Institutions and firm formation: An empirical analysis of Portuguese municipalities

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

The relationship between the education level of successor's and the firm performance in German publicly listed family firms- an empirical analysis

The purpose of this thesis is to investigate how far the education level of the second or third generation of publicly traded German family firms affects the post-succession firm performance. By conducting a correlational and regression design, the aim is to examine how several variables influence the performance of family firms. Performance measures, for example ROA and Tobin’s q and variables, like Education level and succession periods, examine analytically that a positive succession trend will occur. However, with the used model, only a less rigid model shows empirical evidence.

Empirical analysis of the lending decisions of Chinese formal financial institutions in rural areas

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

Determinants of exchange rates: An empirical analysis

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

Retirement behavior of the elderly in Europe: The importance of being healthy

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

A technology diffusion perspective of Enterprise Resource Planning across European Small and Medium Enterprises: from determinants to Use to Value

Tese apresentada como requisito parcial para obtenção do grau de Doutor em Gestão de Informação

Productivity gains from migration: An analysis of Cape Verdean return migrants

Are return migrants more productive than non-migrants? If so, is it a causal effect or simply self-selection? Existing literature has not reached a consensus on the role of return migration for origin countries. To answer these research questions, an empirical analysis was performed based on household data collected in Cape Verde. One of the most common identification problems in the migration literature is the presence of migrant self-selection. In order to disentangle potential selection bias, we use instrumental variable estimation using variation provided by unemployment rates in migrant destination countries, which is compared with OLS and Nearest Neighbor Matching (NNM) methods. The results using the instrumental variable approach provide evidence of labour income gains due to return migration, while OLS underestimates the coefficient of interest. This bias points towards negative self-selection of return migrants on unobserved characteristics, although the different estimates cannot be distinguished statistically. Interestingly, migration duration and occupational changes after migration do not seem to influence post-migration income. There is weak evidence that return migrants from the United States have higher income gains caused by migration than the ones who returned from Portugal.

How to Measure the Deterrence Effects of Merger Policy: Frequency or Composition?

We show that the number of merger proposals (frequency-based deterrence) is a more appropriate indicator of underlying changes in merger policy than the relative anti-competitiveness of merger proposals (composition-based deterrence). This has strong implications for the empirical analysis of the deterrence effects of merger policy enforcement, and potential implications regarding how to reduce anti-competitive merger proposals.

O impacto da variação do preço na procura de cuidados de saúde

RESUMO - Assiste-se a um crescimento exponencial das despesas em saúde, quer na Europa como nos Estados Unidos. Em Portugal, os gastos totais com a saúde ascenderam a 10,2% do PIB, em 2006, contra os 8,8% registados no início da década anterior. É importante perceber o que motiva este crescimento quer em termos globais, quer no que diz respeito ao consumo de recursos, bem como até em termos da despesa pública. Este projecto tem dois objectivos fundamentais: em primeiro lugar, contribuir para o estudo dos factores determinantes da procura de cuidados de saúde em Portugal e, consequentemente, determinar as elasticidades procura – preço para diferentes tipos de cuidados de saúde. Metodologia: Estudo observacional baseado na análise empírica de dados administrativos (claims) respeitantes à utilização dos cuidados de saúde por parte de 12.230 indivíduos detentores de um plano de seguro de saúde individual, numa seguradora privada em Portugal. As elasticidades procura – preço para os diferentes tipos de cuidados de saúde obtiveram-se utilizando as variações percentuais das quantidades dos diferentes cuidados de saúde, antes e depois da variação do preço pago pelo indivíduo, para cada tipo de cuidado de saúde. Resultados: De acordo com a teoria económica tradicional o aumento do preço a pagar reduz o consumo de cuidados de saúde, e a procura é elástica, ou seja, os valores da elasticidade procura – preço obtidos são superiores a 1, em valor absoluto, logo o aumento do preço levou a uma redução mais do que proporcional das quantidades procuradas. A procura de cuidados de saúde em ambulatório é mais sensível à variação do preço do que a procura de cuidados de internamento. ------- ABSTRACT - We are witnessing an exponential growth of health care expenditures around the world. In Portugal, the total expenditure on health amounted to 10.2% of GDP in 2006, against 8.8% at the beginning of previous decade. It is important to understand what motivates this growth both in overall terms, with respect to resource consumption, and even in terms of public spending. This study was designed two achieve two objectives: first, to contribute to the study of demand for health care and, more specifically, to analyze the effect of price changes on the utilization of health care services; and secondly, to estimate the demand elasticity for different types of heath care. Methodology: Observational study based on empirical analysis of administrative data (claims) from a private health insurance Company in Portugal. The sample used had information regarding 12.230 individuals. Demand elasticity for the different types of health care services was obtained by the quotient between the percentage changes in the quantity of health care services, before and after the change in the price paid by the corresponding percentage change in the price. Results: This study showed that, for all medical services, price increases were associated with reductions in the quantity of care consumed as predicted by neoclassical demand theory, and we are in the presence of an elastic demand. This means that price elasticity is greater than 1 in absolute value so the increase in the price led to a more than proportional reduction in the quantity demanded. Demand elasticity was more responsive to changes in the price of specialist and emergency care than to changes in the price of inpatient care.

Bridging environmental conflicts with social metabolism : forestry expansion and socioeconomic change

Dissertação apresentada para obtenção do Grau de Doutor em Ciências do Ambiente, pela Universidade Nova de Lisboa, Faculdade de Ciências e Tecnologia

Adjusting to external imbalances within the EMU, the case of Portugal

From 1995 to 2010 Portugal has accumulated a negative international asset position of 110 percent of GDP. In a developed and aging economy the number is astonishing and any argument to consider it sustainable must rely on extremely favorable forecasts on growth. Portuguese policy options are reduced in number: no autonomous monetary policy, no currency to devaluate, and limited discretion in changing fiscal deficits and government debt. To start the necessary deleveraging a remaining possible policy is a budget-neutral change of the tax structure that increases private saving and net exports. An increase in the VAT and a decrease in the employer’s social security contribution tax can achieve the desired outcome in the short run if they are complemented with wage moderation. To obtain a substantial improvement in competitiveness and a large decrease in consumption, the changes in the tax rates have to be large. While a precise quantitative assessment is difficult, the initial increase in the effective VAT rate needed to allow the social security tax to decrease by 16 percentage points (pp) is approximately 10 pp. Such a large increase in the effective VAT rate could be obtained by raising most of the reduced VAT rates to the new general VAT rate of 23 percent. The empirical analysis shows that over time the suggested tax swap could generate surpluses and improve the trade balance. A temporary version of the suggested tax-swap has the attractiveness to achieve a sharper increase in the private saving rate maintaining the short run gains in competitiveness. Finally, the temporary version of the fiscal devaluation could be the basis for an automatic stabilizer to external imbalances within a monetary union.Portugal has been running large current account deficits every year since 1995. These deficits have accumulated to an astonishing 110 percent of GDP negative external asset position. The sustainability of such a large external position is questionable and must rely on fantastic productivity growth expectations. The recent global financial crisis appears to have anticipated the international investors reality check on those future expectations with the result of a large increase in the cost of external financing. Today the rebalancing of the current account through an increase in national savings and an improvement in competitiveness must be at the top of the Portuguese authorities “to do” list as the cost of a pull out from international investors is of the order of 10% of GDP. The external rebalancing is difficult as the degrees of freedom of the Portuguese authorities are limited in number: they have no autonomous monetary policy, no currency to devaluate, and little discretion in fiscal policy as deficit limits and debt targets are set by the Stability Growth Pact and the postcrisis consensus on medium-term fiscal consolidation. One possibility that remains is to change the fiscal policy mix for a given budget deficit. The purpose of this paper is to explore the effects of a “fiscal devaluation”1 obtained through a tax swap between employers’ social security contributions and taxes on consumption2. The paper begins by illustrating Portugal’s current account evolution during the euro period. The second section section lays out a model to offer a qualitative assessment of the dynamic outcomes of the the tax swap. I show that the suggested tax swap can in theory achieve the desired outcomes in terms of competitiveness and consumption if complemented with moderation (stickiness) in wages. I also study the effects of a temporary version of the tax swap and show that it achieves a sharper improvement in the current account that accelerate the rebalancing. The third section moves to the empirical analysis and estimates the likely effects of the tax swap for the Portuguese economy. The fourth section concludes.

Portuguese Ministers, 1851-1999: Social Background and Paths to Power

Disponível em: http://193.136.113.6/Opac/Pages/Search/Results.aspx?SearchText=UID=bb8aa8d5-c6b6-466a-81bb-fe8a67693cee&DataBase=10449_UNLFCSH

Equidade na utilização de medicamentos em Portugal

RESUMO - Este estudo teve como objectivo contribuir para o conhecimento sobre a equidade no sector do medicamento, com uma análise empírica aplicada ao sistema de saúde português. Para o efeito avaliou-se se indivíduos com as mesmas necessidades em saúde, mas com diferentes níveis de rendimento, tiveram idêntica prestação no que diz respeito ao medicamento. Adicionalmente, aprofundou-se esta análise através da identificação de factores associados ao sistema de prestação ou ao utente que contribuíram para gerar iniquidades, com particular destaque para os comportamentos de não aquisição de medicamentos – não adesão primária. A avaliação da equidade foi efectuada através de duas abordagens distintas, mas complementares: uma sob a perspectiva da utilização e outra sob a perspectiva da distribuição da despesa pública com medicamentos. Para estas análises aplicaram-se métodos baseados nos índices de concentração, utilizando dados do Inquérito Nacional de Saúde 2005/06 e dados relativos aos encargos do Serviço Nacional de Saúde com medicamentos. Os resultados revelaram que, perante as mesmas necessidades, o sistema de prestação tende a favorecer os indivíduos de nível socioeconómico superior, quer na utilização quer na distribuição de recursos do Estado com medicamentos. Adicionalmente, a aplicação do método da decomposição do índice de concentração revelou que tanto o rendimento como o nível educacional são atributos individuais que estão associados à iniquidade na utilização de medicamentos. A iniquidade observada neste estudo pode resultar de barreiras em diferentes fases do processo terapêutico, entre as quais se destacam o não acesso à prescrição médica ou a não aquisição dos medicamentos prescritos. Foi este comportamento - designado de não adesão primária - que se analisou na segunda parte da tese. Para tal cruzaram-se os dados de prescrição electrónica com os dados de dispensa no Serviço Nacional de Saúde. Os resultados revelaram que a taxa de não adesão primária foi cerca de 20% e que este comportamento está associado ao sexo feminino ou ser jovem, assim como a características do sistema de prestação como o valor dos copagamentos. Estes dados indiciam que as barreiras na aquisição podem ser indutoras de iniquidades na utilização de medicamentos. A identificação de iniquidade na utilização de medicamentos e dos factores que contribuem para esta situação constituem o primeiro passo para uma estratégia de redução da iniquidade que, de acordo com os resultados desta tese, deve abranger não só o sistema de saúde mas também outras áreas das políticas públicas em Portugal.

Success in higher education

This paper analyses the determinants of success of undergraduate Nova SBE students from 2008 to 2011. We account for the question of selection that is likely to occur when we just observe the success of those students who were admitted and enrolled at school. The main result of our empirical analysis is that the high school score appears to be a stronger predictor of the students´ success than the national Math’s exam score. In addition, the evidence also suggests that male students tend to have a better performance in Economics than female students and displaced management students have more difficulties in terms of their scores. Finally, it does not seem to exist a strong visible difference on the final GPA between students from public and private schools.

Assessing the role of social networks on migrant labor market outcomes: Evidence from a representative immigrant survey

What role do social networks play in determining migrant labor market outcomes? We examine this question using data from a random sample of 1500 immigrants living in Ireland. We propose a theoretical model formally predicting that immigrants with more contacts have additional access to job offers, and are therefore better able to become employed and choose higher paid jobs. Our empirical analysis confirms these findings, while focusing more generally on the relationship between migrants’ social networks and a variety of labor market outcomes (namely wages, employment, occupational choice and job security), contrary to the literature. We find evidence that having one more contact in the network is associated with an increase of 11pp in the probability of being employed and with an increase of about 100 euros in the average salary. However, our data is not suggestive of a network size effect on occupational choice and job security. Our findings are robust to sample selection and other endogeneity concerns.