Dividend policy and market asymmetries

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

Primary public health care and socioeconomic asymmetries in Portugal

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

Geography of the Information Society

All every day activities take place in space. And it is upon this that all information and knowledge revolve. The latter are the key elements in the organisation of territories. Their creation, use and distribution should therefore occur in a balanced way throughout the whole territory in order to allow all individuals to participate in an egalitarian society, in which the flow of knowledge can take precedence over the flow of interests. The information society depends, to a large extent, on the technological capacity to disseminate information and, consequently, the knowledge throughout territory, thereby creating conditions which allow a more balanced development, from the both the social and economic points of view thus avoiding the existence of info-exclusion territories. Internet should therefore be considered more than a mere technology, given that its importance goes well beyond the frontiers of culture and society. It is already a part of daily life and of the new forms of thinking and transmitting information, thus making it a basic necessity essential, for a full socio-economic development. Its role as a platform of creation and distribution of content is regarded as an indispensable element for education in today’s society, since it makes information a much more easily acquired benefit.”…in the same way that the new technologies of generation and distribution of energy allowed factories and large companies to establish themselves as the organisational bases of industrial society, so the internet today constitutes the technological base of the organisational form that characterises the Information Era: the network” (CASTELLS, 2004:15). The changes taking place today in regional and urban structures are increasingly more evident due to a combination of factors such as faster means of transport, more efficient telecommunications and other cheaper and more advanced technologies of information and knowledge. Although their impact on society is obvious, society itself also has a strong influence on the evolution of these technologies. And although physical distance has lost much of the responsibility it had towards explaining particular phenomena of the economy and of society, other aspects such as telecommunications, new forms of mobility, the networks of innovation, the internet, cyberspace, etc., have become more important, and are the subject of study and profound analysis. The science of geographical information, allows, in a much more rigorous way, the analysis of problems thus integrating in a much more balanced way, the concepts of place, of space and of time. Among the traditional disciplines that have already found their place in this process of research and analysis, we can give special attention to a geography of new spaces, which, while not being a geography of ‘innovation’, nor of the ‘Internet’, nor even ‘virtual’, which can be defined as one of the ‘Information Society’, encompassing not only the technological aspects but also including a socio-economic approach. According to the last European statistical data, Portugal shows a deficit in terms of information and knowledge dissemination among its European partners. Some of the causes are very well identified - low levels of scholarship, weak investments on innovation and R&D (both private and public sector) - but others seem to be hidden behind socio-economical and technological factors. So, the justification of Portugal as the case study appeared naturally, on a difficult quest to find the major causes to territorial asymmetries. The substantial amount of data needed for this work was very difficult to obtain and for the islands of Madeira and Azores was insufficient, so only Continental Portugal was considered for this study. In an effort to understand the various aspects of the Geography of the Information Society and bearing in mind the increasing generalised use of information technologies together with the range of technologies available for the dissemination of information, it is important to: (i) Reflect on the geography of the new socio-technological spaces. (ii) Evaluate the potential for the dissemination of information and knowledge through the selection of variables that allow us to determine the dynamic of a given territory or region; (iii) Define a Geography of the Information Society in Continental Portugal.

Internet Geography: New Spaces of Information

The objective of great investments in telecommunication networks is to approach economies and put an end to the asymmetries. The most isolated regions could be the beneficiaries of this new technological investments wave disseminating trough the territories. The new economic scenarios created by globalisation make high capacity backbones and coherent information society polity, two instruments that could change regions fate and launch them in to an economic development context. Technology could bring international projection to services or products and could be the differentiating element between a national and an international economic strategy. So, the networks and its fluxes are becoming two of the most important variables to the economies. Measuring and representing this new informational accessibility, mapping new communities, finding new patterns and localisation models, could be today’s challenge. In the physical and real space, location is defined by two or three geographical co-ordinates. In the network virtual space or in cyberspace, geography seems incapable to define location, because it doesn’t have a good model. Trying to solve the problem and based on geographical theories and concepts, new fields of study came to light. The Internet Geography, Cybergeography or Geography of Cyberspace are only three examples. In this paper and using Internet Geography and informational cartography, it was possible to observe and analyse the spacialisation of the Internet phenomenon trough the distribution of the IP addresses in the Portuguese territory. This work shows the great potential and applicability of this indicator to Internet dissemination and regional development studies. The Portuguese territory is seen in a completely new form: the IP address distribution of Country Code Top Level Domains (.pt) could show new regional hierarchies. The spatial concentration or dispersion of top level domains seems to be a good instrument to reflect the info-structural dynamic and economic development of a territory, especially at regional level.

Internet Geography: Spaces of Innovation

Information Society plays an important role in all kinds of human activity, inducing new forms of economic and social organization and creating knowledge. Over the last twenty years of the 20th century, large investments in telecommunication networks were made to approach economies and put an end to the asymmetries. The most isolated regions were the beneficiaries of this new technological investment’s wave disseminating trough the territories. The new economic scenarios created by globalisation make high capacity backbones and coherent information society polity, two instruments that could change regions fate and launch them in to an economic development context. Technology could bring international projection to services, products and could be the differentiating element between a national and an international economic strategy. So, the networks and its fluxes are becoming two of the most important variables to the economies. Measuring and representing this new informational accessibility, mapping new communities, finding new patterns and localisation models, could be today’s challenge. In the physical/real space, location is defined by two or three geographical co-ordinates. In the network/virtual space or in cyberspace, geography seems incapable to define location, because it doesn’t have a good model. Trying to solve the problem and based on geographical theories and concepts, new fields of study came to light. Internet Geography is one example. In this paper and using Internet Geography and informational cartography, it was possible to observe and analyse the spacialisation of the Internet phenomenon trough the distribution of the IP addresses in the Portuguese territory. This work shows the great potential and applicability of this indicator to regional development studies, and at the same time. The IP address distribution of Country Code Top Level Domains (.pt for Portugal) could show the same economic patterns, reflecting territorial inflexibility or, by opposition, new regional hierarchies. The spatial concentration or dispersion of top level domains seems to be a good instrument to analyse the info-structural dynamic and economic development of a territory, especially at regional level. At the same time it shows that information technologies are essential to innovation and competitive advantage.

Information Society in Croatia, Landsc@pes of Knowledge for Development

Sabbatical Studies Report

Incidência do cancro do estômago e do pulmão : um estudo espacio-temporal na região sul de Portugal Continental entre 2000-2008

RESUMO - Enquadramento/Objectivos: As doenças oncológicas constituem a segunda causa de morte em Portugal, e têm um profundo impacto psicossocial, não só pela sua elevada incidência e mortalidade mas também pelos enormes custos envolvidos na sua prevenção, tratamento e reabilitação. De acordo com estudos anteriores, existem disparidades geográficas na incidência da doença oncológica. É por isso indispensável caracterizar e analisar as diferentes distribuições espaciais no tempo e no espaço, para controlar a doença e promover a saúde, contribuindo ao mesmo tempo para uma melhor compreensão da etiologia da doença. Este projecto compreende 3 objectivos principais que são: a caracterização de distribuição espacio-temporal do cancro do pulmão e do cancro do estômago, separadamente e em conjunto, na região sul de Portugal Continental (abrangida pelo ROR-Sul) no espaço temporal de 2000 a 2008, procurando identificar potenciais áreas de risco no desenvolvimento destes tumores. Metodologia: Numa primeira fase realizou-se um estudo descritivo das taxas de incidência dos tumores aqui retratados por idades, por sexo, por ano e por distritos. Posteriormente com o objectivo de identificar a presença de áreas de elevada incidência, procedeu-se à análise de clustering espacio-temporal das taxas de incidência ao nível dos concelhos na região do estudo, em 2000-2008. Resultados: Os resultados da análise descritiva revelaram que ambos os tumores são mais incidentes nos homens do que nas mulheres e que estes são igualmente mais incidentes em pessoas com mais de 75 anos. A análise de clustering espacio temporal permitiu verificar a existência um padrão geográfico heterogéneo da incidência de ambos os tumores, da qual resultaram 3 clusters para o cancro do estômago e 2 clusters para o cancro do pulmão (p <0,001). Os clusters do estômago pertencem maioritariamente à região do Alentejo e os clusters do cancro do pulmão à região da grande Lisboa. Conclusões: Os resultados da análise de clustering demonstraram um padrão heterogéneo da distribuição da incidência dos dois cancros na região e período temporal do estudo. As zonas identificadas de elevado risco são diferentes para ambos o tumores. A região que apresenta maior risco para o desenvolvimento do cancro do estômago é o Alentejo e do pulmão é o distrito de Lisboa.

The Fed policy announcement effect on the equity market

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

Definição de um modelo de incentivo de profissionais de saúde em contexto de integração vertical e financiamento capitativo de cuidados de saúde

RESUMO - Contexto Os indivíduos, tal como as instituições, não são imunes a incentivos. No entanto, enquanto os modelos de incentivos das instituições têm sido alvo de diferentes evoluções, o mesmo não se verificou ao nível dos profissionais. Esta situação não se figura compatível com a complexidade de gestão de recursos humanos, devendo ser obviada para potenciar o alinhamento entre os interesses institucionais e os dos próprios profissionais. Objectivos Estudar a atribuição de incentivos a profissionais de saúde no contexto de organizações com integração vertical de cuidados. Metodologia A metodologia adoptada compreendeu três fases. Numa primeira procedeu-se à revisão sistemática de literatura relativa à: (1) construção de modelos de incentivo a profissionais em diferentes sistemas de saúde e tipo de prestadores; e (2) identificação de medidas de custo-efectividade comprovada. Tendo por base esta evidência, a par de documentação oficial ao nível do modelo de financiamento das ULS, procedeu-se, numa segunda fase, à construção de um modelo de incentivo base com recurso à ferramenta Microsoft Excel. Por último, numa terceira etapa, procedeu-se à adaptação do modelo base construído na etapa transacta tendo por base informação obtida mediante a realização de um estudo retrospectivo in loco na ULS do Baixo Alentejo (ULSBA). Em adição, procedeu-se à estimativa do impacto na perspectiva da ULS e dos profissionais para o cenário base e diversas análises de sensibilidade. Resultados No que respeita à estrutura, o modelo base de incentivos a profissionais apresenta 44 indicadores, distribuídos por cinco dimensões de análise, sendo que 28 indicadores (63,6%) são de processo e 14 (31,8%) de resultado. Relativamente às dimensões em análise, verifica-se uma predominância de indicadores ao nível da dimensão eficiência e qualidade assistencial, totalizando 35 (i.e. 79,5% dos 44 indicadores). No que respeita ao destinatário, 14 indicadores (31,8%) apresentam uma visão holística da ULS, 17 (38,6%) encontram-se adstritos unicamente aos cuidados primários e os remanescentes 13 (29,5%) aos cuidados hospitalares. Cerca de 85% dos actuais incentivos da ULSBA decorre da unidade de pagamento salarial secundada pelo pagamento de suplementos (12%). Não obstante, o estudo retrospectivo da ULSBA confirmou o cenário expectável de ausência de um modelo de incentivo homogéneos e transversal à ULS, transparecendo importantes assimetrias entre diferentes unidades prestadoras e/ou profissionais de saúde. De forma relevante importa apontar a insuficiência de incentivos capitacionais (ao contrário do que sucede com o modelo de incentivo da própria ULSBA) ou adstritos a índices de desempenho. Tendo em consideração o modelo de incentivo concebido e adaptado à realidade da ULSBA, a par do plano de implementação, estima-se que o modelo de incentivos gere: (1) poupanças na perspectiva da ULS (entre 2,5% a 3,5% do orçamento global da ULSBA); e (2) um incremento de remuneração ao nível dos profissionais (entre 5% a 15% do salario base). O supracitado – aparentemente contraditório - decorre da aposta em medidas de custo-efectividade contrastada e um alinhamento entre o modelo proposto e o vigente para o próprio financiamento da unidade, apostando numa clara estratégia de ganhos mútuos. As análises de sensibilidade realizadas permitem conferir a solidez e robustez do modelo a significativas variações em parâmetros chave.

US fiscal dynamics in political perspective

Given the importance of fiscal balance for ensuring a sustainable fiscal policy, we conduct an empirical examination of fiscal dynamics in the United States in response to unsustainable budget deviations. We concentrate on the role of political factors, namely the Republican - Democrat presidential divide, in determining the fiscal response to budget disequilibria. Making use of an asymmetric cointegration framework, we explore politically motivated fiscal asymmetries in the US, from Eisenhower to Obama. We conclude that political factors such as the government’s political quadrant and the timing of elections are important determinants of the fiscal response to unsustainable budget deviations.