Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

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.

Reporting Income Taxes in the Banking Sector In Angola - Accounting, Tax Regulation and Financial Reporting Evidences

This research provides an insight into income taxes reporting in Angola, based on hand collected data from the annual reports of banks. Empirical studies on Angolan companies are scarce, in part due to the limited access to data. The results show that income taxes’ reporting has improved over the years 2010-2013, becoming more reliable and understandable. The Angolan Government is boosting the economic growth through tax benefits in the investment in public debt, which cause a reduction in the banks’ effective tax rate. The new income tax law will reduce the statutory tax rate from 2015 onwards and change the taxable income, resulting in shifting the focus to promoting private investment.

Why aren't brand names regognized as intangible assets in the financial Statements? A study of the subjectivity of brand valuation

The goal of this paper is to determine and to quantify how subjective brand valuation is. To do so, we review the different valuation methods and apply the Hirose model to a sample of 20 US companies from the technology sector. Even if the results vary in function of the rankings we choose as a comparison, we may identify the trend that brands are usually overvalued in those rankings. It explains why internally generated goodwill (which includes brand names) is not recognized as an intangible asset in the financial statements.

Smart machines in day-to-day financial management:

Starting from Novabase’s challenge to launch in the UK Millennials a personal financial advisor mobile application, this work project aims to build a planning model to frame a business side of a launch strategy for mobile application in similar market and category. This study culminates on the design of SPOSTAC planning model. The created framework is intended to effectively and efficiently plan a launch strategy, being structured based on seven sequential elements: Situation, Product, Objectives, Strategy, Tactics, Action, and Control.

Filhos da maturidade : Atitudes sobre a gravidez e maternidade, ansiedade, depressão e stress em grávidas tardias

Dissertação de Mestrado apresentada ao ISPA - Instituto Universitário

Proxy statement proposals after the 2008 financial crash

In traumatic financial times, both shareholders and the media promptly blame companies for lack of decent corporate governance mechanisms. Proxy statement proposals have increasingly been used by the more active shareholders as to vindicate managers to correct anomalies and restore financial markets’ confidence. I examine the proposals of the largest companies in the S&P 500 index after the Lehmann Brothers crash and their effect on stock prices. Proposals initiated by shareholders negatively impact the company’s stock price, particularly if the proposers are unions, pension funds and institutional investors. Also, I find corporate governance proposals to harm firm’s market performance, unlike compensation and social policy proposals whose effects are intangible. The exception to these disappointing attempts to improve companies’ conduct relies on proposals shared by several investors.

Financial reporting and inventory disclosure in the extractive industry

Companies in the Extractive Industry (E.I) have some particularities and special regulation that provides an interesting study of inventory and reporting in their financial statements. The theme thus chosen here, aims to make a comparison of the various methods of reporting inventories (recognition, measurement, presentation and disclosures) as well as the different accounting regulations in place. Moreover, inventories are a current asset which represents a large per cent of total assets. Another is that it also provides an opportunity for analysis of the different regulations in place for disclosures; the different standards implemented- IAS, US GAAP and/or regional standards.

Stress relacionado com o trabalho e motivação para a cessação tabágica: um obstáculo?: Estudo exploratório de uma amostra de vendedores fumadores

RESUMO - O tabagismo surge como a primeira causa evitável de doença, incapacidade e morte prematura em países desenvolvidos. Dentre os fatores influenciadores do comportamento face ao consumo de tabaco, a influência dos fatores de stress no local de trabalho foi alvo de diversos estudos com resultados mistos, revelando uma evidência empírica inconclusiva. Foi feito um estudo exploratório, transversal, que visou verificar a existência de associação entre algum dos fatores de stress no trabalho, nomeadamente 1) requisitos no trabalho, 2) autoridade decisória, 3) discriminação de tarefas, 4) condições de emprego, 5) apoio dos chefes e colegas, 6) número de horas de trabalho e 7) satisfação com o trabalho; com a motivação para a cessação tabágica. A amostra contou com 95 vendedores de bens de consumo alimentar, fumadores. Foi aplicado um questionário com variáveis sociodemográficas, variáveis de caracterização do comportamento face ao consumo de tabaco, o Teste de Richmond, variáveis de caracterização profissional e o Questionário Sobre Stress no Local de Trabalho. O Questionário Sobre o Stress no Local de Trabalho revelou uma validade insuficiente para a caracterização da maioria dos fatores de stress em estudo, manifestada por α de Cronbach muito baixos, pelo que a análise de associação apenas foi realizada entre os fatores de stress 1) apoio dos chefes e colegas, 2) número de horas de trabalho e 3) satisfação com o trabalho; e a motivação para a cessação tabágica. Para níveis de significância de 10%, o número de horas de trabalho apresentou uma associação positiva estatisticamente significativa com a motivação para a cessação tabágica, duplicando a probabilidade da sua ocorrência [OR = 2,429 (IC95%: 0,945 – 6,240)]. Em toda a análise de dados realizada foi prevalente a baixa motivação para a cessação tabágica dos vendedores, independentemente da variação dos fatores de stress relacionados com o trabalho.

`When I'm sixty-four': old age, family values, and private financial transfers

Private financial transfers are becoming more and more important as ageing levels increase in Europe, with elders acting as both givers and receivers. Our study is divided in two main parts. In the first part we analyse the determinants of private financial transfers, using the Survey of Health, Ageing, and Retirement in Europe (SHARE). In the second part we analyse the importance of family values for these transfers, combining SHARE with European Values Study. We show that family functions as the main agent of private transfers. We conclude that family values drive financial transfers, mainly gifts provided by elderly individuals. We find that receipts by old-aged people are more related with need cases, such as illness and poorness; moreover, for these particular cases, family network plays a very important role, working as a safety net.

Subjective versus objective stress in noncritically ill hospitalized and outpatient adult men

A cross-sectional study of 120 subjects was performed with the purpose of evaluating stress hormones and emotional stress (anxiety) in outpatient and hospitalized subjects. The aims were to determine the degree of objective stress, as well as to correlate this finding with subjective findings, estimated using Beck's Anxiety Inventory.. METHOD: Three populations were investigated, namely outpatient clinical cases (Group I, n = 30), hospitalized clinical individuals (Group II, n = 30), and hospitalized surgical candidates (Group III, n = 30). Controls (Group IV, n = 30) were healthy volunteers who were health-care professionals and students. To avoid hormone interactions, only men were enrolled in all groups. All hospitalized subjects were tested on admission and before therapeutic interventions. Fasting epinephrine, norepinephrine, and cortisol were measured in the morning, and Beck's Anxiety Inventory was adminstered by a trained psychologist. RESULTS: The 3 patient groups displayed higher anxiety levels than the controls. Hormone concentrations did not present remarkable changes and did not correlate with subjective stress (anxiety). CONCLUSIONS: 1) Subjective disorders (as determined with Beck's Anxiety Inventory ) were a common finding in both outpatient and hospitalized populations, without differences between the various groups; 2) Objective stress (as determined by elevated hormone levels) was more difficult to confirm-findings rarely exceeded the reference range; 3) Correlation between the two variables could not be demonstrated; 4) Further studies are necessary to define stress quantification and interpretation in patient populations, especially in relationship with nutritional diagnosis and dietetic prescription.

Banco BPI SA financial institutions

Equity research report

The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

Regulação epigenética de um gene de resposta a stress de frio em arroz (OsDREB1B)

O arroz (Oryza sativa L.) constitui a principal fonte de alimento para mais de metade da população mundial. O frio tem um grande impacto no desenvolvimento da planta de arroz com efeitos negativos ao nível da produtividade e economia mundial. Os mecanismos epigenéticos associados a alterações estruturais da cromatina estão envolvidos nos mecanismos de resposta das plantas a stresses abióticos. O foco do presente trabalho consistiu na compreensão da influência de fatores epigenéticos, nomeadamente de modificações de histonas, na regulação transcricional de um gene específico (OsDREB1B) envolvido na resposta de arroz ao stress de frio. O estudo da regulação epigenética deste gene envolveu a utilização de plantas de arroz com mutações em enzimas epigenéticas e drogas remodeladoras da cromatina. Neste trabalho mostramos que o gene OsDREB1B é induzido pelo stress de frio (4 °C) em todas os genótipos de arroz analisados, no entanto, a indução do gene em resposta ao stress de frio é maior em Nipponbare que em Dongjin. Nos genótipos que apresentam epimutações, nomeadamente o knockout de osdrm2 (DMT706) e de oshac704 (HAC704), o gene OsDREB1B é mais expresso que no respetivo genótipo selvagem (Dongjin), sendo que a indução da expressão em resposta ao frio foi maior em DMT706 do que em HAC704. A análise do padrão de marcas histónicas ao longo do promotor de OsDREB1B, através da imunoprecipitação da cromatina (ChIP) com anticorpos específicos, revelou que, em resposta ao frio (4ºC), Dongjin apresenta uma menor predominância da marca H3K9ac na região de -519 a -355 pares de bases (antes do ATG), enquanto que Nipponbare possui maior presença de H4K5ac na região de -280 a -121 pares de bases, sugerindo que a regulação epigenética de OsDREB1B seja influenciada pelo genótipo. No caso dos epi-mutantes (HAC704 e DMT706) registou-se um empobrecimento das marcas histónicas testadas sugerindo que a indução da expressão do OsDREB1B em reposta ao stress provocado pelo frio não depende necessariamente da presença de OsDRM2 nem de OsHAC704. Uma visão integrada da paisagem epigenética e do transcriptoma, perspetiva uma melhor compreensão dos mecanismos envolvidos na resposta da planta a condições ambientais adversas, abrindo novas linhas de trabalho no sentido de obter plantas mais tolerantes a fatores de stress.

Transparency in financial reporting by European Foundations

The increasing role of the European Foundations, urges for more transparency. The prevalent accounting frameworks in which they operate and report their activities are mostly based on national laws. This lack of harmonization, limits comparison between European foundations. Thus, this Work Project analyzes the current financial reporting by European foundations, and evaluates the similarities, differences and data availability between countries. The research provides evidence about little information available, deficiency in the financial reporting, within and between countries. The research recommends the need to ensure uniformity by providing a clear definition for public-benefit purpose, harmonization of laws and financial reporting.