor mixes that are targeted at different occasions of meals. The justification of the introduced concept includes a discussion of the primary and secondary research that was performed

Young adult Brazilian beauty consumers perception of Lancôme and the effectiveness of social media relationhips with local celebrities on their purchase intention

The aim of this research is to evaluate if a premium beauty brand, in this case, Lancôme, can influence positively the purchase intention from Brazilian young adults, between 18 and 29 years old, consumers of beauty products, by initiating a relationship with a local celebrity or “it” girl on social media. This hypothesis has not been tested, and this research is a first attempt of evaluating it. Additionally, the consumer behavior, brand preferences and social media activeness of this age segment in Brazil are further studied as important insights for beauty brands to conquer these consumers. Results did not confirm the positive influence of local celebrities on this age segment’s purchase intention but several suggestions are made for future research to revisit this topic. Furthermore, there is a significant brand love for M.A.C., an international Lancôme competitor, amongst this target, as well as a probable price sensitivity facing premium beauty brands.