Fusões e aquisições no setor bancário em Portugal: análise do caso Millennium BCP e Banco BPI

Muitas referências apontam para as Fusões e Aquisições (F&A) como um dos meios mais privilegiados pelas instituições de crédito para fortalecerem a sua posição competitiva. As análises realizadas até hoje debruçam-se essencialmente sobre a observação das motivações, oportunidades e consequências das F&A, das suas vantagens e desvantagens, bem como encontrar a evidência que favoreça a ligação entre concentração e poder de mercado. O principal objetivo deste trabalho passa por inicialmente contribuir através de uma revisão literária existente, para um conhecimento mais abrangente das causa e efeitos dos processos de F&A, com o enfoque no conhecimento bancário. Esta análise é complementada, numa vertente mais empírica, pela avaliação de uma operação de fusão o Millennium BCP e Banco BPI, seguida de uma análise dos possíveis ganhos e a sua repartição pelas entidades envolvidas e respetivos investidores, das sinergias criadas bem como da forma de pagamento. A metodologia baseia-se nos dois primeiros capítulos, em pesquisa bibliográfica sob a forma de revisão de literatura. No terceiro capítulo, para estimar o valor das empresas, utiliza-se o método de análise dos Fluxos de Caixa Atualizados – nas projeções do cash-flow e no valor residual estimado. É feito um reforço desta avaliação através do Método dos Múltiplos. Por fim, é feita uma breve conclusão em modo discussão, onde são evidenciados os principais efeitos ocorridos com a proposta de fusão, tanto no que respeita as entidades financeiras envolvidas, como os acionistas e os seus gestores. Esta mesma conclusão permite verificar que a fusão seria um caminho estratégico viável para as instituições de crédito envolvidas e acionistas.

O Valor da Marca Banco BPI - Um Estudo de Caso

Este estudo teve como principal objetivo determinar o valor da marca Banco BPI na perspetiva dos clientes e financeira, recorrendo-se à distribuição de 250 inquéritos a clientes BPI para determinar o valor da marca na perspetiva dos clientes e à aplicação do método EVA para determinar o valor da marca na perspetiva financeira. Os inquiridos demonstraram uma perspetiva positiva nas várias dimensões do valor percebido da marca, no entanto a dimensão que apresentou a média mais elevada foi a notoriedade e a mais baixa foi a avaliação global da marca. De acordo com a análise fatorial exploratória efetuada, constatou-se que há duas componentes (fatores latentes) que parecem explicar o valor percecionado na perspetiva dos clientes. A primeira está relacionada com a confiança e fidelidade que os clientes possuem para com o Banco BPI e a segunda com o conhecimento das características do banco. Por sua vez, a qualidade percebida possui um peso semelhante em ambas as componentes. Ao longo do período temporal histórico considerado observaram-se EVA positivos para o Banco BPI. Através da comparação do EVA deste com o seu benchmark (Millennium BCP) verificou-se que o EVA do BPI é superior. O valor da marca na perspetiva financeira foi obtido através do método EVA usando diferentes cenários possíveis para o crescimento dos resultados e capitais investidos e por comparação com o valor da empresa, usando variáveis do benchmark. Desta forma, obtiveram-se resultados positivos em ambas as perspetivas, tal como era esperado, pelo que se concluiu que a marca Banco BPI possui um valor global positivo.

Validation of brief pain inventory to Brazilian patients with pain

To validate the Brazilian version of the Brief Pain Inventory (BPI-B) scale and to determine the optimal cutpoints for mild, moderate, and severe pain based on patients` rating of their worst pain. One hundred forty-three outpatients with cancer were recruited in Hospital das Clinicas-University of Sao Paulo, Brazil. Confirmatory factor analysis confirmed two underlying dimensions, pain severity, and pain interference, with Cronbach`s alpha of 0.91 and 0.87, respectively. Convergent validity was shown by the correlation observed between the BPI dimensions with the EORTC-QLQ-C30 pain scale and the McGill Pain Questionnaire. The BPI-B detected significant differences in the two dimensions by disease and performance status, supporting known-group validity. For the worst pain, the optimal cutpoints were 4 and 7 (1-4 = mild pain, 5-7 = moderate, and 8-10 = severe). Our data show that BPI-B is a brief, useful, and valid tool for assessing pain and its impact on patient`s life.

Reduced gray matter volume in ventral prefrontal cortex but not amygdala in bipolar disorder: Significant effects of gender and trait anxiety

Neuroimaging studies in bipolar disorder report gray matter volume (GMV) abnormalities in neural regions implicated in emotion regulation. This includes a reduction in ventral/orbital medial prefrontal cortex (OMPFC) GMV and, inconsistently, increases in amygdala GMV. We aimed to examine OMPFC and amygdala GMV in bipolar disorder type 1 patients (BPI) versus healthy control participants (HC), and the potential confounding effects of gender, clinical and illness history variables and psychotropic medication upon any group differences that were demonstrated in OMPFC and amygdala GMV Images were acquired from 27 BPI (17 euthymic, 10 depressed) and 28 age- and gender-matched HC in a 3T Siemens scanner. Data were analyzed with SPM5 using voxel-based morphometry (VBM) to assess main effects of diagnostic group and gender upon whole brain (WB) GMV. Post-hoc analyses were subsequently performed using SPSS to examine the extent to which clinical and illness history variables and psychotropic medication contributed to GMV abnormalities in BPI in a priori and non-a priori regions has demonstrated by the above VBM analyses. BPI showed reduced GMV in bilateral posteromedial rectal gyrus (PMRG), but no abnormalities in amygdala GMV. BPI also showed reduced GMV in two non-a priori regions: left parahippocampal gyrus and left putamen. For left PMRG GMV, there was a significant group by gender by trait anxiety interaction. GMV was significantly reduced in male low-trait anxiety BPI versus male low-trait anxiety HC, and in high-versus low-trait anxiety male BPI. Our results show that in BPI there were significant effects of gender and trait-anxiety, with male BPI and those high in trait-anxiety showing reduced left PMRG GMV. PMRG is part of medial prefrontal network implicated in visceromotor and emotion regulation. (C) 2008 Elsevier Ireland Ltd. All rights reserved.

Suicide behavior and neuropsychological assessment of type I bipolar patients

Background: Neuropsychological deficits are often described in patients with bipolar disorder (BID). Some symptoms and/or associated characteristics of BD can be more closely associated to those cognitive impairments. We aimed to explore cognitive neuropsychological characteristics of type I bipolar patients (BPI) in terms Of lifetime Suicide attempt history. Method: We studied 39 BPI Outpatients compared with 53 healthy controls (HC) matched by age, educational and intellectual level. All Subjects were submitted to a neuropsychological assessment of executive functions, decision-making and declarative episodic memory. Results: When comparing BD1 patients, regardless of suicide attempt history or HC, we observed that bipolar patients performed worse than controls oil measures of memory, attention, executive functions and decision-making, Patients with a history of suicide attempt performed worse than non-attempters on measures of decision-making and there were a significant negative correlation between the number of suicide attempts and decision-making results (block 3 and net score). We also found significant Positive correlation between the number Of Suicide attempts and amount Of errors in Stroop Color Word Test (part 3). Limitations: The sample Studied call be considered small and a potentially confounding variable - medication status - were not controlled. Conclusion: Our results show the presence of neuropsychological deficits in memory, executive functions, attention and decision-making in BPI patients. Suicide attempts BPI scored worse than non-suicide attempt Bill oil measures of decision-making. More suicide attempts were associated with a worse decision-making process. Future research should explore the relationship between the association between this specific cognitive deficits in BPIs, serotonergic function and suicide behavior in bipolar patients as well other diagnostic groups. (C) 2009 Elsevier B.V. All rights reserved.

Establishment of Nilaparvata Iugens Stl in rice crop nurseries: a possible source of outbreaks

We tested the hypothesis that early-planted seedbeds of rioe are mere heavily infested with brown planthopper (BPH) than later seedbeds, and that transplanted plants with lBPH are a source of subsequent population increase and possible outbreaks. The experiments were conducted at CARDI and Takeo province in wet season 2000 and early wet 2 season 200 I. BPH at O. 25. 50, 100, 200 1m were infested onto plants with low and high fertilizer treatments. Rice seeds of varieties moderately and highly susceptible to BPH were sown 3 weeks early, 2 weeks early, at the normal time, and later than normal (5 weeks) and treated with low and high fertilizer rates. At Takeo, the 3< weeks early seedbeds were infested by BPH migration, and both varieties with high fertilizer caught more immigrant insects and subsequently had damaging outbreaks of BPH in the third generation. At CARDl, no seedbeds were infested with immigrant BPH. Seedbeds in areas with continuous cropping of rice have a high risk of BPH attack, Seedlings infested with 200, 100, and 50 BPI[/m2 resulted in death of the plant. Plants with 100 and 200 BPH/m'! were kj[Jed sooner. With 25 BPIVm2 plants were not kllled, but subsequent population increase caused yi eld reduction. Yield loss was high ill higlh fertilizer treated plants. Key words , ,

Efeito de contágio no mercado financeiro português

Mestrado em Contabilidade e Gestão das Instituições Financeiras

Gestão do risco de crédito e rentabilidade dos bancos: o caso português

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira.

Risco reputacional na banca portuguesa

A reputação é intangível, pode mudar durante o tempo (para melhor ou pior), é difícil de definir, é difícil de medir e difícil de ser traduzida em valor. Mas a maioria dos stakeholders e CEOs concorda que a reputação é dos riscos emergentes mais preocupantes com que as organizações se deparam - pode explicar o porquê dos clientes escolherem um produto ou serviço e pode determinar o sucesso ou o insucesso da organização. O objetivo desta dissertação é o estudo da reação do mercado de ações ao anúncio de eventos de risco operacionais na banca portuguesa. Assim, compreender quais os eventos operacionais que têm um impacto positivo ou negativo sobre a imagem/reputação de um Banco. A metodologia usada nesta dissertação é baseada numa amostra de 114 eventos operacionais ocorridos em Bancos portugueses, nomeadamente, o Banco Espírito Santo (BES), o Banco Comercial Português (BCP), o Banco Português de Investimento (BPI) e o Banif. Os eventos operacionais ocorreram no período de 29 de Outubro de 2007 a 07 de Abril de 2014. Com base nos resultados obtidos, a variação das cotações de mercado, é possível perceber se os efeitos foram positivos ou negativos para a imagem das instituições financeiras e, assim construir matrizes que ilustram o impacto no valor das instituições quando ocorre um evento operacional.

Managing marginal capital requirements in solvency II: Analysis of a real insurance portfolio

This thesis provides a complete analysis of the Standard Capital Requirements given by Solvency II for a real insurance portfolio. We analyze the investment portfolio of BPI Vida e Pensões, an insurance company affiliated with a Portuguese bank BPI, both at security, sub-portfolio and asset class levels. By using the Standard Formula from EIOPA, Total SCR amounts to 239M€. This value is mostly explained by Market and Default Risk whereas the former is driven by Spread and Concentration Risks. Following the methodology of Leblanc (2011), we examine the Marginal Contribution of an asset to the SCR which allows for the evaluation of the risks of each security given its characteristics and interactions in the portfolio. The top contributors to the SCR are Corporate Bonds and Term Deposits. By exploring further the composition of the portfolio, our results show that slight changes in allocation of Term and Cash Deposits have severe impacts on the total Concentration and Default Risks, respectively. Also, diversification effects are very relevant by representing savings of 122M€. Finally, Solvency II represents an opportunity for the portfolio optimization. By constructing efficient frontiers, we find that as the target expected return increases, a shift from Term Deposits/ Commercial Papers to Eurozone/Peripheral and finally Equities occurs.

The changing distribution of malaria in the Brazilian Amazon, 2003-2004 and 2008-2009

Introduction More than half of the malaria cases reported in the Americas are from the Brazilian Amazon region. While malaria is considered endemic in this region, its geographical distribution is extremely heterogeneous. Therefore, it is important to investigate the distribution of malaria and to determine regions whereby action might be necessary. Methods Changes in malaria indicators in all municipalities of the Brazilian Amazon between 2003-2004 and 2008-2009 were studied. The malaria indicators included the absolute number of malaria cases and deaths, the bi-annual parasite incidence (BPI), BPI ratios and differences, a Lorenz curve and Gini coefficients. Results During the study period, mortality from malaria remained low (0.02% deaths/case), the percent of municipalities that became malaria-free increased from 15.6% to 31.7%, and the Gini coefficient increased from 82% to 87%. In 2003, 10% of the municipalities with the highest BPI accumulated 67% of all malaria cases, compared with 2009, when 10% of the municipalities (with the highest BPI) had 80% of the malaria cases. Conclusions This study described an overall decrease in malaria transmission in the Brazilian Amazon region. As expected, an increased heterogeneity of malaria indicators was found, which reinforces the notion that a single strategy may not bring about uniformly good outcomes. The geographic clustering of municipalities identified as problem areas might help to define better intervention methods.

Rating corporate groups a modelling experience

This paper aims to provide a model that allows BPI to measure the credit risk, through its rating scale, of the subsidiaries included in the corporate groups who are their clients. This model should be simple enough to be applied in practice, accurate, and must give consistent results in comparison to what have been the ratings given by the bank. The model proposed includes operational, strategic, and financial factors and ends up giving one of three results: no support, partial support, or full support from the holding to the subsidiary, and each of them translates in adjustments in each subsidiary’s credit rating. As it would be expectable, most of the subsidiaries should have the same credit rating of its parent company.

Change in cognitive errors and coping over the course of brief psychodynamic intervention.

OBJECTIVE: Cognitive change over the course of psychodynamic psychotherapy has been postulated by several models, but has rarely been studied. Based on the adaptive skills model (Badgio, Halperin, & Barber, 1999), it is reasonable to expect that very brief dynamic psychotherapy may be associated with change in coping patterns and cognitive errors (also known as cognitive distortions) y. METHOD: N = 50 outpatients presenting with various psychiatric disorders and undergoing 4 sessions of Brief Psychodynamic Intervention (BPI; Despland, Drapeau, & de Roten, 2005; Despland, Michel, & de Roten, 2010) were included in this naturalistic study (mean age: 31 years; 56% female; all Caucasian). Cognitive errors and coping strategies were assessed using the Cognitive Errors Rating Scale (Drapeau et al., 2008) and Coping Patterns Rating Scale (Perry et al., 2005). These observer rated methods were applied to the verbatim transcriptions of all 4 therapy sessions completed by each patient. RESULTS: Results indicate change in both cognitive errors and coping patterns over the course of BPI, including an increase in the Overall Coping Functioning and a decrease in unhelpful coping processes, such as isolation, which reflects a shift in participant appraisal towards stress appraised as a challenge at the end of treatment. These changes predicted symptom change at the end of treatment. While cognitive errors also changed over the course of BPI, no predictive effect was found with regard to symptom change. CONCLUSIONS: These results are interpreted within the framework of common change principles in psychotherapy. Implications and future research are discussed.

Effectiveness of Pregabalin as Monotherapy or Combination Therapy for Neuropathic Pain in Patients Unresponsive to Previous Treatments in a Spanish Primary Care Setting

BACKGROUND AND OBJECTIVE Patients from a previous study of neuropathic pain (NP) in the Spanish primary care setting still had symptoms despite treatment. Subsequently, patients were treated as prescribed by their physician and followed up for 3 months. Since pregabalin has been shown to be effective in NP, including refractory cases, the objective of this study was to assess the effectiveness of pregabalin therapy in patients with NP refractory to previous treatments. METHODS This was a post hoc analysis of pregabalin-naïve NP patients treated with pregabalin in a 3-month follow-up observational multicenter study to assess symptoms and satisfaction with treatment. Patients were evaluated with the Douleur Neuropathique en 4 questions (DN4), the Brief Pain Inventory (BPI) and the Treatment Satisfaction for Medication Questionnaire (SATMED-Q) overall satisfaction domain. RESULTS 1,670 patients (mean age 58 years, 59 % women), previously untreated or treated with ≥1 drug other than pregabalin, were treated with pregabalin (37 % on monotherapy). At 3 months, pain intensity and its interference with activities decreased by half (p < 0.0001), while the number of days with no or mild pain increased by a mean of 4.5 days (p < 0.0001). Treatment satisfaction increased twofold (p < 0.0001). Patients with a shorter history of pain and those with neuralgia and peripheral nerve compression syndrome (PCS) as etiologies had the highest proportion on monotherapy and showed the greatest improvements in pain-related parameters in their respective group categories. CONCLUSION Treatment with pregabalin (as monotherapy or combination therapy) provides benefits in pain and treatment satisfaction in patients with NP, including refractory cases. Shorter disease progression and neuralgia and PCS etiologies are favorable factors for pregabalin treatment response.