Modernity Contextualises New Zealand's Royal Commission on Genetic Modification: A Discourse Analysis

The New Zealand's Royal Commission on Genetic Modification (RCGM)'s report was released in the year 2001. RCGM's findings supports the ongoing development of genetic engineering in New Zealand and recommends the recommencement of genetic modification field trials.

Considerations about the recommendations of the Commission on the Limits of the Continental Shelf on the Amazon fan

In 2004, Brazil submitted to the Commission on the Limits of the Continental Shelf (CLCS) a Submission for the outer limit of the Brazilian continental shelf for its extension beyond the limits of 200 nautical miles. In 2007, the CLCS presented its recommendations, however it did not recommend four areas proposed by Brazil, the Amazon Fan among them. The objective of this study is to present the main legal and technical aspects of the controversy about the Amazon Fan, in order to evaluate some alternatives for a future submission, new or revised.

EU Commission participation in the Troika mission: is there a European Union price to pay?

The article is intended to debate two questions regarding the involvement of the Commission in the Troika's action: firstly, considering the nature of financial assistance programs, it aims to discuss the effect of the Commission's participation in Troika negotiations on the balance of power of the EU institutions; and secondly, the article raises the issue of the Commission's liability for the results achieved by the financial assistance program, taking into account the extent of the conditions imposed, as well as the intensity of scrutiny by the Troika.

Conditioning information in mutual fund performance evaluation: Portuguese evidence

We estimate and compare the performance of Portuguese-based mutual funds that invest in the domestic market and in the European market using unconditional and conditional models of performance evaluation. Besides applying both partial and full conditional models, we use European information variables, instead of the most common local ones, and consider stochastically detrended conditional variables in order to avoid spurious regressions. The results suggest that mutual fund managers are not able to outperform the market, presenting negative or neutral performance. The incorporation of conditioning information in performance evaluation models is supported by our findings, as it improves the explanatory power of the models and there is evidence of both time-varying betas and alphas related to the public information variables. It is also shown that the number of lags to be used in the stochastic detrending procedure is a critical choice, as it will impact the significance of the conditioning information. In addition, we observe a distance effect, since managers who invest locally seem to outperform those who invest in the European market. However, after controlling for public information, this effect is slightly reduced. Furthermore, the results suggest that survivorship bias has a small impact on performance estimates.

Measuring fund performance using multi-factor models: evidence for the Portuguese market

This paper examines the performance of Portuguese equity funds investing in the domestic and in the European Union market, using several unconditional and conditional multi-factor models. In terms of overall performance, we find that National funds are neutral performers, while European Union funds under-perform the market significantly. These results do not seem to be a consequence of management fees. Overall, our findings are supportive of the robustness of conditional multi-factor models. In fact, Portuguese equity funds seem to be relatively more exposed to smallcaps and more value-oriented. Also, they present strong evidence of time-varying betas and, in the case of the European Union funds, of time-varying alphas too. Finally, in terms of market timing, our tests suggest that mutual fund managers in our sample do not exhibit any market timing abilities. Nevertheless, we find some evidence of timevarying conditional market timing abilities but only at the individual fund level.

DISPOSITION EFFECT AMONG BRAZILIAN EQUITY FUND MANAGERS

The disposition effect predicts that investors tend to sell winning stocks too soon and ride losing stocks too long. Despite the wide range of research evidence about this issue, the reasons that lead investors to act this way are still subject to much controversy between rational and behavioral explanations. In this article, the main goal was to test two competing behavioral motivations to justify the disposition effect: prospect theory and mean reversion bias. To achieve it, an analysis of monthly transactions for a sample of 51 Brazilian equity funds from 2002 to 2008 was conducted and regression models with qualitative dependent variables were estimated in order to set the probability of a manager to realize a capital gain or loss as a function of the stock return. The results brought evidence that prospect theory seems to guide the decision-making process of the managers, but the hypothesis that the disposition effect is due to mean reversion bias could not be confirmed.

The Interpretation of Verbal Probability Expressions Used in the IAS/IFRS: the auditors Rrgistered with the portuguese securities market commission

One of the main arguments in favour of the adoption and convergence with the international accounting standards published by the IASB (i.e. IAS/IFRS) is that these will allow comparability of financial reporting across countries. However, because these standards use verbal probability expressions (v.g. “probable”) when establishing the recognition and disclosure criteria for accounting elements, they require professional accountants to interpret and classify the probability of an outcome or event taking into account those terms and expressions and to best decide in terms of financial reporting. This paper reports part of a research we carried out on the interpretation of “in context” verbal probability expressions used in the IAS/IFRS by the auditors registered with the Portuguese Securities Market Commission, the Comissão do Mercado de Valores Mobiliários (CMVM). Our results provide support for the hypothesis that culture affects the CMVM registered auditors’ interpretation of verbal probability expressions through its influence on the accounting value (or attitude) of conservatism. Our results also suggest that there are significant differences in their interpretation of the term “probable”, which is consistent with literature in general. Since “probable” is the most frequent verbal probability expression used in the IAS/IFRS, this may have a negative impact on financial statements comparability.

The Vasco da Gama Bridge on the Tagus Estuary: A paradigm of bad decision making, but good post-evaluation

World Transport Policy & Practice, Vol.6, nº2, (2000)

Gestão do Risco: Segurança do Doente em Ambiente Hospitalar

A Gestão do Risco e a Segurança do Doente nos hospitais portugueses, começou a dar os primeiros passos no final da década de 90, a partir de projetos voluntários de melhoria da qualidade em saúde, conduzidos pelo King’s Fund e Joint Commission International. Da experiência partilhada e aprendida podemos afirmar que a Gestão do Risco na Saúde é uma metodologia de excelência que contribui para aumentar a segurança de todos. As diferentes estruturas da organização devem manter uma estreita articulação neste processo e a equipa de gestão do risco deve articular com todos os serviços e diversas entidades da organização, designadamente Comissão da Qualidade, Controlo da Infeção Hospitalar, Saúde Ocupacional, Gabinete do Utente, Gabinete Contencioso, Instalações e Equipamentos, Hoteleiros entre outros. No que diz respeito às responsabilidades na gestão do risco, esta é de todos, pois todos os profissionais têm responsabilidades na prevenção de incidentes e na promoção da segurança. A Gestão do Risco assenta em quatro pilares essenciais que devem ser suportados por um programa de formação estruturado para todos os profissionais da organização. Da nossa experiência, estes pilares são a base para a operacionalização de um Programa de Gestão de Risco, sendo eles: - Sistema de Relato de Incidentes - Identificação e Avaliação do Risco - Monitorização de Indicadores de Segurança do Doente - Auditoria como Instrumento de Melhoria Continuia Neste artigo, iremos apenas aprofundar os dois primeiros pilares, baseando-nos na literatura internacional e na nossa experiência como enfermeiras no Centro Hospital de Lisboa Central.

The effects Ishares IBovespa index fund creation on the liquidity of underlying stocks

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

Bond fund runs: The financial crisis case

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