Cross sectional default probabilities in european corporate bonds

This study attempts to identify basis-trading opportunities in the European banking sector by comparing two different measures for the market’s assessment of risk: market-observed CDS spreads and model-implied Z-spreads. Using a sample of 10 banks, over a period of 3 years following the European banking crisis, it can be concluded that there were arbitrage opportunities in the sector, as evidenced by the derived negative bases.

Competition effects from patient mobility in the European Union

This paper studies the effects of reimbursement for medical tourism within the European Union. We use a spatial competition framework to study the effects on prices, qualities and patient flows between two countries. Patient mobility increases with the implementation of reimbursement mechanisms. The resulting equilibria in prices and qualities depend on the rule of reimbursements and possible differences in country specific parameters. Soft budget constraints that public providers may have, pose a competitive advantage over private providers and divert demand toward the former. Supranational coordination concerning soft budgets constraints is needed to address the potentially detrimental effects on aggregate welfar

The impact of credit conditions on market liquidity – a case for European stock markets

The recent financial crisis has drawn the attention of researchers and regulators to the importance of liquidity for stock market stability and efficiency. The ability of market-makers and investors to provide liquidity is constrained by the willingness of financial institutions to supply funding capital. This paper sheds light on the liquidity linkages between the Central Bank, Monetary Financial Institutions and market-makers as crucial elements to the well-functioning of markets. Results suggest the existence of causality between credit conditions and stock market liquidity for the Eurozone between 2003 and 2015. Similar evidence is found for the UK during the post-crisis period. Keywords: stock

Trading the changes of stock market index composition: Evidence from European markets

This paper studies the changes in European stock market indexes composition from 1995 to 2015. It was found that there are mixed price effects producing abnormal returns around the effective replacement of added and deleted stocks. The price pressure hypothesis seems to hold for added stocks in some indexes but not for deleted stocks as there is not a clear inversion of behaviour after the replacement. Finally, the building and back testing of a trading strategy aiming to capture some of those abnormal returns shows it yields a Sharpe Ratio of 1.4 and generates an annualised alpha of 11%.

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.

Socio-demographic correlates of physical activity of European adults: A cross-sectional study from the European Social Survey

ABSTRACT - Background: From a public health perspective, the study of socio-demographic factors related to physical activity is important in order to identify subgroups for intervention programs. Purpose: This study also aimed to identify the prevalence and the socio-demographic correlates related with the achievement of recommended physical activity levels. Methods: Using data from the European Social Survey round 6, physical activity and socio-demographic characteristics were collected from 39278 European adults (18271 men, 21006 women), aged 18-64 years, from 28 countries in 2012. Meeting physical activity guidelines was assessed using World Health Organization criteria. Results: 64.50% (63.36% men, 66.49% women) attained physical activity recommended levels. The likelihood of attaining physical activity recommendations was higher in age group of 55-64 years (men: OR=1.22, p<0.05; women: OR=1.66, p<0.001), among those who had completed high school (men: OR=1.28, p<0.01; women: OR=1.26, p<0.05), among those who lived in rural areas (men: OR=1.20, p<0.001; women: OR=1.10, p<0.05), and among those who had 3 or more people living at home (men: OR=1.40, p<0.001; women: OR=1.43, p<0.001). On the other hand, attaining physical activity recommendations was negatively associated with being unemployed (men: OR=0.70, p<0.001; women: OR=0.87, p<0.05), being a student (men: OR=0.56, p<0.001; women: OR=0.64, p<0.01), being a retired person (men: OR=0.86, p<0.05) and with having a higher household income (OR=0.80, p<0.001; women: OR=0.81, p<0.01). Conclusion: This research helped clarify that, as the promotion of physical activity is critical to sustain health and prevent disease, socio-demographic factors are important to consider when planning the increase of physical activity.

Transparency in financial reporting by European Foundations

The increasing role of the European Foundations, urges for more transparency. The prevalent accounting frameworks in which they operate and report their activities are mostly based on national laws. This lack of harmonization, limits comparison between European foundations. Thus, this Work Project analyzes the current financial reporting by European foundations, and evaluates the similarities, differences and data availability between countries. The research provides evidence about little information available, deficiency in the financial reporting, within and between countries. The research recommends the need to ensure uniformity by providing a clear definition for public-benefit purpose, harmonization of laws and financial reporting.

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

Dissertação de mestrado em Direito dos Negócios, Europeu e Transnacional

O lúdico como estratégia de consolidação e revisão de conhecimentos na aula de Língua Estrangeira

Relatório de estágio de mestrado em Ensino do Português no 3º Ciclo do Ensino Básico e no Ensino Secundário e de Espanhol nos Ensinos Básico e Secundário

Strategies of the small-scale fisheries on the Central Amazon floodplain

A multivariate approach was applied to data of small-scale fisheries developed in Central Amazon, using information about catch composition, environment, fishing gear and season of the hydrological cycle. The correspondence analysis demonstrated to be a good tool for the analysis related multispecies fisheries. The analysis identified patterns of use of fisheries resources by the riverine communities, showing the correlation between the environmental factors and the fishing strategy for the capture of target fish species, indicating the high level of empiric knowledge about the environment and fisheries.

Fisheries and fishing effort at the Indigenous Reserves Ashaninka/Kaxinawá, river Breu, Brazil/Peru

This article aimed to describe the subsistence fisheries of traditional populations of three ethnic groups, one Ashaninka and two Kaxinawá, lying on the banks of the River Breu. Initially, monitors were trained to fill logbooks with data from fisheries of the villages during an annual cycle (august/1995 august/1996). Based on these data, it was realized an inventory of the most common fish species caught as well as one about the fishing environment. The following results were obtained: i) Indians prefer to use pools, locally known as "poços", for fishing; ii) the most common caught species are the "mandis" (35%, Pimelodidae), armored catfishes (Loricariidae), specially Hypostomus sp. (25%), the "curimatá" (9%, Prochilodus sp.) and the "saburus" (8%, Curimatidae), among others; iii) the fishing gears that lead to a high rate of fishing are the native "tingui", nets and bow and arrows; iv) fisheries are more intensive during summer; v) the fishing effort and their associated factors statistically significant in predicting the catches in the Indian Reserve were f1 = number of fishermen, f2 = (number of fishermen*total time devoted to fishing), f3 = [(number of fishermen)*(total time devoted to fishing)-(the time displacement)] and the factor villages and fishing gears; vi) although almost all the fisheries are done by walking to the fishing places, catches increase when paddle boats are used; and vii) the most active fishermen belong to Kaxinawá tribe.

Cohesion policy in the European Union: a brief critical review

Over the past four decades the EU cohesion policy’s focus, objectives and content have experienced significant changes as a result of successive reforms aiming at adapting it to a Union in constant evolution. In the early stages, cohesion policy had eminently redistributive goals and it assumed an explicit spatial dimension. In the late nineties, the possibility of an extension towards Eastern European countries and the limited willingness of net contributors to increase funding led to a turning point in cohesion policy. The increased importance of economic growth and job creation in the 2000’s, within the cohesion policy’s context, has led to a misrepresentation of its essence and motivations. Cohesion was losing importance towards competitiveness and regional equity towards national efficiency. Today, cohesion policy is for many EU countries the main mean for mobilising investment in a context of budgetary constraints and credit rationing. In light of the available evidence, it is likely that the overall design and priorities of the current cohesion policy have a limited impact in terms of convergence in many EU regions, especially in the less developed regions. This paper’s main objectives are to analyse the evolution of European cohesion policy throughout its history, to present a picture of cohesion policy in the 2014-2020 programming period and to discuss the main problems associated with its design, priorities and programming model.

Energy and carbon prices: a comparison of interactions in the European Union Emissions Trading Scheme and the Western Climate Initiative market

We provide a comparative analysis of how short-run variations in carbon and energy prices relate to each other in the emerging greenhouse gas market in California (Western Climate Initiative [WCI], and the European Union Emission Trading Scheme [EU ETS]). We characterize the relationship between carbon, gas, coal, electricity and gasoline prices and an indicator for economic activity, and present a first analysis of carbon prices in the WCI. We also provide a comparative analysis of the structures of the two markets. We estimate a vector autoregressive model and the impulse--response functions. Our main findings show a positive impact from a carbon shock toward electricity, in both markets, but larger in the WCI electricity price, indicating more efficiency. We propose that the widening of carbon market sectors, namely fuels transport and electricity imports, may contribute to this result. To conclude, the research shows significant and coherent relations between variables in WCI, which demonstrate some degree of success for a first year in operation. Reversely, the EU ETS should complete its intended market reform, to allow for more impact of the carbon price. Finally, in both markets, there is no evidence of carbon pricing depleting economic activity.

Brachyuran crustaceans from the bycatch of prawn fisheries at the mouth of the Amazon river

The present paper is a pioneering study on the Brachyura bycatch associated with the artisan prawn fisheries at the mouth of the Amazon River. The study was conducted at four collection sites distributed along the mouth of the Amazon River between the months of January/2009 and January/2010. The animals were caught using handcrafted traps called "matapi", which are used by prawn fisherman in the region. Twenty matapis were used at each collection site. A total of 145 specimens were captured and six species were identified, all belonging to the Trichodactylidae family - Sylviocarcinus maldonadoensis, S. pictus, S. devillei, Valdivia serrata, Dilocarcinus septemdentatus and D. pagei. The most representative species, S. maldonadoensis, S. pictus and S. devillei were classified as regular. Regarding the composition of the capture, there were three specimens of D. pagei , only one male specimen of D. septemdentatus, forty-eight specimens of S. maldonadoensis, sixty-eight specimens of S. pictus, twenty-two specimens of S. devillei and three specimens of V. serrata. In all months, the brachyuran fauna showed a considerably lower biomass when compared to the prawns, representing only 5% of the catch, in a ratio of 1:0.06. For most species, the number of males was always higher than the number of females in almost all collection months.

FOSTER: facilitate open science training for european research

FOSTER aims to support different stakeholders, especially young researchers, in adopting open access in the context of the European Research Area (ERA) and in complying with the open access policies and rules of participation set out for Horizon 2020 (H2020). FOSTER establish a European-wide training programme on open access and open data, consolidating training activities at downstream level and reaching diverse disciplinary communities and countries in the ERA. The training programme includes different approaches and delivery options: elearning, blearning, self-learning, dissemination of training materials/contents, helpdesk, face-to-face training, especially training-the-trainers, summer schools, seminars, etc.