The Portuguese Administrative Elite, 1851-1910

The aim of this article is to examine the composition and patterns of recruitment of the ministries’directors-general, as well as to assess the interconnections between bureaucracy and politics, from the beginnings of Regeneração (1851) until the breakdown of Monarchy (1910). The post of director-general was considered one of “political trust”, that might be filled by individuals from outside the civil service, and the selection and de-selection of officeholders depended exclusively on the ministers’ will. Nonetheless, most directors-general were experienced bureaucrats, boasting a steady career as civil servants, and remained in office for long terms, regardless of ministerial discontinuities. In other words, High Administration became relatively immune to party-driven politics. Due to their professional background and lengthy tenure, directors-general were usually highly skilled specialists, combining technical expertise and practical knowledge of the wheels of state bureaucracy. Hence, they were often influential actors in policy-making, playing an active (and sometimes decisive) part behind the scenes, in both designing and implementing government policies. As regards their social profile, directors-general formed a cohesive and homogeneous elite group: being predominantly drawn from urban middle class milieus, highly educated, and appointed to office in their forties.

Exploring the experience of stigma in severe mental illness : a Portuguese contribution to the validation of a psychometric instrument

RESUMO: Fizemos uma análise da evolução do conceito de estigma, das suas correlações e das suas consequências e analisámos os instrumentos psicométricos utilizados para estudar experiências pessoais de estigma. Revimos os principais estudos de investigação sobre estigma em Portugal. Revimos, igualmente, os estudos relevantes utilizando o “Consumer Experiences of Stigma Questionnaire” (CESQ) e as propriedades psicométricas já documentadas. O nosso estudo teve como objetivos: explorar as experiências de estigma numa amostra portuguesa de pessoas com perturbação mental grave e contribuir para a documentação das propriedades psicométricas do “Consumer Experiences of Stigma Questionnaire” e para a validação da sua versão portuguesa. Fizemos um estudo transversal, descritivo e analítico, recolhemos dados sociodemográficos e clínicos e medimos as experiências de estigma e o funcionamento global. A frequência das respostas da secção de estigma foi semelhante à dos restantes estudos utilizando a CESQ. A frequência das respostas na secção de discriminação foi ligeiramente inferior à reportada noutros estudos. Verificámos a existência de uma associação entre a pontuação da subescala de discriminação, o sexo masculino e o facto de se viver na comunidade. A pontuação da subescala de discriminação está também correlacionada de forma positiva com o funcionamento global. Os alfas de Cronbach para a CESQ e para as suas subescalas foram considerados bons. Os coeficientes de correlação intraclasse foram igualmente considerados igualmente bons. Utilizando técnicas de análise fatorial, verificámos que a maior parte dos itens da CESQ se enquadrava em dois fatores, correspondendo sensivelmente às subescalas definidas previamente. Concluímos que o presente estudo explorou com sucesso a questão do estigma em Portugal, contribuindo em simultâneo para a validação do “Consumer Experiences of Stigma Questionnaire.--------------ABSTRACT: We reviewed the evolution of concept of stigma, its correlates and consequences, and analysed psychometric instruments that were used to study personal experiences of stigma. We provided an insight over research of stigma in Portugal. We reviewed relevant studies that use Consumer Experiences of Stigma Questionnaire and documented psychometric properties of this instrument. Our study aimed both to explore experiences of stigma in a Portuguese sample of people with severe mental illness and to contribute to the assessment of the psychometric properties of Consumer Experiences of Stigma Questionnaire and to the validation of its Portuguese translation. We performed a cross sectional descriptive and analytic study, collected socio-demographic data and measured experiences of stigma and global functioning. Frequency of responses regarding stigma section of CESQ matched previous studies using that scale. Frequency of responses in discrimination section was slightly lower than previously reported studies. We found an association between the discrimination score of CESQ and both male gender and living in the community. The discrimination score also positively correlated with global functioning. Cronbach alphas for CESQ and its subscales were good. Intraclass correlation coefficients for CESQ and stigma subscale were also good. Using factor analysis we found most of the items in CESQ would fit 2 factors, grossly corresponding to the previously defined subscales. We conclude that this study successfully explored stigma in Portugal, contributing in simultaneous to the validation of Consumer Experiences Questionnaire.

Self-initiation expatriation: A focus on Italian and Portuguese students

The purpose of this work project is to analyze the phenomenon of self-initiated expatriation (SIE) through its link to the Protean Career and Career Capital theories, focusing in particular on Italian and Portuguese students attending a Master in the business area. The main research questions are to understand the reasons driving the intention to expatriate, after the conclusion of the academic path, using three main categories (Adventure Motivation, Work Characteristic Motivation and instrumental Motivation) and the intention to repatriate. A sample of Italian and Portuguese students was obtained. Italians show a higher intention to expatriate relative to Portuguese; nevertheless, no other significant differences were found among the two populations, because of the similar cultural background and economic situation. Additionally, several heterogeneities were observed considering other clusters defined by Gender, Teaching Language of the Master and Past International Experiences, across the two nationalities. Furthermore, possible future researches and practical implications were discussed.

Rethinking the Portuguese banking sector in a post-crisis context

As the financial crisis hit the Portuguese banks, the profitability of the whole sector squeezed to historical minimums. Reinventing the banking business model in the post-crisis context is an overriding issue to achieve sustainable profits and a low cost-to-income ratio. We propose banks to adopt a true multichannel approach, proceeding to a branch network reformatting and a relocation of services to online channels; adopt a true customer-centric approach and reduce the product and services portfolio complexity; finally, industrialize operations and rationalize the structure. With these measures in place, Portuguese banks will become leaner and more efficient, aspiring to a cost-to-income ratio below 45%.

Portuguese banks and the economic adjustment programme: balance sheet adjustments and impact on profitability

Double Degree. 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 and a Masters Degree in Finance from Louvain School of Management

Felmini, the success of a Portuguese footwear company in the Italian market

NSBE - UNL

Compensating variation and the young Portuguese emigrants: A study on how to keep our own

Emigration has been a very present word in Portugal. Due to the effects of the Economic Crisis and the Memorandum of Understanding policies, we have witnessed a significant yearly migration outflow of people searching for better conditions. This study aims to measure the factors affecting this flow as well as how much the probability of emigrating has evolved during the years bridging 2006 to 2012. I shall consider the decision of emigrating as Discrete Choice Random Utility maximization use a conditional Logit framework to model the probability choice for 31 OECD countries of destination. Moreover I will ascertain the compensating variation required such that the probability of choice in 2012 is adjusted back to 2007 values, keeping all other variables constant. I replicate this exercise using the unemployment rate instead of income. The most likely country of destination is Luxembourg throughout the years analyzed and the values obtained for the CV is of circa 1.700€ in terms of Income per capita and -11% in terms of the unemployment rate adjustment.

Portuguese business groups at the beginning of the 21st century: Trends, characteristics and configurations

This study considers the literature on the persistence of business groups in developed economies and analyzes the Portuguese case. The reconstruction of the largest business groups assembles information relevant to define characteristics that enable them to thrive. Increasing internationalization, more specialization in core activities and family control define these types of big businesses. New sectors also emerge as a characteristic of these business groups when compared to the ones existing 40 years ago.

Determinants of reelection in Portuguese municipal elections

This Work Project investigates the determinants of reelection using data on the 278 Portuguese mainland municipalities for the period 1976-2009. We implement a logit fixed effect model to control for the municipalities’ unobserved characteristics that remain constant over time. Political variables, such as the vote share of the incumbent’s party in previous election, the number of mayor’s consecutive mandates and abstention rate, are found to be relevant in explaining incumbent’s reelection. Moreover, as to the mayor’s individual characteristics, age and education contribute to explain reelection prospects. We also provide weak evidence that a higher degree of fiscal autonomy increases political turnover and that the good economic prospects of the municipality positively affect reelection. Finally, the residents’ level of education and the size of the municipal population have an explanatory power on mayor’s reelection. We perform several robustness checks to confirm these results.

Is there space to build one more transshipment terminal within Portuguese territory?

NSBE - UNL

Indoor location-based analytics systems: Portuguese market compettive assessment and entry procing strategy of BIPs' technology in Sonae Sierra Shopping malls stores

This project attempts to provide an in-depth competitive assessment of the Portuguese indoor location-based analytics market, and to elaborate an entry-pricing strategy for Business Intelligence Positioning System (BIPS) implementation in Portuguese shopping centre stores. The role of industry forces and company’s organizational resources platform to sustain company’s competitive advantage was explored. A customer value-based pricing approach was adopted to assess BIPS value to retailers and maximize Sonae Sierra profitability. The exploratory quantitative research found that there is a market opportunity to explore every store area types with tailored proposals, and to set higher-than-tested membership fees to allow a rapid ROI, concluding there are propitious conditions for Sierra to succeed in BIPS store’s business model in Portugal.

The Portuguese contemporary art as an investment

In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.

Predictors of student success: a study of Portuguese Higher Education graduates

Work Projected presented in the context of a Directed Research Internship at the Directorate-General of Statistics of the Portuguese Ministry of Education, and as part of the requirements for the Award of a Masters Degree in Economics from the NOVA - School of Business and Economics

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

Modeling and forecasting value-at-risk for the Portuguese stock market

The aim of this work project is to find a model that is able to accurately forecast the daily Value-at-Risk for PSI-20 Index, independently of the market conditions, in order to expand empirical literature for the Portuguese stock market. Hence, two subsamples, representing more and less volatile periods, were modeled through unconditional and conditional volatility models (because it is what drives returns). All models were evaluated through Kupiec’s and Christoffersen’s tests, by comparing forecasts with actual results. Using an out-of-sample of 204 observations, it was found that a GARCH(1,1) is an accurate model for our purposes.