Regulatory Change and Capital Adjustment of US Credit Unions

We investigate the determinants of US credit union capital-to-assets ratios, before and after the implementation of the current capital adequacy regulatory framework in 2000. Capitalization varies pro-cyclically, and until the financial crisis credit unions classified as adequately capitalized or below followed a faster adjustment path than well capitalized credit unions. This pattern was reversed, however, in the aftermath of the crisis. The introduction of the PCA regulatory regime achieved a reduction in the proportion of credit unions classified as adequately capitalized or below that continued until the onset of the crisis. Since the crisis, the speed of recovery of credit unions in this category following an adverse capitalization shock was sharply reduced.

Capital Markets Union and ending short-termism: lessons from the European Commission's public consultation

The European Commission’s initiative to establish a Capital Markets Union is in sharp conflict with the more radical goals of downsizing significantly certain financial activities and firms that have become too-big-to-fail and too-big-to-govern and of ending or at least drastically limiting extreme speculation and short-termism in finance and the real economy in order to increase financial stability. The recent public consultation on the Commission’s Green Paper Building a Capital Markets Union gives evidence of how weak such demands are compared to calls for deeper capital markets with more ‘shadow banking’ and rebuilding (sound) securitisation. The consultation is an example of how framing the problem and the refined better regulation agenda influence post-crisis financial reregulation and help to marginalize more radical ideas demanding a return to a more traditional banking model and transforming finance back to serving the real economy.

Escaping the Holocaust: human and health capital of refugees to the United States, 1940-42

The large-scale persecution of Jews during World War II generated massive refugee movements. Using data from 20,441 predominantly Jewish passengers from 19 countries traveling from Lisbon to New York between 1940 and 1942, we analyze the last wave of refugees escaping the Holocaust and verify the validity of height as a proxy for human and health capital. We further show this episode of European migration displays well-known features of migrant self-selection: early migrants were taller than late migrants; a large migrant stock reduces migrant selectivity; and economic barriers to migration
apply. Our findings show that Europe experienced substantial losses in human and health capital while the US benefitted from the immigration of European refugees.

Movement of Capital and Trade in Services:Distinguishing Myth from Reality Regarding the GATS and the Liberalization of the Capital Account

This article will analyze the interplay between capital movements and trade
in services as structured in World Trade Organization (WTO) law, and it will
assess the implications of the capital account liberalization for the freedom of
WTO Members to pursue their economic policies. Although the movement
of capital is largely confined to the domain of international financial or monetary
policy, it is regulated by WTO law due to its role in the process of
financial services liberalization, which generally requires liberalized capital
flows. From a legal perspective, the interplay between capital movements
and trade in services requires striking a delicate balance between the right
of market access and the parallel right of economic stability. Indeed, a liberalized
regime for capital movements could pose serious stability problems
during times of crisis. For this reason, it is necessary that Members are able
to derogate from their obligations and adopt emergency measures.
Regulating the movement of capital in the General Agreement on Trade in
Services (GATS) requires stretching the regulatory oversight of WTO law
over different aspects of international economic policy. Indeed, capital movements are a fundamental component of the balance of payments and have a
major role in shaping monetary, fiscal, and financial policies. This article will
analyze how the discipline provided by the GATS on capital movements will
affect not only trade in services, but also the Members’ policy space on
monetary and fiscal policy. The article will conclude that while the GATS offers enough policy space for the maintenance of financial stability, it does
not fully take into consideration the need of Members to control capital
movements in order to conduct monetary policies.

The International Regulatory Regime on Capital Flows

Capital controls and exchange restrictions are used to restrict international capital flows during economic crises. This paper looks at the legal implications of these restrictions and explores the current international regulatory framework applicable to international capital movements and current payments. It shows how international capital flows suffer from the lack of a comprehensive and coherent regulatory framework that would harmonize the patchwork of
multilateral, regional, and bilateral treaties that currently regulate this issue. These treaties include the Articles of Agreement of the International Monetary Fund (IMF Articles), the General Agreement on Trade in Services (GATS), free-trade agreements, the European Union treaty, bilateral investment treaties, and the Organization for Economic Co-operation and Development (OECD) Code of Liberalization of Capital Movements (OECD Code of Capital Movement). Each
of these instruments regulate differently capital movements with little coordination with other areas of law. This situation sometimes leads to regulatory overlaps and conflict between different sources of law. Given the strong links between capital movements and trade in services, this paper pays particular attention to the rules of the GATS on capital flows and discusses the policy space available in the GATS for restricting capital flows in times of crisis.

Importância dos sistemas de contabilidade e controlo de gestão na formação do capital financeiro e do capital social das organizações não-governamentais:o caso da OIKOS

Dissertação, Mestrado, Contabilidade e Finanças, Instituto Politécnico de Santarém, Escola Superior de Gestão e Tecnologia, 2014

As capacidades dinâmicas das empresas nacionais de maior sucesso no online gaming:modelo para a indústria nacional

Dissertação, Mestrado, Marketing, Instituto Politécnico de Santarém, Escola Superior de Gestão e Tecnologia, 2014

Estruturação de um modelo de avaliação global difuso na análise do risco de investimento em bens imóveis residenciais (residential real estate)

Dissertação, Mestrado, Contabilidade e Finanças, Instituto Politécnico de Santarém, Escola Superior de Gestão e Tecnologia, 2014

Design de unidades funcionais: plataforma para o desenvolvimento novos produtos universidade-indústria

Este trabalho de investigação teve como principais objetivos, por um lado, procurar as relações existentes entre a Instituição Ensino Superior de Design (IES-D) e as empresas, por outro, configurar um modelo que permitisse criar uma plataforma de inovação para o desenvolvimento de novos produtos na IES-D num contexto globalizado. Nos últimos anos, o setor “ensino superior” na Europa e em várias partes do mundo passou por grandes mudanças, o que acentuou o ambiente competitivo entre as IES, incluindo as de Design. Neste âmbito, procurou-se demonstrar o novo posicionamento estratégico da IES-D perante o mercado, e quais as ações a desenvolver que possibilitam alcançar uma vantagem competitiva sustentável. Primeiro, considerou-se fundamental identificar a importância do design perante o ensino, a situação mundial e a mudança da cultura económica. Depois, assinalaram-se as iniciativas de promoção do design e as políticas de inovação europeias. E por fim, reuniram-se os aspetos que obrigam as IES-D a assumir novos papéis de interação com o mercado. Por análise comparativa internacional procedeu-se à seleção de uma amostra de dezoito (18) IES-D – dez europeias, quatro norte americanas e quatro asiáticas. Instituições de ensino com tipologias diversas e pertencentes a distintos contextos socioeconómicos. A caracterização da amostra através de análise estrutural permitiu identificar aspetos comuns às IES-D – ações estratégicas que servem para promover a inovação. Para explicitar a interação do sistema formado por esses elementos comuns, configurou-se um modelo concetual – Hexágono da Inovação (HI). O modelo, enquanto instrumento de análise, permite criar um padrão da inovação da IES-D e posicioná-la perante o setor - ensino superior de design. Foi também realizado um ensaio da aplicabilidade do modelo concetual HI na ESAD.cr/IPL. Através da implementação da plataforma de inovação - ESAD Design Studio - Centro de Estudos e Investigação em Design (EDS/CEID), foram ensaiadas as ações necessárias para promover o design estratégico e o design de inovação.

Influência do risco de incumprimento nos retornos de capital

Sempre foi do interesse das instituições financeiras de crédito determinar o risco de incumprimento associado a uma empresa por forma a avaliar o seu perfil. No entanto, esta informação é útil a todos os stakeholders de uma empresa, já que também estes comprometem uma parte de si ao interagirem com esta. O aumento do número de insolvências nos últimos anos tem reafirmado a necessidade de ampliar e aprofundar a pesquisa sobre o stress financeiro. A identificação dos fatores que influenciam a determinação do preço dos ativos sempre foi do interesse de todos os stakeholders, por forma a antecipar a variação dos retornos e agir em sua conformidade. Nesta dissertação será estudada a influência do risco de incumprimento sobre os retornos de capital, usando como indicador do risco de incumprimento a probabilidade de incumprimento obtida segundo o modelo de opções de Merton (1974). Efetuou-se esta análise durante o período de Fevereiro de 2002 a Dezembro de 2011, utilizando dados de empresas Portuguesas, Espanholas e Gregas. Os resultados evidenciam uma relação negativa do risco de incumprimento com os retornos de capital, que é devida a um efeito momentum e à volatilidade. A par disso, também se demonstra que o tamanho e o book-to-market não são representativos do risco de incumprimento na amostra aqui utilizada, ao contrário do que Fama & French (1992; 1996) afirmavam.

Silver nanoparticles flow in an aquatic trophic chain

Silver nanoparticles (AgNP) have been produced and applied in a variety of products ranging from personal care products to food package containers, clothing and medicine utilities. The antimicrobial function of AgNP makes it very useful to be applied for such purposes. Silver (Ag) is a non-essential metal for organisms, and it has been historically present in the environment at low concentrations. Those concentrations of silver increased in the last century due to the use of Ag in the photographic industry and lately are expected to increase due to the use of AgNPs in consumer products. The presence of AgNP in the aquatic environment may pose a risk for aquatic species, and the effects can vary from lethal to sublethal effects. Moreover, the contact of aquatic organisms with AgNP may not cause immediately the death of individuals but it can be accumulated inside the animals and consequently transferred within the food chain. Considering this, the objective of this work was to study the transfer of silver nanoparticles in comparison to silver ions, which was used as silver nitrate, within an aquatic food chain model. To achieve this goal, this study was divided into four steps: the toxicity assessment of AgNP and AgNO3 to aquatic test-species, the bioaccumulation assessment of AgNP and AgNO3 by Pseudokirchneriella subcapitata and Daphnia magna under different exposure scenarios, and finally the evaluation of the trophic transfer of Ag through an experimental design that included the goldfish Carassius auratus in a model trophic chain in which all the species were exposed to the worse-case scenario. We observed that the bioconcentration of Ag by P. subcapitata is mainly driven by ionic silver, and that algae cannot internalize these AgNPs, but it does internalizes dissolved Ag. Daphnia magna was exposed to AgNP and AgNO3 through different exposure routes: water, food and both water and food. The worse-case scenario for Daphnia Ag bioaccumulation was by the joint exposure of contaminated water and food, showing that Ag body burdens were higher for AgNPs than for AgNO3. Finally, by exposing C. auratus for 10 days through contaminated water and food (supplied as D. magna), with another 7 days of depuration phase, it was concluded that the 10 days of exposure were not enough for fish to reach a plateau on Ag internal concentration, and neither the 7 days of elimination were sufficient to cause total depuration of the accumulated Ag. Moreover, a higher concentration of Ag was found in the intestine of fish when compared with other organs, and the elimination rate constant of AgNP in the intestine was very low. Although a potential for trophic transfer of AgNP cannot be suggested based in the data acquired in this study, there is still a potential environmental risk for aquatic species.