Market impact of international sporting and cultural events

We study market reaction to the announcements of the selected country hosting the Summer and Winter Olympic Games, the World Football Cup, the European Football Cup and World and Specialized Exhibitions. We generalize previous results analyzing a large number and different types of mega-events, evaluate the effects for winning and losing countries, investigate the determinants of the observed market reaction and control for the ex ante probability of a country being a successful bidder. Average abnormal returns measured at the announcement date and around the event are not significantly different from zero. Further, we find no evidence supporting that industries, that a priori were more likely to extract direct benefits from the event, observe positive significant effects. Yet, when we control for anticipation, the stock price reactions around the announcements are significant.

O casamento real de William e Kate : a cobertura jornalística nos jornais The Daily Mail, The Guardian e The Sun

Dissertação apresentada à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Jornalismo.

The wedding of Prince Charles and Camilla Parker-Bowles: royal mediation and press mediatization

Bearing in mind the relationship between discourse and society at large, this article addresses the way the British monarchy represented Charles’s second marriage and the way the media constructed their accounts in the period from 10 February (announcement) until 9 April 2005 (wedding) in relation to wider issues such as power relations, newspaper economic structures and popular culture. Particular attention is paid to the multifunctional features of discourse (i.e. its ideational, interpersonal and textual functions), which requires a contextualized reading of a dual process of mediation: on the one hand, the staging of the ceremony by St. James’s Palace and its strategy for attaining monologic closure and, on the other hand, discursive representations by the British press open to a polyphony of voices and discursive frames

A importância do planeamento e orçamentação nas empreitadas de obras de instalações mecânicas

Trabalho Final de Mestrado para obtenção do grau de Mestre em Engenharia Mecânica

An integration bridge for heterogeneous e-service environments

Dissertação para obtenção do Grau de Mestre em Engenharia Electrotécnica e de Computadores

Estratégias defensivas em contexto nacional e comportamentos acionistas das empresas em situação de OPA

A compreensão do conceito de OPA é essencial de forma a entender o funcionamento das combinações empresariais. Esta dissertação tem dois objetivos. O primeiro objetivo tem a finalidade de perceber quais as estratégias defensivas mais eficazes em contexto de OPA. Foi através de um inquérito realizado a 192 empresas envolvidas em situação de OPA entre os anos 1991 e 2014. Através dos resultados das 14 respostas destaca-se que a Recompra de Ações é a estratégia defensiva mais utilizada, tanto em situações de defesas pré-proposta e pós-proposta. A defesa consegue evitar o sucesso, da proposta efetuada pela empresa adquirente, em mais de metade das situações em que é utilizada, tendo sido classificada como muito eficaz. 5 das operações foram de cariz hostil e 7 delas eram expectáveis pela Gestão. Em nenhuma das operações se verificou contraoperação e as áreas mais prejudicadas, pela iniciativa de OPA, foram as respeitantes ao tempo, Time-consuming, e estratégicas. O segundo objetivo tenta perceber o comportamento dos retornos médios anormais das empresas envolvidas numa OPA em face do respetivo anúncio preliminar. Seguiram-se as metodologias de Ball & Brown (1968) e Beaver (1968). Identificaram-se 100 operações compreendidas entre os anos 2000 e 2014. Através do resultado das 12 operações analisadas confirma-se que as empresas-alvo apresentam um retorno médio anormal superior ao das empresas adquirentes e que têm a tendência de acumular retornos médios anormais positivos, pelo contrário as empresas adquirentes têm a tendência de acumular retornos médios anormais negativos. Globalmente, as empresas reagem fortemente ao anúncio preliminar e apresentam uma tendência de ganho nos períodos circundantes e não-circundantes.

Effect of European Sovereign debt crisis on banks’ stock market performances: application to Portuguese data

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

Fearful asymmetry: An analysis of pre-earnings abnormal returns

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

Bank-firm relationships and financial crisis

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

Empirical evidences on voluntary delisting phenomenon

The paper studies what drives firms to voluntary delist from capital markets and what differs in firms’ behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders’ hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.

Has the time for renewables finally arrived? – An event study on EPA’s Clean Power Plan

The recent proposals presented by EPA aimed to reduce the dependency of fossil fuels and to lower current emissions levels, hoping to gradually shift electric generation units to renewable energy sources. Actually, the Final Rule Proposal announcement day exhibited a negative Abnormal Return on Fossil Fuels but the following days had positive Abnormal Returns, mostly due to legislative change perceived by financial markets which eased up implementation periods of the proposed measures in the Final Rule when compared to the Draft Rule. Oppositely, Renewables and Solar Portfolios exhibited negative Cumulative Abnormal Returns over the period surrounding the Final Rule.

Vocalizations of primary forest frog species in the Central Amazon.

The calls of 18 species of Amazonian forest frogs were recorded in 3 localities: the Tapajos National Park near Itaituba, the Reserva Ducke near Manaus, and the INPA-WWF reserves near Manaus. Structural and time parameters and sonographs of these calls including previously undescribed vocalization by 10 species are presented. Unlike open habitat species, several forest frong species characteriscally demonstrated one on more of the following temporal parameters: very low call rates, sporadic intervals, infrequent nights of calling and synchronized chorusing. It is hypothesized that predation has influenced the evolution of vocal behaviour in Amazonian forest frogs.

Os estereótipos de gênero na publicidade televisiva. Uma comparação entre spots publicitários brasileiros e portugueses

Tese de Doutoramento em Ciências da Comunicação (área de especialização em Comunicação Estratégica e Organizacional).

Vocalizações e interações acústicas em Hyla raniceps (Anura, Hylidae) durante a atividade reprodutiva

The vocalizations of H. raniceps (Cope, 1826) and their functions are described, including an analysis of the influence of temperature, weight, or SVL (snout-vent length) of males on the acoustic parameters. The vocalizations were recorded in three areas in Fazenda Lagoa Grande, Municipality of Pontalina, State of Goiás, central Brazil. Males began their vocalizations just before sunset, extending them, in some cases, to dawn of the following day. The peak of activities happened between 21h and 23h. The height of calling sites varied plenty, being the position horizontal in about 50% of them. Males defended sites in different areas during consecutive nights. Rain and strong winds interrupted the calling activities. Males emitted three vocalizations: advertisement, territorial and distress calls. The advertisement call has pulsionated structures and it is the most common, being emitted in the presence/absence of females. Significant correlation was found between number of notes and air temperature, notes duration and both male weight and air temperature, calling rate and both male SVL or weight, and frequency and male weight.

Reproductive behavior of Leptodactylus mystacinus (Anura, Leptodactylidae) with notes on courtship call of other Leptodactylus species

Here we present data on the reproductive behavior of Leptodactylus mystacinus (Burmeister, 1861), including details on courtship behavior. We also describe and compared the courtship calls of L. mystacinus, L. furnarius Sazima & Bokermann, 1978 and Leptodactylus sp. (L. aff. andreae). Field works were conducted in Uberlândia (central Brazil). During courtship, a female approaches a calling male and is led to a previously excavated chamber; a female can approach a silent male that beat his hands and/or feet on the ground as well. The courtship call of L. mystacinus consists of one single arch-shaped note (duration = 0.04 s) repeated 258 times per minute; the courtship calls of L. furnarius (0.06 s, 84 times per minute) and Leptodactylus sp. (0.15 s, 5 times per minute) also are arch-shaped. The courtship behavior of L. mystacinus is similar to that of other species of the L. fuscus (Schneider, 1799) group; unique to it is that males can beat his hands and/or feet on the ground while courting. The male behavior of conducting the female to a previously excavates chamber and the arch-shaped courtship call may represent other shared derived features of members of the L. fuscus group, including the former Adenomera species.