Social capital and tacit knowledge sharing in organisational projects in Malaysian ICT companies

An increasing number of organisational researchers have turned to social capital theory in an attempt to better understand the impetus for knowledge sharing at the individual and organisational level. This thesis extends that research by investigating the impact of social capital on knowledge sharing at the group-level in the organisational project context. The objective of the thesis is to investigate the importance of social capital in fostering tacit knowledge sharing among the team members of a project. The analytical focus is on the Nahapiet and Ghoshal framework of social capital but also includes elements of other scholars' work. In brief, social capital is defined as an asset that is embedded in the network of relationships possessed by an individual or social unit. It is argued that the main dimensions of social capital that are of relevance to knowledge sharing are structural, cognitive, and relational because these, among other things, foster the exchange and combination of knowledge and resources among the team members. Empirically, the study is based on the grounded theory method. Data were collected from five projects in large, medium, and small ICT companies in Malaysia. Underpinned by the constant comparative method, data were derived from 55 interviews, and observations. The data were analysed using open, axial, and selective coding. The analysis also involved counting frequency occurrence from the coding generated by grounded theory to find the important items and categories under social capital dimensions and knowledge sharing, and for further explaining sub-groups within the data. The analysis shows that the most important dimension for tacit knowledge sharing is structural capital. Most importantly, the findings also suggest that structural capital is a prerequisite of cognitive capital and relational capital at the group-level in an organisational project. It also found that in a project context, relational capital is hard to realise because it requires time and frequent interactions among the team members. The findings from quantitative analysis show that frequent meetings and interactions, relationship, positions, shared visions, shared objectives, and collaboration are among the factors that foster the sharing of tacit knowledge among the team members. In conclusion, the present study adds to the existing literature on social capital in two main ways. Firstly, it distinguishes the dimensions of social capital and identifies that structural capital is the most important dimension in social capital and it is a prerequisite of cognitive and relational capital in a project context. Secondly, it identifies the causal sequence in the dimension of social capital suggesting avenues for further theoretical and empirical work in this emerging area of inquiry.

Internal Capital, External Knowledge, and Random Draws: Three Drivers of Organizational Structure

This dissertation explores the complex interactions between organizational structure and the environment. In Chapter 1, I investigate the effect of financial development on the formation of European corporate groups. Since cross-country regressions are hard to interpret in a causal sense, we exploit exogenous industry measures to investigate a specific channel through which financial development may affect group affiliation: internal capital markets. Using a comprehensive firm-level dataset on European corporate groups in 15 countries, we find that countries

with less developed financial markets have a higher percentage of group affiliates in more capital intensive industries. This relationship is more pronounced for young and small firms and for affiliates of large and diversified groups. Our findings are consistent with the view that internal capital markets may, under some conditions, be more efficient than prevailing external markets, and that this may drive group affiliation even in developed economies. In Chapter 2, I bridge current streams of innovation research to explore the interplay between R&D, external knowledge, and organizational structure–three elements of a firm’s innovation strategy which we argue should logically be studied together. Using within-firm patent assignment patterns,

we develop a novel measure of structure for a large sample of American firms. We find that centralized firms invest more in research and patent more per R&D dollar than decentralized firms. Both types access technology via mergers and acquisitions, but their acquisitions differ in terms of frequency, size, and i\ntegration. Consistent with our framework, their sources of value creation differ: while centralized firms derive more value from internal R&D, decentralized firms rely more on external knowledge. We discuss how these findings should stimulate more integrative work on theories of innovation. In Chapter 3, I use novel data on 1,265 newly-public firms to show that innovative firms exposed to environments with lower M&A activity just after their initial public offering (IPO) adapt by engaging in fewer technological acquisitions and

more internal research. However, this adaptive response becomes inertial shortly after IPO and persists well into maturity. This study advances our understanding of how the environment shapes heterogeneity and capabilities through its impact on firm structure. I discuss how my results can help bridge inertial versus adaptive perspectives in the study of organizations, by

documenting an instance when the two interact.

Elastic limit: The role of university-focused venture capital firms in extending knowledge and technology transfer

This paper has two main objectives. Firstly, to identify the role of the university-focused intermediaries, specifically UVCs, in order to explain how they interact at the early stage of USO creation, particularly regarding knowledge sharing. Secondly, to analyse whether they change their position once the USO is developed. This gives rise to two Research Questions: How does knowledge sharing occur in the dynamics of a university-based entrepreneurial ecosystem? And Do particular participants, such as UTTOs or UVCs, always occupy the same role and position within the university-based entrepreneurial ecosystem?

Beyond human and intellectual capital: Profiling the value of knowledge, skills and experience

The concept of human capital is associated mainly with the Nobel Laureate Gary Becker and, in his usage, has a clear conceptual basis as investment in the costs of formal education. By contrast, this paper suggests that ‘intellectual capital’ is a re-branding of knowledge, skills and experience rather than re-conceptualisation of resource based learning. Becker also chose not to include informal knowledge, skills or experience within his concept of human capital, which remains limited by its constrained premises. This paper submits that both human capital and intellectual capital advocates fail to identify or measure the tacit knowledge and implicit learning which increasingly is recognised as a key to the competitive advantage of organisations. It first focuses on the conceptual basis of claims made for human capital and intellectual capital, outlines limits in their methodology, and contrasts these with insights from theories of tacit knowledge and implicit learning and the central role within them of informal or non-formal skill acquisition. It develops and illustrates instances of interfacing tacit and explicit knowledge before introducing a methodology for profiling the acquisition of knowledge, ability and skills. It does so by introducing the concepts of non-formal learningfrom- work (LfW) and informal learning-from-life (LfL), with evidence from a four country EU case study commissioned within the lifelong learning remit of the Lisbon Agenda.

Students' collective knowledge construction in the virtual learning environment ""ToLigado - your school interactive newspaper""

Introduction. The ToLigado Project - Your School Interactive Newspaper is an interactive virtual learning environment conceived, developed, implemented and supported by researchers at the School of the Future Research Laboratory of the University of Sao Paulo, Brazil. Method. This virtual learning environment aims to motivate trans-disciplinary research among public school students and teachers in 2,931 schools equipped with Internet-access computer rooms. Within this virtual community, students produce collective multimedia research documents that are immediately published in the portal. The project also aims to increase students' autonomy for research, collaborative work and Web authorship. Main sections of the portal are presented and described. Results. Partial results of the first two years' implementation are presented and indicate a strong motivation among students to produce knowledge despite the fragile hardware and software infrastructure at the time. Discussion. In this new environment, students should be seen as 'knowledge architects' and teachers as facilitators, or 'curiosity managers'. The ToLigado portal may constitute a repository for future studies regarding student attitudes in virtual learning environments, students' behaviour as 'authors', Web authorship involving collective knowledge production, teachers' behaviour as facilitators, and virtual learning environments as digital repositories of students' knowledge construction and social capital in virtual learning communities.

Evaluating the Guimarães 2012 European Capital of Culture (ECOC): a Tourist Perception Approach

Guimarães has hosted, during the year of 2012, one of the European Capital of Culture (ECOC). The evaluation of the event is needed as public, private and community funds are involved. The approach considers the tourists (domestic and international) as external and independent stakeholders who assessed the cultural activities developed during the event and the attributes of the city. The results of the survey show that hosting the 2012 ECOC was a major contribution for attracting new visitors to the city, although many of them just for a short period of time. The main source of general information collected by tourists was the Internet, and the traditional media. Only a small amount of respondents demonstrated a specialized knowledge of the cultural program. The most cited and appreciated performances came from the areas of music, exhibitions, and theatre. According to the perceptions of tourists, the tangible assets were clearly detached from the set of attributes of Guimarães, including buildings, churches and chapels, whereas intangible assets were less noted. Overall, Guimarães received a very positive evaluation related to city image and stay and is highly recommended by tourists to friends and relatives.

Capital Intelectual: sua divulgação no setor bancário em Portugal

The importance of intangible resources has increased dramatically in recent years comparing to tangible ones. The economy in which we live is the result of competitive pressures that have imposed the implementation of business at an international level as well as a requirement in the application of sophisticated technologies that allow us to follow this fast evolution. In this age of information and innovation organizations will only survive if they are inserted in a global network of strategic relations, generically called as the network economy by Lev (2003). The service sector has stood out against the more traditional sectors of the economy. The intensive use of knowledge and a strong customer orientation created a new reality in today’s organizations: a growing importance attached to innovation, to the quality of products and services offered, to the information and communication technologies adopted, and to the creativity and particular abilities of human resources. The concept of intangible assets is more common in an accounting language and intellectual capital is most often applied in the context of management, being associated with a more comprehensive, multidimensional approach, representing all the knowledge that the institution owns and that it applies in the form of expertise, the creativity and organizational competencies that lead to innovation and to the sustained attainment of future economic benefits. An analysis of the scope of intellectual capital is fundamental to take more appropriate management decisions so that a more appropriate accounting treatment could be given by the accounting standardization organizations. This study intends to analyse the practices of information disclosure of the intellectual capital in the banking sector in Portugal, complementing the analysis of the disclosure of intangible assets in the context of accounting standards with the disclosure of intellectual capital in the context of organizational management. In particular, our main aims are to identify the extent of disclosure of intellectual capital made by banks in Portugal and also to identify the factors that determine such a disclosure. The disclosure in the context of accounting standards will be studied by checking the disclosure of intangible assets through the items listed in the International Accounting Standard 38 developed by the International Accounting Standards Board. The context of management was analysed by means of creating a voluntary disclosure index based on assumptions of the model Intellectus, developed by the Centro de Investigación sobre la Sociedad del Conocimiento – Instituto de Administración de Empresas (CIC-IADE) of the Universidad Autónoma of Madrid, and of the model Intellectual Capital Statement (made in Europe) (InCaS), both promoted by the European Commission and that we have adapted to the banking sector. When analysing the disclosure of intangible assets based on the context of accounting standards and the voluntary disclosure of intellectual capital, this study has tried to raise awareness about the importance of issuing reports on the intellectual capital as an alternative tool to take management decisions in the existing organizations and reflects the transparency and legitimacy that these institutions seek through a more extensive and more detailed information disclosure of their intellectual capital. Based on a complimentarily of economic theories, together with social and political theories, we tried to check the extent, evolution and tendencies of the compulsory disclosure of intangible assets and of the voluntary disclosure of the intellectual capital analysed in the period 2001-2011. Banks characteristics were also analysed in order to deduce those factors that determine or promote a larger disclosure in this sector. Based on these objectives, we adopted a longitudinal approach to explore the extent and the development of the disclosure of intangible assets as well as the factors that have determined it. Furthermore, we sought to assess the impact of the adoption of IAS 38 in the financial statements of the organizations in this sector. The disclosure index created on the basis of the disclosure requirements stated in IAS 38 from IASB was applied to the consolidated financial statements of the seventeen banks that rendered their statements in Portugal from 2001 to 2009. Since the information disclosed in the context of accounting standards may not have an important role as a management tool once it was not able to reflect what really contributes to the competitiveness and organizational growth, the voluntary disclosure of the intellectual capital was analysed according to the information obtained from the 2010 annual individual reports of the banks operating in Portugal in that year and from their respective websites in 2011. We tried to analyse the extent of the voluntary disclosure of the intellectual capital and of each of its components, human capital, structural capital and relational capital. The comparative analysis of their annual reports and their web pages allowed us to assess the incidence of the disclosure and discover what channel the banking sector focuses on when disclosing their intellectual capital. Also in this analysis the study of the disclosure determinants has allowed us to conclude about the influence of particular characteristics in the voluntary disclosure of the intellectual capital. The results of the analysis to the extent of the disclosure of intangible assets in the consolidated financial statements of the banking groups in Portugal in the period 2001-2009 have shown an average information disclosure of 0.24. This information disclosure evolved from an average value of 0.1940 in 2001 to 0.2778 in 2009. The average value is 0.8286 if it is only considered the disclosure of the intangible assets that the banks possessed. The evolution of this index means an increase in the average disclosure from 0.7852 in 2001 to 0.8788 in 2009. From the first results that are related to the extent of the disclosure of intangible assets in the financial statements, we can verify that the banking groups present a low disclosure level of these resources. However, when considering the disclosure of only the intangible assets that each institution owns, the disclosure level appears to be in compliance with the disclosure requirements for this sector. An evolution in the disclosure of intangible assets for the period considered was confirmed, showing an increase in the information disclosure of intangible assets in 2005, the year in which the accounting rules for intangible assets changed. The analysis that focused on the disclosure in the context of management tried to understand the extent, the incidence and the determinants of the voluntary information disclosure of intellectual capital in the annual reports of 2010 and on their web pages in 2011, studying the 32 banks operating in Portugal in this period. The average voluntary disclosure of the intellectual capital in the 2010 annual reports is 0.4342 while that in web pages is 0.2907. A review of the components of the intellectual capital allowed us to assess the importance that the banks confer to each of these components. The data obtained show that the relational capital, and more specifically the business capital, is the most disclosed component by banks in Portugal both in the annual reports and in their institutional web pages, followed by the structural capital and, finally, by the human capital. The disclosure of the human capital and the structural capital is higher in the annual reports than that in the websites, while the relational capital is more disclosed in the websites than in the annual reports. The results have also shown that the banks make a complementary use of both sources when disclosing information about their structural capital and relational capital but they do not show any information about their human capital in their websites. We tried to prove the influence of factors that could determine the accounting disclosure and the voluntary disclosure of the intellectual capital in this sector. The change in the IASB accounting rules as from January 1st 2005 gave a greater disclosure of accounting information of intangible assets in the financial statements of banks. The bank size and corporate governance measures have statistically proved to have an influence on the extent of the accounting disclosure of intangible assets and on the voluntary disclosure of the intellectual capital. Economic and financial variables such as profitability, operating efficiency or solvency were not determinants of information disclosure. The instability that the banking sector has experienced in economic and financial indicators in recent years as a result of the global financial markets imbalance has worsen indicators such as profitability, efficiency and solvency and caused major discrepancies in the economic situation between banks in Portugal. This empirical analysis has contributed to confront the disclosure required by accounting rules performed in the financial statements of organizations with that performed in the main disclosure media which is available for entities and which is increasingly requested in the process of taking management decisions. It also allowed us to verify whether there is homogeneity between institutions in the fulfilment of the requirements for information disclosure of intangible assets. However, as for voluntary disclosure of intellectual capital, there are large disparities in the disclosure extent between organizations. Regardless of this sector specific characteristics, the voluntary disclosure of intellectual capital made by banks in Portugal follows the trends in other sectors and the practices adopted in other countries, namely regarding the amount of information disclosed, the incidence of the disclosure on the indicators of relational capital and the importance of variables such as size as determinants of disclosure of intellectual capital. For a further knowledge in this field, we created a specific index for the banking sector, considering appropriate indicators for an incisive, comprehensive analysis in order to consider the most relevant indicators of intellectual capital components. Besides, confronting the analysis of disclosure in the context of accounting standards with the study of voluntary disclosure brought a new analysis approach to the research on intellectual capital disclosure. With this study, we have also intended to raise greater awareness of the need for harmonization in the intellectual capital disclosure on the part of the regulatory banking authority by means of a demanding, consistent and transparent report of intellectual capital with simple, clear, objective indicators so that those interested in disclosing intellectual capital information in the organizations in this sector may obtain more harmonized and comparable information. A research on the disclosure quality of intellectual capital, together with the application of other analysis methodologies in this sector, might be a promising approach for future research. Applying the voluntary disclosure index to the same sector in other countries may also contribute to the knowledge of disclosure practices in different geographical environments. We highlight the relevance of further studies contributing to the harmonization and consistency in the presentation of an intellectual capital report so as to enable organizations to disclose the resources that contribute most to their competitiveness and growth.

Perceptions of residents of hosting the “Guimarães 2012 European Capital of Culture”: An ex-ante approach

The European Capital of Culture is an annual mega-event, which can provide a good forum though which to challenge and engage local citizens, thus generating feelings of common citizenship. In addition, it presents an ideal opportunity to promote the restructuring of the hosting urban space. However, the success of both the organization and the city that hosts the cultural event depends on the residents’ commitment towards it, the consistency of the tourism attractions and activities supplied, and the capacity of anticipating and monitoring the evolution of tourists’ preferences. The present study aims to assess the intention to participate and the impacts perceived by residents of Guimarães from hosting one of the 2012 European Capitals of Culture (2012 ECOC) in the ex-ante period (2011). Through a convenience sample of 471 usable surveys applied to the local population, conducted between October and December 2011, we tried to identify some of these potential impacts. According to the results received, 40% of residents had a low or very low knowledge of the cultural program, although only 11% demonstrated no intention of attending any activity during the event. The comparison of the mean scores of the expected 2012 ECOC impacts by gender reveals that the most valued and least valued factors are common to female and male respondents. With regard to the differences between those that intended to attend the event and the ones that did not, expected participants rated positive and negative impact factors more than did the ones that did not intend to attend.

Perceptions of residents of hosting the “Guimarães 2012 European Capital of Culture”: an ex-ante approach

The European Capital of Culture is an annual mega-event, which can provide a good forum though which to challenge and engage local citizens, thus generating feelings of common citizenship. In addition, it presents an ideal opportunity to promote the restructuring of the hosting urban space. However, the success of both the organization and the city that hosts the cultural event depends on the residents’ commitment towards it, the consistency of the tourism attractions and activities supplied, and the capacity of anticipating and monitoring the evolution of tourists’ preferences. The present study aims to assess the intention to participate and the impacts perceived by residents of Guimarães from hosting one of the 2012 European Capitals of Culture (2012 ECOC) in the ex-ante period (2011). Through a convenience sample of 471 usable surveys applied to the local population, conducted between October and December 2011, we tried to identify some of these potential impacts. According to the results received, 40% of residents had a low or very low knowledge of the cultural program, although only 11% demonstrated no intention of attending any activity during the event. The comparison of the mean scores of the expected 2012 ECOC impacts by gender reveals that the most valued and least valued factors are common to female and male respondents. With regard to the differences between those that intended to attend the event and the ones that did not, expected participants rated positive and negative impact factors more than did the ones that did not intend to attend.

Contabilidade do capital humano: considerações na aplicação de uma PME

Mestrado em Contabilidade

Capital humano, medir para gerir: a utilização do balanced scorecard

Perante os contínuos desafios com que se defrontam as organizações, consequência dos elevados níveis de competitividade, é-lhes exigido uma nova dinâmica de gestão, onde os recursos humanos se assumem como o seu principal elemento diferenciador. Neste contexto, é fundamental a existência de uma gestão estratégica dos recursos humanos, a institucionalização de um conjunto de práticas que permitam transformar os recursos humanos num activo estratégico, que conduza à execução da estratégia organizacional. Essas práticas passam pela atracção e retenção de talentos, oportunidades de desenvolvimento, propiciar boas condições de trabalho quer a nível quantitativo quer a nível qualitativo. E como cada pessoa é um ser único, dotado de características próprias, impossíveis de imitar, deve ser reconhecida a capacidade de serem uma fonte de vantagem competitiva. Não é suficiente o estabelecimento de um conjunto de boas práticas para que se possuam recursos humanos estratégicos. É fundamental fazer o acompanhamento dessas práticas através da monitorização. Na gestão o que não pode ser medido não pode ser gerido. É fundamental sensibilizar os gestores, profissionais de recursos humanos, para a criação de sistemas de medida e métricas que possam aferir a contribuição do Capital Humano para a missão e estratégia das organizações. O Balanced Scorecard é uma ferramenta de gestão que possibilita, através da informação dos seus indicadores, a implementação das estratégias nas organizações. A finalidade é garantir que os indicadores definidos estejam coerentes com a estratégia global. Essa metodologia tem assim o mérito de compatibilizar (através de indicadores quantitativos) a gestão de recursos humanos com os objectivos a longo prazo da organização. A existência de indicadores qualitativos permite ainda às organizações mensurar o nível de desempenho e motivação, factores influentes no clima organizacional

The invisible factors that can make the difference. Language management and knowledge transfer in multinational sites

The knowledge-based society we live in has stressed the importance of human capital and brought talent to the top of most wanted skills, especially to companies who want to succeed in turbulent environments worldwide. In fact, streams, sequences of decisions and resource commitments characterize the day-to-day of multinational companies (MNCs). Such decision-making activities encompass major strategic moves like internationalization and new market entries or diversification and acquisitions. In most companies, these strategic decisions are extensively discussed and debated and are generally framed, formulated, and articulated in specialized language often developed by the best minds in the company. Yet the language used in such deliberations, in detailing and enacting the implementation strategy is usually taken for granted and receives little if any explicit attention (Brannen & Doz, 2012) an can still be a “forgotten factor” (Marschan et al. 1997). Literature on language management and international business refers to lack of awareness of business managers of the impact that language can have not only in communication effectiveness but especially in knowledge transfer and knowledge management in business environments. In the context of MNCs, management is, for many different reasons, more complex and demanding than that of a national company, mainly because of diversity factors inherent to internationalization, namely geographical and cultural spaces, i.e, varied mindsets. Moreover, the way of functioning, and managing language, of the MNC depends on its vision, its values and its internationalization model, i.e on in the way the MNE adapts to and controls the new markets, which can vary essentially from a more ethnocentric to a more pluricentric focus. Regardless of the internationalization model followed by the MNC, communication between different business units is essential to achieve unity in diversity and business sustainability. For the business flow and prosperity, inter-subsidiary, intra-company and company-client (customers, suppliers, governments, municipalities, etc..) communication must work in various directions and levels of the organization. If not well managed, this diversity can be a barrier to global coordination and create turbulent environments, even if a good technological support is available (Feely et al., 2002: 4). According to Marchan-Piekkari (1999) the tongue can be both (i) a barrier, (ii) a facilitator and (iii) a source of power. Moreover, the lack of preparation for the barriers of linguistic diversity can lead to various costs, including negotiations’ failure and failure on internationalization.. On the other hand, communication and language fluency is not just a message transfer procedure, but above all a knowledge transfer process, which requires extra-linguistic skills (persuasion, assertiveness …) in order to promote credibility of both parties. For this reason, MNCs need a common code to communicate and trade information inside and outside the company, which will require one or more strategies, in order to overcome possible barriers and organization distortions.

Contributos para a compreensão das dimensões e características do Capital Intelectual valorizadas por uma Empresa líder no Sector dos Seguros em Portugal

Mestrado em Gestão e Empreendedorismo

Contributos para o desenvolvimento de um modelo de avaliação do capital intelectual em instituições de ensino superior

Mestrado em Gestão e Empreendedorismo

Memória de longo prazo nos retornos acionistas dos índices de referência da euronext, implicações para a hipótese de mercados eficientes e contributo fractal para aperfeiçoamento do capital asset pricing model

Não existe uma definição única de processo de memória de longo prazo. Esse processo é geralmente definido como uma série que possui um correlograma decaindo lentamente ou um espectro infinito de frequência zero. Também se refere que uma série com tal propriedade é caracterizada pela dependência a longo prazo e por não periódicos ciclos longos, ou que essa característica descreve a estrutura de correlação de uma série de longos desfasamentos ou que é convencionalmente expressa em termos do declínio da lei-potência da função auto-covariância. O interesse crescente da investigação internacional no aprofundamento do tema é justificado pela procura de um melhor entendimento da natureza dinâmica das séries temporais dos preços dos ativos financeiros. Em primeiro lugar, a falta de consistência entre os resultados reclama novos estudos e a utilização de várias metodologias complementares. Em segundo lugar, a confirmação de processos de memória longa tem implicações relevantes ao nível da (1) modelação teórica e econométrica (i.e., dos modelos martingale de preços e das regras técnicas de negociação), (2) dos testes estatísticos aos modelos de equilíbrio e avaliação, (3) das decisões ótimas de consumo / poupança e de portefólio e (4) da medição de eficiência e racionalidade. Em terceiro lugar, ainda permanecem questões científicas empíricas sobre a identificação do modelo geral teórico de mercado mais adequado para modelar a difusão das séries. Em quarto lugar, aos reguladores e gestores de risco importa saber se existem mercados persistentes e, por isso, ineficientes, que, portanto, possam produzir retornos anormais. O objetivo do trabalho de investigação da dissertação é duplo. Por um lado, pretende proporcionar conhecimento adicional para o debate da memória de longo prazo, debruçando-se sobre o comportamento das séries diárias de retornos dos principais índices acionistas da EURONEXT. Por outro lado, pretende contribuir para o aperfeiçoamento do capital asset pricing model CAPM, considerando uma medida de risco alternativa capaz de ultrapassar os constrangimentos da hipótese de mercado eficiente EMH na presença de séries financeiras com processos sem incrementos independentes e identicamente distribuídos (i.i.d.). O estudo empírico indica a possibilidade de utilização alternativa das obrigações do tesouro (OT’s) com maturidade de longo prazo no cálculo dos retornos do mercado, dado que o seu comportamento nos mercados de dívida soberana reflete a confiança dos investidores nas condições financeiras dos Estados e mede a forma como avaliam as respetiva economias com base no desempenho da generalidade dos seus ativos. Embora o modelo de difusão de preços definido pelo movimento Browniano geométrico gBm alegue proporcionar um bom ajustamento das séries temporais financeiras, os seus pressupostos de normalidade, estacionariedade e independência das inovações residuais são adulterados pelos dados empíricos analisados. Por isso, na procura de evidências sobre a propriedade de memória longa nos mercados recorre-se à rescaled-range analysis R/S e à detrended fluctuation analysis DFA, sob abordagem do movimento Browniano fracionário fBm, para estimar o expoente Hurst H em relação às séries de dados completas e para calcular o expoente Hurst “local” H t em janelas móveis. Complementarmente, são realizados testes estatísticos de hipóteses através do rescaled-range tests R/S , do modified rescaled-range test M - R/S e do fractional differencing test GPH. Em termos de uma conclusão única a partir de todos os métodos sobre a natureza da dependência para o mercado acionista em geral, os resultados empíricos são inconclusivos. Isso quer dizer que o grau de memória de longo prazo e, assim, qualquer classificação, depende de cada mercado particular. No entanto, os resultados gerais maioritariamente positivos suportam a presença de memória longa, sob a forma de persistência, nos retornos acionistas da Bélgica, Holanda e Portugal. Isto sugere que estes mercados estão mais sujeitos a maior previsibilidade (“efeito José”), mas também a tendências que podem ser inesperadamente interrompidas por descontinuidades (“efeito Noé”), e, por isso, tendem a ser mais arriscados para negociar. Apesar da evidência de dinâmica fractal ter suporte estatístico fraco, em sintonia com a maior parte dos estudos internacionais, refuta a hipótese de passeio aleatório com incrementos i.i.d., que é a base da EMH na sua forma fraca. Atendendo a isso, propõem-se contributos para aperfeiçoamento do CAPM, através da proposta de uma nova fractal capital market line FCML e de uma nova fractal security market line FSML. A nova proposta sugere que o elemento de risco (para o mercado e para um ativo) seja dado pelo expoente H de Hurst para desfasamentos de longo prazo dos retornos acionistas. O expoente H mede o grau de memória de longo prazo nos índices acionistas, quer quando as séries de retornos seguem um processo i.i.d. não correlacionado, descrito pelo gBm(em que H = 0,5 , confirmando- se a EMH e adequando-se o CAPM), quer quando seguem um processo com dependência estatística, descrito pelo fBm(em que H é diferente de 0,5, rejeitando-se a EMH e desadequando-se o CAPM). A vantagem da FCML e da FSML é que a medida de memória de longo prazo, definida por H, é a referência adequada para traduzir o risco em modelos que possam ser aplicados a séries de dados que sigam processos i.i.d. e processos com dependência não linear. Então, estas formulações contemplam a EMH como um caso particular possível.