Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

Return on assets in the Tobacco Industry analysis of the four main Tobacco Manufacturers

This paper studies operating profitability drivers in the Four Main Tobacco Manufacturers for the period 2004-2014. The operating profitability is analyzed as return on assets (ROA) based on the DuPont Extended Model breakdown in degree of operational risk, gross sales margin and assets turnover. The sources of ROA are market share and price strategies appraised through the drivers: firm-size, global value and strategic choices. Using consolidated data, results suggest that firm-size and global value holds a positive relationship with ROA. Also innovation through less harmful tobacco products can lead to better ROA despite no correlation between R&D and ROA.

Searching for return: How Google search engine query data can beat the market

Throughout the last years technologic improvements have enabled internet users to analyze and retrieve data regarding Internet searches. In several fields of study this data has been used. Some authors have been using search engine query data to forecast economic variables, to detect influenza areas or to demonstrate that it is possible to capture some patterns in stock markets indexes. In this paper one investment strategy is presented using Google Trends’ weekly query data from major global stock market indexes’ constituents. The results suggest that it is indeed possible to achieve higher Info Sharpe ratios, especially for the major European stock market indexes in comparison to those provided by a buy-and-hold strategy for the period considered.

A holistic attempt to predicating excess aftermarket returns of IPOs over a 90-day period post IPO

Double Degree

Oysters return to the Tagus estuary through an ecological model

Dissertation submitted to the Faculty of Sciences and Technology of New University of Lisbon for obtaining the degree of Master in Environmental Management Systems

SIN 319 AND VOSKR 27 AND THE TRIODION CYCLE IN THE LITURGICAL PRAXIS IN RUSSIA DURING THE STUDITE PERIOD

A Thesis Presented to the Faculty of Social and Human Science of the Universidade Nova de Lisboa in Candidacy for the Degree of Doctor of Philosophy in Musicology

Incapacidade auto-reportada e retorno à actividade profissional em utentes com dor crónica lombar

RESUMO: O absentismo à actividade profissional devido à condição de Dor Lombar apresenta-se como um problema de saúde pública com elevados custos económicos nas sociedades ocidentais. É estimado que cerca de 20% a 47% dos utentes com Dor Lombar não retornam à sua actividade profissional no período de 3 meses, sendo responsáveis por 75% a 90% de todos os custos e baixas médicas associadas à condição. Objectivo: O objectivo deste estudo foi analisar a capacidade de retorno à actividade profissional em utentes com Dor Crónica Lombar (DCL), que procuraram a Fisioterapia em situação de agudização dos seus sintomas, e averiguar a sua relação com os níveis de Incapacidade auto-reportados. Secundariamente pretendemos avaliar a influência das Crenças de medo-evitamento, nos níveis de Incapacidade auto-reportados. Metodologia: Foi efectuado um estudo correlacional prospectivo no qual se observou uma amostra de 56 utentes com DCL que tivessem apresentado novos episódios de agudização dos seus sintomas. Após 3 meses de follow-up (n=42) foi avaliado o “regresso ao trabalho em boas condições” e a sua relação com os níveis de Incapacidade iniciais, bem como o contributo das Crenças de medo-evitamento para essa Incapacidade funcional. Resultados: Foi verificada uma correlação negativa entre os níveis de Incapacidade funcional e o Sucesso no “regresso ao trabalho em boas condições” (ρ = -0.369; p =0.016), sendo que os scores mais elevados da Incapacidade correspondem à Falha nesse regresso. Verificámos também uma correlação positiva entre a existência das Crenças de medo-evitamento relativas ao Trabalho e a Incapacidade (r =0.511; p =0,001), apresentando estas Crenças um valor preditivo (β= 0.533; p =0.001) na Incapacidade auto-reportada. Conclusões: A capacidade de retorno à actividade profissional nos utentes com DCL, após um novo episódio de agudização dos seus sintomas, está relacionada com níveis de Incapacidade funcional. Os factores psicossociais, nomeadamente as Crenças de medo-evitamento relativas ao Trabalho apresentam um valor preditivo para essa Incapacidade auto-reportada.------------------------------ABSTRACT:Work-absenteeism due to the condition of Low Back Pain (LBP) presents itself as a public health problem with high economic costs in Western societies. It is estimated that 20% to 47% of patients with LBP not returned to their work-activity in period of 3 months, accounting for 75% to 90% of all medical costs and sickness compensation associated. Objective: The aim of the present study was to assess the ability to return to work on patients with chronic LBP, who searched for physical therapy in a situation of worsening of their symptoms, and examine their relationship with levels of self-reported disability. Secondly we intend to evaluate the influence of fear-avoidance beliefs to the levels of self-reported disability. Methods: We conducted a prospective cross-sectional study in which we observed 56 patients chronic LBP with new episodes of exacerbation of their symptoms. After a 3 months follow-up (n = 42) we evaluated the “return to work in good health” and its relationship with initial levels of disability and the contribution of fear-avoidance beliefs for that disability. Results: There was a negative correlation between levels of disability and “return to work in good health” success (ρ = -0.369, p = 0.016), with the highest scores correspond to the failure in the work-return. We also found a positive correlation between the existence of fear-avoidance beliefs for work and disability (r = 0.511; p = 0.001), with a predictive value of these fear-avoidance beliefs (β = 0.533; p = 0.001) in self-reported disability. Conclusions: The ability to return to work in chronic LBP patients, after a new episode of exacerbation of symptoms is related to the levels of functional disability. Psychosocial factors, including fear-avoidance beliefs for work showed a predictive value for the self-reported disability.

A go-to-market strategy for vertebral metrics

Dissertação para obtenção do Grau de Mestre em Engenharia Biomédica

Measuring the impact with the social return on investment: the case of the social innovation HUB

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

Return on equity: A comparison between companies in Portugal and Brazil: Similarities and differences

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

Risk and return: The international expansion of EDP Renováveis

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 international expansion strategy of Striyah in Poland

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

Les Boeufs de Paix. Douglas H. Johnson et la violence Nuer (Soudan)

This article seeks to restore (anthropologically speaking) the warrior status of the Nuer during the colonial period. It challenges the negative conclusions of Douglas H. Johnson about the cultural dimension of fighting. In 1839, when the Nuer sacrificed an ox before a fleet from the North, the Egyptians thought it was an act of aggression and shot at them. But did this mistake inaugurate a series of misunderstandings on the offensive provision of this people? If that is Johnson's assertion, a return to the sources allows an alternative interpretation. The article puts in symmetry this episode and another, ninety years later, which also involved an "ox peace". The British killed this animal in 1929 during the repression of the Nuer prophetic movement. But if Johnson seeks to contradict the importance of the prophets as leaders of revolt, this article points out that their pacifism was embedded in the ideology of war.

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

Operating profitability in branded pharmaceutical firms

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