A Avaliação Imobiliária e a sua relação com o Investimento

O presente relatório visa cumprir os requisitos da unidade curricular Dissertação, Projeto ou Estágio (DIPRE) do mestrado em Engenharia Civil do Instituto Superior de Engenharia do Porto (ISEP). O estágio curricular decorreu na empresa VPM - Vaz Pinto Mendes - Unipessoal Lda, sob o tema: “A avaliação imobiliária e a sua relação com o investimento”. A avaliação imobiliária visa determinar o valor associado aos bens imóveis. Pode ser aplicada a todo o tipo de bens imóveis, tais como: apartamentos e moradias uni e multifamiliares, espaços comerciais e de serviços, quintas, unidades hoteleiras e industriais, complexos desportivos, entre outros. A avaliação imobiliária poderá ser solicitada por parte de proprietários ou arrendatários dos imóveis, por empresas, tribunais, advogados e solicitadores. Apresenta diversos fins, tais como a determinação do valor de indemnização devido a expropriações, o financiamento hipotecário para compra ou construção de imóveis, partilhas, estudo de um investimento financeiro, intenção de venda ou arrendamento, efeitos fiscais ou apenas o simples conhecimento do valor aproximado das propriedades que se possui. O presente estudo visa abordar o atual mercado imobiliário nacional, o procedimento de realização de uma avaliação imobiliária e principalmente os métodos de avaliação tradicionais.

Return on equity: A comparison between companies in Portugal and Brazil: Similarities and differences

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

Inefficient commuting in a city with spillovers

A Masters Thesis, presented as part of the requirements for the award of a Research Masters Degree in Economics from NOVA – School of Business and Economics

Essay on secular stagnation

In this paper we show that a closed economy, with a balanced budget and unable to increase public spending, can avoid or leave a persistent slump through adequate and timely combination of monetary and fiscal policy based on distortionary taxation. We use a three generations OLG New Keynesian model in which a permanent slump is possible without any self-correcting force to full-employment. Complementing recent work on Secular Stagnation using lump-sum taxation and government spending as fiscal instruments, our contribution is to use distortionary taxes over labor, consumption and capital, in a balanced budget environment with constant (or decreasing) government spending.

A harmonização fiscal europeia

With this dissertation we aim to analyze the most relevant aspects of the excise duties harmonized regime, considering Community origins, but having also in attention all legal specifications of its implementation in Portugal. The legal regime of excise duties is presented as an ambitious theme, considering the challenge of different branches of law that influence this subject, such as Tax, Economic and Community laws, the inescapable influence of customs procedures, or regarding environmental objectives. In the European context, the harmonization of excise duties was seen as a condition for the implementation of the internal market, contributing to undo secular tax barriers between Member States and, since so, ensure fair competition and free movement of services and goods. Along with VAT, the excise duties harmonization process could represent a potential European tax system, essential for a full and integrated single market. In this context, it is essential to pay special attention to specific characteristics of excise duties regime, such as ‘duty suspension arrangement’ applicable during the production phase, storage and movement in certain conditions. The growing importance of excise duties, as for revenue or extra-fiscal purposes, recommends new academic studies on this subject, seeking new opportunities and challenges.

Earnings overseas and cash holdings

I investigate the impact of foreign pre-tax income on the total amount of cash held by companies and on the amount of cash that is held in companies’ foreign subsidiaries. I also investigate the impact of the existence and amount of cash held on companies’ foreign subsidiaries in the composition of cash holdings in terms of risk and liquidity. Using a sample of 100 largest U.S. non-financial and non-utilities companies I find that companies with higher earnings overseas present higher cash reserves and invest a higher fraction of their cash in risky assets. My evidence suggests that companies have a different optimization strategy for cash overseas, in which precautionary motives are not the main driver for holding cash.

Return on equity: A comparison between companies in Portugal and Brazil: Similarities and differences

The purpose of this research is to study the Return on Equity of Portuguese and Brazilian companies, through the DuPont method. This project analyses whether differences in the ratios depend on specific features of the country, or if it is influenced by the industry where it is located. From the comparisons it is concluded that Brazilian companies pay higher corporate taxes and while the Portuguese companies are more leveraged, it is the Brazilian companies which pay higher interests. It is also noticeable that Portuguese companies take more advantage from the financing decisions and Brazilian on the investing decisions.

A harmonização fiscal europeia

With this dissertation we aim to analyze the most relevant aspects of the excise duties harmonized regime, considering Community origins, but having also in attention all legal specifications of its implementation in Portugal. The legal regime of excise duties is presented as an ambitious theme, considering the challenge of different branches of law that influence this subject, such as Tax, Economic and Community laws, the inescapable influence of customs procedures, or regarding environmental objectives. In the European context, the harmonization of excise duties was seen as a condition for the implementation of the internal market, contributing to undo secular tax barriers between Member States and, since so, ensure fair competition and free movement of services and goods. Along with VAT, the excise duties harmonization process could represent a potential European tax system, essential for a full and integrated single market. In this context, it is essential to pay special attention to specific characteristics of excise duties regime, such as ‘duty suspension arrangement’ applicable during the production phase, storage and movement in certain conditions. The growing importance of excise duties, as for revenue or extra-fiscal purposes, recommends new academic studies on this subject, seeking new opportunities and challenges.

Documenting, monetising and taxing Brazilian slaves in the eighteenth and nineteenth centuries

Although Brazil imported more African slaves than any other country in the Americas, knowledge of the accounting and taxation of slave-related transactions in Brazil is under-developed. We explore Portuguese-language documents showing how accounting and taxation were implicated in maintaining slavery in Brazil in the eighteenth and nineteenth centuries. The study presents examples of key documents involving slaves (such as inventory lists, rental agreements, insurance policies, and receipts) and explains how slave-related transactions were recorded and taxed. We enable important comparisons to be drawn with the accounting and taxation of slaves in the USA and British West Indies.

Tax compliance and tax complexity in Portugal: essays on the perception of tax professionals

Tese de Doutoramento em Contabilidade.

Instrumentos de políticas públicas do turismo: uma análise empírica dos municípios portugueses

Tese de Doutoramento em Ciências da Administração

Os novos desafios do direito tributário: em particular, a tributação do jogo online

Dissertação de mestrado em Direito Tributário e Fiscal

A política fiscal da União Europeia: diagnóstico e desafios: o caso da Taxa sobre Transações Financeiras (TTF)

Trabalho de projeto de mestrado em Políticas Comunitárias e Cooperação Territorial

An alternative way to model merit good arguments

Besley (1988) uses a scaling approach to model merit good arguments in commodity tax policy. In this paper, I question this approach on the grounds that it produces 'wrong' recommendations--taxation (subsidisation) of merit (demerit) goods--whenever the demand for the (de)merit good is inelastic. I propose an alternative approach that does not suffer from this deficiency, and derive the ensuing first and second best tax rules, as well as the marginal cost expressions to perform tax reform analysis.

Una estimación del coste marginal en bienestar del sistema impositivo en España

Actual tax systems do not follow the normative recommendations of yhe theory of optimal taxation. There are two reasons for this. Firstly, the informational difficulties of knowing or estimating all relevant elasticities and parameters. Secondly, the political complexities that would arise if a new tax implementation would depart too much from current systems that are perceived as somewhat egalitarians. Hence an ex-novo overhaul of the tax system might just be non-viable. In contrast, a small marginal tax reform could be politically more palatable to accept and economically more simple to implement. The goal of this paper is to evaluate, as a step previous to any tax reform, the marginal welfare cost of the current tax system in Spain. We do this by using a computational general equilibrium model calibrated to a point-in-time micro database. The simulations results show that the Spanish tax system gives rise to a considerable marginal excess burden. Its order of magnitude is of about 0.50 money units for each additional money unit collected through taxes.