Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Home Banking

The object of this dissertation is focused on the study of the home banking service and how the allocation of losses due to computer fraud is processed in the scope of this service. When considering the questions raised by the allocation of losses associated with fraudulent operations, it is important to consider, mainly, the behaviour of the user of the home banking service. In our opinion, courts have been too demanding towards the user when judging his action in the use of this service. In this study, we have concluded that, when the user “falls” into a computer fraud scheme, he should not be liable for gross negligent behaviour, even if, due to the fraud, the user revealed all his access codes to a hacker on a page similar to that of his bank. In general, such facts will not be sufficient to qualify the user’s action as grossly negligent. Therefore, the user, under the terms of the Payment Services’ System, must bear the loss up to a maximum of €150, and the bank will face the remainder of the losses. However, if the user, victim of a fraudulent technique, ignored the safety warnings issued by the bank, one must consider, given the specific case, that he contributed to gross negligence in unauthorised payment transactions. Thus, the user must bear all the losses up to the moment when he notifies the bank about the unauthorised transactions. It is the bank’s responsibility to, given the specific case, adduce evidence of the client’s contribution to the identified losses.

Banking crises: The impact of financial liberalization

This paper intends to study whether financial liberalization tends to increase the likelihood of systemic banking crises. I used a sample of 79 countries with data spanning from 1973 to 2005 to run a panel probit model. I found that, if anything, financial liberalization as measured across seven different dimensions tends to decrease the probability of occurrence of a systemic banking crisis. I went further and did several robustness tests – used a conditional probit model, tested for different durations of liberalization impact and reduced the sample by considering only the first crisis event for each country. Main results still verified, proving the results’ robustness.

Reporting Income Taxes in the Banking Sector In Angola - Accounting, Tax Regulation and Financial Reporting Evidences

This research provides an insight into income taxes reporting in Angola, based on hand collected data from the annual reports of banks. Empirical studies on Angolan companies are scarce, in part due to the limited access to data. The results show that income taxes’ reporting has improved over the years 2010-2013, becoming more reliable and understandable. The Angolan Government is boosting the economic growth through tax benefits in the investment in public debt, which cause a reduction in the banks’ effective tax rate. The new income tax law will reduce the statutory tax rate from 2015 onwards and change the taxable income, resulting in shifting the focus to promoting private investment.

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.

Jogo 3D online para reabilitação de pacientes afásicos

Esta plataforma foi projetada como auxílio complementar ao processo de reabilitação de doentes afásicos lusófonos. Uma gama de exercícios são disponibilizados de forma a induzir diferentes estímulos (compreensão escrita e auditiva e expressão escrita) sendo a grande maioria destes realizados dentro de um ambiente virtual em três dimensões onde o utilizador (dependendo da tarefa) pode interagir com objetos presentes dentro de uma casa. A principal particularidade desta plataforma reside no facto desta estar alojada online, dispensando instalações e permitindo um acompanhamento mais próximo por parte do terapeuta da fala do progresso feito pelo paciente. A ferramenta desenvolvida está disponível para visualização e teste no endereço www.weblisling.net.

“The impact of online ratings on video game sales”

Online third-party reviews have been grown over the last decade and they now play an important role as a tool for helping customers evaluate products and services that in many cases offer more than tangible features. This study intends to quantify the impact online ratings have over video game sales by conducting a linear regression analysis on 300 titles for the previous console generation (PlayStation® 3 and Xbox® 360) using a data from the video game industry to understand the existing influence on this particular market. The findings showed that these variables have a weak linear relationship thus suggesting that quality of a title explains little the commercial success of a video game and instead this should cover a wider range of factors. Afterwards, we compare results to previous ones and discuss the managerial implications for upcoming gaming generations.

The impact of online promotional efforts on customer acquisitiom and retention at continente.pt

Continente Online (COL) is the market leader of online grocery retailing in Portugal. Aiming at sustaining this position, it has been focusing its promotional efforts in acquiring and retaining customers. This report intakes an extensive study on the impact of COL’s exclusive promotional efforts (free delivery offers and ten percent discounts on loyalty card) on customer acquisition and retention, as well as, a cost analysis on these offers. Two econometric models were developed and the results were interesting. It was concluded that free delivery offers have a significant impact both in terms of customer acquisition and retention, having also a lower cost in comparison with ten percent on loyalty card discounts.

Consumer behavior: Online grocery shopping in Portugal

Living in the digital era, activities that have for centuries acted one way, have now changed and entered the online world, and online grocery shopping is one of them. It is a worldwide phenomenon and is already a significant part of people’s lifestyle in several countries however, in Portugal, it is still in expansion and improvement. Based on the Theory of Planned Behavior, this study allowed to estimate how the perceived risk and shopping orientation counterbalances the convenience offered to consumers. Furthermore, it validated how usability and access to focused promotions can help speed up this adaptation in Portugal

Weight concerns scale applied to college students : Comparison between pencil-and-paper and online formats

Online data collection is becoming increasingly common and has some advantages compared to traditional paper-and-pencil formats, such as reducing loss of data, increasing participants' privacy, and decreasing the effect of social desirability. However, the validity and reliability of this administration format must be established before results can be considered acceptable. The aim of this study was to evaluate the validity, reliability, and equivalence of paper-and-pencil and online versions of the Weight Concerns Scale (WCS) when applied to Brazilian university students. A crossover design was used, and the Portuguese version of the WCS (in both paper-and-pencil and online formats) was completed by 100 college students. The results indicated adequate fit in both formats. The simultaneous fit of data for both groups was excellent, with strong invariance between models. Adequate convergent validity, internal consistency, and mean score equivalence of the WCS in both formats were observed. Thus, the WCS presented adequate reliability and validity in both administration formats, with equivalence/stability between answers.

Estudo descritivo e exploratório sobre o consumo de pornografia online numa amostra feminina portuguesa

Dissertação de Mestrado apresentada ao ISPA - Instituto Universitário

O jornalismo online da TVI24 e a sua relação com as fontes

Elaborado no âmbito do mestrado em Jornalismo da Faculdade de Ciências Sociais e Humanas – Universidade Nova de Lisboa, o presente relatório, intitulado “O Jornalismo Online da TVI24 e a sua relação com as fontes”, resulta dos conhecimentos que apreendi na componente não-lectiva e da experiência prática de três meses no site da TVI24, entre Setembro e Dezembro de 2014. Proponho reflectir sobre o jornalismo online, as suas potencialidades e, em particular, sobre a relação dos jornalistas com as fontes, a partir da respectiva revisão de literatura e de uma análise da cobertura dos acontecimentos relacionados com o vírus Ébola e a bactéria Legionella no que respeita às fontes utilizadas e ao aproveitamento das ferramentas digitais. Através da análise dos dados recolhidos, concluo que o jornalismo online é ainda marcado pelo sedentarismo, pelo contacto indirecto com as fontes e pelo pouco aproveitamento das ferramentas digitais.

The integration of online advertising into social media

This study examined user-generated (UG) advertising in the context of social media networks. The focus was on how people, whether an expert in the area, a non-expert or a friend, influence the reader of the advertisement. Furthermore, the study analyzed how the certainty level of the UG advertisement influences the person viewing the ad. The study showed that for the friend source a high certainty message was more persuasive. However, regarding the certainty no significant results were found for the expert and non-expert. Further, the type of the source had a considerable impact on persuasion. Someone that we personally know (e.g., a friend) was rated most positive for all analyzes variables. This shows that with the rising usage of social media there are great opportunities for new effective advertising strategies that could include a new type of an endorser – friends.

Comunidades DIY e aprendizagem colaborativa online

Este trabalho de projeto apresenta um estudo sobre o processo de reconhecimento da colaboração em discussões assíncronas online numa comunidade DIY criada no Edmodo. Usando o modelo sugerido por Murphy (2004) procura-se compreender o nível de colaboração atingido, num contínuo que vai da interacção à colaboração, da presença social à criação de artefactos digitais, recorrendo-se neste processo a um conjunto de ferramentas digitais. A técnica de desenvolvimento do estudo passou pela análise de conteúdo, posicionando-se no quadro do paradigma interpretativo e qualitativo, segundo a metodologia de estudo de caso. A análise dos resultados mostra o nível de colaboração atingido pelo grupo e a influência de algumas ferramentas e métodos de trabalho que a ele conduziram, tornando evidente a necessidade de realização de outros estudos, nomeadamente acerca da influência do e-moderador.