Competition policy costs to firms

The existence of competition policy forces companies to adjust their behaviour. This is also costly. Using a database from a company on contracts, I will try to estimate if a specific competition policy disposition, supply contracts cannot be longer than 60 months, has costs for the coffee suppliers operating in the Portuguese “on-trade” coffee market. The estimation method used in this paper will be OLS. The results suggest that limiting the duration of exclusivity contracts to 60 months can be harmful to the coffee suppliers and it can even seriously affect the market functioning. Key

When not-for-profit try to influence firms

I study the influence of not-for-profit entities in companies, through shareholders proposals in the U.S. largest companies. This paper analyzes the not-for-profit entities involved, the issues addressed by the proposals and the financial characteristics of target companies, as well as market reactions and voting outcomes. Results indicate that not-for-profit entities tend to target companies with higher profitability and value more frequently than general investors. Furthermore, the voting outcome is influenced by insider ownership and types of proposals. Finally, market reactions change with profitability, leverage, ownership structure and types of proposals.

The implications of mandatory low-cost fuel provision

This work studies fuel retail firms’ strategic behavior in a two-dimensional product differentiation framework. Following the mandatory provision of “low-cost” fuel we consider that capacity constraints force firms to eliminate of one the previously offered qualities. Firms play a two-stage game choosing fuel qualities from three possibilities (low-cost, medium quality and high quality fuel) and then prices having exogenous opposite locations. In the highest level of consumers’ heterogeneity, a subgame perfect Nash equilibrium exists in which firms both choose minimum quality differentiation. Consumers’ are worse off if no differentiation occurs in medium and high qualities. The effect over prices from the mandatory “low-cost” fuel law is ambiguous.

The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

Modelos de negócios para a internet das coisas baseados em big data : Muzzley, um estudo de caso

A Internet das Coisas tal como o Big Data e a análise dos dados são dos temas mais discutidos ao querermos observar ou prever as tendências do mercado para as próximas décadas, como o volume económico, financeiro e social, pelo que será relevante perceber a importância destes temas na atualidade. Nesta dissertação será descrita a origem da Internet das Coisas, a sua definição (por vezes confundida com o termo Machine to Machine, redes interligadas de máquinas controladas e monitorizadas remotamente e que possibilitam a troca de dados (Bahga e Madisetti 2014)), o seu ecossistema que envolve a tecnologia, software, dispositivos, aplicações, a infra-estrutura envolvente, e ainda os aspetos relacionados com a segurança, privacidade e modelos de negócios da Internet das Coisas. Pretende-se igualmente explicar cada um dos “Vs” associados ao Big Data: Velocidade, Volume, Variedade e Veracidade, a importância da Business Inteligence e do Data Mining, destacando-se algumas técnicas utilizadas de modo a transformar o volume dos dados em conhecimento para as empresas. Um dos objetivos deste trabalho é a análise das áreas de IoT, modelos de negócio e as implicações do Big Data e da análise de dados como elementos chave para a dinamização do negócio de uma empresa nesta área. O mercado da Internet of Things tem vindo a ganhar dimensão, fruto da Internet e da tecnologia. Devido à importância destes dois recursos e á falta de estudos em Portugal neste campo, com esta dissertação, sustentada na metodologia do “Estudo do Caso”, pretende-se dar a conhecer a experiência portuguesa no mercado da Internet das Coisas. Visa-se assim perceber quais os mecanismos utilizados para trabalhar os dados, a metodologia, sua importância, que consequências trazem para o modelo de negócio e quais as decisões tomadas com base nesses mesmos dados. Este estudo tem ainda como objetivo incentivar empresas portuguesas que estejam neste mercado ou que nele pretendam aceder, a adoptarem estratégias, mecanismos e ferramentas concretas no que diz respeito ao Big Data e análise dos dados.

The relationship between the education level of successor's and the firm performance in German publicly listed family firms- an empirical analysis

The purpose of this thesis is to investigate how far the education level of the second or third generation of publicly traded German family firms affects the post-succession firm performance. By conducting a correlational and regression design, the aim is to examine how several variables influence the performance of family firms. Performance measures, for example ROA and Tobin’s q and variables, like Education level and succession periods, examine analytically that a positive succession trend will occur. However, with the used model, only a less rigid model shows empirical evidence.

Impact of taxes on competition: the legal status quo in the European Union

Dissertação de mestrado em Direito dos Negócios, Europeu e Transnacional

Post-operating performance of cross-delisted firms from U.S. stock exchanges

We investigate the long-term performance of cross-delisted firms from U.S. stock markets. Using a sample of foreign firms listed and delisted from U.S. stock exchange markets over 2000-2012, we examine the operating performance and the long-run stock returns performance of firms post-cross-delisting. Our results suggest that cross-delisted firms have less growth opportunities than matched cross-listed firms in the long run. Moreover, firms that cross-delist after the passage of Rule 12h-6 of 2007 exhibit a significant decline in operating performance. In contrast, before the adoption of the Rule 12h-6, cross-delisted firms seem to be affected by the cost of a U.S. listing in the precross -delisting period. In addition, we provide evidence that cross-delisted firms underperform their cross-listed peers; cross-delisted firms experience negative average abnormal returns, especially in the post-delisting period.

Tensile stress–crack width law for steel fibre reinforced self-compacting concrete obtained from indirect (splitting) tensile tests

In this work, the fracture mode I parameters of steel fibre reinforced self-compacting concrete (SFRSCC) were derived from the numerical simulation of indirect splitting tensile tests. The combined experimental and numerical research allowed a comparison between the stress-crack width (σ - w) relationship acquired straightforwardly from direct tensile tests, and the σ - w response derived from inverse analysis of the splitting tensile tests results. For this purpose a comprehensive nonlinear 3D finite element (FE) modeling strategy was developed. A comparison between the experimental results obtained from splitting tensile tests and the corresponding FE simulations confirmed the good accuracy of the proposed strategy to derive the σ – w for these composites. It is concluded that the post-cracking tensile laws obtained from inverse analysis provided a close relationship with the ones obtained from the experimental uniaxial tensile tests.

“Big Brother”: um programa que mapeou a informação televisiva

(Excerto) Poder-se-á dizer que há uma informação televisiva “pré” e “pós” “Big Brother”? Detendo-nos nos programas de informação não-diária dos canais generalistas portugueses, procuraremos perceber de que forma o horário nobre, nomeadamente dos canais privados, se esvaziou desse tipo de programação. Esta é uma pequena parte de uma investigação que estamos a desenvolver no projecto de doutoramento e, por outro lado, integra-se num trabalho do grupo Mediascópio que recentemente analisou casos que, no início deste século, alteraram o modo de encarar/fazer jornalismo. Tendo aqui como referência os anos de 1999 (altura em que ainda não estavam no ar as chamadas “novelas da vida real”) e de 2003 (ano após o qual todos os canais generalistas já tinham emitido esse tipo de programas), procederemos a uma análise da informação não-diária no segmento do “prime time”, salientando as tendências do jornalismo televisivo que, nos últimos anos, se vem desenhando no pequeno ecrã.

Audit quality: does gender composition of audit firms matter?

Using a sample of Portuguese audit firms and their client companies, this study examines the association between gender composition of the partnership structure oaudit firms and audit quality. Audit quality is measured through the earnings quality of audit clients. We find that gender diversity in the partnership structure of audit firms, per se, has no association with audit quality. In turn, we find significant evidence that a predominant presence of female Certified Public Accountants (CPAs) in partner positions in audit firms is associated with higher audit quality. In particular, the results indicate that audit firms with female-dominated partnership structures are negatively related with aggressive accounting practices in audit clients.

Triple negative breast cancer: nanosolutions for a big challenge

Triple negative breast cancer (TNBC) is a particular immunopathological subtype of breast cancer that lacks expression of estrogen and progesterone receptors (ER/PR) and amplification of the human epidermal growth factor receptor 2 (HER2) gene. Characterized by aggressive and metastatic phenotypes and high rates of relapse, TNBC is the only breast cancer subgroup still lacking effective therapeutic options, thus presenting the worst prognosis. The development of targeted therapies, as well as early diagnosis methods, is vital to ensure an adequate and timely therapeutic intervention in patients with TNBC. This review intends to discuss potentially emerging approaches for the diagnosis and treatment of TNBC patients, with a special focus on nano-based solutions that actively target these particular tumors.

Modelling Amazonian forest eddy covariance data: a comparison of big leaf versus sun/shade models for the C-14 tower at Manaus I. Canopy photosynthesis

In this study, we concentrate on modelling gross primary productivity using two simple approaches to simulate canopy photosynthesis: "big leaf" and "sun/shade" models. Two approaches for calibration are used: scaling up of canopy photosynthetic parameters from the leaf to the canopy level and fitting canopy biochemistry to eddy covariance fluxes. Validation of the models is achieved by using eddy covariance data from the LBA site C14. Comparing the performance of both models we conclude that numerically (in terms of goodness of fit) and qualitatively, (in terms of residual response to different environmental variables) sun/shade does a better job. Compared to the sun/shade model, the big leaf model shows a lower goodness of fit and fails to respond to variations in the diffuse fraction, also having skewed responses to temperature and VPD. The separate treatment of sun and shade leaves in combination with the separation of the incoming light into direct beam and diffuse make sun/shade a strong modelling tool that catches more of the observed variability in canopy fluxes as measured by eddy covariance. In conclusion, the sun/shade approach is a relatively simple and effective tool for modelling photosynthetic carbon uptake that could be easily included in many terrestrial carbon models.

Text mining na análise de sentimentos em contextos de big data

Dissertação de mestrado integrado em Engenharia e Gestão de Sistemas de Informação

Big data e data analysis: visualização de informação

Dissertação de mestrado integrado em Engenharia e Gestão de Sistemas de Informação