Is there a relation between environmental exposure to teratogenic substances during pregnancy and congenital anomalies in the newborn? A pilot study in Portugal

Background: Maternal occupation as a proxy of environmental exposure has been consistently associated with specific congenital anomalies (CA) in the foetus and newborn. On the other hand, geographical location of the mother such as place of residence and place of work have not been used as proxy for environmental exposures during pregnancy. We designed a pilot study aiming to investigate the association between maternal place of residence and workplace during pregnancy and CA in Portugal. Methods: Cases and controls are identified in the maternity unit. Cases are all live births with at least one CA delivered in the Barreiro hospital located in a heavy industrial area near Lisboa. Controls are the two normal births following each case. Residents outside the study area, stillbirths and women who decline to participate or are incapable of giving consent are excluded. A health professional interviews the mothers using a questionnaire adapted from the registry form of the Portuguese national registry of CA and includes information on places during pregnancy (residence, workplace, leisure), and demographic characterization as place of birth, infant sex, weight, description of CA, age of mother, ethnicity, maternal birth place. Maternal health and obstetric history, education, smoking, alcohol, drugs and medication use is also collected as potential confounders. Results: The pilot study started in January 2016 and at the moment two cases and four controls have been recruited without refusals. The study will continue to be implemented and it is proposed to start in other hospital units during 2016.

Stomach fullness modulates prey size choice in the frillfin goby, Bathygobius soporator

Behaviours related to foraging and feeding in predator-prey systems are fundamental to our understanding of food webs. From the perspective of a predator, the selection of prey size depends upon a number of factors including prey vulnerability, prey size, and the predator's motivation to eat. Thus, feeding motivation and prey visual cues are supposed to influence predator decisions and it is predicted that prey selection by visual cues is modulated by the predator's stomach fullness prior to attacking a prey. This study was conducted using an animal model from the rocky shores ecosystem, a predatory fish, the frillfin goby Bathygobius soporator, and a benthic prey, the mottled shore crab Pachygrapsus transversus. Our results demonstrate that frillfin gables are capable of visually evaluating prey size and that the size evaluation process is modulated by the level of stomach fullness. Predators with an empty stomach (0% fullness) attacked prey that was larger than the predicted optimal size. Partially satiated predators (50% stomach fullness) selected prey close to the optimal size, while fully satiated predators (100% stomach fullness) showed no preference for size. This finding indicates an integrative response of the predator that depends on the input of both internal and external sensory information when choosing prey. Predator perceptions of visual cues (prey size) and stomach fullness modulate foraging decisions. As a result, a flexible feeding behaviour emerges, evidencing a clearly adaptive response in line with optimal foraging theory predictions. (C) 2012 Elsevier GmbH. All rights reserved.

Liquidity, Governance and Adverse Selection in Asset Pricing

A plethora of recent literature on asset pricing provides plenty of empirical evidence on the importance of liquidity, governance and adverse selection of equity on pricing of assets together with more traditional factors such as market beta and the Fama-French factors. However, literature has usually stressed that these factors are priced individually. In this dissertation we argue that these factors may be related to each other, hence not only individual but also joint tests of their significance is called for. In the three related essays, we examine the liquidity premium in the context of the finer three-digit SIC industry classification, joint importance of liquidity and governance factors as well as governance and adverse selection. Recent studies by Core, Guay and Rusticus (2006) and Ben-Rephael, Kadan and Wohl (2010) find that governance and liquidity premiums are dwindling in the last few years. One reason could be that liquidity is very unevenly distributed across industries. This could affect the interpretation of prior liquidity studies. Thus, in the first chapter we analyze the relation of industry clustering and liquidity risk following a finer industry classification suggested by Johnson, Moorman and Sorescu (2009). In the second chapter, we examine the dwindling influence of the governance factor if taken simultaneously with liquidity. We argue that this happens since governance characteristics are potentially a proxy for information asymmetry that may be better captured by market liquidity of a company’s shares. Hence, we jointly examine both the factors, namely, governance and liquidity – in a series of standard asset pricing tests. Our results reconfirm the importance of governance and liquidity in explaining stock returns thus independently corroborating the findings of Amihud (2002) and Gompers, Ishii and Metrick (2003). Moreover, governance is not subsumed by liquidity. Lastly, we analyze the relation of governance and adverse selection, and again corroborate previous findings of a priced governance factor. Furthermore, we ascertain the importance of microstructure measures in asset pricing by employing Huang and Stoll’s (1997) method to extract an adverse selection variable and finding evidence for its explanatory power in four-factor regressions.

Gender and size diversity in top management team: evidence from Portugal

In recent years the Top Management Team (TMT) in the companies has been extensively studied and discussed by many researchers (Campbell & Mínguez-Vera, 2008; Erhardt et al, 2003; Haleblian & Finkelstein, 1993; Amason & Spienza, 1997). Thus, this theme has undergone a major evolution as well as it has been diversified progressively. Combined with the Upper Echelons Theory, it was established a new dimension of diversity of the Top Management Team that addresses, for example, the diversity of gender and the size of the team. There are several countries that have established laws and regulatory requirements in order to increase the presence of women in the business environment such as Norway, Spain, France, Holland and Italy. However, the female gender is far from equal in terms of representativeness (Torchia et al., 2011), but there are noteworthy developments yearly. It is also noticeable that the size of Top Management Teams has also increased, which can provide advantages for the company (Heleblian & Finkelstein, 1993). In the course of this dissertation it was studied the female gender ratio and the size of the Top Management Team with the profitability (ROA – Return On Assets) of 41 Portuguese companies listed on the Euronext Lisbon between 2011 - 2015. Initially, the Spearman test was applied in order to verify the correlations between the variables in study. It was created a linear regression that relates the number of women (independent variable) and ROA (dependent variable). The Mann-Whitney test was used to verify the ROA behaviour between companies with no women in TMT and companies with women in TMT. After analysis, the results demonstrated that there was a positive relationship between the number of women with ROA. Also companies that have women in TMT have better performance compared to companies with no women in the Top Management Team. As far as the size of the team is concerned, it positively influences the economic profitability, in a meaningful way.

Species and size selectivity in a Portuguese multispecies artisanal long-line fishery

The species and size selectivity of long-lines using small hooks were studied off the south coast of Portugal using ''Mustad'' brand round bent, flatted sea hooks (Quality 2316 DT) numbers 15, 13, and 11 baited with razor shell clam (Ei-isis siliqua). Hook numbers 13 and 11 are 49 and 109% larger respectively than number 15 hooks in terms of overall size (maximum width x maximum length). A total of 39 900 hooks were fished in 45 sets and 35 species of fish and cephalopods were caught. As a group, 13 species of sea breams (Sparidae) dominated the catch by numbers (58%) and weight (73%). Six species of sea breams, along with the greater weever fish (Trachinus draco) accounted for 81% of the total catch by weight, with the common or white sea bream (Diplodus sargus) bring the most important (29%). Catch size distributions by hook size were, in general, highly overlapped for all species and hook size had little apparent effect on minimum size at capture. All hooks caught a wide range of sizes per species, but the catch rate (number of fish per 100 hooks) was significantly lower for the largest hook. Except for the black sea bream (Spondyliosoma cantharus), capture of illegally sized or immature fish was minimal. Small increases in average size with hook size were evident for four species: Diplodus sargus, D. vulgaris, Lithognathus mormyrus and Serranus cabrilla. No differences in size selectivity were detected for Boops boops, D. annularis, Spondyliosoma cantharus and Trachinus draco. A skew-normal model adequately described differences in size selectivity in five of six species. (C) 1996 International Council for the Exploration of the Sea

Species and size selectivity in a 'red' sea bream longline 'metier' in the Algarve (southern Portugal)

A longline 'metier' using small hooks for 'red' sea breams (Pagellus acarne and Pagellus erythrinus) in the Algarve (south of Portugal) was studied. Experimental longlining was carried out with three sizes of "Mustad" round bend, flatted, spade end Quality 2316 DT hooks (numbers 11, 13 and 15) and two types of bait: razor shell (Ensis siliqua) and mud shrimp (Upogebia pusilla). A total of 3 328 fish and at least 36 species were caught with 33 600 hooks fished in 28 longline sets. Five species of sea breams (Sparidae) accounted for 79% of the catch: Pagellus acarne, Pagellus erythrinus, Diplodus vulgaris, Spondyliosoma cantharus, and Boops boops. High catch rates of 20-30 fish per 100 hooks were made in a number of 1 200 hook longline sets, with total catch weights of 40 to more than 60 kg per set. In general, the smallest hook (number 15) had the highest catch rate. Bait type did not significantly affect the catch size distributions. Although more fish were caught with the razor shell bait, higher catch rates of 'red' sea breams were obtained with mud shrimp. Catch rates were also affected by the location of the fishing grounds and the time of the set, with the highest catch rates obtained when the longline was set within two hours before sunrise. A wide size range was caught for each species, with highly overlapped catch size frequency distributions for the three hook sizes used. Except for Spondyliosoma cantharus, few illegal-sized fish were caught, even with the smallest hook. The logistic model fitted by maximum likelihood was used to describe hook selectivity for Diplodus vulgaris, Pagellus acarne, Pagellus erythrinus, and Spondyliosoma cantharus. (C) Ifremer-Elsevier, Paris.

Market valuation of environmental performance

This research investigated the general association between corporate environmental performance and the firms’ annual returns independent of any particular environmental event. The association analysis was based on the most recent environmental data for the years 2006, 2007, and 2008. The results indicated that while some environmental variables were significantly associated with firms’ returns, the majority were not. The results also indicated that environmental concerns were more likely to be associated with increase in the firm value than were environmental strengths; however, there were no mean differences between firms whose environmental performance increased as compared with those whose performance deteriorated. Overall, the results provided support for the perspective that environmental strengths require firm expenditures that place additional financial burdens on firms, resulting in lower stock returns.^

Fusões e aquisições no Brasil: análise dos efeitos em mercado de capitais

This study investigated the impact caused by events horizontal mergers and acquisitions (M&As) horizontal, in the stock returns of the participating companies and competitors regarding the creation or destruction of value for those firms in Brazil, from 2001 to 2012. For this, first was used the event study methodology to estimate abnormal returns in stock prices; after was conducted an analysis multiple regression. The results of the event study showed that using sub-periods for the data, before and after the crisis period, the effects were different for the target-before negative, after positive. Regarding the acquirer and competitors, the results were constant. For acquirer firms, the returns were close to zero, while for the competitors were negative. Furthermore, the regression results regarding the bidder showed that firms invested in processes of M&As to obtain a further increase its efficiency. Furthermore, this study indicated that the leverage of the bidder plays is important for creating value in acquisitions, when they has a higher Tobin’s Q. The results of target firms showed that a small firm had a better return than large firm did.

Microsatellite diversity and effective population size in a germplasm bank of Hymenaea courbaril var. stilbocarpa (Leguminosae), an endangered tropical tree: recommendations for conservation

Deforestation in southeast Brazil has led to the extinction of Hymenaea courbaril var. stilbocarpa and ex situ conservation has been established. In this study, the levels of genetic diversity and the effective population size of H. courbaril in a germplasm bank were investigated using six nuclear microsatellite loci. A total of 79 and 91 alleles were found in 65 seed-trees and their 176 offspring, respectively. Offspring have a higher average number of alleles per locus (A = 15.2) than seed-trees (A = 13.2), but lower observed heterozygosity (offspring: H (o) = 0.566; seed-trees: H (o) = 0.607). The estimate of outcrossing rate shows that the study population is perfectly outcrossed (t (m) = 0.978, P > 0.05). Significant deviations from random mating were detected through mating among relatives and correlated matings. The average variance in effective population size for each family was 2.63, with a total effective population size retained in the bank of 170.1. These results confirm that the preserved population of H. courbaril retains substantial genetic variability.

Transmission of macro-liquidity shocks to liquidity-sorted stock portfolios’ returns: The role of the financial crisis

This study examines the impact of macro-liquidity shocks on the returns of UK stock portfolios sorted on the basis of a series of micro-liquidity measures. The macro-liquidity shocks are extracted on the meeting days of the Bank of England Monetary Policy Committee relative to market expectations embedded in futures contracts on the 3-month LIBOR during the period June 1999- December 2009. We report definitive evidence that these shocks are transmitted to the cross-section of liquidity-sorted portfolios, with most liquid stocks playing a very active role. Our results emphatically document that the shocks-returns relationship has reversed its sign during the recent financial crisis; the standard inverse relationship between interest rate surprises and portfolios’ returns before the crisis has turned into positive during the crisis. This finding confirms the inability of interest rate cuts to boost returns in the shortrun during the crisis, because these were perceived by market participants as a signal of a deteriorating economic outlook.

The cyclical behavior of bank capital buffers in an emerging economy: size do matters

Using a panel of Colombian banks and quarterly data between 1996:1 and 2010:3, we study the relationship between short-run adjustemnts in bank capital buffers and the business cycle. We follow a partial adjustment framework and control for several variables that have been identified as important determinants of bank capital buffers in previous studies, and find that bank capital buffers vary over the business cycle. We are able to identify a negative co-movement of capital buffers and and the business cycle. However, we also find that capital buffers of small and large banks behave asymmetrically during the business cycle. While the former appear to be constant over time, once the appropriate set of control variables is used, the latter present a countercyclical behavior. Our results suggest the possible need of the implementation of regulatory policy measures in developing countries

Evidence of portuguese stock market abnormal returns

According to the stock market efficiency theory, it is not possible to consistently beat the market. However, technical analysis is more and more spread as an efficient way to achieve abnormal returns. In fact there is evidence that momentum investing strategies provide abnormal returns in different stock markets, Jegadeesh, N. and Titman, S. (1993), George, T. and Hwang, C. (2004) and Du, D. (2009). In this work we study if like other markets, the Portuguese stock market also allows to obtain abnormal returns, using a strategy that consists in picking stocks according to their past performance. Our work confirms the results of Soares, J. and Serra, A. (2005) and Pereira, P. (2009), showing that an investor can get abnormal returns investing in momentum portfolios. The Portuguese stock market evidences momentum returns in short term, exhibiting reversal in long term.

Effect of European Sovereign debt crisis on banks’ stock market performances: application to Portuguese data

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

The impact of the European sovereign debt crisis on the recovering from the financial crisis: Equity returns of the banking sector

This paper analyses, through a dynamic panel data model, the impact of the Financial and the European Debt crisis on the equity returns of the banking system. The model is also extended to specifically investigate the impact on countries who received rescue packages. The sample under analysis considers eleven countries from January 2006 to June 2013. The main conclusion is that there was in fact a structural change in banks’ excess returns due to the outbreak of the European Debt Crisis, when stock markets were still recovering from the Financial Crisis of 2008.