O valor das empresas dos PIIGS no período de 2000 a 2010 : o impacto da crise financeira de 2007

O valor das empresas é fundamental para o cálculo do preço das suas acções e desta forma permitir aos investidores e accionistas determinar onde aplicar o seu dinheiro. Em última análise, podemos também dizer que o valor de um país é determinado pelo valor da riqueza que consegue produzir, e para essa riqueza, em muito contribuem as empresas e a criação de valor por parte destas. É também necessário realçar o papel fundamental que um gestor financeiro desempenha na criação de valor para as empresas, e nessa medida, é imprescindível que este seja dotado do conhecimento dos modelos de avaliação financeira, pois só assim poderá maximizar o valor desta através dos investimentos que irá efectuar. Nos últimos anos, em especial após 2007 com a crise financeira desencadeada nos Estados Unidos e que rapidamente se alastrou à Europa e restantes continentes, muitas foram as alterações verificadas nas empresas por todo o globo. Assim, pretende-se avaliar o impacto desta crise nas empresas, com especial enfoque nas empresas portuguesas, italianas, irlandesas, gregas e espanholas através da análise do Q de Tobin de cada uma delas no período de 2000 a 2010.

Telling stories of culture through literature

Grounded on Raymond Williams‘s definition of knowable community as a cultural tool to analyse literary texts, the essay reads the texts D.H.Lawrence wrote while travelling in the Mediterranean (Twilight in Italy, Sea and Sardinia and Etruscan Places) as knowable communities, bringing to the discussion the wide importance of literature not only as an object for aesthetic or textual readings, but also as a signifying practice which tells stories of culture. Departing from some considerations regarding the historical development of the relationship between literature and culture, the essay analyses the ways D. H. Lawrence constructed maps of meaning, where the readers, in a dynamic relation with the texts, apprehend experiences, structures and feelings; putting into perspective Williams‘s theory of culture as a whole way of life, it also analyses the ways the author communicates and organizes these experiences, creating a space of communication and operating at different levels of reality: on the one hand, the reality of the whole way of Italian life, and, on the other hand, the reality of the reader who aspires to make sense and to create an interpretative context where all the information is put, and, also, the reality of the writer in the poetic act of writing. To read these travel writings as knowable communities is to understand them as a form that invents a community with no other existence but that of the literary text. The cultural construction we find in these texts is the result of the selection, and interpretation done by D.H.Lawrence, as well as the product of the author‘s enunciative positions, and of his epistemological and ontological filigrees of existence, structured by the conditions of possibility. In the rearticulation of the text, of the writer and of the reader, in a dynamic and shared process of discursive alliances, we understand that Lawrence tells stories of the Mediterranean through his literary art.

The organ verses of Frei Jerónimo da Madre de Deus: Portuguese organ music in the time of D. João V

Contrastando com o importante legado dos mestres organistas portugueses dos séculos XVI e XVII, a música portuguesa para órgão pós-1700 parece quase inexistente (excluindo raros exemplos, como as quatro sonatas para órgão de Carlos Seixas). Seja devido à destruição causada pelo grande terramoto de Lisboa em 1755, ou a outras causas, a ausência de fontes é surpreendente, considerando os testemunhos de actividade musical durante aquele período. Este artigo lida com uma fonte até hoje relativamente ignorada: o manuscrito CLI/1-4 nº 7 da Biblioteca do Palácio Ducal de Vila Viçosa (Versos / Sobre o Canto Chão / Para Orgão / De Fr. Jeronimo da M.dre de DS.). Esta colecção de vinte versos para órgão de Jerónimo da Madre de Deus é, de longe, a maior obra portuguesa para órgão da primeira metade do século XVIII até hoje conhecida. Claramente pensadas para o órgão, estas curtas peças testemunham a transformação da escrita para tecla em Portugal durante o reinado de D. João V (nomeadamente através da absorção de influências italianas) e fornecem informações preciosas sobre o tipo de instrumento em que eram tocadas.

A sátira política na televisão: O caso do "Governo Sombra"

Dissertação apresentada à Escola Superior de Comunicação Social como parte dos requisitos para obtenção de grau de mestre em Jornalismo.

Implementação de um Sistema Integrado de Gestão da Qualidade e Segurança e Saúde do Trabalho

Dissertação de Mestrado em Gestão Integrada Qualidade, ambiente e Segurança

Distribuições de eventos extremos e telecomunicações

As distribuições de Lei de Potência (PL Power Laws), tais como a lei de Pareto e a lei de Zipf são distribuições estatísticas cujos tamanhos dos eventos são inversamente proporcionais à sua frequência. Estas leis de potência são caracterizadas pelas suas longas caudas. Segundo Vilfredo Pareto (1896), engenheiro, cientista, sociólogo e economista italiano, autor da Lei de Pareto, 80% das consequências advêm de 20% das causas. Segundo o mesmo, grande parte da economia mundial segue uma determinada distribuição, onde 80% da riqueza mundial é detida por 20% da população ou 80% da poluição mundial é feita por 20% dos países. Estas percentagens podem oscilar nos intervalos [75-85] e [15-25]. A mesma percentagem poderá ser aplicada à gestão de tempo, onde apenas 20% do tempo dedicado a determinado assunto produzirá cerca de 80% dos resultados obtidos. A lei de Pareto, também designada de regra 80/20, tem aplicações nas várias ciências e no mundo físico, nomeadamente na biodiversidade. O número de ocorrências de fenómenos extremos, aliados ao impacto nas redes de telecomunicações nas situações de catástrofe, no apoio imediato às populações e numa fase posterior de reconstrução, têm preocupado cada vez mais as autoridades oficiais de protecção civil e as operadoras de telecomunicações. O objectivo é o de preparar e adaptarem as suas estruturas para proporcionar uma resposta eficaz a estes episódios. Neste trabalho estuda-se o comportamento de vários fenómenos extremos (eventos críticos) e aproximam-se os dados por uma distribuição de Pareto (Lei de Pareto) ou lei de potência. No final, especula-se sobre a influência dos eventos críticos na utilização das redes móveis. É fundamental que as redes móveis estejam preparadas para lidar com as repercussões de fenómenos deste tipo.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

Arquitecturas imaginárias. Espaço real e ilusório no Barroco português

Tese de Doutoramento em Arquitectura / Cultura Arquitectónica.

Employment effects of service offshoring: evidence from matched firms

This paper studies the effects of service offshoring on the level and skill composition of domestic employment, using a rich data set of Italian firms and propensity score matching techniques. The results show that service offshoring has no effect on the level of employment but changes its composition in favor of high skilled workers.

Una petita novel·la en prosa en l'àmbit del Renaixement català : Paràmetres teoricoliteraris renaixentistes que expliquen la paròdia de l'estil culte de Les estil·lades y amoroses lletres trameses per Berthomeu Sirlot a la sua senyora, y per ella a ell

Aquest treball pretén esbrinar fins a quin punt se segueixen els criteris teòrics establerts pels autors catalans del Renaixement en la literatura catalana de ficció del segle XVI. Per examinar l'adequació als models proposats pels humanistes he triat una obra anònima de caràcter paròdic escrita en forma d'epístoles entre dos llauradors de l'Horta de València, Les estil·lades y amoroses lletres trameses per Berthomeu Sirlot a la sua senyora, y per ella a ell. El procediment de treball consistirà a analitzar com els teòrics del Renaixement de l'àrea catalanoparlant van interpretar i assimilar en la seva obra alguns dels conceptes més importants de les poètiques i les retòriques dels clàssics grecs i llatins (els principis d'imitació, decòrum, harmonia i ordre), en aquest cas Aristòtil i Horaci, i si l'autor anònim de Les estil·lades y amoroses lletres els va tenir en compte a l'hora de compondre la seva obra. A la vegada, en tractar-se d'una paròdia satírica amb clara voluntat humor��stica, aquesta anàlisi també pot donar compte de quina opinió tenien els intel·lectuals catalans del Renaixement sobre la ficció i l'humor.

Toscana virus in Spain

Toscana virus (TOSV, Phlebovirus, family Bunyaviridae) infection is one of the most prevalent arboviruses in Spain. Within the objectives of a multidisciplinary network, a study on the epidemiology of TOSV was conducted in Granada, in southern Spain. The overall seroprevalence rate was 24.9%, significantly increasing with age. TOSV was detected in 3 of 103 sandfly pools by viral culture or reverse transcription-polymerase chain reaction from a region of the L gene. Nucleotide sequence homology was 99%-100% in TOSV from vectors and patients and 80%-81% compared to the Italian strain ISS Phl.3. Sequencing of the N gene of TOSV isolates from patients and vectors indicated 87%-88% and 100% homology at the nucleotide and amino acid levels, respectively, compared to the Italian strain. These findings demonstrate the circulation of at least 2 different lineages of TOSV in the Mediterranean basin, the Italian lineage and the Spanish lineage.

Did colonization matter for growth? An empirical exploration into the historical causes of Africa's underdevelopment

We investigate the impact of 20th--century European colonizationon growth in Africa. We find that in the 1960--88 period growth has beenfaster for dependencies than for colonies; for British and Frenchcolonies than for Portuguese, Belgian and Italian ones; and for countrieswith less economic penetration during the colonial period. On average,African growth accelerates after decolonization. Proxies for colonialheritage add explanatory power to growth regressions and make indicatorsfor human capital, political and ethnic instability lose significance.Colonial variables capture the same effects of a sub--Saharan dummy andreduce its significance when jointly included in a cross sectionalregression with 98 countries.

Politique et réseaux. Logiques de la mobilisation politique populaire dans une vallée alpine 1839-1900

Résumé: Depuis plusieurs années, le thème des réseaux sociaux est au centre de l'intérêt des études historiques. Est-il possible de formaliser l'analyse de réseaux sociaux spécifiques - parenté, clientèle, solidarités locales, etc. - afin d'en analyser l'influence sur des événements historiques et des individus précis ? L'étude présentée prend en considération les luttes souvent violentes entre radicaux et conservateurs dans le Val de Bagnes, en Valais (Suisse), entre 1839 et 1900. La comparaison entre les généalogies des familles de la vallée et les informations sur la vie politique et sociale nous permet de relever l'influence de la parenté dans l'organisation des factions politiques. Les réseaux de parenté sont toutefois ouverts et souples, permettant des adaptations aux évolutions de la situation politique, économique et sociale. L'affaire autour du faux-monnayeur italien Joseph S. Farinet, dans les années 1870, nous permet par exemple de suivre l'évolution des réseaux de solidarité, à la suite d'une crise politique, ainsi que l'émergence de nouvelles activités économiques, notamment le tourisme, avec les hôteliers, les aubergistes et les guides de montagne souvent liés au milieu radical. L'analyse permet également de nuancer l'influence des réseaux de patronage : les collaborations horizontales, à l'intérieur des classes populaires, semblent mieux expliquer les solidarités politiques. Abstract: For several years, historians have been closely concerned with the question of social networks. Is it possible to conceptualize specific networks - like kinship, patronage or local solidarities - and to analyze their influence on concrete individuals or historical events? This paper considers the violent struggles between a radical political faction and a conservative one in a Swiss alpine valley, the Val de Bagnes (Valais) between 1839 and 1900. It compares information about political and social conflicts in the valley with genealogies of local families. By this way the eminent influence of kinship ties on political organizations becomes visible. But kinship networks are open and very supple, allowing adaptations to new political and social configurations. The trials against the Italian smuggler and counterfeiter Joseph S. Farinet in the Seventies allow to describe the evolution of local cooperation networks as a consequence of a political crisis in the canton of Valais and of new economic activities. The paper stresses the active role of a emerging group of hotel- or inn-owners and mountain guides, often closely tied with the radical milieu. The analysis of social transactions raises critical questions about the role of patronage in political mobilization: horizontal cooperation and kinship ties between peasants, small cattle owners and artisans seem to explain political solidarities better than patronage structures.

Els processos d'inclusió a Villa Gaia: treballem a partir de l'emoció de conèixer i el desig d'existir

Actualment l’educació està patint un seguit de canvis deguts a la presa de força del concepte d’escola inclusiva. Aquest treball pretén esdevenir una investigació de la metodologia de “l’Emozione di conoscere e il desiderio di esistere” d’un pedagog italià i observar com aquesta afavoreix la presència, la participació i el progrés dels vint-i-set infants d’una classe, independentment de quines siguin les seves necessitats educatives. Així doncs, per tal de conèixer aquest fet, hem realitzat un estudi de cas de la metodologia que es duu a terme a l’escola parroquial de la infància Villa Gaia, situada al nord d’Itàlia, a través de l’anàlisi de documents, la involucració en el projecte, l’observació i la realització d’entrevistes.

Gli altri noi : Rom e residenti nella Svizzera italiana : etnografia e mediazione

Cette recherche porte sur les roms (vlach) qui séjournent périodiquement en Suisse italienne, en camping-cars ou en caravanes, pratiquant un semi- nomadisme lié à des motivations principalement économiques, mais également familiales et religieuses. Elle poursuit simultanément deux objectifs. Le premier est lié à un souci de médiation culturelle, qui rejoint les réflexions sur la façon de gérer au mieux les conflits entre les diverses composantes du vivre ensemble. Le second vise à approfondir la connaissance des populations roms concernées (lovara, éurara ou kalderasa, de nationalités italienne, française et espagnole). Les deux objectifs sont évidemment reliés, car comprendre les dynamiques conflictuelles exige la connaissance approfondie des acteurs en interaction. Les relations entre résidents tessinois et roms ont évolué dans le temps, avec des oscillations entre le pôle du refus et celui de l'attraction, entre rejet et reconnaissance, méfiance et confiance. Ces variations historiques renvoient à un fondement commun, à une dynamique des oppositions réciproques. L'analyse anthropologique a fait apparaître le rôle ambivalent du conflit dans la production et la reproduction de la relation d'altérité. L'exclusion des roms fournit à certaines tendances politiques locales l'occasion d'apparaître comme les protecteurs des résidents contre les étrangers ; inversement, l'opposition des roms aux gaiés leur permet de resserrer leur communauté et de prévenir l'assimilation. La médiation culturelle peut espérer gérer cette dynamique relationnelle, certainement pas la faire disparaître. Le modèle intégratif traditionnel de l'État- nation se révèle trop étroit pour accueillir la culture rom. Casser la résistance des roms envers le travail salarié et envers la scolarisation obligatoire, entraver leur semi-nomadisme (qui incite aussi leurs rencontres familiales et religieuses), refuser de reconnaître leur organe de justice interne et leur langue, tout cela ne ferait que concourir à leur disparition culturelle. Les roms sont conscients de ces possibilités, raison pour laquelle ils maintiennent une ambivalence relationnelle avec les ga£és, quitte à apparaître comme des « tsiganes indésirables ». Abstract : This research focuses on the Roma people (Vlach) who periodically stay in Italian Switzerland in caravans or camper vans, practising a semi-nomadic lifestyle - a choice based mainly on economic imperatives but also on familial and religious grounds. This study will address two objectives at the same time. The first involves cultural mediation, and considers the best way to manage the existing conflicts between the cultural components of the social environment. The second aims to increase knowledge of the Roma populations under examination - the Italian, French and Spanish Lovara, Éurara or Kalderasa. The two objectives are clearly linked, as a deeper understanding of the people involved is vital if we are to increase understanding of the dynamics of confrontation. The relationships between the residents of the Ticino area and the Roma people have evolved over time, oscillating in varying degrees between rejection and attraction, confrontation and recognition, suspicion and trust. These variations spring from a common base, a dynamic shaped by mutual opposition. The anthropological analysis highlights the ambivalent role of conflict in the production and reproduction of relations of otherness. Excluding the Roma has given some local politicians the opportunity to position themselves as protectors of residents against foreigners. Inversely, the Roma people's opposition to the Gazé strengthens links within their community and prevents assimilation. Cultural mediation may aspire to manage this relational dynamic, but not abolish it. The traditional integrative model of the nation-state has shown itself to be too restrictive to accommodate the Romani culture. Rejecting the Roma's resistance to salaried work and obligatory schooling, obstructing their semi-nomadic lifestyle (one that also involves family and religious assemblies) and refusing to recognise their traditional courts and mother tongue, all that can only contribute to the dilution of their cultural heritage. The Roma are fully aware of these possibilities, which is why they retain a relational ambivalence in their dealings with the Gazé, at the cost of appearing to be "undesirable gypsies".