Is there space to build one more transshipment terminal within Portuguese territory?

NSBE - UNL

Determinants of Portuguese bank’s provisioning policies: Discretionary behaviour of generic and specific allowances

In this paper we test for the impact of the regulatory environment on a bank’s discretionary provisioning practices. We develop a model that structures the dynamics of the provision policy for the two classes of provisions: generic provisions and specific provisions. The model is tested using a comprehensive database of all financial institutions operating in Portugal for 1990-2000. This unique dataset comprises banks subject to the Portuguese rules as well as bank subsidiaries subject to their home-country regulation and we were able to identify distinct behaviours between them. Our results show the importance of handling he two types of provisions separately. They support the hypothesis that banks have a discretionary behaviour in setting up their provisions, and find evidence of income smoothing and capital management. We also find that the regulatory regime impacts on discretionary provisioning policies because banks when forced to increase one type of provision react by reducing the iscretionary component of the other, a finding we designated as a substitution effect.

Centros e margens: o lugar ambíguo do Fora-da-Lei Medieval

XVIII Encontro da A.P.E.A.A, Associação Portuguesa de Estudos Anglo-Americanos

Indoor location-based analytics systems: Portuguese market compettive assessment and entry procing strategy of BIPs' technology in Sonae Sierra Shopping malls stores

This project attempts to provide an in-depth competitive assessment of the Portuguese indoor location-based analytics market, and to elaborate an entry-pricing strategy for Business Intelligence Positioning System (BIPS) implementation in Portuguese shopping centre stores. The role of industry forces and company’s organizational resources platform to sustain company’s competitive advantage was explored. A customer value-based pricing approach was adopted to assess BIPS value to retailers and maximize Sonae Sierra profitability. The exploratory quantitative research found that there is a market opportunity to explore every store area types with tailored proposals, and to set higher-than-tested membership fees to allow a rapid ROI, concluding there are propitious conditions for Sierra to succeed in BIPS store’s business model in Portugal.

The Portuguese contemporary art as an investment

In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.

Predictors of student success: a study of Portuguese Higher Education graduates

Work Projected presented in the context of a Directed Research Internship at the Directorate-General of Statistics of the Portuguese Ministry of Education, and as part of the requirements for the Award of a Masters Degree in Economics from the NOVA - School of Business and Economics

Esforço, dedicação, devoção e glória: imagens do leão na cultura medieval inglesa

Neste volume está reunida a maior parte das comunicações apresentadas, em Novembro de 2000, no terceiro ciclo de conferências organizadas pelo Núcleo Científico de Estudos Medievais da Faculdade de Ciências Sociais e Humanas da Universidade Nova de Lisboa. Assunto pouco estudado em Portugal, o da relação da sociedade medieval com o mundo animal, este encontro procurou abranger tópicos tão diversificados como o das heranças mentais, o dos quotidianos e o das imagens, símbolos e discursos mediadores das concepções da fauna e da natureza.

Medieval idade

Nota: A história da composição deste texto remonta a Julho de 1979, altura em que havia concluído o 2º ano da licenciatura em Línguas e Literaturas Modernas (Estudos Portugueses e Ingleses). Sem desprimor para os restantes docentes, a disciplina que mais me motivara fora a Literatura Inglesa I, leccionada pela Profª Leonor, cuja erudição e entusiástica energia nos desvendavam, entre outros conteúdos totalmente novos, a chamada “poesia da noite e dos túmulos” e a narrativa gótica. A influência e o potencial cenográficos dos respectivos topoi, aliados aos laivos simbolistas colhidos da Literatura Portuguesa I e ateados pelas faúlhas pseudo-poéticas dos 20 anos, ditaram este resultado, cujas limitações saltarão aos olhos do leitor mais casual e do crítico mais indulgente. Na recuperação irretocada deste texto, tantos anos volvidos, veja-se pois e apenas uma tentativa de imprimir acrescida pessoalidade à sentida homenagem que desejaria saber prestar à Profª Maria Leonor Machado de Sousa.

We are all on fire [...]’: os primórdios da canonização da literatura medieval inglesa

Tomando como ponto de partida a célebre confissão do Bispo Hurd em Letters on Chivalry and Romance (1762), o nosso texto procurará reflectir, enquadrando-os culturalmente, sobre os processos de (re)descoberta, reavaliação e revalorização setecentistas da literatura medieval, mercê das histórias literárias pioneiras de Hugh Blair (1718-1800), Thomas Warton (1728-1790) e do próprio Richard Hurd (1720-1808).

Search-for-yield in Portuguese fixed-income mutual funds and monetary policy

This paper studies the effects of monetary policy on mutual fund risk taking using a sample of Portuguese fixed-income mutual funds in the 2000-2012 period. Firstly I estimate time-varying measures of risk exposure (betas) for the individual funds, for the benchmark portfolio, as well as for a representative equally-weighted portfolio, through 24-month rolling regressions of a two-factor model with two systematic risk factors: interest rate risk (TERM) and default risk (DEF). Next, in the second phase, using the estimated betas, I try to understand what portion of the risk exposure is in excess of the benchmark (active risk) and how it relates to monetary policy proxies (one-month rate, Taylor residual, real rate and first principal component of a cross-section of government yields and rates). Using this methodology, I provide empirical evidence that Portuguese fixed-income mutual funds respond to accommodative monetary policy by significantly increasing exposure, in excess of their benchmarks, to default risk rate and slightly to interest risk rate as well. I also find that the increase in funds’ risk exposure to gain a boost in return (search-for-yield) is more pronounced following the 2007-2009 global financial crisis, indicating that the current historic low interest rates may incentivize excessive risk taking. My results suggest that monetary policy affects the risk appetite of non-bank financial intermediaries.

Modeling and forecasting value-at-risk for the Portuguese stock market

The aim of this work project is to find a model that is able to accurately forecast the daily Value-at-Risk for PSI-20 Index, independently of the market conditions, in order to expand empirical literature for the Portuguese stock market. Hence, two subsamples, representing more and less volatile periods, were modeled through unconditional and conditional volatility models (because it is what drives returns). All models were evaluated through Kupiec’s and Christoffersen’s tests, by comparing forecasts with actual results. Using an out-of-sample of 204 observations, it was found that a GARCH(1,1) is an accurate model for our purposes.

entrante aa noite

Este trabalho pretende, a partir da análise de textos literários e não literários do português antigo, incluídos no Corpus Informatizado do Português Medieval (CLUNL/FCSH-UNL), descrever e interpretar a distribuição sintática e as propriedades do particípio presente no português antigo, verificando semelhanças e diferenças com outras formas não finitas, principalmente o gerúndio. Procurou-se averiguar o que caracteriza as formas de particípio presente do português antigo e do português europeu contemporâneo e o que as distingue de outras formas não finitas do verbo, no que diz respeito aos contextos em que ocorrem, mas também quanto ao seu funcionamento. Assim, analisando mais detalhadamente as orações em que estes particípios ocorrem com função verbal, investigaram-se algumas das suas propriedades internas (legitimação de sujeitos plenos, identificação e legitimação de sujeitos nulos, ordem de palavras), de modo a poder explicar o seu funcionamento e estrutura. No português antigo, as formas de particípio presente tinham características distintas das do português contemporâneo. No português de hoje, as formas terminadas em -nte, subsistem apenas como nomes (estudante, presidente, pedinte) e adjetivos (minguante, cadente, seguinte). O uso verbal destas formas desapareceu, tendo sido substituído por outras formas não finitas, nomeadamente o gerúndio e o infinitivo. Quando ainda mantinha o seu funcionamento verbal, o particípio presente ocorria nos mesmos contextos sintáticos em que encontramos outras formas não finitas, principalmente o gerúndio. Estas duas formas pareciam funcionar como variantes livres, tendo depois o gerúndio substituído a forma participial na maioria dos contextos. A análise dos dados e a comparação efetuada com as formas de gerúndio que ocorrem no mesmo contexto (adjunção adverbial) permitiram concluir que as estruturas com particípio do português se mostram mais defetivas (ocorrem sem conector, não há casos de negação própria e não há particípios presentes compostos) do que as gerundivas. No entanto, essa defetividade não parece dever-se à própria forma de particípio, pois foi possível encontrar particípios presentes como predicados principais.

An internationalisation research project into the German market for the Portuguese canned seafood company COFACO.

This project is aimed to analyse the German market of canned fish, in order to find out if there is potential of entering the market for the Portuguese canned seafood company named COFACO. The purpose of this foreign market research, carried out for COFACO, is to highlight the main key aspects of the current German seafood market, founded out through a deep analysis. Moreover, the work project is also aimed to give the company suggestions regarding the Brand, the Product and the Distribution strategy to implement in order to succeed, once considered the opportunity to enter the market.

Trust, alliance management capability and the alliance management function: A comparative analysis of Portuguese SMEs

Strategic alliances represent a key driver for internationalization and growth, being the purpose of this work project to better understand the intertwined relationship between trust and the existence of an alliance management position. Previous research supports the positive impact of such position in stock market returns. However, little attention has been given to the impact of such position on the level of trust in the collaborative arrangement, which is deemed to be a key driver for alliance success. A qualitative comparative case-study of three Portuguese SMEs is used to draw conclusions from the literature to real life business cases and it demonstrates the positive impact of an alliance management position on trust.

Graph usage in financial reports: Evidence from Portuguese listed companies

When assessing investment options, investors focus on the graphs of annual reports, despite lack of auditing. If poorly constructed, graphs distort perceptions and lead to inaccurate decisions. This study examines graph usage in all the companies listed on Euronext Lisbon in 2013. The findings suggest that graphs are common in the annual reports of Portuguese companies and that, while there is no evidence of Selectivity Distortion, both Measurement and Orientation Distortions are pervasive. The study recommends the auditing of financial graphs, and urges preparers and users of annual reports to be wary of the possibility of graph distortion.