A technology market transfer for the Zonadvanced video technology

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

Arbitragem de consumo no direito brasileiro

This dissertation analyzes how the current Constitution and the Brazilian law establish consumer protection, arbitration and access to justice. Following we try to demonstrate why arbitration is a method rarely used in the resolution of consumer disputes in Brazil. It also examines the doctrinal and jurisprudential aspects of the conflict between the Brazilian Arbitration Law (Law nº. 9.307/96), which allows the arbitration clause in contracts of adhesion, and the Consumer Protection Code (Law nº 8.078/90) that in article 51, VII, considers as abusive the arbitration clause. Furthermore, analyzes new proposed bills under scrutiny by the National Congress on the issue and identifies the causes, in the Brazilian legal system, hampering the use of arbitration in consumer relations. Concludes that there are no principle obstacles preventing consumer litigations to be settled by arbitration. High costs, mistrust, oppression, misinformation of consumers and non-participation of the State, being a totally private institute, are factors that generate distrust, suspicion, and have prevented the development of arbitration in consumer relations in Brazil.

Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.