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.

Environmental performance of aquaculture in Rondônia state, Brazil

The objective of this study was to analyze the environmental performance of aquaculture in the city of Colorado do Oeste, Rondônia State, Brazil. Fifteen fish farmers were interviewed. For data collection, structured interviews were carried out, using a questionnaire based on information supplied by the United Nations Food and Agriculture Organization (FAO). The questionnaire considered 12 items, organized into three main topics: a) social and legal standards b) environmental standards c) standards of food safety and hygiene. The questionnaire considered 12 items, organized into three main topics: a) social and legal standards b) environmental standards c) standards of food safety and hygiene. Aquaculture in the city of Colorado do Oeste, Rondônia presents two fish production systems: extensive and semi-intensive. In the semi-intensive system, stocking rate was one fish per m3, on average; tambaqui (Colossoma macropomum), tilapias (Oreochromis spp.), pirarucu (Arapaima gigas) and pintado (Pseudoplatystoma spp.) were the species farmed at the largest number. The rate of water renewal was due to the greater availability of natural food in this system. Water renewal was constant in the ponds (1,500 liters per minute). In the semi-intensive system using dug ponds, alevins were stocked and fed during the entire rearing time with natural and exogenous food. The extensive system relied on the natural production of the pond, with stocking density limited by the production of natural food. The little renewal of water made the cultivation tank itself acted as a decantation lake, with the occurrence of oxidation and sedimentation of residual organic matter, consisting of feces, debris and organic fertilizer. Production of reduced effluent volume took place in the extensive system, compared to the cultivation area. In addition, there was high water turbidity, caused by high concentration of planktonic organisms, and low concentrations of dissolved oxygen in the water. Data showed that nine estates of the interviewed fish farmers had critical environmental performance (less than 30.0%). Six estates of fish farmers had bad environmental performance (between 30.0 and 50.0%) (Coefficient of sustentainability = green square x 100 ÷ Total Questions less the yellow squares)

Integration of Standardized Management Systems: A Dilemma?

Abstract: The growing proliferation of management systems standards (MSSs), and their individualized implementation, is a real problem faced by organizations. On the other hand, MSSs are aimed at improving efficiency and effectiveness of organizational responses in order to satisfy the requirements, needs and expectations of the stakeholders. Each organization has its own identity and this is an issue that cannot be neglected; hence, two possible approaches can be attended. First, continue with the implementation of individualized management systems (MSs); or, integrate the several MSSs versus related MSs into an integrated management system (IMS). Therefore, in this context, organizations are faced with a dilemma, as a result of the increasing proliferation and diversity of MSSs. This paper takes into account the knowledge gained through a case study conducted in the context of a Portuguese company and unveils some of the advantages and disadvantages of integration. A methodology is also proposed and presented to support organizations in developing and structuring the integration process of their individualized MSs, and consequently minimize problems that are generators of inefficiencies, value destruction and loss of competitiveness. The obtained results provide relevant information that can support Top Management decision in solving that dilemma and consequently promote a successful integration, including a better control of business risks associated to MSSs requirements and enhancing sustainable performance, considering the context in which organizations operate.

Use of Performance Measurement in the Public Sector: the case of the police service

Many public organisations have been under great pressure in recent years to increase the efficiency and transparency of outputs, to rationalise the use of public resources, and to increase the quality of service delivery. In this context, public organisations were encouraged to introduce the New Public Management reforms with the goal of improving the efficiency and effectiveness of the performance organisation through a new public management model. This new public management model is based on measurement by outputs and outcomes, a clear definition of responsibilities, the transparency and accountability of governmental activities, and on a greater value for citizens. What type of performance measurement systems are used in police services? Based on the literature, we see that multidimensional models, such as the Balanced Scorecard, are important in many public organisations, like municipalities, universities, and hospitals. Police services are characterised by complex, diverse objectives and stakeholders. Therefore, performance measurement of these public services calls for a specific analysis. Based on a nationwide survey of all police chiefs of the Portuguese police force, we find that employee performance measurement is the main form of measurement. Also, we propose a strategic map for the Portuguese police service.

Use of performance information by local politicians: a field study in the Portuguese context.

This paper seeks to investigate the use of performance information by politicians and whether the institutional reforms on performance management (PM) have been operationalized by local politicians. Differences on the policy field and the organizational context have been analyzed. Our goal is contribute to knowledge on PM in the political sphere and understand the different responses of politicians to government change initiatives (mainly coercive pressures). Our findings show that local politicians support the notion that greater attention should be devoted to the use of performance information on the evaluation process. Nevertheless they are very skeptic in relation to effective execution of government reforms. There is an internal culture where agencies are embedded, strongly influenced by the high degree of politicisation among senior managers, that lead politicians to be more concerned about personal opinions and informal performance information rather than to use more sophisticated information (output and outcome measures). The institutional approach helps us to identify political responses to institutional pressures and understand the reasons for a reduced use in the Portuguese context.

Relationships between NPM, the use of PM practices and the organizational performance: empirical evidence from government agencies

Purpose – this paper has two main purposes: (1)explore if government agencies more oriented to NPM postulates are more willing to use PM practices and to improve their performance; and (2) investigate whether the fit between the use of PM practices and the organizationa performance is dependent upon from the capacity of agencies to adapt its structures to changes introduced by NPM reforms. Design/methodology/approach - this paper is based on the survey method and provides empirical evidence from Portuguese government agencies.Findings (mandatory) - Our findings suggest that government agencies that made structural arrangements under the NPM reforms are more willing to use PM practices and will perform better than other agencies. In addition, this paper show that therelationship between the use of PM practices and the organizational performance is dependent upon from the agencies capacity to adopt new structural arrangements under the NPM reforms.Practical implications – this paper has three main contributions: (1) contribute to knowledge about the relationship between the introduction of NPM changes in the use of PM practices; (2) contribute to clarify whether agencies more oriented to NPM postulates are improving performance; and (3) help to clarify the way the organizations should adapt their structures for to be more effective in the use of PM practices. Originality/value - The quantitative empirical research, based on the unique survey applied to Portuguese government agencies on this field, allow us to add to prior research mainly based on case studies and oriented to local governments (Budding, 2004).

The use of quantitative performance information by local elected politicians in top managers’ performance evaluation: case studies

This paper studies the use of results oriented performance information (outputs and outcomes) by local elected politicians (aldermen) in top managers’ performance evaluation. The main goal is to understand the top managers’ performance evaluation process conducted by Portuguese aldermen and to identify the dominant evaluation style. In line with Bogt (2001), an exploratory field research was developed in three large municipalities: Porto, Braga and Matosinhos. We intend to answer the following research questions: to what extent are local politicians (aldermen) 1 using results information (about outputs and outcomes) to evaluate top managers’ performance? Do aldermen give any importance to quantitative output information and report them on current planning and control documents? Will the output performance information be used on performance evaluation in a different way concerning policy field (task orientation)? Based on the Hopwood evaluation styles (adapted from the private to the public sector by Bogt, 2001), we have found that the performance evaluation process of top managers is more featured by the ‘operations-conscious styles’ (or ‘implicit style’). Portuguese aldermen recognize the importance to quantify outputs and outcomes, but these days they focus on the information about activities and the realized operations when they evaluate performance. We haven´t found significant differences between different tasks (some exceptions for culture and environment areas). However, the municipality of Matosinhos paid more attention on quantitative performance information. This finding is reinforced by the quality of quantitative data on outputs reported on its management report. Generally speaking, aldermen are aware that more attention should be paid to quantitative information about results and performance, taking into account recent reforms introduced in Portuguese municipalities (PLG) on this field, but the ‘implicit’ style is dominant.

STRATEGIES FOR SUPERIOR PERFORMANCE IN RECESSIONS: PRO OR COUNTER-CYCLICAL?

Recessions are recurring events in which most firms suffer severe impacts while others are less affected or may even prosper. Strategic management has made little progress in understanding such performance differences. In a scenario of decreased demand, intensified competition, and higher uncertainty, most firms try to survive by pro-cyclically cutting costs and investments. But firms could take advantage of undervalued resources in the market to counter-cyclically invest in new business opportunities to overtake competitors. We survey Brazilian firms in various industries about the 2008-2009 recession and analyze data using PLS-SEM. We find that while most firms pro-cyclically reduce costs and investments in recessions, a counter-cyclical strategy of investing in opportunities created by changes in the market enables superior performance. Most successful are firms with a propensity to recognize opportunities, an entrepreneurial orientation to invest, and the flexibility to efficiently implement investments.

Distributed energy resources management with cyber-physical SCADA in the context of future smart grids

In the energy management of a small power system, the scheduling of the generation units is a crucial problem for which adequate methodologies can maximize the performance of the energy supply. This paper proposes an innovative methodology for distributed energy resources management. The optimal operation of distributed generation, demand response and storage resources is formulated as a mixed-integer linear programming model (MILP) and solved by a deterministic optimization technique CPLEX-based implemented in General Algebraic Modeling Systems (GAMS). The paper deals with a vision for the grids of the future, focusing on conceptual and operational aspects of electrical grids characterized by an intensive penetration of DG, in the scope of competitive environments and using artificial intelligence methodologies to attain the envisaged goals. These concepts are implemented in a computational framework which includes both grid and market simulation.

A long-term risk management tool for electricity markets using swarm intelligence

This paper addresses the optimal involvement in derivatives electricity markets of a power producer to hedge against the pool price volatility. To achieve this aim, a swarm intelligence meta-heuristic optimization technique for long-term risk management tool is proposed. This tool investigates the long-term opportunities for risk hedging available for electric power producers through the use of contracts with physical (spot and forward contracts) and financial (options contracts) settlement. The producer risk preference is formulated as a utility function (U) expressing the trade-off between the expectation and the variance of the return. Variance of return and the expectation are based on a forecasted scenario interval determined by a long-term price range forecasting model. This model also makes use of particle swarm optimization (PSO) to find the best parameters allow to achieve better forecasting results. On the other hand, the price estimation depends on load forecasting. This work also presents a regressive long-term load forecast model that make use of PSO to find the best parameters as well as in price estimation. The PSO technique performance has been evaluated by comparison with a Genetic Algorithm (GA) based approach. A case study is presented and the results are discussed taking into account the real price and load historical data from mainland Spanish electricity market demonstrating the effectiveness of the methodology handling this type of problems. Finally, conclusions are dully drawn.

Avaliação da performance empresarial: as métricas tradicionais versus as métricas baseadas em valor

Mestrado em Controlo e Gestão dos Negócios

Innovation and the performance of Portuguese businesses: a ‘SURE’ approach

There is a general consensus that in a competitive business environment, firms’ performance will depend on their capacity to innovate. To clarifying how, when and to what extent innovation affects the market and financial performance of firms, the authors deploy seemingly unrelated regression equation model to examine innovation in over 500 Portuguese firms from 1998 to 2004. The results confirm, as theorists have frequently assumed, that innovation positively affects firms’ performance; but they also suggest that the reverse is true, a result that is less intuitively obvious, given the complexity of the innovation process and local, national and global competitive environments.

Strawberries from integrated pest management and organic farming: phenolic composition and antioxidant properties

Consumer awareness, pesticide and fertilizer contaminations and environmental concerns have resulted in significant demand for organically grown farm produce. Consumption of berries has become popular among health-conscious consumers due to the high levels of valuable antioxidants, such as anthocyanins and other phenolic compounds. The present study evaluated the influence that organic farming (OF) and integrated pest management (IPM) practise exert on the total phenolic content in 22 strawberry samples from four varieties. Postharvest performance of OF and IPM strawberries grown in the same area in the centre of Portugal and harvested at the same maturity stage were compared. Chemical profiles (phenolic compounds) were determined with the aid of HPLC-DAD/MS. Total phenolic content was higher for OF strawberry extracts. This study showed that the main differences in bioactive phytochemicals between organically and IPM grown strawberries concerned their anthocyanin levels. Organically grown strawberries were significantly higher in antioxidant activity than were the IPM strawberries, as measured by DPPH and FRAP assays.

Pesticide residues in Portuguese strawberries grown in 2009–2010 using integrated pest management and organic farming

Pesticides are among the most widely used chemicals in the world. Because of the widespread use of agricultural chemicals in food production, people are exposed to low levels of pesticide residues through their diets. Scientists do not yet have a total understanding of the health effects of these pesticide residues. This work aims to determine differences in terms of pesticide residue content in Portuguese strawberries grown using different agriculture practices. The Quick, Easy, Cheap, Effective, Rugged, and Safe sample preparation method was conducted and shown to have good performance for multiclass pesticides extraction in strawberries. The screening of 25 pesticides residue was performed by gas chromatography–tandem mass spectrometry. In quantitative validation, acceptable performances were achieved with recoveries of 70–120 and <12 % residual standard deviation for 25 pesticides. Good linearity was obtained for all the target compounds, with highly satisfactory repeatability. The limits of detection were in the range of 0.1–28 μg/kg. The method was applied to analyze strawberry samples from organic and integrated pest management (IPM) practices harvested in 2009–2010. The results showed the presence of fludioxonil, bifenthrin, mepanipyrim, tolylfluanid, cyprodinil, tetraconazole, and malathion when using IPM below the maximum residue levels.

Avaliação das práticas de gestão de recursos humanos e da liderança na performance organizacional : um estudo de caso

Dissertação de Mestrado, Ciências Económicas e Empresariais, 17 de Junho de 2015, Universidade dos Açores.