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.

Chromatin dynamics in Arbidopsis development: a live cell imaging approach

Dissertation presented to obtain the Ph.D degree in Biology

A technological innovation plan for enterprises in the Azores

The INOTEC-Empresa – the Technological Innovation Plan for Enterprises in the Autonomous Region of the Azores (RAA) - was developed in 2006-2007, at the request of the Regional Government, with the main aim of promoting innovation within small and medium enterprises. The methodological approach used in the development of the INOTEC – Empresa Plan was designed to obtain a comprehensive view of regional actors and included a document review, participation of the various actors through interviews, a collection of statements from RAA – Região Autónoma dos Açores – entrepreneurs, academics, public leaders and other key players, together with an analysis of their views and a survey of the innovation dynamics of the most relevant Azorean enterprises. The INOTEC-Empresa – the Technological Innovation Plan for Enterprises – comprises seven programmes aimed at promoting innovation in the Region. This paper focuses on the Programmes for Qualification of Human Resources and the Development of Scientific and Technological Capacities for Innovation. Some socio-economic data and the metrics selected to assess and benchmark the implementation of the Plan will als

Heterogeneous sensor database framework for the sensor observation service: integrating remote and in-situ sensor observations at the database backend

Dissertation submitted in partial fulfillment of the requirements for the Degree of Master of Science in Geospatial Technologies.

Financial reporting and inventory disclosure in the extractive industry

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

Regulation and disclosure about financial instruments: Evidence on financial reporting in the Portuguese banking sector

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

Impairment of tangible fixed assets in the Portuguese listed companies: Disclosures

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

Operating profitability in branded pharmaceutical firms

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

Exploring profitability diversity through financial statement analysis

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

Three essays on economics of predictability of stock returns

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Of Structural Denial: A Narratological Study of the Structural Disintegration of the Novel Form

If an opening to the argument of this dissertation is of imperative necessity, one might tentatively begin with Herbert Quain, born in Roscommon, Ireland, author of the novels The God of the Labyrinth (1933) and April March (1936), the short-story collection Statements (1939), and the play The Secret Mirror (undated). To a certain extent, this idiosyncratic Irish author, who hailed from the ancient province of Connacht, may be regarded as a forerunner of the type of novels which will be considered in this dissertation. Quain was, after all, the unconscious creator of one of the first structurally disintegrated novels in the history of western literature, April March. His first novel, The God of the Labyrinth, also exhibits elements which are characteristic of structurally disintegrated fiction, for it provides the reader with two possible solutions to a mysterious crime. As a matter of fact, one might suggest that Quain’s debut novel offers the reader the possibility to ignore the solution to the crime and carry on living his or her readerly life, turning a blind eye to the novel itself. It may hence be argued that Quain’s first novel is in fact a compound of three different novels. It is self-evident that the structure of Quain’s oeuvre is of an experimental nature, combining geometrical precision with authorial innovation, and one finds in it a higher consideration for formal defiance than for the text itself. In other words, the means of expression are the concern of the author and not, interestingly, the textual content. April March, for example, is a novel which regresses back into itself, its first chapter focussing on an evening which is preceded by three possible evenings which, in turn, are each preceded by three other, dissimilar, possible evenings. It is a novel of backward-movement, and it is due to this process of branching regression that April March contains within itself at least nine possible novels. Structure, therefore, paradoxically controls the text, for it allows the text to expand or contract under its formal limitations. In other words, the formal aspects of the novel, usually associated with the restrictive device of a superior design, contribute to a liberation of the novel’s discourse. It is paradoxical only in the sense that the idea of structure necessarily entails the fixation of a narrative skeleton that determines how plot and discourse interact, something which Quain flouts for the purposes of innovation. In this sense, April March’s convoluted structure allows for multiple readings and interpretations of the same text, consciously germinating narratives within itself, producing different texts from a single, unique source. Thus, text and means of expression are bonded by a structural design that, rather than limiting, liberates the text of the novel.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

As 'conversas informais' extraprocessuais como meio de prova em processo penal

In the present thesis, we examine the approach to the so-called “informal conversations”, especially between a suspect or defendant and criminal police authorities. Our goal is to understand if criminal police authorities are allowed to testify about the content of these conversations, revealing facts that the suspect or defendant may have shared with them, as well as about evidence that they may have acquired through these statements. Firstly, we briefly present the notion of “informal conversations” and the great variety of situations they may encompass: intra or extra-procedural; prior or subsequent to someone acquires the status of defendant. Secondly, we analyse some of the principles and rules that are involved in this controversial issue: principles concerning the procedural structure, organization and dynamic; principles concerning the production and assessment of evidence in the trial hearing; principles concerning the prosecution and the powers of criminal police authorities; the procedural status of the defendant; the rules concerning the reading of statements in the trial hearing; the rules concerning hearsay testimonies. Thirdly, we go through the great amount of case law on the so-called “informal conversations” and related matters, analysing the most relevant cases and the arguments that sustain them, as well as the legal literature. Our goal is to understand the evolution, throughout the last two decades, of the different opinions regarding the approach to the various situations in which “informal conversations” may occur and in which the admissibility of a testimony by criminal police authorities is questioned. Finally, we defend a different approach for testimonies by criminal police authorities prior and subsequent to someone acquiring the status of defendant. We see the moment when someone acquires the status of defendant as a border area in the admissibility of “informal conversations”, because from then on the statements have to be collected and assessed according to the law, so all the other conversations (or any other evidence) collected informally are irrelevant. As to the specific case of the testimony about the re-enactment of the crime, given the high degree of difficulty in separating the defendant’s contributions that may be considered essential and those that may be considered less useful, but still relevant, we support the qualification of the defendant’s contributions as inseparable from the re-enactment, allowing it to be replicated and assessed in the trial hearing with no restrictions.

Machine ethics via logic programming

Machine ethics is an interdisciplinary field of inquiry that emerges from the need of imbuing autonomous agents with the capacity of moral decision-making. While some approaches provide implementations in Logic Programming (LP) systems, they have not exploited LP-based reasoning features that appear essential for moral reasoning. This PhD thesis aims at investigating further the appropriateness of LP, notably a combination of LP-based reasoning features, including techniques available in LP systems, to machine ethics. Moral facets, as studied in moral philosophy and psychology, that are amenable to computational modeling are identified, and mapped to appropriate LP concepts for representing and reasoning about them. The main contributions of the thesis are twofold. First, novel approaches are proposed for employing tabling in contextual abduction and updating – individually and combined – plus a LP approach of counterfactual reasoning; the latter being implemented on top of the aforementioned combined abduction and updating technique with tabling. They are all important to model various issues of the aforementioned moral facets. Second, a variety of LP-based reasoning features are applied to model the identified moral facets, through moral examples taken off-the-shelf from the morality literature. These applications include: (1) Modeling moral permissibility according to the Doctrines of Double Effect (DDE) and Triple Effect (DTE), demonstrating deontological and utilitarian judgments via integrity constraints (in abduction) and preferences over abductive scenarios; (2) Modeling moral reasoning under uncertainty of actions, via abduction and probabilistic LP; (3) Modeling moral updating (that allows other – possibly overriding – moral rules to be adopted by an agent, on top of those it currently follows) via the integration of tabling in contextual abduction and updating; and (4) Modeling moral permissibility and its justification via counterfactuals, where counterfactuals are used for formulating DDE.

Effects of quantitative easing on the USA economy: A test for policy effectiveness

The catastrophic disruption in the USA financial system in the wake of the financial crisis prompted the Federal Reserve to launch a Quantitative Easing (QE) programme in late 2008. In line with Pesaran and Smith (2014), I use a policy effectiveness test to assess whether this massive asset purchase programme was effective in stimulating the economic activity in the USA. Specifically, I employ an Autoregressive Distributed Lag Model (ARDL), in order to obtain a counterfactual for the USA real GDP growth rate. Using data from 1983Q1 to 2009Q4, the results show that the beneficial effects of QE appear to be weak and rather short-lived. The null hypothesis of policy ineffectiveness is not rejected, which suggests that QE did not have a meaningful impact on output growth.