Mercados bolsistas

O intenso intercâmbio entre os países, resultante do processo de globalização, veio acrescer importância ao mercado de capitais. Os países em desenvolvimento procuram abrir as suas economias para receber investimentos externos. Quanto maior for o grau de desenvolvimento de uma economia mais ativo será o seu mercado de capitais. No entanto, tem-se verificado uma tendência de substituição de enfoque económico, que antes era mais dirigido ao planeamento empresarial para metas mais ligadas ao meio ambiente. O mercado de capitais é um sistema de distribuição de valores mobiliários cujo objectivo é proporcionar liquidez a títulos emitidos pelas empresas, com a finalidade de viabilizar o processo de capitalização desses papéis. O mercado de capitais é composto pelas bolsas de valores, sociedades corretoras e outras instituições financeiras que têm autorização da Comissão de Valores dos Mercados Mobiliários (CMVM). O mercado bolsista insere-se no mercado de capitais. Nesses mercados, é importante conseguir conjuntamente a maximização dos recursos (retornos) e minimização dos custos (riscos). O principal objectivo das bolsas de valores é promover um ambiente de negociação dos títulos e dos valores mobiliários das empresas. Muitos investidores têm a sua própria maneira de investir, consoante o perfil que cada um tem. Além do perfil dos investidores, é também pertinente analisar a questão do risco. Vaughan (1997) observa que, nos dias atuais, a questão da administração do risco está presente na vida de todos. Este trabalho tem o propósito de demonstrar a necessidade da utilização de ferramentas para a seleção de ativos e para a mensuração do risco e do retorno de aplicações de recursos financeiros nesses activos de mercados de capitais, por qualquer tipo de investidor, mais especificamente na compra de ações e montagem de uma carteira de investimento. Para isso usou-se o método de Elton e Gruber, analisou-se as rentabilidades, os riscos e os índices de desempenho de Treynor e Sharpe. Testes estatísticos para os retornos das ações foram executados visando analisar a aleatoriedade dos dados. Este trabalho conclui que pode haver vantagens na utilização do método de Elton e Gruber para os investidores propensos a utilzar ações de empresas socialmente responsáveis.

Behavior monitoring and behavioral exchange: an approach from geospatial technologies involving gamification techniques

Dissertation submitted in partial fulfillment of the requirements for the Degree of Master of Science in Geospatial Technologies.

Oil, foreign aid and FDI flows: The missing link?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

How differently do our non-large companies listed on the Portuguese Stock Exchange perform?

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

The use of corpora to the teach english as a foreign language in secondary education in Portugal

Trabalho de Projecto apresentado para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Didáctica Do Inglês

The social stock exchange: A quantitative exploration

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Economics from the NOVA – School of Business and Economics

International News Reporting in the Multidimensional Network: The socio-demographics, professional culture and newswork of foreign correspondents working across Sub-Saharan Africa

Tese apresentada para cumprimento dos requisitos necessários à obtenção do grau de Doutor em Media Digitais

Cape Verde’s foreign policy: an economic perspective

The virtuous cycle between development success and foreign policy in Cape Verde reflects a positive interaction between globalization and governance. Development success under globalization entails positive market perceptions regarding the orientation and predictability of policies as well as the accompanying institutional arrangements, thereby making foreign policy salient beyond the comparator group, or “aspirational”. Even if there is no universally applicable development model, an aspirational foreign policy can be built on positive rankings with respect to comparator groups. In Macedo and Pereira (2010), macrolevel policy and institutional combinations underpinning trade diversification and income convergence in West and Southern Africa are used to establish development success for Cape Verde and Mozambique respectively. Here, the narrative of long-term development helps identify the following drivers: moving towards a market economy; opening up to regional and global trade; increasing economic and political freedom; pursuing macroeconomic stability and financial reputation; ensuring policy continuity (especially in trade and industrial sectors) and focusing on human development (especially poverty reduction and education). Looking at GDP per capita and indicators of financial reputation and good governance of sub-regional peers is not sufficient to conclude that Cape Verde’s convergence will be sustained. Nevertheless, the positive interaction between trade and financial globalization, on the one hand, and democracy and good governance, on the other, have positive implications for the effectiveness of foreign policy across the region as well as in the Portuguese-speaking community.

Comparing exchange market pressure in West and Southern African countries

We compare the performance of Cape Verde and Mozambique concerning financial credibility as measured by Exchange Market Pressure, an institutional feature that has often been overlooked in the literature as a relevant institution for economies. Drawing on previous research by Macedo et al. (2009), we expand their analysis and, using several definitions of “financial credibility”, all related to different angles on Exchange Market Pressure indices, we conclude that - against reasonable benchmarks in their respective regions - financial credibility has been very good for Cape Verde and fairly good for Mozambique.

Drivers of China's foreign direct investment into Africa

We assess the determinants of Chinese direct investment in Africa compared with those of global FDI. We find that economic size and macroeconomic stability are positively correlated with Chinese and global FDI in Africa. Institutional variables, such as accountability and rule of law, are not significant in either case and the same can be said about FDI-aid complementarities. The presence of oil is a determinant of Chinese FDI but not of global FDI into Africa. Conversely, the openness of the economy is a determinant for global FDI but not of Chinese FDI, which appears to favour closed economies possibly due to industrial organizational concerns. While these differences accord with intuition, we find no evidence for the claim that Chinese FDI in Africa is related to non-economic governance in a specific way that differs from global practice. More refined governance indicators should be used to verify whether Chinese and global FDI into Africa remain indistinguishable on this score: we plan to do this in future research.

Determinants of exchange rates: An empirical analysis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Pricing of exchange traded funds

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Finance from the NOVA – School of Business and Economics

Management of Costa Vicentina as tourism destination for foreign surf practitioner and beginners

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Production of septal fibrosis of the liver by means of foreign protein injections into rats

Similarities and differences in antigenic humoral responses and electrophoretic patterns between Capillaria hepatica and pig-serum were investigated as a contribution to the understanding of hepatic fibrosis induced by the parenteral administration of foreign proteins. Only two out of 10 rats receiving repeated intraperitoneal injections of an extract of Capillaria hepatica-infected mouse liver presented septal hepatic fibrosis (20%). Under the same experimental conditions, 4 out of 9 rats (44.4%) developed septal fibrosis following whole pig-serum administration. Injections of normal mouse liver extracts did not result in hepatic fibrosis. Since a 100% septal fibrosis rate is observed in experimentally Capillaria hepatica-infected rats, it appeared that Capillaria hepatica products continuously released from inside the liver creates a much more effective fibrosis inducing mechanism than the parenteral administration of such factors. Thus, repeated peritoneal administration of a foreign protein to rats would not reveal the full fibrogenic potential it may have under natural conditions.

The determinants of Foreign Direct Investments attraction in Portugal and Spain: A comparative analysis

Double Degree. A Work Project presented as part of the requirements for the Award of a Master Degree in Management from the NOVA – School of Business and Economics and a Master Degree in Business Engineering from Louvain School of Management