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.

Basel III new capital requirements, impacts and bank behavior

For some years, researchers could not find a clear effect of capital adequacy on the risk profile of banks, as shareholders could increase the riskiness of the assets (qualitative effect), crowding-out the effect of reduced leverage (volume effect). Some shareholders might have the will to increase the riskiness of the assets, but they may lack the power to do so. Considering only ”powerful” shareholders, definitive conclusions were drawn but with constant ownership profile. In this paper I investigate whether there is a significant change in the type of shareholders in response to regulatory capital shocks and, if so, will the banking system be in the hands of more “desired” shareholders. I find that ownership profile responds to a regulatory shock, changing the risk appetite of the ruling power at the bank. I find more banks and the government in the ownership of undercapitalised banks and much less institutional shareholders and free float. I claim that these new shareholders may not the desired ones, given the objective of the regulatory change, as they are associated with a preference for more leverage. One possible explanation for this crowding-out effect is that regulators are trying to contain idiosyncratic risk (more linked to the riskiness of the assets) with a rule that contains systematic risk (capital adequacy). This has a distorting effect on ownership. Another insight can be drawn from the tests: supervisors should be aware of significant ownership movements that cause the crowding-out.

Depois da morte. O restauro imaterial da encomendação das almas

A Encomendação das Almas é um ritual do culto dos mortos praticado no tempo da Quaresma, realizado por grupos de pessoas, em geral mulheres, que se reúnem, à noite, para cantar e rezar pelas/às almas dos mortos no Purgatório e pelas/dos que, ainda vivos, já se encontram em agonias de morte. No ritual, as encomendadoras apelam aos que as escutam para se recordarem das almas dos que já não são vivos. Na atualidade, a Encomendação das Almas tem sido revitalizada em várias localidades da Beira Baixa, um trabalho protagonizado por migrantes de ‘regresso-­‐à-­‐terra’. Este projeto questiona o modo como o ritual tem contribuído para a re-­‐agregação e o reforço dos laços de sociabilidade entre elementos da comunidade, mas é também usado como um bem patrimonial imaterial de valoração de identidades locais. Questiona-­‐se, também, sobre as sensações, percepções e concepções ontológicas que poderão ser restauradas na performance da Encomendação das Almas, para quem a corporaliza e para os que a ouvem.

Instrumental Fado: a generative interactive system

Fado was listed as UNESCO Intangible Cultural Heritage in 2011. This dissertation describes a theoretical model, as well as an automatic system, able to generate instrumental music based on the musics and vocal sounds typically associated with fado’s practice. A description of the phenomenon of fado, its musics and vocal sounds, based on ethnographic, historical sources and empirical data is presented. The data includes the creation of a digital corpus, of musical transcriptions, identified as fado, and statistical analysis via music information retrieval techniques. The second part consists in the formulation of a theory and the coding of a symbolic model, as a proof of concept, for the automatic generation of instrumental music based on the one in the corpus.

Measuring the effects of price movements on private consumption

This paper studies how shocks in the prices of Food, Energy and Financial Assets affect private consumption using a VAR Model. Then, the total effects are broken into direct and indirect effects, using the coefficients taken from the previous model. We use quarterly data for the Portuguese economy from the last 20 years. We found that energy prices and financial assets have a strong connection with consumption, suggesting that the economy may be too exposed to shocks in these markets.

Hospital-empresa : crónica de um nascimento retardado : Políticas de saúde : Em foco

RESUMO - A gestão empresarial dos hospitais é uma velha aspiração do sistema e dos profissionais da saúde em Portugal. Já o Estatuto Hospitalar de 1968 previa a organização e a gestão dos hospitais «em termos de gestão empresarial». A Lei de Bases da Saúde, de 1990, relembrava que a administração das unidades de saúde deveria obedecer a «regras de gestão empresarial». O Hospital Fernando da Fonseca, criado desde 1991, foi objecto de concessão de gestão por contrato, precedendo concurso público, a uma entidade privada, em 1995. Em 1997, o relatório do Grupo de Trabalho sobre o Estatuto Jurídico do Hospital recomendava a adopção da figura de instituto público com natureza empresarial, adequada autonomia de gestão e forte responsabilidade, podendo regular-se, em alguns domínios, por normas de direito privado. Em 1998 foi criado o Hospital de São Sebastião, em Santa Maria da Feira, com formas inovadoras de gestão, utilizando meios de gestão maleáveis. Em 1999 foi criada a Unidade Local de Saúde de Matosinhos, englobando não apenas o Hospital de Pedro Hispano, naquela cidade, mas também os quatro centros de saúde da sua área de atracção. Em 2001 foi criado o Hospital do Barlavento Algarvio, em moldes semelhantes aos do Hospital de São Sebastião. Os restantes hospitais públicos mantiveram a estrutura e regras de funcionamento convencionais. Observa-se que o modelo de gestão convencional do hospital público tem hoje consequências desfavoráveis para os cidadãos, para os profissionais que nele trabalham e também para o sistema de saúde no seu conjunto. Em 2002, uma nova lei alterou disposições da Lei de Bases da Saúde de 1990 e aprovou um novo regime jurídico de gestão hospitalar. De acordo com ele, a rede de prestação de cuidados de saúde passou a integrar vários modelos de hospitais: hospitais SPA, hospitais EPE, hospitais SA, clínicas privadas com ou sem nome de hospital, instituições e serviços geridos por entidades públicas ou privadas, mediante contrato de gestão e hospitais PPP. Analisam-se os ganhos introduzidos pelo modelo inovador de hospital SA, no que respeita ao estatuto, dotação de capital, poderes especiais, regras de controlo financeiro, regimes laborais, órgãos sociais, instrumentos de gestão e direcção técnica. Finalmente, antecipa-se um quadro analítico de oportunidades e riscos sobre este modelo. As críticas têm-se concentrado sobre a estratégia de mudança e sobre o mecanismo de escolha dos dirigentes e das respectivas chefias intermédias. Em relação à estratégia, conclui-se ser a questão mais empírica do que conceptual. Em relação à forma de identificação dos dirigentes, recomenda-se o acompanhamento crítico da experiência, salientando-se, a par do que ela pode trazer de positivo, os riscos de partidarização e instabilidade.

Introducing risk parity on momentum and carry portfolios

The momentum and carry anomalies have been extensively documented in the literature. However, there are still many issues relating to the risks associated to them that are left unexplained. One is the fact that an investor holds for too long the most volatile assets, both under momentum and carry strategies. Therefore, they present a level of risk and a probability of extreme events to happen inconsistent. This work project hypothesizes and proves the introduction of risk parity rules on the weights of the portfolios do increase risk rewarding of carry strategies. However, it fails under momentum strategies.

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

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.

A comparative review of risk based portfolio allocations: An empirical study throughout rising yields

Since the financial crisis, risk based portfolio allocations have gained a great deal in popularity. This increase in popularity is primarily due to the fact that they make no assumptions as to the expected return of the assets in the portfolio. These portfolios implicitly put risk management at the heart of asset allocation and thus their recent appeal. This paper will serve as a comparison of four well-known risk based portfolio allocation methods; minimum variance, maximum diversification, inverse volatility and equally weighted risk contribution. Empirical backtests will be performed throughout rising interest rate periods from 1953 to 2015. Additionally, I will compare these portfolios to more simple allocation methods, such as equally weighted and a 60/40 asset-allocation mix. This paper will help to answer the question if these portfolios can survive in a rising interest rate environment.

Relatório de estágio curricular realizado na Câmara Municipal de Lisboa

The experience of an internship is always considered an experience that should be enriching, a first contact with the employment world. The intention is to build a bridge between the theory and practice - applying what has been learnt throughout the course. Therefore, it was started a new learning phase that seeks to take advantage and obtain experiences useful for a professional life based in efficiency and efficacy. The curricular internship was carried out within the Masters in Public Law and held by Faculdade de Direito da Universidade Nova de Lisboa (FDUNL)(Law School Of University New Of Lisbon) in the Câmara Municipal de Lisboa (CML) (Lisbon's Town Hall), in the Departamento de Política de Solos e Valorização Patrimonial (DPSVP) (Soil Politics and Patrimonial Valuation Department) of the Direção Municipal de Planeamento, Reabilitação e Gestão Urbanística (Municipal Direction of Planning, Rehabilitation and Urban Management) between September and December 2013. Throughout this internship, several activities within the DPSVP were developed. In an early stage, there was a presentation of the organic structure of Lisbon's Town Hall, and the Department where I was going to do the internship, and its competencies. Therefore I acquired key concepts and researched jurisprudence and legislation needed to the analysis and understanding of the activities done in the internship. In a second stage, it was done the analysis and understanding of the division into lots administrative procedures, as well as the solving of the problems occurred throughout that analysis. Besides that, there was the need to help preparing some procedural acts to be applied regarding the Department competencies, namely within the alienation, procurement, encumbrance and rental of immovable assets owned by the Municipality of Lisbon.

The relationship between liquidity and profitability in the food & beverage industry evidence from Europe and United States

This Work Project clarifies the relationship between liquidity and profitability based on a sample in the Food & Beverage (F&B) industry, and comparing the largest European and United States companies. The research concludes that liquidity, proxied by current ratio or quick ratio, correlates with return on assets taken as the measure of profitability, and so does the cash conversion cycle and its components. Moreover, company size correlates with liquidity, and indirectly affects ROA. This research contributes and addresses to managers in the F&B industry and recommends how they should act in order to improve profitability in the industry.

How to invest as a private equity

This work project presents a road map for making deals under the umbrella support of a private equity investor. Fundraising, investment analysis, asset monitoring, and divestment are stages in the process that are covered in-depth and clarified in terms of action plan and procedures. Moreover, private equity brings tangible and intangible efficiency to the economy and companies, not only by providing finance to grow and expand but also by forcing superior organizational organics that foster sustainable business positions. In a world domain, Europe as been a second liner as compared to US in terms of size within the private equity sector, but it is quickly maturing and converging to US numbers. In this sense, Portugal has been improving in both numbers and regulations in order to leverage on its strategic location and position itself as a key player to address future business challenges coming from emerging markets such as Africa and Latin America.

Fatores de sucesso e dificuldades das spin-offs empresariais: o caso das agências de mediação de seguros

Dissertação de mestrado em Marketing e Estratégia