Systematic liquidity: commonality and inter-temporal variation in the Portuguese stock market

[EN] The aim of this paper is to study systematic liquidity at the Euronext Lisbon Stock Exchange. The motivation for this research is provided by the growing interest in financial literature about stock liquidity and the implications of commonality in liquidity for asset pricing since it could represent a source of non-diversifiable risk. Namely, it is analysed whether there exist common factors that drive the variation in individual stock liquidity and the causes of the inter-temporal variation of aggregate liquidity. Monthly data for the period between January 1988 and December 2011 is used to compute some of the most used proxies for liquidity: bid-ask spreads, turnover rate, trading volume, proportion of zero returns and the illiquidity ratio. Following Chordia et al. (2000) methodology, some evidence of commonality in liquidity is found in the Portuguese stock market when the proportion of zero returns is used as a measure of liquidity. In relation to the factors that drive the inter-temporal variation of the Portuguese stock market liquidity, the results obtained within a VAR framework suggest that changes in real economy activity, monetary policy (proxied by changes in monetary aggregate M1) and stock market returns play an important role as determinants of commonality in liquidity.

Elasmobranch Landings for the Portuguese Commercial Fishery From 1986 to 2001

Portuguese commercial elasmobranch landings were analyzed for the period 1986–2001. An average of 5,169 (± 795 t) were landed yearly, representing 18 families, 29 genera, and 34 confirmed species. However, annual landings for the fishery generally decreased over time, with a corresponding increase in price per kilogram. The most important group, Raja spp., accounted for 33% of the landings or 26,916 t. They were followed by Centroscymnus coelolepis, Scyliorhinus spp., Centrophorus granulosus, and Centrophorus squamosus (accounting for 12%, 12%, 11%, and 9% of the landings, respectively). In the absence of CPUE data, the comparative trends of landings and price were employed as an indicator of the “status” of specific elasmobranch species. Raja spp., Centrophorus granulosus, Mustelus spp., Torpedo spp., and Squatinidae displayed indications of possible overexploitation, and they merit the focus of future research.

Diel vertical migration of decapod larvae in the Portuguese coastal upwelling ecosystem: implications for offshore transport

The vertical distribution of decapod larvae off the northwest Portuguese coast was analysed in relation to associated environmental conditions from sampling during a 69 h period around a current meter mooring located on the shelf, approximately 21 km off the coast. Plankton samples were collected every 2 h at the surface with a neuston net and through the water column with a Longhurst Hardy Plankton Recorder (Pro-LHPR), allowing a very detailed resolution of larval vertical distribution. Environmental data (temperature, salinity, and chlorophyll a) were obtained every hour. To investigate the horizontal distribution of decapod larvae in relation to the coast, a plankton-sampling grid was carried out before the 69 h fixed station. Larvae of shelf decapod species were widely distributed over the shelf, while those of inshore species were found much closer to the coast. Decapod larvae (zoeae and megalopae) showed clear diel vertical migrations, only appearing in the upper 20 m at night, a migration that did not appear to be affected by physical conditions in the water column. Larval densities were highly variable, 0.01 to 215 ind. m super(-3) for zoeae and 0 to 93 ind. m super(-3) for megalopae, the zoeae being generally more abundant. The results indicated that during the day larvae accumulate very close to the bottom. The diel vertical migration behaviour is discussed as one of the contributing mechanisms for larval retention over the shelf, even with offshore transport conditions promoted by coastal upwelling, and is hence of major relevance for the recruitment success of decapod species that inhabit inshore and shelf zones of coastal upwelling systems.

Horizontal and vertical distribution of cirripede cyprid larvae in an upwelling system off the Portuguese coast

The distribution of cirripede cyprids in relation to associated oceanographic conditions was obtained from a grid survey and intensive vertical sampling at a fixed station located 21 km off the northwest Portuguese coast in May 2002. Analysis of cyprid length composition allowed separation of 3 species groups. Chthamalus montagui, Pollicipes pollicipes and Balanus perforatus were largely restricted to the neuston layer and showed only low-amplitude vertical migration. Most C. stellatus cyprids only appeared in the upper 20 m at night, a migration which did not appear to be affected by physical conditions in the water column, but some differences in the vertical migration pattern between days were probably related to varying light penetration. C. montagui is the most abundant adult species found along the Portuguese coast, but C. stellatus cyprids, at densities of up to 8.7 ind. m–3, were the most common sampled in all depth strata at the fixed station. Cyprid horizontal distribution was mainly restricted to an offshore band along the inner shelf, where highest densities were 11 to 15 ind. m–3. This distribution pattern was considered to result from upwelling-favourable wind conditions, creating fronts along the shelf in which the cyprids become concentrated. Cyprid vertical migration, in association with current vertical shear and onshore movement of fronts during upwelling-relaxation periods, may be the mechanisms returning cyprids to the coast to settle. The regularity of these events in the region falls within the period of cyprid viability.

The Violent Maintenance of the Portuguese Colonial Identity and the Search for a Postcolonial one: literary images of Portugal as a colonial and postcolonial nation

Through the examination of Camões's Os Lusíadas , Sena's Os Grão-Capitães and Saramago's A Jangada de Pedra , this article explores violence as a means of shaping Portuguese identity in different historical contexts, and how these works portray the continued recourse to violence as Portugal moves from colonizing to postcolonial nation.

Examining architects' performance in Nigeria private and public sectors building projects

Abstract: Purpose – The aim of this paper is to examine and compare the performance of architects with respect to clients' rating of importance over a set of performance criteria in Nigerian public and private sector building projects. Design/methodology/approach – A survey involving clients from both public and private sectors of recently completed building projects in Nigeria was undertaken. Data analysis includes comparing similarities and differences using standardised ratio, Mann Whitney U and Wilcoxon tests. Findings – The results show that private sector clients are likely to be more concerned with cost, while public sector clients are more concerned with buildability of design. A total of 79 per cent of the criteria were similarly selected by both sectors with respect to importance of the criteria. Architects need to improve their performance significantly in about 82 per cent of the whole set of 28 criteria. The architects performed better in the public sector than the private sector and 14 per cent of the criteria were indicated as being statistically different in terms of architects' performance. Originality/value – The results provide feedback which can be incorporated in architects' future projects so as to ensure successful project implementation in the building delivery process.