The design and use of annual budgets to cope with uncertainty

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

Are annual budgets being abandoned by companies operating in Portugal?: Evidence from the 500 “Maiores e Melhores”

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

An Ethos Theory of Party Positions on European Integration: Poland and Beyond

Since 1989, five parliamentary elections have been the stage for the foundation and demise of political parties aspiring to govern the new democratic Polish state. The demise of the AWS before the 2001 elections after ten years of attempts to create a centre-right core party resulted in a new splintering of the right-wing, and the centre-right became again devoid of a pivotal formation. While Eurosceptic parties in average gain 8 percent of the vote, in the 2001 Polish parliamentary elections Eurosceptic parties gained around 20 percent of the vote. In Poland right-wing parties show an unusual propensity for Euroscepticism. The persistence and increased importance of nationalism in Poland, which has prevented the development of a strong Christian democratic party, effectively explains the levels of Euroscepticism on the right. After the autumn 2005 parliamentary elections the national conservative party, Law and Justice, formed a governing coalition with the national Catholic League of Polish Families, creating one of the first Eurosceptic governments. Although this work does not intend to provide a theorisation of party systems development, it shows that the context of European integration fostered nationalists’ divisiveness of, and provoked the splitting of the right the unusual propensity of parties for Euroscepticism makes Poland a paradigmatic case of the kind of conflicts over European integration emerging in Central and Eastern European party systems.

Going beyond duopoly: Connectivity breakdowns under receiving party pays

We show that the prediction of strategic connectivity breakdowns under a receiving-party-pays system and discrimination between on and off-net prices does not hold up once more than two mobile networks are considered. Indeed, if there are at least three competing networks and enough utility is obtained from receiving calls, only equilibria with finite call prices and receiving prices exist. Private negotiations over access charges then achieve the efficient outcome. Bill & keep (zero access charges) and free outgoing and incoming calls are efficient if and only marginal costs of calls are zero.

Hematopoiesis in the Drosophila larva: beyond the lymph gland

All coelomate animals possess a population of cells that do not make part of an organ and instead freely flow inside the body cavity. These cells, termed hemocytes (in invertebrates) or blood cells (in vertebrates), are involved in varied functions including immune response, clearance of apoptotic cells and distribution of nutrient and gases (Grigorian & Hartenstein 2013).(...)

Investing beyond the core: The case of Soares da Costa

This study aims to analyze how Grupo Soares da Costa, a diversified group centered on construction, behaved in terms of strategy to the current crisis. More specifically, it purposes to understand why Soares da Costa was forced to abandon its strategic plan “Ambições Renovadas”, which was about diversification and internationalization, to decide to focus on it core business. This study uses a SWOT analysis, the examination of the strategic plans and annual reports and the conclusions of two interviews that were carried out. Being the construction sector such a traditional and significant sector to the Portuguese economy, it is important to understand what a company can do to overcome such circumstances. To deal with all the negative circumstances, Soares da Costa should give priority to projects that require low levels of initial capital and diversify geographically to markets with similar characteristics of Angola and Mozambique, where Soares da Costa already excels.

Beyond the carry trade: Optimal currency portfolios

Author's Pre-print

How do current term structure model behave beyond the last liquid point?: A comparison of the DNS and Smith-Wilson methods

A Work Project, presented as part of the requirements for the Award of a Master’s Double Degree in Finance from Maastricht University and NOVA – School of Business and Economics