Asset Liquidity and Stock Liquidity: International Evidence

This study examines the relationship between asset liquidity and stock liquidity across 47 countries. In support of the valuation uncertainty hypothesis, we find that firms with greater asset liquidity on average have higher stock liquidity. More importantly, our study shows that asset liquidity plays amore significant role in resolving valuation uncertainty in countries with poor information environment. For example, we find that the asset–stock liquidity relationship is stronger in countries with poor accounting standards. We further find evidence that after the adoption of IFRS, the improved accounting information environment results in a weaker asset–stock liquidity relation, but only in countries with a strong legal regime. Finally, our study shows that the positive asset–stock liquidity relationship may be attributed to transparency and/or liquidity reasons.

The International Protection of Refugees and Asylum Seekers: the Role of Article 3 of the European Convention on Human Rights

This book presents a comprehensive assessment of regional responses to the crisis in the asylum/refugee system and critically examines how different regions tackle the problem. The chapters consider the fundamental challenges which undermine an effective asylum process as well as regional difficulties with the various circumstances surrounding asylum seekers. With contributions on Africa, Europe, Latin America, South Asia and the Middle East, and the Pacific, the collection strives to appreciate what informs each region’s approach to the asylum process and asks if there are issues common to every region and if regions can learn from one another. The book seeks an understanding of the existing legal regime for the protection of asylum seekers and how regional institutions such as human rights commissions and regional courts enforce and adjudicate the law.

International Coordination in Cross-Border Bank Bail-ins: Problems and Prospects

Bail-in is quickly becoming a predominant approach to banking resolution. The EU Bank Recovery Resolution Directive and the US Federal Deposit Insurance Corporation’s single point of entry strategy envisage creditors’ recapitalisations
to resolve a failing financial institution. However, this legislation focuses on the domestic aspects of bail-in, leaving the question of how it is applied
to a cross-border banking group open. Cross-border banking resolution has been historically subject to coordination failures, which have resulted in disorderly resolutions with dangerous systemic effects. The goal of this article is to assess whether bail-in is subject to the same coordination problems that affect other resolution tools, and to discuss the logic of international legal cooperation in bail-in policies. We demonstrate that, in spite of the evident benefit in terms of fiscal sustainability, bail-in suffers from complex coordination problems which, if not addressed, might lead to regulatory arbitrage and lengthy court battles, and, ultimately, may disrupt resolutions. We argue that only a binding legal regime can address those problems. In doing so, we discuss the recent Financial Stability
Board’s proposal on cross-border recognition of resolution action, and the role of international law in promoting cooperation in banking resolution.

Regulação política e reconfiguração do perfil profissional do diretor da escola : a opinião dos membros do conselho das escolas

Tese de doutoramento, Educação (Administração e Política Educacional), Universidade de Lisboa, Instituto de Educação, 2015

Sustentabilidade na reablitação urbana

A indústria da construção é um setor com grande impacto na economia, no Produto Interno Bruto (PIB) e ainda em postos de trabalho diretos e indiretos. No entanto, é um dos setores com maior impacte ambiental. Com a crise económica e financeira que o país atravessa, este setor foi um dos mais afetados, contribuindo para o aumento do desemprego visto tratar-se do setor com maior taxa de empregabilidade. Concomitantemente, ocorre saturação do mercado com a construção nova e desertificação dos centros urbanos com a degradação das habitações. Assim, como impulsionador da economia, surge a aposta na reabilitação do parque edificado que, com a legislação em vigor e com os incentivos dados pela tutela tem tudo para impulsionar o setor. Sabendo que a indústria da construção é um dos setores com maiores impactes ambientais, faz todo o sentido reabilitar-se de uma forma mais sustentável. Aplicando os princípios da sustentabilidade a todo o ciclo de vida do edifício, conseguimos reduzir os recursos na fase de construção (resíduos de construção) e na fase de exploração (consumo de energia e de água). Podemos ainda reduzir os custos de energia para climatização ao termos em conta a orientação do edifício e a envolvente, os recursos naturais e aplicando tecnologias solares passivas. Assim, ao aplicarmos os princípios da construção sustentável na reabilitação urbana podemos diminuir os impactes ambientais, a produção de CO2, as emissões de gases com efeito de estufa, os resíduos de construção e a área impermeabilizada.

O relato integrado e a responsabilidade social da empresa no contexto da economia social

Dissertação de Mestrado apresentada ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Doutora Ana Maria Alves Bandeira e de Doutora Deolinda Aparício Meira

O Relato financeiro nas IPSS: Estudo de caso de uma IPSS do concelho de Vila Nova de Gaia

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação de Professora Doutora Ana Maria Alves Bandeira e Professora Doutora Deolinda Meira

A responsabilidade da sociedade diretora com os credores da sociedade subordinada

The scope of the present study encompasses the liability of the directing company for the obligations of the subordinated company. Whereas the concept of directing company is comprised in the broader context of groups of companies and, consequently, in the comprehensive framework of the relationships established among such entities, this study starts by defining the notion of groups of companies, distinguishing it from related figures. It, then, moves on to analyse the legal regime applicable to groups of companies in some legal systems deemed significant, notably the American, European and German systems. Finally, this paper scrutinizes the provisions of article 501 of the Portuguese Companies Code (“Códigodas Sociedades Comerciais”), in particular its systematics and peculiarities, so as to ascertain which is the liability scheme 2 applicable to the directing or dominant company for the obligations of the subordinates or dominated company. Pursuant to no. 1 of article 501of the CSC, the directing company’s liability for such obligations exists provided these commitments are born before, during and until such time the subordination contract is terminated. The liability of the directing or dominant company for the debts of the subordinated or dominated company ceases as of the moment when the relationship between those two entities no longer exists, with immediate effect.

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.

A harmonização fiscal europeia

With this dissertation we aim to analyze the most relevant aspects of the excise duties harmonized regime, considering Community origins, but having also in attention all legal specifications of its implementation in Portugal. The legal regime of excise duties is presented as an ambitious theme, considering the challenge of different branches of law that influence this subject, such as Tax, Economic and Community laws, the inescapable influence of customs procedures, or regarding environmental objectives. In the European context, the harmonization of excise duties was seen as a condition for the implementation of the internal market, contributing to undo secular tax barriers between Member States and, since so, ensure fair competition and free movement of services and goods. Along with VAT, the excise duties harmonization process could represent a potential European tax system, essential for a full and integrated single market. In this context, it is essential to pay special attention to specific characteristics of excise duties regime, such as ‘duty suspension arrangement’ applicable during the production phase, storage and movement in certain conditions. The growing importance of excise duties, as for revenue or extra-fiscal purposes, recommends new academic studies on this subject, seeking new opportunities and challenges.

Relatório de estágio curricular:

The main purpose of this report is to inform about the work developed throughout the curricular training period, which took place in the Legal Department of The Portuguese Football Federation. Firstly, and in general terms, issues such as the evolution of football in Portugal and Sports Federations will be dealt with in this study. In addition, a characterization of the welcoming entity will be done as well, focusing not only on its legal context, but also on its organic structure and operating dynamics. Also, the work developed during the training period will be made known, namely the activities undertaken as part of the project. Besides all the above-mentioned, a study has been carried out essentially on the Regional District Football Associations, in what concerns the statutes of the various associations ( object of study ), including the statutes of FPF- since the main goal of this work is to understand whether the various District and Regional Football Associations, as regular partners of the Portuguese Football Federation, do or do not comply with the Duty of Statutory Adjustment imposed by it, regarding the amendment to the Sports Federation legal regime.

O sigilo bancário e a fraude fiscal

Tax evasion and fraud threaten the economic and social objectives of modern tax systems, precluding the state funding for the satisfaction of collective needs and the fair distribution of wealth, being a violation of basic principles and values of our society. In tax law, to give tax administration the necessary powers to supervise and control the information provided by taxpayers and combat tax evasion and fraud, over the last years the grounds for a derogation of bank secrecy without judicial authorization have been extended, which raises some constitutional compatibility issues. Similarly, this tendency of making this legal regime more flexible and increasing automatic exchange of information has been followed by the European Union and the international community. Banking secrecy, as a professional secrecy, is an instrument to protect the right to privacy but also appears as an anti-abuse and repressive mechanism of evasive and fraudulent behaviors. Because of the conflict of interests will always be necessary to make a practical agreement between them, ensuring the legality and the due guarantees of the taxpayers but also an effective way to combat tax evasion and fraud. Bank secrecy cannot be one method to, behind the right to privacy, taxpayers practice illegal activities. But the practice of these irregular conducts also does not justify a total annihilation of the right to banking secrecy, uncovering all documents and bank information’s. Although considering the legislative changes, the administrative derogation of bank secrecy will always be what the tax administration does of it.

O estatuto laboral do trabalhador estrangeiro em Portugal

After reading about the current legal regime regarding the foreign workers we realize the high relevance this area has, nevertheless the research about these issues has been lying somewhat stagnant in Portugal, particularly as it refers to non-EU citizens. At a time when we witness a progressive increase of the migratory movements we propose ourselves, in this study, to understand more clearly the current legal system in the matter of foreign worker rights, and, from a pragmatic point of view, to question some choices of the legislator in order to understand if these serves to the best protection of the rights and duties of the foreign workers and the new situations arising from this phenomenon, considering any system weaknesses. However, we realize that much remains to be done in this field, both in terms of true equal rights between nationals and foreigners, and either as what regards to an effort to harmonize these issues by the States, which tend to favor national sovereignty and its economic interests rather than protecting the fundamental rights of workers.

Le traitement des porteurs minoritaires de titres de sociétés par actions publiques dans un contexte transactionnel : où en sommes-nous?

"Mémoire présenté à la Faculté des études supérieures en vue de l'obtention du grade de Maître en Droit (LL.M) Option Droit des Affaires"

La chaîne de responsabilité de la sécurité maritime

"Mémoire présenté à la faculté des études supérieures en vue de l'obtention du grade de maître en droit (LL.M.)". Ce mémoire a été accepté à l'unanimité et classé parmi les 15% des mémoires de la discipline.