Elterntage an Universitäten

Der Aufsatz befasst sich mit den aktuell an deutschen Universitäten ausgerichteten Elterntagen. Die Grundlage der Analyse bilden Ankündigungen und Programme zu Elterntagen an sieben Universitäten. Hierzu gehören Dresden, Frankfurt/Main, Konstanz, Mainz, Münster, Oldenburg und Osnabrück. Der Text macht deutlich, inwieweit einerseits eine Infantilisierung der Studierenden über die Elterntage stattfindet und andererseits sie Ausdruck des Wettbewerbsdrucks sind, unter den sich die Universität gestellt sieht. (DIPF/Autor)

Fixed versus Flexible: lessons from EMS order Flow

We extend the literature on regime-dependent volatility in two ways. First, our microstructural model provides a qualitatively new explanation. Second, we test implications of our model using Europe's recent shift to rigidly fixed rates (EMS to EMU). In the model, shocks to order flow induce more volatility under flexible rates because the elasticity of speculative demand is (endogenously) low, leading to pronounced portfolio-balance effects. New data on FF/DM transactions show that order flow had persistent effects on the exchange rate before EMU parities were announced. After announcement, the FF/DM rate was decoupled from order flow, as the model predicts.

Cell cycles and endocycles in the model brown seaweed, Ectocarpus siliculosus

The recent announcement of the first genome sequence of a brown macroalga, the filamentous Ectocarpus, has been accompanied by a number of companion papers in New Phytologist. In a paper which contributes to this special issue, we classified the core cell cycle components of Ectocarpus, comparing them to the previously studied cell cycle components of diatoms. We then carried out fluorescence microscopy experiments to show that the Ectocarpus cell cycle could be deregulated during early development to give endopolyploid adults. We discuss here how our findings complement recent studies on endopolyploidy in plant and algal systems.

WASP-40b: Independent Discovery of the 0.6 M Transiting Exoplanet HAT-P-27b

From WASP photometry and SOPHIE radial velocities we report the discovery of WASP-40b (HAT-P-27b), a 0.6 M planet that transits its 12th magnitude host star every 3.04 days. The host star is of late G-type or early K-type and likely has a metallicity greater than solar ([Fe/H]=0.14±0.11). The planet's mass and radius are typical of the known hot Jupiters, thus adding another system to the apparent pileup of transiting planets with periods near 3-4 days. Our parameters match those of the recent HATnet announcement of the same planet, thus giving confidence in the techniques used. We report a possible indication of stellar activity in the host star.

How do analysts deal with bad news? Going-concern opinions and analyst behaviour

Tese dout., University of Edinburg, 2008

The intra-industry effects of going concern withdrawn audit reports

Dissertação de mestrado, Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2014

M&A und das Synergieversprechen. Wen interessiert's? Entwicklung eines Ansatzes zur Analyse von Aktienkursreaktionen auf M&A-basierte Finanzkommunikation

Die Arbeit entwickelt einen Ansatz, mit dem Aktienkursreaktionen auf Unternehmensmeldungen untersucht werden können. Die Vorgehensweise entstammt der Forschungsfrage, ob Investoren im Sinne einer Kontrollfunktion des Kapitalmarktes angemessen auf Unternehmensmeldungen reagieren, die auf den Stand einer M&A-Integration hinweisen. Vermutet wird, dass Synergieeffekte vom Management im Vorfeld versprochen werden, um M&A-Transaktionen zu rechtfertigen. Anschließend würdigen bzw. kontrollieren Investoren die Entwicklung der Integration jedoch nicht ausreichend. Dies soll bewiesen werden, indem gezeigt wird, dass Kursreaktionen in Form von bereinigten Tagesrenditen und -volatilitäten, Handelsvolumen und Hoch-Tief-Spannen auf M&A-Meldungen vergleichsweise geringer ausfallen. Um eine Vergleichbarkeit von Unternehmensmeldungen verschiedener Gruppen (M&A, Produkte usw.) herstellen zu können, werden die Handlungsanreize der Meldungen mittels der qualitativen Inhaltsanalyse kategorisiert. Im Rahmen einer exemplarischen Anwendung zeigte sich, dass der Ansatz, dessen Besonderheit in der systematischen Auswahl probater Beobachtungen liegt, nicht für eine praktische Übertragung geeignet ist. Demnach konnte die Vermutung weder verworfen noch bestätigt werden. Theoretisch kann aufgrund der Betrachtung eines einzelnen Ereignistages, an dem neben der zu untersuchenden Meldung keine weiteren Informationen über das Unternehmen veröffentlicht worden sind, ein relativ starker Kausalitätsbezug zwischen Meldung und Reaktion hergestellt werden. Allerdings bestehen immer noch zu viele Störereignisse und Überlagerungseffekte, die eine kritische Validierung der Ergebnisse verhindern.

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.

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

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

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.

Les temporalités des médicaments : trajectoires en soins palliatifs à l'hôpital

A partir d'un terrain ethnographique réalisé au sein d'une équipe mobile de soins palliatifs d'un hôpital universitaire, cette thèse de doctorat porte sur les médicaments dans le contexte de la fin de vie. Au carrefour d'une socio-anthropologie de la maladie grave, du mourir et des médicaments, elle interroge les rapports à la morphine, ainsi qu'à certains psychotropes et sédatifs utilisés en soins palliatifs. Entre temporalité vécue et temporalité institutionnelle, les manières d'investir le temps lorsqu'il est compté, y sont centrales. Dans une dimension microsociale, les résultats montrent que l'introduction de certains médicaments comme la morphine et l'entrée en scène d'une équipe mobile de soins palliatifs sont des points de repère et peuvent sonner comme une annonce, sorte de sanction, dans la trajectoire incertaine de la personne malade. En outre, les médicaments permettent d'agir sur « le temps qui reste » en plus de soulager les symptômes lorsque la maladie grave bascule en maladie incurable. Ils font l'objet d'usages détournés du but initial de soulagement des symptômes pour repousser, altérer ou accélérer la mort dans une perspective de maîtrise de sa fin de vie. Dans une dimension mésosociale, ce travail considère les médicaments à la base d'échanges entre groupements professionnels sur fond d'institutionnalisation des soins palliatifs par rapport à d'autres segments de la médecine actifs dans la gestion de la fin de vie. Dans une médecine caractérisée par l'incertitude et les décisions -avec une teinte toute particulière en Suisse où le suicide assisté est toléré - les médicaments en soins palliatifs peuvent être considérés comme des instruments de mort, qu'ils soient redoutés ou recherchés. Interrogeant les risques de reproduire un certain nombre d'inégalités de traitements à l'approche de la mort, qui s'accentuent dans un contexte de plus en plus favorable aux pratiques euthanasiques, ce travail se propose, en définitive, de discuter le temps contraint de la mort dans les institutions hospitalo-universitaires, entre acharnement et abstention thérapeutique.¦-¦Based on ethnographie fieldwork conducted within a palliative care mobile team in an academic hospital, this doctoral thesis focuses on medicines used in end of life contexts. At the intersection of a socio-anthropology of illness, dying and pharmaceuticals, the relations to morphine, as well as to some psychotropic and sedative drugs used in palliative care are questioned. Between "lived" experiences of temporality and institutional temporality, the ways by which actors invest time when it is counted, appeared to be central. In a microsocial dimension, the results showed that introducing drugs such as morphine, as well as the arrival of a palliative care mobile team, are landmarks and sound like an announcement, a sort of sanction, during the uncertain trajectory of the ill person. In addition, medicines can act on "the remaining time" when severe illness shifts into incurable illness. Indeed, medicines are being diverted from the initial aim of symptom relief in order to defer, alter or hasten death in a perspective of control over one's death. In a mesosocial dimension, pharmaceuticals are seen as core to professional exchanges and to palliative care institutionalisation compared to other active medical segments in end of life care. In a medical context characterised by uncertainty and decision-taking-with a special shade in Switzerland where assisted suicide is tolerated - palliative medicines can be seen as instruments of death, whether sought or feared. Questioning the risks of reproducing treatment inequalities at the approach of death, which are accentuated in a context increasingly favorable to euthanasia practices, this study aims, ultimately, at discussing death's constrained time in academic hospitals, between therapeutic intervention and abstention.