Testing the weak-form market efficiency and the day of the week effects of some African countries

The aims of this work are twofold. On the one hand, it aims to find evidence supporting the presence of the weak form efficiency of several emerging African stock markets by using both parametric as well as non parametric tests. The results indicate that none of the markets are characterised by random walks with the exception of the South African stock market. On the other hand, this study aims to detect the presence of the day of the week effects of these African stock markets. Results show the existence of day of the week effects, that is the typical negative Monday and Friday positive effects in several stock markets.

Financial development and income inequality: evidence from African countries

This paper present empirical evidence on how financial development is related to income distribution in a panel data set covering 22 African countries for the period between 1990 to 2004. A dynamic panel estimation technique (GMM) is employ and the findings indicate that income inequality decrease as economies develop their financial sector, which is consistent with the bulk of theoretical and empirical research. The result also confirm that educational attainment play a significant role in making income distribution more equal. We also find no evidence supporting the Greenwood-Jovanovic hypothesis of an inverted-U- shaped relationship between financial sector development and inequality.

How Formal and Informal Institutions of Middle Eastern Countries Influence Managerial Discretion: An Empirical Investigation

Managerial discretion is the focal theme bridging the clash between two schools of thoughts; whether executives have greater influence on their firms’ outcomes or other factors restrain their actions (Hambrick & Finkelstein, 1987). It is argued that constraints come from inertial, normative and environmental forces (e.g. DiMaggio & Powell, 1983). Of these restraints is the institutional environment in which a firm is headquartered. Our paper falls within this research stream and provides an extension for Crossland and Hambrick (2007, 2011) work. We investigate the national level of discretion in new cross-cultural contexts, provide deeper understanding of its concept, and shed the light on undiscovered discretion’s antecedents and consequences. We adopt a quantitative approach in which questionnaires represent our data collection instrument. We anticipate that in high discretion countries firms tend to follow what Miles & Snow (1978) labeled ‘Prospector’ strategy as opposed to low discretion countries in which firms incline to implement a ‘Defender’ strategy.

Long-term performance of mergers and acquisitions in ASEAN countries

The study looks at mergers and acquisitions (M&As) in ASEAN countries and examines the post-M&A performance using data from 2001 to 2012. The industry-adjusted operating performance tends to decline in the 3 years following an M&A. Yet, the results suggest that M&As completed during the financial crisis are more profitable than those implemented before and/or after the crisis. We argue that this is mainly due to the synergies created between the firms’ resources during the crisis which augur well for firms’ economic performance. We find that, during the crisis, certain characteristics of the firms like the relative size of the target, cross-border nature of deals, acquirer's cash reserves and friendly nature of deals are important determinants of long-term post-M&A operating performance. However, for M&As during the crisis, there appears to be no relationship between performance and firms’ characteristics linked to M&A activity such as payment method, industry relatedness and percentage of target's share acquired.

Introdução e difusão de novas tecnologias : impacto do financiamento e do estatuto jurídico hospitalar

RESUMO - Os gastos com a saúde, em Portugal, como nos países da União Europeia e da OCDE, têm crescido a um ritmo superior ao do crescimento económico, assumindo uma importância crescente face ao PIB. Entre estes factores surge a velocidade da introdução da inovação e dos desenvolvimentos tecnológicos dos domínios do diagnóstico e da terapêutica. Uma das mais difíceis e importantes questões para as políticas de saúde é a relação entre a saúde e os gastos com a prestação de cuidados de saúde. Estudos recentes sugerem que os cuidados de saúde ocupam um papel importante na melhoria da saúde da população, e que os recentes avanços tecnológicos são custo-efectivos aceites na generalidade por cada ano de vida ganho. Este trabalho visa estudar a influência que o financiamento e o estatuto jurídico hospitalar têm na introdução e adopção de novas tecnologias em saúde. Para isso, além da revisão bibliográfica, foi realizada uma análise a uma base de dados, cujos elementos se cingem a pacientes com doenças cardiovasculares atendidos num dos hospitais do Serviço Nacional de Saúde, entre 2000 e 2006. --- ------------------------------------ABSTRACT - Health expenditures in Portugal, as in EU countries and in the OECD, have developed at a higher rate than economic growth, assuming an increasing importance to the GDP. Among these factors appears the speed of the introduction of innovation and technological development in diagnosis and therapy areas. One of the most difficult and most important questions for health policy is the relationship of health to health care spending. Studies now suggest that medical care has played an important role in improving the health of the population, and recent technical advances are cost-effective at generally accepted values of an added year of life. This work aims to study the influence that the prospective payment and the hospital’s legal status have in introduction and adoption of new technologies in health. For this, besides the literature review, an analysis was made to a database, whose elements are confined to patients with cardiovascular disease treated in the hospitals of t

Paraísos fiscais: prejuízos e benefícios

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Doutor José Campos Amorim

Trace metals in size-fractionated particulate matter in a Portuguese hospital: exposure risks assessment and comparisons with other countries

Hospitals are considered as a special and important type of indoor public place where air quality has significant impacts on potential health outcomes. Information on indoor air quality of these environments, concerning exposures to particulate matter (PM) and related toxicity, is limited though. This work aims to evaluate risks associated with inhalation exposure to ten toxic metals and chlorine (As, Ni, Cr, Cd, Pb, Mn, Se, Ba, Al, Si, and Cl) in coarse (PM2.5–10) and fine (PM2.5) particles in a Portuguese hospital in comparison with studies representative of other countries. Samples were collected during 1 month in one urban hospital; elemental PM characterization was determined by proton-induced X-ray emission. Noncarcinogenic and carcinogenic risks were assessed according to the methodology provided by the United States Environmental Protection Agency (USEPA; Region III Risk-Based Concentration Table) for three different age categories of hospital personnel (adults, >20, and <65 years) and patients (considering nine different age groups, i.e., children of 1–3 years to seniors of >65 years). The estimated noncarcinogenic risks due to occupational inhalation exposure to PM2.5-bound metals ranged from 5.88×10−6 for Se (adults, 55–64 years) to 9.35×10−1 for As (adults, 20–24 years) with total noncarcinogenic risks (sum of all metals) above the safe level for all three age categories. As and Cl (the latter due to its high abundances) were the most important contributors (approximately 90 %) to noncarcinogenic risks. For PM2.5–10, noncarcinogenic risks of all metals were acceptable to all age groups. Concerning carcinogenic risks, for Ni and Pb, they were negligible (<1×10−6) in both PM fractions for all age groups of hospital personnel; potential risks were observed for As and Cr with values in PM2.5 exceeding (up to 62 and 5 times, respectively) USEPA guideline across all age groups; for PM2.5–10, increased excess risks of As and Cr were observed particularly for long-term exposures (adults, 55–64 years). Total carcinogenic risks highly (up to 67 times) exceeded the recommended level for all age groups, thus clearly showing that occupational exposure to metals in fine particles pose significant risks. If the extensive working hours of hospital medical staff were considered, the respective noncarcinogenic and carcinogenic risks were increased, the latter for PM2.5 exceeding the USEPA cumulative guideline of 10−4. For adult patients, the estimated noncarcinogenic and carcinogenic risks were approximately three times higher than for personnel, with particular concerns observed for children and adolescents.

Planeamento fiscal abusivo: exemplificação de alguns esquemas

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças sobre a orientação do Doutor José Campos Amorim.

Travelers' Diarrhea in Children Visiting Tropical Countries

We studied a group of 174 Portuguese children (aged 2 mo-16 y) who mostly traveled to tropical Portuguese-speaking countries and found an attack rate of 21.8% for travelers' diarrhea, much lower than previously described. We also showed that African rate analysis by region may hide significant differences between countries.

A model to screen and improve business potential of micro and small enterprises in developing countries: Evidence from the Island of Mozambique

Programmes supporting micro and small enterprises in developing countries have been showing that capital is not enough to allow business success: survival and growth. Literature does not provide comprehensive and practical tool to support business development in this context, but allowed the collection of forty-nine success variables that were studied in a sample of successful and unsuccessful businesses in the Island of Mozambique to discover what were the key factors affecting those businesses’ performance. Empirical data gave the insights for the development of a model to screen and improve business potential of micro and small enterprises in this context.

Can the Yield Spread predict economic growth? An assessment for European countries

Double Degree. 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 and a Masters Degree in Management from Louvain School of Management

Should Unilever JM export Cornettos to emergent countries?

Field Lab in Entrepreneurial Innovative Ventures