How small accounting firms can compete in an environment in which the big four are getting bigger

This paper sets out to determine how small accounting firms can compete in the United States in the early 21st century. The first chapter identifies the central goal of the paper: namely, to use existing literature and market data to define a business strategy for Ross & Moncure, Inc., a small accounting firm in the metropolitan Washington area. The second chapter is a literature review, and in it the author finds that large accounting firms are advantaged in terms of reputation, ability to diversify, and ability to retain employees, but are disadvantaged in their ability to form longstanding successful relationships with clients. In the third chapter, the author explores the relationship between the Big Four firms and their employees. The goal of this chapter is to determine how small accounting firms can compete for top talent in the HR market, and the author finds that this can be done by offering faster career progression and more client interaction. The fourth chapter looks at the market for accounting services in the United States, exploring the different options that consumers have to meet their accounting needs. It is found in this chapter that big and small accounting firms tend to compete for clients of different profiles. In the fifth chapter, the author uses proprietary company data to explore the composition, existing strategy and culture of Ross & Moncure. In the sixth chapter, all of the previous chapters come together to formulate a strategy and plan for action for Ross & Moncure: specifically, that the firm should further cultivate networks and relationships, and should create a fulfilling professional environment by increasing client-employee interaction, encouraging external education, and allowing employees to take on many different projects

The impact of banks dimension on profitability, sustainability and efficiency: An analysis for the Iberian financial system

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

Portuguese banks and the economic adjustment programme: balance sheet adjustments and impact on profitability

Double Degree. 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 and a Masters Degree in Finance from Louvain School of Management

The role of deposit insurance and bank’s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Comparative analysis of Spanish Banks’ Standalone credit profile

The paper studies the relationship between four differently rated bank’s financial profile and their standalone credit rating issued by Moody’s. The comparative analysis shows an example that despite their pricing power and geographical coverage, larger banks do not necessarily have better credit ratings. Instead, business model and risk appetite seem to be the defining factors of banks’ vulnerability to shocks, such as the Spanish real estate crisis. The risk-return relationship is also identified in the banks’ fundamentals meaning that while expansionary strategy in riskier asset classes enhances margins, it also potentially distorts the credit risk profile.

Dinossáurios Eocretácicos de Lagosteiros

According to an ancient folkloric legend, Our Lady, stepping down from the sea, would have rided on a mule to the platform above the cliffs named Pedra da Mua at Lagosteiros'bay, near Espichel cape. Mule's footprints, regarded by fishermen as evidence, would be clearly recognizable on exposed surfaces of the rocks. Indeed there are footprints but from Dinosaurs of latest Jurassic, Portlandian age, this spectacular locality being specially rich in giant Sauropod tracks (that have seldom been found elsewhere in Europe). As we proceeded to its study, another locality with Dinosaur footprints, Lower Cretaceous (Hauterivian) in age, was found on the northern cliffs at Lagosteiros. It is probably the richest one in european Lower Cretaceous and the only of this age known in Portugal, so we decided to give priority to its study. Dinosaur tracks have been printed on calciclastic sands in a lagoonal environment protected by fringing coral reefs. There have been emersion episodes; beaches were frequented by Dinosaurs. Later on, the marine barremian ingression restablished a gulf and such animals could not come here any more. Under a paleogeographical viewpoint, the evidence of a marine regression near the end of Hauterivian is to be remarked. Five types of tracks and footprints have been recognized: - Neosauropus lagosteirensis, new morphogenus and species, tracks from a giant Sauropod, perhaps from Camarasaurus; with its proportions the total length of the author would be about 15,5 m. These are the only Sauropod tracks known till now in Europe's Lower Cretaceous. - tracks from a not so big quadruped, maybe a Sauropod (young individual?); however it is not impossible that they were produced by Stegosaurians or Ankylosaurians. -Megalosauropus (?Eutynichnium) gomesi new morphospecies, four Theropod tracks most probably produced by megalosaurs. - Iguanodon sp., represented by some footprints and specially by a set corresponding to the feet and tail from an individual standing in a rest position. - problematical, quite small-sized biped (maybe an Ornithopod related to Camptosaurus). Evidence points to a richer fauna than that known in barremian "Dinosaur sandstones" from a nearby locality, Boca do Chapim. Lagosteiros' association clearly indicates the predominance of herbivores, which required large amounts of vegetable food in the neighbourhood. This is an indirect evidence of the vegetal wealth, also suggested by associations of plant macrofossils, polen and spores found in early Cretaceous sediments at the same region. The relatively high proportion of Theropoda is related to the wealth of the whole fauna, which comprised a lot of the prey needed by such powerful flesh-eaters. The evidence, as a whole, points out to a warm and moist climate. All the tracks whose direction could be measured are directed to the southern quadrants, this being confirmed by the approximative direction of other footprints. Massive displacements (migration?) could take place during a brief emersion episode. This may result from the ingression of barremian seas, flooding the region and restablishing here a small gulf. Even if the arrival of the waters damaged certain footprints it has not destroyed them completely, thus allowing the preservation of such evidence from a remote past.

Jurassic micropaleontology of the Grand Banks

Jurassic foraminifera in the marine deposits (up to 3km thick) of the Grand Banks of Newfoundland define eight biostratigraphic zones of Pliensbachian through Tithonian age. Jurassic marine deposition (~4cm/10k.y) kept pace with subsidence resulting in a relatively continuous, shallow marine sedimentation pattern. Central Grand Banks subsidence ceased in Late Jurassic time and the area became emergent with erosion taking place until Albian time. Grand Banks Jurassic foraminiferal assemblages are of a distinctly Old World affinity reflecting the contracted early Atlantic paleogeography. Compositional differences with Portuguese Middle-Late Jurassic microfauna are probably related to differences in depositional history of the Portuguese and Grand Banks Basin.

Characterization of the volatile fraction emitted by phloems of four pinus species by solid-phase microextraction and gas chromatography–mass spectrometry

Pine forests constitute some of the most important renewable resources supplying timber, paper and chemical industries, among other functions. Characterization of the volatiles emitted by different Pinus species has proven to be an important tool to decode the process of host tree selection by herbivore insects, some of which cause serious economic damage to pines. Variations in the relative composition of the bouquet of semiochemicals are responsible for the outcome of different biological processes, such as mate finding, egg-laying site recognition and host selection. The volatiles present in phloem samples of four pine species, P. halepensis, P. sylvestris, P. pinaster and P. pinea, were identified and characterized with the aim of finding possible host-plant attractants for native pests, such as the bark beetle Tomicus piniperda. The volatile compounds emitted by phloem samples of pines were extracted by headspace solid-phase micro extraction, using a 2 cm 50/30 mm divinylbenzene/carboxen/polydimethylsiloxane table flex solid-phase microextraction fiber and its contents analyzed by high-resolution gas chromatography, using flame ionization and a non polar and chiral column phases. The components of the volatile fraction emitted by the phloem samples were identified by mass spectrometry using time-of-flight and quadrupole mass analyzers. The estimated relative composition was used to perform a discriminant analysis among pine species, by means of cluster and principal component analysis. It can be concluded that it is possible to discriminate pine species based on the monoterpenes emissions of phloem samples.

Paleoclimatic correlations between Western european continental and marine areas Contribution of big villafranchian fauna

It is very difficult to make paleoclimatic correlations between continental and marine areas, but it is possible with biostratigraphic data. Reliable correlations can be made only between broad periods: between 3.5 and 3 Ma, around 2.4 Ma, until 1.6 Ma and after 1.6 Ma. The arid Mediterranean phases led to the disappearance of the European Villafranchian fauna (1.0 Ma).

Capital requirements and loan market conditions insight into the Portuguese banking system (2004-2011)

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

Effect of European Sovereign debt crisis on banks’ stock market performances: application to Portuguese data

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

How do banks choose a certain costing system and why

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

How bank business models relate with risk?: The case of Portugal in times of financial crisis

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

Testing for volatility persistence change: The effect of the credit crisis on the Portuguese banks

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

Millennium BCP: Portuguese banks: Equity Investment Report

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