The impact of large-scale mortgage backed security purchases

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

A look into the cross-section of industry stock returns

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

Customer Lifetime Value: a framework for application in the insurance industry - Building a Business Process to Generate and Maintain an Automatic Estimation Agent

Research Project submited as partial fulfilment for the Master Degree in Statistics and Information Management

Portuguese average cost of capital

The oldest Portuguese share index still being calculated is the BVL/PSI-General, one which started the daily series on 5/Jan/1988 with a base value of 1000 points. Everyday a single value is computed based on the closing prices of all the shares included in the sample. Also, all corporate events affecting the price of any share beyond market sentiment are taken into account through proper adjustments, either in the numerator or the denominator of the formula. However, for dates before January 1988, there is nothing comparable to this index since the two different series known either never disclosed the methodology adopted to calculate the index or followed solutions not compatible with the above index. The present paper explains the solutions adopted to replicate as closely as possible the methodology of the BVL-General index to the main market of the Lisbon Exchange for the period 1978 – 1987. This is the first estimate of the historical Equity Risk Premium in Portugal above short-term risk-free rate from the re-opening of the market following the Carnation Revolution (and the accompanying nationalizations), to the present. In showing a value of the same order of magnitude found in other countries, the paper invites further studies on the effects of political decisions such as privatizations and joining the European Union.

Vodafone - Kabel Deutschland Merger

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

Determinants of the Portuguese government bond yield spread

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

Internationalization strategy of Quinta dos Termos to the U.S.A.

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

In what extent can toy premiums promote healthy eating habits?: A study with school-age children

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

A Grande Reportagem no contexto informativo SIC

Os telespectadores querem ver grandes reportagens? Como evoluíram as audiências da Grande Reportagem SIC? É este o produto premium da estação? Terá este formato um investimento e continuidade garantidas? Estas são algumas das questões formuladas e às quais se procurou dar resposta neste Relatório de Estágio. Neste trabalho traça-se o perfil do programa Grande Reportagem SIC, clarificando a linha editorial que lhe serviu de base, procurando perceber as suas dinâmicas e passando em revista momentos importantes da sua evolução. A componente empírica assume um lugar de destaque, tendo sido analisadas mais de 200 grandes reportagens que permitiram tirar importantes conclusões, perceber tendências e corroborar teorias. A reflexão levada a cabo pretende contribuir para a clarificação e sistematização de um capítulo importante no jornalismo televisivo português, em especial no jornalismo de investigação.

O direito de exoneração do acionista minoritário

This study specifically addresses the situation of minority shareholders after the transfer of control in an listed company. The various underlying interests and reasons that shareholders have for investing in a company can demonstrate shareholders’ reasoning for taking radically different positions on issues relating to the transfer of control of the referred company. This study analyses the current legal system in Portugal and in the European Union in order to assess whether, in the event of a takeover bid of a listed company where there is a transfer of control, minority shareholders have the same appraisal rights as other shareholders to sell their shares and leave the company. The study then examines the European Court of Justice decision on whether a general principle of equal treatment of minority shareholders exists upon a transfer of control (Audiolux) and the Portuguese Securities Market Commission decision regarding the delisting of Brisa - Autoestradas de Portugal, S.A. based on the principle of investor protection. The study concludes that although the principle of equality amongst shareholders has made progress in the European legal system e.g. it is laid down in Directive 2004/25/EC of 21 April 2004 on takeover bids and the Portuguese Securities Market Code, there is also a need for further improvement, which can be accomplished by allowing minority shareholders to exercise an appraisal right in similar unregulated situations.

O contrato de Project Finance

Currently, Angola portrays a notorious economic growth and due to recent innovative legislations, it has become the major investment attracting pole, especially in Sub-Saharan Africa, having, thus, an extraordinary potentiality for a rapid and sustainable development, likely to place her in outstanding positions in the world economic ranking. Yet, such economic growth entails demanding levels of intensive investment in infrastructure, what has been reported of the Angolan Government to be unable to respond to, save if recurring to very high index of external debt, poisoning, in this way, the future budgeting of the country. Due to these infrastructure investment shortages, the cost of production remains highly onerous and the cost of life extremely unaffordable. On this account, the current study disserts about the contract of Project Finance; an alternative finance resource given as a viable solution for the private financing of infrastructure, aiming to demonstrate that such contractual figure, likewise the experience of several emerging economies and others, is a contract bid framework to take into account in today’s world. It refers to a financing technique – through which the Government may satisfy a common need (for example, the construction of a public domain or public servicing), without having to pay neither offer any collateral – based on a complex legal-financial engineering, arranged throughout a coalition of typical and atypical agreements, whereby it is mandatory to look back at the basic concepts of corporate law. More than just a simple financial study, the dissertation at stake analyses the nature and legal framework of Project Finance, which is a legally atypical and innominate contract, concluding that there is a relevant need for regulating and devoting a special legal regime in the Angolan jurisdiction for this promising legal form in the contemporary corporate finance world.

Marketing, Sustentabilidade e Desenvolvimento Local

O objectivo deste Trabalho de Projecto é criar um plano de comunicação para a futura empresa Chousa Grande, com enfoque no lançamento do seu Queijo de Cabra “Chousa Grande Gourmet”. Mais do que um produto de qualidade premium, a marca Chousa Grande tem subjacente os valores de desenvolvimento local, sustentabilidade e preservação ambiental, concentrados num projecto ambicioso, da autoria de dois jovens naturais da aldeia de Chãos, que, com a construção de uma queijaria tradicional, pretendem revitalizar a actividade pastorícia e torná-la economicamente sustentável, assim como a outras actividades económicas relacionadas. Para tal, enquadramos as temáticas do marketing, sustentabilidade e desenvolvimento local, três dos pilares fundamentais que suportam o projecto e que, estrategicamente conjugados, posicionam a marca de acordo com as principais tendências dos consumidores actualmente identificadas. Assim, as acções de comunicação também devem espelhar os valores defendidos neste projecto. A estratégia assenta, portanto, na aposta em ferramentas de comunicação que não impliquem investimentos demasiado avultados, como a assessoria de imprensa, as relações públicas, os novos meios, a força de vendas e a promoção, mas que demonstrem ser igualmente eficazes a transmitir as mensagens ao público-alvo e a tornar a marca reconhecida.

Internationalization strategy of reliance to Brazil

This Work Project was focused, firstly, in an internal analysis to assess the possible competitive advantage sources of the firm and to identify the key weakness that the firm should improve before advancing with the internationalization strategy. Completed the analysis was possible to verify that the source of sustainable competitive advantage of Relance is the use of specific raw materials and that its biggest weaknesses are the lack of capacity and the excessive dependence on key employees. Overall, it was possible to conclude that the firm is in position of competing in the international markets. Secondly, due to its crucial importance, the country selection was made with a deep objective analysis, resulting with the selection of Brazil as the country with the highest market potential. Regarding the strategy to actually enter in Brazil’s market, after the study of 12 modes of entry it was possible to conclude that there is no ideal mode. However, the study performed allowed to undertake the conclusion that in order to obtain long-term optimization on the process, the adaptation, to the firm´s situation, of the Uppsala model progressive stages is the ideal. At the course of this Work Project it was inferred that the critical success factors are the choice of the distributor and the promotion of Relance as a premium brand.

Future lending income and security value

I test the Duffie, Gârleanu, and Pedersen hypothesis that security prices incorporate expected future securities lending income. To determine whether institutional investors anticipate gains from future lending of securities, I examine their trading behavior around loan-fee increases. The evidence suggests that institutions buy shares in response to an increase in lending fees, and that this could explain the premium associated with high- lending-fee stocks. Expected future lending income affects stock prices, although the effect seems to be attenuated by the negative information that arises from short selling.

Factors affecting Helicobacter pylori eradication using a seven-day triple therapy with a proton pump inhibitor, tinidazole and clarithromycin, in brazilian patients with peptic ulcer

Triple therapy is accepted as the treatment of choice for H. pylori eradication. In industrialized countries, a proton pump inhibitor plus clarithromycin and amoxicillin or nitroimidazole have shown the best results. Our aims were: 1. To study the eradication rate of the association of a proton pump inhibitor plus tinidazole and clarithromycin on H. pylori infection in our population. 2. To determine if previous treatments, gender, age, tobacco, alcohol use, and non-steroidal anti-inflammatory drugs (NSAIDs) change the response to therapy. METHODS: Two hundred patients with peptic ulcer (upper endoscopy) and H. pylori infection (histology and rapid urease test - RUT) were included. A proton pump inhibitor (lansoprazole 30 mg or omeprazole 20 mg), tinidazole 500 mg, and clarithromycin 250 mg were dispensed twice a day for a seven-day period. Eradication was assessed after 10 to 12 weeks of treatment through histology and RUT. RESULTS: The eradication rate of H. pylori per protocol was 65% (128/196 patients). This rate was 53% for previously treated patients, rising to 76% for not previously treated patients, with a statistical difference p<0.01. No significant difference was observed regarding sex, tobacco use, alcohol consumption, and NSAID use, but for elderly patients the difference was p = 0.05. Adherence to treatment was good, and side effects were mild. CONCLUSIONS: A proton pump inhibitor, tinidazole, and clarithromycin bid for seven days resulted in H. pylori eradication in 65% of the patients. Previous treatments were the main cause of treatment failure.