Tudo no lugar certo: trabalho de projecto

Trabalho de Projecto submetido à Escola Superior de Teatro e Cinema para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Teatro - especialização em Teatro e Comunidade.

An ontology roadmap for crowdsourcing innovation intermediaries

Ontologies have proliferated in the last years, essentially justified by the need of achieving a consensus in the multiple representations of reality inside computers, and therefore the accomplishment of interoperability between machines and systems. Ontologies provide an explicit conceptualization that describes the semantics of the data. Crowdsourcing innovation intermediaries are organizations that mediate the communication and relationship between companies that aspire to solve some problem or to take advantage of any business opportunity with a crowd that is prone to give ideas based on their knowledge, experience and wisdom, taking advantage of web 2.0 tools. Various ontologies have emerged, but at the best of our knowledge, there isn’t any ontology that represents the entire process of intermediation of crowdsourcing innovation. In this paper we present an ontology roadmap for developing crowdsourcing innovation ontology of the intermediation process. Over the years, several authors have proposed some distinct methodologies, by different proposals of combining practices, activities, languages, according to the project they were involved in. We start making a literature review on ontology building, and analyse and compare ontologies that propose the development from scratch with the ones that propose reusing other ontologies. We also review enterprise and innovation ontologies known in literature. Finally, are presented the criteria for selecting the methodology and the roadmap for building crowdsourcing innovation intermediary ontology.

Crowdsourcing innovation intermediaries functions

Open innovation is a hot topic in innovation management. Its basic premise is open up the innovation process. The innovation process, in general sense, may be seen as the process of designing, developing and commercializing a novel product or service to improve the value added of a company. The development of Web 2.0 tools facilitates this kind of contributions, opening space to the emergence of crowdsourcing innovation initiatives. Crowdsourcing is a form of outsourcing not directed to other companies but to the crowd by means of an open call mostly through an Internet platform. Innovation intermediaries, in general sense, are organizations that work to enable innovation, that just act as brokers or agents between two or more parties. Usually, they are also engaged in other activities like inter-organizational networking and technology development and related activities. A crowdsourcing innovation intermediary is an organization that mediates the communication and relationship between the seekers – companies that aspire to solve some problem or to take advantage of any business opportunity – with a crowd that is prone to give ideas based on their knowledge, experience and wisdom. This paper identifies and analyses the functions to be performed by an intermediary of crowdsourcing innovation through grounded theory analyses from literature. The resulting model is presented and explained. The resulting model summarizes eight main functions that can be performed by a crowdsourcing process, namely, diagnoses, mediation, linking knowledge, community, evaluation, project management, intellectual property governance and marketing and support. These functions are associated with a learning cycle process which covers all the crowdsourcing activities that can be realized by the broker.

Ontology methodology building criteria for crowdsourcing innovation intermediaries

Crowdsourcing innovation intermediaries are organizations that mediate the communication and relationship between companies that aspire to solve some problem or to take advantage of any business opportunity with a crowd that is prone to give ideas based on their knowledge, experience and wisdom. A significant part of the activity of these intermediaries is carried out by using a web platform that takes advantage of web 2.0 tools to implement its capabilities. Thus, ontologies are presented as an appropriate strategy to represent the knowledge inherent to this activity and therefore the accomplishment of interoperability between machines and systems. In this paper we present an ontology roadmap for developing crowdsourcing innovation ontology of the intermediation process. We start making a literature review on ontology building, analyze and compare ontologies that propose the development from scratch with the ones that propose reusing other ontologies, and present the criteria for selecting the methodology. We also review enterprise and innovation ontologies known in literature. Finally, are taken some conclusions and presented the roadmap for building crowdsourcing innovation intermediary ontology.

Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

The determinants of net interest margins & net interest spreads in the Russian & Japanese Commercial Banking sectors

This study presents an empirical investigation of the determinants of net interest margins and spreads in the Russian and Japanese banking sectors with a particular focus on commercial banks. Net interest mar-gins and spreads serve as indicators of financial intermediation efficiency. This paper employed a bank-level unbalanced panel dataset prolonging from 2005 to 2014. My main empirical results show that bank characteristics explain the most of the variation in not only net interest margins but also in spreads. Capi-talization, liquidity risk, inflation, economic growth, private and government debt are important determi-nants of margin in Russia. In Japan to the contrary loan and deposit market concentration along with bank size do predominate. Common significant variables in both countries are the substitution effect, cost effi-ciency and profitability. Turning to net interest spreads, micro- and macro-specific variables are the main significant drivers in Russia. I reach the conclusion that there are no significant determinants of net interest spreads in Japan within the original selection of variables, but operating efficiency and deposits to total funding seem to prevail. In both countries, there are solid differences in the net interest margins as well as spreads once the pre- and the post-crisis periods are considered.

A negociação no mercado a prazo do MIBEL

This master thesis has been developed during the internship in the Supervision Department of Supervision of the Intermediation and Market Structures of CMVM. My collaboration in such department was mainly focused on the derivatives market of the Iberian Electricity Market (MIBEL). MIBEL embodies two organized markets – the derivatives market in Portugal and the spot market in Spain The trading activity in the derivatives market of MIBEL is processed through the trading platform of the regulated market managed by OMIP, however, much of the negotiation is over-the-counter. The aim of this work is to describe the market from a legal and economic perspective and to analyse the evolution of the negotiation, namely the impact of OTC in the regulated market trading. To achieve this, I propose to analyse also MiFID and EMIR rules over derivative contracts and the role of central counterparties, as they both are important to the discussion. In parallel, we found that OTC transactions are considerably higher than those traded in the regulated market managed by OMIP, those findings can be justified by the contractual relationships based on trust already established between the partiesarties. Nevertheless, since 2011 this trend changed by an increase of the registered OTC. Thereafter, although the parties continued to trade bilaterally, these transactions were registered in a central counterparty in order to eliminate the inherent risks related to the OTC derivatives transactions. This change in the negotiation pattern may also be influenced by the mandatory reporting of transactions imposed by EMIR, that requires for some classes of derivatives the centralized clearing and for all other requires the implementation of risk mitigation techniques.

Modelo de conhecimento para intermediários de inovação com Crowdsourcing

Tese de Doutoramento em Tecnologias e Sistemas de Informação.

Financial stress and sovereign debt composition

"Published online: 19 Oct 2015"

Credit markets and the propagation of monetary policy shocks

This paper analyzes the propagation of monetary policy shocks through the creation of credit in an economy. Models of the monetary transmission mechanism typically feature responses which last for a few quarters contrary to what the empirical evidence suggests. To propagate the impact of monetary shocks over time, these models introduce adjustment costs by which agents find it optimal to change their decisions slowly. This paper presents another explanation that does not rely on any sort of adjustment costs or stickiness. In our economy, agents own assets and make occupational choices. Banks intermediate between agents demanding and supplying assets. Our interpretation is based on the way banks create credit and how the monetary authority affects the process of financial intermediation through its monetary policy. As the central bank lowers the interest rate by buying government bonds in exchange for reserves, high productive entrepreneurs are able to borrow more resources from low productivity agents. We show that this movement of capital among agents sets in motion a response of the economy that resembles an expansionary phase of the cycle.

Taxation of banks: a theoretical framework

The goal of this paper is to develop a model of financial intermediation analyze the impact of various forms of taxation. The model considers in a unified framework various functions of banks: monitoring, transaction services and asset transformation. Particular attention is devoted to conditions for separability between deposits and loans. The analysis focuses on: (i) competition between banks and alternative financial arrangements (investment funds and organized security markets), (ii) regulation, and (iii) bank's monopoly power and risk taking behavior.

Memory in contracts: the experience of the EBRD (1991-2003)

The objective of this paper is to identify the role of memory in repeated contracts with moral hazard in financial intermediation. We use the database we have built containing the contracts signed by the European Bank for Reconstruction and Development EBRD between 1991 and 2003. Our framework is a standard setting of repeated moral hazard. After having controlled for the adverse selection component, we are able to prove that client reputation is the discrimination device according to which the bank fixes the amount of credit for the established clients. Our results unambiguously isolate the effect of memory in the bank's lending decisions.

Distributional and Poverty Consequences of Globalization: A Dynamic Comparative Analysis for Developing Countries

This study examines the impact of globalization on cross-country inequality and poverty using a panel data set for 65 developing counties, over the period 1970-2008. With separate modelling for poverty and inequality, explicit control for financial intermediation, and comparative analysis for developing countries, the study attempts to provide a deeper understanding of cross country variations in income inequality and poverty. The major findings of the study are five fold. First, a non-monotonic relationship between income distribution and the level of economic development holds in all samples of countries. Second, both openness to trade and FDI do not have a favourable effect on income distribution in developing countries. Third, high financial liberalization exerts a negative and significant influence on income distribution in developing countries. Fourth, inflation seems to distort income distribution in all sets of countries. Finally, the government emerges as a major player in impacting income distribution in developing countries.

Universal banking, competition and risk in a macro model

A stylized macroeconomic model is developed with an indebted, heterogeneous Investment Banking Sector funded by borrowing from a retail banking sector. The government guarantees retail deposits. Investment banks choose how risky their activities should be. We compared the benefits of separated vs. universal banking modelled as a vertical integration of the retail and investment banks. The incidence of banking default is considered under different constellations of shocks and degrees of competitiveness. The benefits of universal banking rise in the volatility of idiosyncratic shocks to trading strategies and are positive even for very bad common shocks, even though government bailouts, which are costly, are larger compared to the case of separated banking entities. The welfare assessment of the structure of banks may depend crucially on the kinds of shock hitting the economy as well as on the efficiency of government intervention.

Memory in contracts: the experience of the EBRD (1991-2003)

The objective of this paper is to identify the role of memory as a screening device in repeated contracts with asymmetric information in financial intermediation. We use an original dataset from the European Bank for Reconstruction and Development. We propose a simple empirical method to capture the role of memory using the client's reputation. Our results unambiguously isolate the dominant effect of memory on the bank's lending decisions over market factors in the case of established clients.