Microstructural changes befor macroeconomic announcements: Predictability of economic surprises in the U.S. market

Flow of new information is what produces price changes, understanding if the market is unbalanced is fundamental to know how much inventory market makers should keep during an important economic release. After identifying which economic indicators impact the S&P and 10 year Treasuries. The Volume Synchronized Probability of Information-Based Trading (VPIN) will be used as a predictability measure. The results point to some predictability power over economic surprises of the VPIN metric, mainly when calculated using the S&P. This finding appears to be supported when analysing depth imbalance before economic releases. Inferior results were achieved when using treasuries. The final aim of this study is to fill the gap between microstructural changes and macroeconomic events.

Mergers and acquisitions in the banking sector: An empirical review of the impact of merger announcement on abnormal returns

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

THE U.S. and European M&A cycles: A Markov switching and state space approach

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

Microfacies studies of carbonate rocks from Jurassic outcrops in the north of Faro, Southern Portugal

The Middle and Upper Jurassique limestones investigated were sub-divided into nine microfacies (MF) types. The firsts four represent Bathonian sediments with shallow water characteristics typical for carbonate platforms. They are comparable with Wilson's facies zones 6 to 8. Reef and reef debris, near-shore clastic-dominated limestones are not present. These MF-types are reiterated several times without cyclicity. The vertical development of the differentiated facies units indicates a close interfingering. The microfacies data are typical of inter to shallow subtidal environments; both authigenous quartz and low faunal and floral diversity of several layers point to temporary restricted conditions. The occurrence of Dictyoconus cayeuxi LUCAS and Callovian ammonites from the above lying strata argue for a Bathonian age. The MF-types 5-9 (Oxfordian-Kimmeridgian) show completely different sedimentation conditions. Fully marine nearshore recifal limestones alternate with pelagic sediments formed at deeper shelf areas. The pelagic micritic limestones of Oxfordian age are characterized by allodapic intercalations whereas the Oxfordian/Kimmeridgian limestones with tuberolithic fabrics often show intensive silifications. Only initial patch reef growth-stages were reached during the development of the Oxfordian and Kimmeridgian shallow water limestones.

Ostracodes; witnesses of the Plio-Quaternary boundary in the North Eastern Atlantic preliminary results

Proceedings of the 1" R.C.A.N.S. Congress, Lisboa, October 1992