Impacto das fusões e aquisições no desempenho de empresas portuguesas

As fusões e aquisições (F&A) são operações estratégicas usadaspor empresas para fortalecer e manter a sua posição no mercado. Estas são vistas por muitos como uma forma relativamente rápida, flexível e eficiente de expandir para novos mercados, incorporar novas tecnologias e inovar. Sem essas qualidades, as empresas acreditam que é praticamente impossível ser competitivo na economia global de hoje. No entanto, o seu sucesso não é de forma alguma garantido. Perante esta incerteza de que tudo corra de forma vantajosa, o presente trabalho pretende avaliar através do estudo do impacto do processo de fusão ou aquisição o desempenho das empresas portuguesas. Procedemos a duas metodologias para chegar a uma conclusão sobre este estudo. Primeiramente foi feito o cálculo e análise de indicadores económico-financeiros antes e depois da realização da F&A e em segundo, uma análise do efeito de notícias boas e más referentes ao anúncio da mesma através da metodologia das janelas de eventos para cinco casos de F&A ocorridos em Portugal, sendo assim o método de análise baseado em casos de estudo. Foi possível verificar, regra geral, um desempenho superior das empresas adquirentes após o processo de F&A. Concluiu-se que os mercados reagem de forma distinta às boas e às más notícias e que o investidor é alvo de alterações de comportamento em termos de sentimento antes e após o anúncio. Deste modo a análise é sensível à distinção por tipos de notícias, sendo necessária a sua correta classificação. Por último, os resultados parecem indiciar que as reações do mercado acionista aos processos de F&A estão dependentes da situação económico-financeira corrente, resultado que merecerá futuramente uma análise posterior mais cuidada e profunda.

A holistic attempt to predicating excess aftermarket returns of IPOs over a 90-day period post IPO

Double Degree

Reputational risk of banks : a study on the effects of regulatory sanctions for major european banks

Mestrado em Finanças

Gravitational Waves: completeness and connectedness by geodesics

Only few months ago some physicists gave the official announcement that gravitational waves exist, but, from a geometrical point of view, they have always been ``real objects'' and their properties have been widely investigated. The aim of this talk is introducing generalized plane waves and discussing some of their properties such as geodesic connectedness and geodesic completeness.

Information content of directors' trading around acquisitions

This paper investigates the patterns of directors' trades and returns around takeover announcements. We find that the pre-announcement net value (the difference between buy value and sell value) of directors' trading is positively related to acquirers' announcement period abnormal returns. This relation is stronger for private target acquisitions and for stock-financed acquisitions, when the information asymmetry between directors and outside investors is more pronounced. However, this relation does not hold for better governed and highly monitored acquirers. Our findings indicate opportunistic trading by directors prior to takeovers and highlight a significant role that corporate governance mechanism plays in restraining these opportunistic behaviors.

Cash holdings and bond returns around takeovers

Using a large sample of 2712 unique U.S. domestic takeovers over the period 1993 to 2014, we show a negative relation between the level of cash holdings and post-announcement corporate bond returns. Our findings support the agency cost of cash holdings view and show that bondholders and shareholders share the same interests with respect to cash policy around takeovers. We further find that cash holdings are viewed less negatively by bondholders in firms with strong shareholders. This paper is the first to document the role of cash holdings on bondholder wealth around takeover announcements.

The effect of the Lehman Brothers bankruptcy on the performance of Chinese sectors

We investigate the effect of the news announcement of the Lehman Brothers (LBs) bankruptcy on the performance of Shanghai Stock Exchange (SSE) sectors. Unlike the assumption in the literature that firms are homogenous, we address the unknown issue: Does LBs bankruptcy have a heterogeneous effect on stock returns of sectors listed on SSE? We find statistically insignificant effect of LBs bankruptcy on the performance of energy and financial sectors while most of the other sectors suffered significantly. Thus, our results highlight the heterogeneous effect of LBs bankruptcy on different sectors and at different time intervals surrounding the event.

Stock price and volume effects associated with changes in the composition of the FTSE Bursa Malaysian KLCI

We examine the stock price and volume effects associated with changes in the composition of the FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI), over the time period of 2005–2012. We find evidence to support the price pressure hypothesis for both additions to and deletions from the KLCI. This is because significant stock price and trading volume effects in the pre index revision period are entirely reversed after the announcement of the news. Our empirical findings can be explained by the market microstructure literature. Significant changes in liquidity cause trading volume and stock prices to reverse back to their original level before the index revisions took place.

Forma ecclesiae : Per un cattolicesimo di popolo oggi: “per tutti” anche se non “di tutti”

La radicalité du changement culturel provoque une crise de la forma ecclesiae et introduit la question relative à quelle est la forme de l’Église la plus appropriée à l’annonce de l’évangile. L’Église italienne, que le présent travail a l’intention d’assumer en qualité de point de référence particulier, en est également intéressée: contrairement au passé, même le plus récent, la foi chrétienne n’est plus un patrimoine «de tous». La question se pose puisque, au nom de l’évangile, l’action de l’Église ne peut pas disperser, pourtant, le caractère universel de la foi en soi même (son être «pour tous»). Dans un tel scénario, s’enclenche le but que cette thèse se pose de poursuivre sur le plan de la pensée théologique-pastorale: elle veut accompagner l’Église en son être à l’intérieur de cette tension entre l’instance théologique d’une foi qui est «pour tous» et le donné sociologique dont il émerge qu’elle n’est plus «de tous». Beaucoup de projets contemporaines de réforme pastorale ont l’intention de faire face aux transformations de la culture afin d’empêcher tout injustifiée domestication. Cependant, comme cette thèse essaie à le prouver, ils risquent souvent de suggérer une rupture avec le passé récent du corps ecclésial. Pour eux la référence polémique est représentée par cette figure de «catholicisme populaire» avec qui, dans le contexte de la «civilisation paroissiale», l’expérience chrétienne est réussie à s’enraciner dans le tissu social. Dans ces projets, il est – en effet – assimilé d’une manière restrictive à une sorte de «catholicisme de masse», basé seulement sur des processus religieux de socialisation et d’uniformisation de l’expérience. Au contraire, le but de ce travail consiste en un essai de compréhension renouvelée de cette figure de vie chrétienne. Elle n’est retenue seulement selon la particulière forme historique qu’elle a adoptée dans le demain passé, marqué par une situation d’homogénéité culturelle, d’une Église de peuple, mais aussi comme principe opératoire qui désigne la capacité du christianisme de se réaliser en tant qu’élévation et transfiguration des formes anthropologiques de base. Cette perspective dynamique permet de trouver dans le «catholicisme populaire» un principe écclesio-génétique qui exalte l’interaction entre l’initiative ecclésiale et la sensibilité des croyants, et qui, tout en défendant la qualité théologale de l’expérience chrétienne, ne méprise pas la valeur pédagogique de son enracinement religieux. La dynamique qui préside au «catholicisme populaire», grâce à la confrontation avec une étude sur le terrain, conduit à l’individuation de certaines provocations à propos de la structure du corps ecclésial, en ce qui concerne les représentations, les actions, les sujets et les limites qui le caractérisent. Elles sont transposées de manière à envisager une réforme de l’Église qui s’avère applicable pour le présent et qui cherche à garder le caractère universel-non formel de la foi, c’est à dire son «pour tous».

Using a Dialogue Manager to Improve Semantic Web Search

Question Answering systems that resort to the Semantic Web as a knowledge base can go well beyond the usual matching words in documents and, preferably, find a precise answer, without requiring user help to interpret the documents returned. In this paper, the authors introduce a Dialogue Manager that, through the analysis of the question and the type of expected answer, provides accurate answers to the questions posed in Natural Language. The Dialogue Manager not only represents the semantics of the questions, but also represents the structure of the discourse, including the user intentions and the questions context, adding the ability to deal with multiple answers and providing justified answers. The authors’ system performance is evaluated by comparing with similar question answering systems. Although the test suite is slight dimension, the results obtained are very promising.