Corporate finance in general equilibrium models with incomplete markets: A survey

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

Resilience in organizations: The perspective of managers in Portugal and Germany

The concept of organizational resilience has become popular in Organizational Studies during the last decades - yet researchers have not been able to find one commonly accepted definition for what exactly it is. What are the drivers of resilience in organizations? Are there certain cultural factors and national differences regarding the perception of the concept? This paper aims to answer these questions from a perspective of within institutions. A group of managers from different corporations in Portugal and Germany has been interviewed in order to understand how managers experience and characterize organizational resilience. Based on qualitative inductive research the results show that organizational resilience is built on four main drivers: a sense of proximity, a sense of openness, a sense of challenge and a sense for structure.

O enredo prisional em Angola: soberanias duais na disciplina do corpo colonial

A an��lise das estruturas de aprisionamento necessita de atender ao quadro institucional no qual se encontra enquadrado. A compreens��o das finalidades ��s quais reporta apenas pode ser captada na alus��o a um quadro te��rico e conceptual que n��o se cinja �� apreens��o restrita das suas mais evidentes manifesta����es. O enredo da Angola colonial, no qual nos focamos, imprime a necessidade de nos afastarmos dos recorrentes estudos que tendem a evidenciar a brutalidade da pr��tica repressiva no interior das pris��es, menosprezando, por imin��ncia, uma an��lise que capte as caracter��sticas longitudinais que ditam as estruturas administrativas das suas bases materiais. Assente na defesa de um alargamento conceptual das pr��ticas de confinamento, pretende esta investiga����o contribuir para os estudos que atendem �� necessidade destes estabelecimentos serem analisados �� luz de outras inst��ncias, nomeadamente o trabalho for��ado e o incipiente poder infraestrutural do estado colonial. De forma a alcan��ar tal prop��sito esta disserta����o concebe uma an��lise que contrap��e ��s finalidades impressas nos c��digos legais dos estatutos criminais coloniais os relat��rios arquiv��sticos. Estes d��o conta da pr��tica que regia o modus operandi destes estabelecimentos e atestam a debilidade morfol��gica do poder estatal colonial. �� face a tal que se apresenta, numa ��ltima an��lise, as inst��ncias que nos permitem pensar o enredo edificado pelas empresas concession��rias no territ��rio colonial numa rela����o de analogia com a pris��o colonial. Tal compara����o �� aqui edificada pelo recurso ao estudo de caso da Companhia de Diamantes de Angola, problematizando-se o modo como esta empresa substitu��a o poder do estado colonial ao implementar pol��ticas p��blicas de gest��o e controlo das massas trabalhadoras que se encontravam sob a sua al��ada.

Attractiveness of European masters under Bologna constraints: The South American case

This paper studies strategies to attract students from outside Europe to European preexperience masters. We characterize the value added by such masters through interviews with key players at the universities and multinational recruiting corporations. We considered a strategy for segmenting international students in the US and extended it to the European market. We have analyzed data from international applications to Nova SBE as a proxy for applications in European institutions. Based on that analysis we conclude with recommendations to attract suitable candidates from outside Europe. In particular we also provided three different solutions to attract students from the southern hemisphere: we conclude that European institutions should (a) increase the spring semester intake, (b) provide bridging courses for some students, or (c) could place some accepted candidates in internships before starting classes.

Empirical evidences on voluntary delisting phenomenon

The paper studies what drives firms to voluntary delist from capital markets and what differs in firms��� behavior and fundamentals between public-to-private transactions and M&A deals with listed corporations. Moreover, I study the relationship between ownership percentage in controlling shareholders��� hands and cumulative returns around the delisting public announcement. I perform my tests both for the Italian and the US markets and I compare the findings to better understand how the phenomenon works in these different institutional environments. Consistent with my expectations, I find that the likelihood of delisting is mainly related to size, underperformance and undervaluation, while shareholders are more rewarded when their companies are involved in PTP transactions than in M&As with public firms.

Leprosy in Buriticupu, state of Maranh��o: active search in the general population

INTRODUCTION: This study was developed to evaluate the situation of leprosy in the general population of the municipality of Buriticupu, State of Maranh��o, Brazil. METHODS: We used the method of active search to identify new cases from 2008 to 2010. Bacilloscopy of intradermal scrapings was performed in all patients with skin lesions compatible with leprosy, and histopathological examination in those who had doubts on the definition of the clinical form. RESULTS: The study included 19,104 individuals, with 42 patients diagnosed with leprosy after clinical examination, representing a detection rate of 219.84 per 100,000 inhabitants. The predominant clinical presentation was tuberculoid with 24 (57.1%) cases, followed by borderline with 11, indeterminate with four, and lepromatous with three cases. The study also allowed the identification of 81 patients with a history of leprosy and other skin diseases, such as pityriasis versicolor, dermatophytosis, scabies, vitiligo, and skin carcinoma. The binomial test showed that the proportion of cases in the headquarters was significantly higher than that in the villages (p = 0.04), and the generalized exact test showed that there was no association between age and clinical form (p = 0.438) and between age and gender (p = 0.083). CONCLUSIONS: The elevated detection rate defines the city as hyperendemic for leprosy; the active search for cases, as well as the organization of health services, is an important method for disease control.

Spatial distribution of schistosomiasis and geohelminthiasis cases in the rural areas of Pernambuco, Brazil

INTRODUCTION: The prevalence and intensity of geohelminth infections and schistosomiasis remain high in the rural areas of Zona da Mata, Pernambuco (ZMP), Brazil, where these parasites still represent a significant public health problem. The present study aimed to spatially assess the occurrences of schistosomiasis and geohelminthiasis in the ZMP. METHODS: The ZMP has a population of 1,132,544 inhabitants, formed by 43 municipalities. An ecological study was conducted, using secondary data relating to positive human cases and parasite loads of schistosomiasis and positive human cases of geohelminthiasis that were worked up in Excel 2007. We used the coordinates of the municipal headquarters to represent the cities which served as the unit of analysis of this study. The Kernel estimator was used to spatially analyze the data and identify distribution patterns and case densities, with analysis done in ArcGIS software. RESULTS: Spatial analysis from the Kernel intensity estimator made it possible to construct density maps showing that the northern ZMP was the region with the greatest number of children infected with parasites and the populations most intensely infected by Schistosoma mansoni. In relation to geohelminths, there was higher spatial distribution of cases of Ascaris lumbricoides and Trichuris trichiura in the southern ZMP, and greater occurrence of hookworms in the northern/central ZMP. CONCLUSIONS: Despite several surveys and studies showing occurrences of schistosomiasis and geohelminthiasis in the ZMP, no preventive measures that are known to have been effective in decreasing these health hazards have yet been implemented in the endemic area.

Potential M&A between TIM Brazil and Oi S.A: The irreversible force of Telecommunications convergence

The intrinsic forces of market aiming for telecom industry convergence has arrived to Brazil. This case presents real characters, a sequence of events and other public information that has been impacting two corporations studied in this case. TIM Brazil and Oi S.A, two top players in the Brazilian telecom industry mobile and fixed segment respectively. While a merge between the two of them looks perfect and simple in an operational perspective due to its vertical complementarity, bring to them opportunities to win over a bundle offer (multi service package) that will consolidate their market predominance. Macroeconomic and internal corporate contrasts between these companies��� environment might signal that an impulsive could have a high price to pay in the future.

Empirical evidence on the difference between the effective and the statutory tax rates for listed groups in Germany

The difference between the statutory and effective tax rate for listed groups is a complex variable influenced by a variety of factors. This paper aims to analyze whether this difference exists for listed groups in the German market and tests which factors have an impact on it. Thus the sample consists of 130 corporations listed in the three major German stock indices. The findings suggest that the companies that pay less than the statutory rate clearly outweigh the ones that pay more, and that the income earned from associated companies has a significant impact on this difference.

Responsabilidade Social Empresarial (RSE) e Gest��o de Interesses Contrastantes dos Stakeholders

Devido ao papel dos media e, especialmente, �� (r)evolu����o da Internet, o mundo est�� cada vez mais vigiado. As empresas est��o mais expostas, n��o escapando ao poder dos jornalistas, bem como dos activistas e das ONGs. Para al��m disso, tem havido um aumento das exig��ncias por parte dos stakeholders; um aumento da concorr��ncia no mundo empresarial, devido ao crescimento da oferta; mais informa����o por parte dos consumidores e das suas, por vezes, poderosas associa����es; e o despertar de uma consci��ncia ecol��gica, causado pela ocorr��ncia de alguns desastres naturais. Todos estes aspectos t��m contribu��do para uma altera����o na forma de actua����o das empresas: a Responsabilidade Social Empresarial (RSE) tem vindo a ganhar terreno. Importa referir que, apesar de serem vis��veis as vantagens da adop����o da RSE no mundo empresarial, a sua execu����o nem sempre �� f��cil. Tendo em conta a Teoria dos Stakeholders, uma empresa deve agir sempre em fun����o dos interesses dos v��rios stakeholders que a comp��em. Por outras palavras, n��o devem ser tidos em conta apenas os accionistas, mas tamb��m os clientes, os empregados, os fornecedores, etc. Como �� natural, nem todos os membros de uma organiza����o t��m os mesmos objectivos. De facto, h�� sempre interesses divergentes em jogo na gest��o de uma organiza����o, sendo muito dif��cil satisfazer toda a gente. Como �� que as empresas gerem e priorizam, ent��o, os interesses contrastantes dos seus stakeholders, mantendo-se socialmente respons��veis? Esta �� uma pergunta que, para ser respondida, exige a an��lise de diferentes estrat��gias comunicacionais e de gest��o

Pol��ticas integradas de protec����o e promo����o da sa��de e seguran��a do trabalho nas empresas portuguesas

RESUMO - Foi constru��da uma tipologia com cinco grupos principais de pol��ticas, programas e actividades: A (Higiene & Seguran��a no Trabalho/Melhoria do ambiente f��sico de trabalho); B (Avalia����o de sa��de/Vigil��ncia m��dica/Presta����o de cuidados de sa��de); C (Preven����o de comportamentos de risco/ Promo����o de estilos de vida saud��veis); D (Interven����es a n��vel organizacional/Melhoria do ambiente psicossocial de trabalho); E (Actividades e programas sociais e de bem-estar). Foi concebido e desenhado, para ser autoadministrado, um question��rio sobre Pol��tica de Sa��de no Local de Trabalho. Foram efectuados dois mailings, e um follow-up telef��nico. O trabalho de campo decorreu entre a Primavera de 1997 e o Ver��o de 1998. A amostra (n = 259) �� considerada representativa das duas mil maiores empresas do pa��s. Uma em cada quatro era uma multinacional. A taxa de sindicaliza����o rondava os 30% da popula����o trabalhadora, mas apenas 16% dos respondentes assinalou a exist��ncia de representantes dos trabalhadores eleitos para a S&ST (abreviadamente, Sa��de & Seguran��a do Trabalho). �� o sistema de gest��o integrado de S&ST, e n��o o tamanho da empresa ou outra caracter��stica sociodemogr��fica ou t��cnicoorganizacional, que permite predizer a exist��ncia de empresas, mais activas e inovadoras no dom��nio da protec����o e promo����o da sa��de no trabalho.

A type system for value-dependent information flow analysis

Information systems are widespread and used by anyone with computing devices as well as corporations and governments. It is often the case that security leaks are introduced during the development of an application. Reasons for these security bugs are multiple but among them one can easily identify that it is very hard to define and enforce relevant security policies in modern software. This is because modern applications often rely on container sharing and multi-tenancy where, for instance, data can be stored in the same physical space but is logically mapped into different security compartments or data structures. In turn, these security compartments, to which data is classified into in security policies, can also be dynamic and depend on runtime data. In this thesis we introduce and develop the novel notion of dependent information flow types, and focus on the problem of ensuring data confidentiality in data-centric software. Dependent information flow types fit within the standard framework of dependent type theory, but, unlike usual dependent types, crucially allow the security level of a type, rather than just the structural data type itself, to depend on runtime values. Our dependent function and dependent sum information flow types provide a direct, natural and elegant way to express and enforce fine grained security policies on programs. Namely programs that manipulate structured data types in which the security level of a structure field may depend on values dynamically stored in other fields The main contribution of this work is an efficient analysis that allows programmers to verify, during the development phase, whether programs have information leaks, that is, it verifies whether programs protect the confidentiality of the information they manipulate. As such, we also implemented a prototype typechecker that can be found at http://ctp.di.fct.unl.pt/DIFTprototype/.

Understanding impact readiness in Portugal���s social sector and designing a framework for capacity-building for social impact

This project is based on the theme of capacity-building in social organisations to improve their impact readiness, which is the predictability of delivering intended outcomes. All organisations which have a social mission, non-profit or for-profit, will be considered to fall within the social sector for the purpose of this work. The thesis will look at (i) what is impact readiness and what are the considerations for building impact readiness in social organisations, (ii) what is the international benchmark in measuring and building impact readiness, (iii) understand the impact readiness of Portuguese social organisations and the supply of capacity building for social impact in Portugal currently, and (iv) provide recommendations on the design of a framework for capacity building for impact readiness adapted to the Portuguese context. This work is of particular relevance to the Social Investment Laboratory, which is a sponsor of this project, in its policy work as part of the Portuguese Social Investment Taskforce (the ���Taskforce���). This in turn will inform its contribution to the set-up of Portugal Inova����o Social, a wholesaler catalyst entity of social innovation and social investment in the country, launched in early 2015. Whilst the output of this work will be set a recommendations for wider application for capacity-building programmes in Portugal, Portugal Inova����o Social will also clearly have a role in coordinating the efforts of market players ��� foundations, corporations, public sector and social organisations ��� in implementing these recommendations. In addition, the findings of this report could have relevance to other countries seeking to design capacity building frameworks in their local markets and to any impact-driven organisations with an interest in enhancing the delivery of impact within their work.

Does the existing Corporate Governance structure and strict Legal Framework, affect the strategic decisionmaking of CEOs?

This thesis is a case study on Corporate Governance and Business Ethics, using the Portuguese Corporate Law as a general setting. The thesis was conducted in Portugal with illustrations on past cases under the Business Judgment Rule of the State of Delaware, U.SA along with illustrations on current cases in Portugal under the Portuguese Judicial setting, along with a comparative analysis between both. A debate is being considered among scholars and executives; a debate on best practices within corporate governance and corporate law, associated with recent discoveries of unlawful investments that lead to the bankruptcy of leading institutions and an aggravation of the crisis in Portugal. The study aimed at learning possible reasons and causes for the current situation of the country���s corporations along with attempts to discover the best way to move forward. From the interviews and analysis conducted, this paper concluded that the corporate governance structure and legal frameworks in Portugal were not the sole influencers behind the actions and decisions of Corporate Executives, nor were they the main triggers for the recent corporate mishaps. But it is rather a combination of different factors that played a significant role, such as cultural and ethical aspects, individual personalities, and others all of which created gray areas beyond the legal structure, which in turn accelerated and aggravated the corporate governance crisis in the country.

Ensaios sobre a responsabilidade social corporativa e sua divulga����o no setor portu��rio

Tese de Doutoramento em Contabilidade