The price of honour: The corporate governance of Banco Espirito Santo

The Price of Honour is a case study, supported with teaching notes, which describes the events and circumstances surrounding the implosion of one of Portugal’s most systemically important banks - Banco Espírito Santo (BES). The case focuses on BES’s corporate governance and how the Espírito Santo family’s tight control of the bank led to its exploitation. Although the situation caught the attention of the bank’s supervisors, their untimely actions could not prevent BES’s financial health from crumbling only two months after a rights issue. With little leeway, the supervisors put forward a resolution which dramatically ended the bank’s centennial legacy.

The graduate: Spillovers from the entry of the first worker with a college degree in a firm

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

Bias in returns to tenure when firm wages and employment comove: A quantitative assessment and solution

It is well known that, unless worker-firm match quality is controlled for, returns to firm tenure (RTT) estimated directly via reduced form wage (Mincer) equations will be biased. In this paper we show that even if match quality is properly controlled for there is a further pervasive source of bias, namely the co-movement of firm employment and firm wages. In a simple mechanical model where human capital is absent and separation is exogenous we show that positively covarying shocks (either aggregate or firm level) to firms employment and wages cause downward bias in OLS regression estimates of RTT. We show that the long established procedures for dealing with "traditional" RTT bias do not circumvent the additional problem we have identified. We argue that if a reduced form estimation of RTT is undertaken, firm-year fixed effects must be added in order to eliminate this bias. Estimates from two large panel datasets from Portugal and Germany show that the bias is empirically important. Adding firm-year fixed effects to the regression increases estimates of RTT in the two respective countries by between 3.5% and 4.5% of wages at 20 years of tenure over 80% (50%) of the estimated RTT level itself. The results extend to tenure correlates used in macroeconomics such as the minimum unemployment rate since joining the firm. Adding firm-year fixed effects changes estimates of these effects also.

Services innovation and economic performance: An analysis at the firm

In this paper we estimate a model linking innovation effort and economic performance, along the lines of the Mairesse and Mohnen (2003) model. We examine this relationship in the context of services sectors instead of Research and Development intensive manufacturing sectors. Much effort has already been made to explore the innovation-performance relationship for manufacturing sectors but it is still much understudied for services, particularly for Portugal. In this paper we aim to take a step in fulfilling this gap. We use new firm level data for ten services sectors from the Second Community Innovation Survey of Portugal, to estimate the model.

Anaerobic bacteria: an investigation of metabolic important enzymes: a novel type of oxygen reductase and enzymes of the tetrapyrrole biosynthesis

Desulfovibrio desulfuricans was the first species of a sulphatereducing bacterium to be isolated, in 1895. Since that time, many questions were raised in the scientific community regarding the metabolic and ecological aspects of these bacteria. At present, there is still a myriad of open questions remaining to be answered to enlarge our knowledge of the metabolic pathways operative in these bacteria that have implications in the sulfur cycle, in biocorrosion, namely in sewers and in oil and gas systems, and in bioremediation of several toxic metals. The work presented in this dissertation aimed at contributing with new insights of enzymes involved in two different metabolic systems on Desulfovibrio species, namely enzymes that play a role in the response to oxidative stress and that are involved in the haem biosynthetic pathway.(...)

Functional domains of Bacillus subtilis transcription factor AraR and identification of aminoacids important for nucleoprotein complex assembly and effector-binding.

Journal of Bacteriology (Apr 2006) 3024-3036

Analysis of early synthetic dyes with HPLC-DAD-MS: an important database for analysis of colorants used in cultural heritage

Presented thesis at Faculdade de Ciências e Tecnologias, Universidade de Lisboa, to obtain the Master Degree in Conservation and Restoration of Textiles

Estimation Models for the adoption and use of information technology: internet-related technologies at firm level in the Portuguese and European context

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

O controlo da tuberculose em Portugal : uma apreciação crítica epidemiológica gl

RESUMO - Com tanto ruído informativo e peças de informação incompletas e descontextualizadas, relativos ao controlo da tuberculose em Portugal, a chegarem ao cidadão e aos profissionais de saúde, não é fácil que eles disponham do conhecimento necessário ao desempenho dos respectivos papéis nesse controlo. O presente artigo pretende contribuir para um ganho real em conhecimento quanto (1) ao progresso no controlo da tuberculose em Portugal, enquadrado na evolução desse controlo noutras regiões pertinentes, e (2) aos aspectos do conhecimento disponível e da intervenção na população portuguesa que suscitem especial atenção, para melhoria no futuro imediato. Tem como estratégia integrar, e elevar ao nível de conhecimento, a informação disponibilizada nas fontes mais credíveis e pertinentes, valorizada no contexto da validade das mesmas fontes e da coerência dos diversos componentes. Relata o resultado de um exercício independente de apreciação crítica, com uma perspectiva epidemiológica. São observados: a situação actual, sobretudo a relativa aos anos de 2006 e 2007, e o desempenho do Programa Nacional de Controlo da Tuberculose (PNT), ambos relativizados à evolução recente e ao panorama internacional. O exercício de observação e revisão independentes baseia-se numa selecção de informação oficial e segue o mesmo método de abordagem que a O.M.S. faz nos seus relatórios anuais, à semelhança de outros exercícios já antes realizados. O controlo da tuberculose tem prosseguido a sua tímida, mas firme, evolução favorável, aproximando-se do nível já conseguido nos países seus vizinhos da Europa Ocidental. Em 2007, Portugal contribuiu para os 9 milhões de casos novos anuais, estimados no mundo, com 2916 casos notificados. A este número corresponde a taxa de incidência notificada de 25,7 por 100 000 habitantes e uma redução de 14% em relação ao ano anterior. Esta evolução afigura-se animadora, ainda que seja desejável um impacte mais acentuado do PNT, conforme é de esperar considerando o grau de desenvolvimento do País. A taxa de detecção de casos novos estimada é elevada e continua uma das melhores da Europa Ocidental — o que desfavorece artificialmente a imagem notificada do País, relativamente aos países com pior capacidade de detecção. A taxa de sucesso terapêutico melhorou de novo, situando- -se acima da meta de 85% preconizada pela O.M.S, para um bom controlo da tuberculose. Uma das consequências importantes é que se consegue um melhor aproveitamento da detecção habitualmente alcançada. O conhecimento no seu conjunto aponta para que o grau de controlo possa e deva realmente ser melhorado, sendo imperiosa a discriminação positiva das áreas geográficas e dos grupos populacionais em que tende a concentrar-se a emergência de maior número de casos e de resistências aos medicamentos. Deverão assim ser reforçados selectivamente tanto os meios de detecção e de intervenção clínica, como a qualidade da organização local da intervenção, para o cumprimento efectivo da estratégia DOTS. Enquanto programa vertical que atravessa os diversos níveis do sistema de cuidados de saúde, o desempenho do PNT sofre os efeitos das atribulações desses serviços, sobretudo os de cuidados primários, funcionando como uma «situação-marcadora» quanto ao desempenho do sistema de saúde. A evidência é de que é nesta primeira linha de cuidados que se decide o sucesso na detecção e no tratamento dos casos de tuberculose, reflectindo-se também aí o grau de desenvolvimento social e os comportamentos das populações, por sua vez determinantes do risco de doença e do sucesso terapêutico. ------------------- ABSTRACT - It is not easy that both the citizen and health professionals get enabled with the required knowledge, in order do play the corresponding roles in the control of tuberculosis, considering all the information noise and incomplete, out of context information pieces about the subject, that reach them. This paper is envisaging to contribute for a real gain in knowledge, regarding: (1) the progress in tuberculosis control in Portugal, framed by the evolution of such control in other pertinent regions and (2) the available knowledge and intervention aspects in the Portuguese population that require a special attention, for improvement. The article’s strategy is to integrate, and raise to a knowledge level, information provided by the most accredited and pertinent sources, interpreted as a function of the validity context of the same sources and of the coherence of the several components. Two aspects are observed: the current situation, in particular concerning years 2006 and 2007, and the performance of the National Programme for the Tuberculosis Control (PNT), both made relative to the recent evolution and to the international panorama. This independent observation and revision exercise is based on a selection of official information and follows the same approach that the World Health Organization (W.H.O.) uses in its annual reports, like other similar exercises previously undertaken. The control of tuberculosis is evolving in a shy, but firm, fashion, getting closer to the level already attained by the neighbor countries, in Western Europe. Portugal has contributed with 2916 new notified cases, to the 9 million annual cases estimated in the world, in 2007. This number corresponds to an incidence rate, for notified cases, of 25.7 per 100000 population, and to a reduction of 14% in one year. Such evolution seems encouraging, although a greater impact of PNT is desirable, as expected in relation to the degree of the Country development. Estimated new cases detection rate is high and keeps being one of the best in Western Europe — and this artificially disadvantages the notified image of the Country, as compared with other countries having a worst detection capacity. Treatment success rate has improved again and it is above the 85% target proposed by W.H.O., so that a good control of the disease is achieved. One of the important consequences is a better use of the attained detection. Altogether, knowledge suggests that the degree of control can and must be in fact better; and that a positive discrimination of geographic areas and population groups, in which a greater number of new cases and drug resistances tend to concentrate, is mandatory. Therefore, either clinical detection and intervention resources, or the quality of the local intervention organization have to be reinforced, if a total fulfillment of DOTS strategy is to be obtained. As a vertical programme that crosses the several levels of the health care system, PNT performance suffers the effects of services tribulations, mainly primary care, thus acting as a «markersituation » as to this system performance. Evidence shows that it is in this first line of care that success in both detection and treatment of tuberculosis cases is decided; and that this level also reveals the degree of social developmen

Studies on BolA and ribonuclease R: two important factors in the control of bacterial gene expression

Dissertation presented to obtain the Ph.D degree in Biology

Information Systems Outsourcing Adoption

Dissertação apresentada como requisito parcial para obtenção do grau de Mestre em Estatística e Gestão de Informação

The hidden value behind capital structure decisions

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

The determinants of variation in firm leverage across European countries

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

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 impact of sizeof the firm and exchange rate in the export propensity of domestic and foreign owned firms in a developing country: A study of the Brazilian exporters

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