Who owns the largest firms around the world?

In this research paper we evaluate how corporate control around the world is defined and which variables, related to a firm's characteristics and the countries' infrastructures, influences this. We find that there is a small number of countries where firms are widely held. The role of financial institutions seems to be different in civil and common law-based countries. While they seem to act as a monitor of management in common law-based countries, in civil law countries they act as a monitor of large shareholders. Finally, we find that firm's size is the most important determinant of ultimate owners.

The flow-performance relationship around the world

We use a new dataset to study how mutual fund flows depend on past performance across 28 countries. We show that there are marked differences in the flow-performance relationship across countries, suggesting that US findings concerning its shape do not apply universally. We find that mutual fund investors sell losers more and buy winners less in more developed countries. This is because investors in more developed countries are more sophisticated and face lower costs of participating in the mutual fund industry. Higher country-level convexity is positively associated with higher levels of risk taking by fund managers.

«Any where out of the world». Portugal: perspectivas europeias

Conferência apresentada na 52nd. Kentucky Foreign Language Conference (Universidade de Kentucky, Lexington, USA, 22-24 de Abril de 1999) com o apoio da Fundação Luso-Americana para o Desenvolvimento.

Calcareous nannofossil assemblages around the Pliensbachian/Toarcian boundary in the reference section of Peniche (Portugal)

The Pliensbachian/Toarcian boundary (Lower Jurassic) is well represented in the Lusitanian Basin (Portugal), mainly in the Peniche area, recorded by a marl/limestone series. Calcareous nannofossil assemblages are described herein, with the aim to contribute to the Toarcian GSSP definition. Marly samples were collected 3 m below and 7 m above this boundary and analysed for calcareous nannofossils. The main nannofossils observed were Biscutum finchii, B. grande, Calcivascularis jansae, Crepidolithus crassus, C. granulatus, C. impontus, Lotharingius hauffii, L. sigillatus, L. aff. L. velatus, Schizosphaerella spp. and Tubirhabdus patulus. This assemblage indicates that the Pliensbachian/Toarcian boundary in Peniche lies in the upper part of the NJ5b Subzone. Schizosphaerella and Lotharingius dominate the assemblage. The abundant occurrence of C. jansae and the common occurrence of B. grande indicate a strong Tethyan influence.

The role of the efflux mechanisms in multidrug resistance in Mycobacterium tuberculosis

Abstract The emergence of multi and extensively drug resistant tuberculosis (MDRTB and XDRTB) has increased the concern of public health authorities around the world. The World Health Organization has defined MDRTB as tuberculosis (TB) caused by organisms resistant to at least isoniazid and rifampicin, the main first-line drugs used in TB therapy, whereas XDRTB refers to TB resistant not only to isoniazid and rifampicin, but also to a fluoroquinolone and to at least one of the three injectable second-line drugs, kanamycin, amikacin and capreomycin. Resistance in Mycobacterium tuberculosis is mainly due to the occurrence of spontaneous mutations and followed by selection of mutants by subsequent treatment. However, some resistant clinical isolates do not present mutations in any genes associated with resistance to a given antibiotic, which suggests that other mechanism(s) are involved in the development of drug resistance, namely the presence of efflux pump systems that extrude the drug to the exterior of the cell, preventing access to its target. Increased efflux activity can occur in response to prolonged exposure to subinhibitory concentrations of anti-TB drugs, a situation that may result from inadequate TB therapy. The inhibition of efflux activity with a non-antibiotic inhibitor may restore activity of an antibiotic subject to efflux and thus provide a way to enhance the activity of current anti-TB drugs. The work described in this thesis foccus on the study of efflux mechanisms in the development of multidrug resistance in M. tuberculosis and how phenotypic resistance, mediated by efflux pumps, correlates with genetic resistance. In order to accomplish this goal, several experimental protocols were developed using biological models such as Escherichia coli, the fast growing mycobacteria Mycobacterium smegmatis, and Mycobacterium avium, before their application to M. tuberculosis. This approach allowed the study of the mechanisms that result in the physiological adaptation of E. coli to subinhibitory concentrations of tetracycline (Chapter II), the development of a fluorometric method that allows the detection and quantification of efflux of ethidium bromide (Chapter III), the characterization of the ethidium bromide transport in M. smegmatis (Chapter IV) and the contribution of efflux activity to macrolide resistance in Mycobacterium avium complex (Chapter V). Finally, the methods developed allowed the study of the role of efflux pumps in M. tuberculosis strains induced to isoniazid resistance (Chapter VI). By this manner, in Chapter II it was possible to observe that the physiological adaptation of E. coli to tetracycline results from an interplay between events at the genetic level and protein folding that decrease permeability of the cell envelope and increase efflux pump activity. Furthermore, Chapter III describes the development of a semi-automated fluorometric method that allowed the correlation of this efflux activity with the transport kinetics of ethidium bromide (a known efflux pump substrate) in E. coli and the identification of efflux inhibitors. Concerning M. smegmatis, we have compared the wild-type M. smegmatis mc2155 with knockout mutants for LfrA and MspA for their ability to transport ethidium bromide. The results presented in Chapter IV showed that MspA, the major porin in M. smegmatis, plays an important role in the entrance of ethidium bromide and antibiotics into the cell and that efflux via the LfrA pump is involved in low-level resistance to these compounds in M. smegmatis. Chapter V describes the study of the contribution of efflux pumps to macrolide resistance in clinical M. avium complex isolates. It was demonstrated that resistance to clarithromycin was significantly reduced in the presence of efflux inhibitors such as thioridazine, chlorpromazine and verapamil. These same inhibitors decreased efflux of ethidium bromide and increased the retention of [14C]-erythromycin in these isolates. Finaly, the methods developed with the experimental models mentioned above allowed the study of the role of efflux pumps on M. tuberculosis strains induced to isoniazid resistance. This is described in Chapter VI of this Thesis, where it is demonstrated that induced resistance to isoniazid does not involve mutations in any of the genes known to be associated with isoniazid resistance, but an efflux system that is sensitive to efflux inhibitors. These inhibitors decreased the efflux of ethidium bromide and also reduced the minimum inhibitory concentration of isoniazid in these strains. Moreover, expression analysis showed overexpression of genes that code for efflux pumps in the induced strains relatively to the non-induced parental strains. In conclusion, the work described in this thesis demonstrates that efflux pumps play an important role in the development of drug resistance, namely in mycobacteria. A strategy to overcome efflux-mediated resistance may consist on the use of compounds that inhibit efflux activity, restoring the activity of antimicrobials that are efflux pump substrates, a useful approach particularly in TB where the most effective treatment regimens are becoming uneffective due to the increase of MDRTB/XDRTB.

The web feature service: transaction standard: an example of prototype implementation

Trabalho de Projecto apresentado como requisito parcial para obtenção do grau de Mestre em Ciência e Sistemas de Informação Geográfica

Bank capital and stock performance around the subprime lending risis

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

Moral Mazes: the world of corporate managers (20th anniversary edition) [Robert Jackall]

Recensão do livro Moral Mazes: the world of corporate managers (20th anniversary edition) [Robert Jackall], 2010, Oxford University Press, Nova Iorque

Portuguese commercial banking: An assessment of competition in the 1960-2013 period

Strong consolidation is one of the most evident developments of banking markets around the world in recent decades. This change is raising questions on how and to what an extent competition is affected by the expansion of the largest banks. The aim of the present study is to measure the degree of competition in the Portuguese commercial banking market in the long-run, during the period ranging from1960 to 2013, by using the non-structural model developed by Panzar and Rosse. The main findings are that the Portuguese banking system, despite the legal restrictions in place, operated mostly in a market with some degree of competition and, at some points in time, presented some interesting competitive features. More recently, it has evolved into functioning as a cartel.

The World Health Organization Multi-Professional Patient Safety Curriculum : implementation of key modules and its impact on patient safety knowledge, skills, and attitudes of medical students at the University of Algarve

ABSTRACT - Objectives: We attempted to show how the implementation of the key elements of the World Health Organization Patient Safety Curriculum Guide Multi-professional Edition in an undergraduate curriculum affected the knowledge, skills, and attitudes towards patient safety in a graduate entry Portuguese Medical School. Methods: After receiving formal recognition by the WHO as a Complementary Test Site and approval of the organizational ethics committee , the validated pre-course questionnaires measuring the knowledge, skills, and attitudes to patient safety were administered to the 2nd and3rd year students pursuing a four-year course (N = 46). The key modules of the curriculum were implemented over the academic year by employing a variety of learning strategies including expert lecturers, small group problem-based teaching sessions, and Simulation Laboratory sessions. The identical questionnaires were then administered and the impact was measured. The Curriculum Guide was evaluated as a health education tool in this context. Results: A significant number of the respondents, 47 % (n = 22), reported having received some form of prior patient safety training. The effect on Patient Safety Knowledge was assessed by using the percentage of correct pre- and post-course answers to construct 2 × 2 contingency tables and by applying Fishers’ test (two-tailed). No significant differences were detected (p < 0.05). To assess the effect of the intervention on Patient Safety skills and attitudes, the mean and standard deviation were calculated for the pre and post-course responses, and independent samples were subjected to Mann-Whitney’s test. The attitudinal survey indicated a very high baseline incidence of desirable attitudes and skills toward patient safety. Significant changes were detected (p < 0.05) regarding what should happen if an error is made (p = 0.016), the role of healthcare organizations in error reporting (p = 0.006), and the extent of medical error (p = 0.005). Conclusions: The implementation of selected modules of the WHO Patient Safety Curriculum was associated with a number of positive changes regarding patient safety skills and attitudes, with a baseline incidence of highly desirable patient safety attitudes, but no measureable change on the patient safety knowledge, at the University of Algarve Medical School. The significance of these results is discussed along with implications and suggestions for future research.

Understanding churn and its reasons: The GuestU case

In the age of computerisation, entrepreneurs around the world aim to revolutionise their field with ground-breaking ICTs. GuestU is one of those offering mobile application development to small and medium-sized tourism enterprises. To assure the young start-ups steady growth this paper aims to identify reasons for the high customer churn risk. Primary data is used to analyse end-user behaviour and particularly the success of acquisition and activation. Results show troubling download quantities as well as retention rates leading to the recommendations for GuestU to incentivise and guide their customers in increasing promotion for the applications.

The global shopper & brands communication at airports

This project aims to illuminate two perspectives on travel retail. On the one hand, it describes the main character of the shopping scenario at airports, namely the Global Shopper. It covers the entire profile of the referred character, the main nationalities that represent him and the current shopping trends of the passenger. Also estimates of the booming nationalities and the future purchasing trends are accurately presented. On the other hand, the travel retail market is analyzed from the airport brands’ perspective. It is described what is currently done in terms of brands communication in the top ten airports around the world and the expected future market retail trends. To accurately explore the Global Shopper behavior and purchasing preferences, a market research was conducted with a sample of 128 respondents, male and female, from different nationalities, age groups, occupation and education backgrounds. The essay tests hypothesis regarding the relevance of several variables in the purchasing process of the Global Shopper in order to understand the most pleasant way to approach consumers in travel retail. The main variables studied concern the reasons to shop at airports, to whom the passenger shops, the preferred category and brand of purchase, feelings while shopping abroad, impulsive buying behavior, brand loyalty, the use of mobile devices in the shopping process, brands communication at airports, pre-ordering online and the attitude towards self-service stores. Some findings were in accordance with expectations, while others were a surprise and may produce valuable recommendations for future travel retail practices. 4 The main relevant results concern two areas, namely pre-ordering online and self-service stores. Results showed a certain stress about not having enough time to choose between the various offerings in travel retail, as well as difficulty in dealing with crowed stores. However, pre-ordering online was not common, which would be an initiative that could solve the discomfort at airport’s stores. Moreover, self-service would promote efficiency in stores allowing passengers to save time if they already know how to go through the shopping process by themselves. Another possible recommendation concerns differentiating the strategy in travel retail for the two genders. Some differences were found in the categories bought by male and female, as well as to how brands should shape their approach concerning the demands of each gender.

Logoplaste: Conquering the world one bottle at a time

The “Logoplaste: Conquering the world one bottle at a time” case is based on the real story of the Botton family and their journey to build the globally known company Logoplaste. Famous for its “hole in the wall” strategy within the plastics industry, Logoplaste is not only one of the major plastic bottles manufacturers in the world, but also a company which has been proving us that a shared leadership system can be successful within a family business. This case intendeds to demonstrate the dynamics of a family business, illustrating the complexity of the decision making process and how they have successfully mastered dual management in a family firm. Moreover, it also aims to demonstrate that a family firm can be managed in such way that sustainable growth, as a key pillar, can be enabled through a strong focus on internationalization and innovation. A teaching note is available at the end of the case in order to guide students and teachers in their readings. Discussions questions, for debate in class environment, are also provided together with suggested answers drawn together to increase the critical sense and theoretical application of the themes studied in class.

On project finance and the first road concession in Portugal

In broad sense, Project Financing1 as a mean of financing large scale infrastructural projects worldwide has had a steady growth in popularity for the last 20 years. This growth has been relatively unscathed from most economic cycles. However in the wake of the 2007 systemic Financial Crisis, Project Financing was also in trouble. The liquidity freeze and credit crunch that ensued affected all parties involved. Traditional Lenders, of this type of financial instrument, locked-in long-term contractual obligations, were severely hit with scarcity of funding compounded by rapidly increasing cost of funding. All the while, Banks were “rescued” by the concerted actions of Central Banks and other Multi-Lateral Agencies around the world but at the same time “stressed” by upcoming regulatory effort (Basel Committee). This impact resulted in specific changes to this type of long-term financing. Changes such as Commercial Banks’ increased risk aversion; pricing increase and maturities decrease of credit facilities; enforcement of Market Disruption Event clauses; partial responsibility for project risk by Multilateral Agencies; and adoption of utility-like availability payments in other industrial sectors such as transportation and even social infrastructure. To the extent possible, this report is then divided in three parts. First, it begins with a more instructional part, touching academic literature (theory) and giving the Banks perspective (practice), but mostly as an overview of Project Finance for awareness’ sake. The renowned Harvard Business School professor – Benjamin Esty, states2 that Project Finance is a “relatively unexplored territory for both empirical and theoretical research” which means that academic research efforts are lagging the practice of Project Finance. Second, the report presents a practical case regarding the first Road Concession in Portugal in 1998 ending with the lessons learned 10 years after Financial Close. Lastly, the report concludes with the analysis of the current trends and changes to the industry post Financial Crisis of the late 2000’s. To achieve this I’ll reference relevant papers, books on the subject, online articles and my own experience in the Project Finance Department at a major Portuguese Investment Bank. Regarding the latter, with the signing of a confidentiality agreement, I’m duly omitting sensitive and proprietary bank information.