The impact of sizeof the firm and exchange rate in the export propensity of domestic and foreign owned firms in a developing country: A study of the Brazilian exporters

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

Relação entre despesas em saúde e a saúde das populações : análise da base de dados da OCDE 2012

RESUMO - Introdução: A despesa em saúde aumentou consideravelmente nas últimas décadas na maioria dos países industrializados. Por outro lado, os indicadores de saúde melhoraram. A evidência empírica sobre a relação entre as despesas em saúde e a saúde das populações tem sido inconclusiva. Este estudo aborda a relação entre as despesas em saúde e a saúde das populações através de dados agregados para 34 países para o período 1980-2010. Metodologia: Utilizou-se o coeficiente de correlação de Pearson para avaliar a correlação entre as variáveis explicativas e os indicadores de saúde. Procedeuse ainda à realização de uma regressão multivariada com dados em painel para cada indicador de saúde utilizado como variável dependente: esperança de vida à nascença e aos 65 anos para mulheres e homens, anos de vida potencialmente perdidos para mulheres e homens e mortalidade infantil. A principal variável explicativa utilizada foi a despesa em saúde, mas consideraram-se também vários fatores de confundimento, nomeadamente a riqueza, fatores estilo de vida, e oferta de cuidados. Resultados: A despesa per capita tem impacto nos indicadores de saúde mas ao adicionarmos a variável PIB per capita deixa de ser estatisticamente significativa. Outros fatores têm um impacto significativo para quase todos os indicadores de saúde utilizados: consumo de álcool e tabaco, gordura, o número de médicos e a imunização, confirmando vários resultados da literatura. Conclusão: Os resultados vão ao encontro de alguns estudos que afirmam o impacto marginal das despesas em saúde e do progresso da medicina nos resultados em saúde desde os anos 80 nos países industrializados.

Prescription patterns of pharmaceuticals

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

Bond fund runs: The financial crisis case

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

Pricing of exchange traded funds

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

Firms survival and international trade: The impact of exports and imports

Double Degree. A Work Project presented as part of the requirements for the Award of a Masters in Management from Nova School of Business and Economics and Maastricht University.

Determinant factors to merger control decisions in Portugal

The present paper aims to investigate the determinant factors of Portuguese merger control. Our sample comprises 652 M&A cases occurred between January of 2003 and September of 2015. Through a probit model we have tested the relevance of product and geographic market, entry barriers, type of concentration, merger effects, year of decision and the President of the Competition Authority at the time. The results suggests that the conglomerate and vertical effects, the existence of barriers to entry as well as the number of regulatory agencies listened are the main explanatory variables to determine a need for an in-depth investigation and to make a final decision. According to the evidence, cases cleared at Phase 1 are increasing over time. The number of prohibited mergers is close to zero.

Exploração de séries temporais em processos de previsão de vendas

Dissertação de mestrado em Engenharia de Sistemas

The electoral dynamics of human development

This paper analyses the impact of elections on the dynamics of human development in a panel of 82 countries over the period 1980-2013. The incidence of partisan and political support effects is also taken into account. A GMM estimator is employed in the empirical analysis and the results point out to the presence of an electoral cycle in the growth rate of human development. Majority governments also influence it, but no clear evidence is found regarding partisan effects. The electoral cycles have proved to be stronger in non-OECD countries, in countries with less frequent elections, with lower levels of income and human development, in presidential and non-plurality systems and in proportional representation regimes. They have also become more intense in this millennium.

Interactions between fiscal and monetary policy

Mestrado em Economia Monetária e Financeira

Firm Size and Short-Term Dynamics in Aggregate Entry and Exit

Much of the research on industry dynamics focuses on the interdependence between the sectorial rates of entry and exit. This paper argues that the size of firms and the reaction-adjustment period are important conditions missed in this literature. I illustrate the effects of this omission using data from the Spanish manufacturing industries between 1994 and 2001. Estimates from systems of equations models provide evidence of a conical revolving door phenomenon and of partial adjustments in the replacement-displacement of large firms. KEYWORDS: aggregation, industry dynamics, panel data, symmetry, simultaneity. JEL CLASSIFICATION: C33, C52, L60, L11

The demand elasticity on tolled motorways

This paper analyses the elasticities of demand in tolled motorways in Spain with respect to the main variables influencing it. The demand equation is estimated using a panel data set where the cross-section observations correspond to the different Spanish tolled motorways sections, and the temporal dimension ranges from the beginning of the eighties until the end of the nineties. The results show a high elasticity with respect to the economic activity level. The average elasticity with respect to petrol price falls around -0.3, while toll elasticities clearly vary across motorway sections. These motorway sections are classified into four groups according to the estimated toll elasticity with values that range from -0.21 for the most inelastic to -0.83 for the most elastic. The main factors that explain such differences are the quality of the alternative road and the length of the section. The long-term effect is about 50 per cent higher than the short term one; however, the period of adjustment is relatively short.

Locations and Relocations:Modelling, Determinants, and Interrelations

Empirical studies on industrial location do not typically distinguish between new and relocated establishments. This paper addresses this shortcoming using data on the frequency of these events in municipalities of the same economic-administrative region. This enables us to test not only for differences in their determinants but also for interrelations between start-ups and relocations. Estimates from count regression models for cross-section and panel data show that, although partial effects differ, common patterns arise in “institutional” and “neoclassical” explanatory factors. Also, start-ups and relocations are positive but asymmetrically related. JEL classification: C25, R30, R10. Keywords: cities, count data models, industrial location

Immigration and Firm Growth: Evidence from Spanish cities

This article analyses the effect of immigration flows on the growth and efficiency of manufacturing firms in Spanish cities. To date, most studies have tended to focus on the effect immigrants have on labour markets at an aggregate level. Here, however, we undertake an exhaustive analysis at the firm level and report conclusive empirical findings. Ten years ago, Spain began to register massive immigration flows, concentrated above all on its most dynamic and advanced regions. Here, therefore, rather than focusing on the impact this has had on Spain’s labour market (changes to the skill structure of the workforce, increase in labour supply, the displacement of native workers, etc.), we examine the arrival of immigrants in terms of the changes this has meant to the structure of the country’s cities and their amenities. Thus, we argue that the impact of immigration on firm performance should not only be considered in terms of the labour market, but also in terms of how a city’s amenities can affect the performance of firms. Employing a panel data methodology, we show that the increasing pressure brought to bear by immigrants has a positive effect on the evolution of labour productivity and wages and a negative effect on the job evolution of these manufacturing firms. In addition, both small and new firms are more sensitive to the pressures of such immigrant inflows, while foreign market oriented firms report higher productivity levels and a less marked impact of immigration than their counterparts. In this paper, we also present a set of instruments to correct the endogeneity bias, which confirms the effect of local immigration flows on the performance of manufacturing firms.

Deconstructing Shocks and Persistence in OECD Real Exchange Rates

This paper analyzes the persistence of shocks that affect the real exchange rates for a panel of seventeen OECD developed countries during the post-Bretton Woods era. The adoption of a panel data framework allows us to distinguish two different sources of shocks, i.e. the idiosyncratic and the common shocks, each of which may have di¤erent persistence patterns on the real exchange rates. We first investigate the stochastic properties of the panel data set using panel stationarity tests that simultaneously consider both the presence of cross-section dependence and multiple structural breaks that have not received much attention in previous persistence analyses. Empirical results indicate that real exchange rates are non-stationary when the analysis does not account for structural breaks, although this conclusion is reversed when they are modeled. Consequently, misspecification errors due to the non-consideration of structural breaks leads to upward biased shocks' persistence measures. The persistence measures for the idiosyncratic and common shocks have been estimated in this paper always turn out to be less than one year.