Performance contrasts during the financial crisis between publicly traded family and non-family firms in Europe

Neste estudo, analiso o desempenho de empresas familiares e não-familiares na Europa, entre 2001 e 2013, com uma especial atenção ao período da crise financeira de 2008 e 2009. Doze anos de dados foram recolhidos e analisadosusando dois modelos: o modelo de ajustamento do mercado e uma técnica de estimativa de painéis. Ao contrário das expectativas, os resultados mostram que as empresas familiares não têm resultados significativamente superiores às empresas não familiares durante o período em análise, inclusive antes, durante, e depois da crise. No entanto, considerando o valor do beta, existem diferenças significativas. É possível concluir que as empresas familiares são, em geral, menos voláteis e que durante a crise apresentaram uma volatilidade extremamente baixa comparativamente com o mercado.JEL

Sovereignty, exchange rate and the Euro crisis

This paper presents an interpretation of the European crisis based on the balance of payments imbalances within the Eurozone and highlighting the role of the “internal” real exchange rates as a primary cause of the crisis. It explores the structural contradictions that turn the Euro into a “foreign currency” for each individual Eurozone country. These contradictions imply the inability of national central banks to monetize the public and private debts, which makes the Euro crisis a sovereign crisis similar to those typical of emerging countries, but whose solution presents additional obstacles.

Conservation genetics of European wildcat (Felis silvestris silvestris): a wide and integrating analysis protocol for admixture inferences and population structure

Introgression of domestic cat genes into European wildcat (Felis silvestris silvestris) populations and reduction of wildcats’ range in Europe, leaded by habitat loss and fragmentation, are considered two of the main conservation problems for this endangered feline. This thesis addressed the questions related with the artificial hybridization and populations’ fragmentation, using a conservation genetics perspective. We combined the use of highly polymorphic loci, Bayesian statistical inferences and landscape analyses tools to investigate the origin of the geographic-genetic substructure of European wildcats (Felis silvestris silvestris) in Italy and Europe. The genetic variability of microsatellites evidenced that European wildcat populations currently distributed in Italy differentiated in, and expanded from two distinct glacial refuges during the Last Glacial Maximum. The genetic and geographic substructure detected between the eastern and western sides of the Apennine ridge, resulted by adaptation to specific ecological conditions of the Mediterranean habitats. European wildcat populations in Europe are strongly structured into 5 geographic-genetic macro clusters corresponding to: the Italian peninsular & Sicily; Balkans & north-eastern Italy; Germany eastern; central Europe; and Iberian Peninsula. Central European population might have differentiated in the extra-Mediterranean Würm ice age refuge areas (Northern Alps, Carpathians, and the Bulgarian mountain systems), while the divergence among and within the southern European populations might have resulted by the Pleistocene bio geographical framework of Europe, with three southern refugia localized in the Balkans, Italian Peninsula and Iberia Peninsula. We further combined the use of most informative autosomal SNPs with uniparental markers (mtDNA and Y-linked) for accurately detecting parental genotypes and levels of introgressive hybridization between European wild and domestic cats. A total of 11 hybrids were identified. The presence of domestic mitochondrial haplotypes shared with some wild individuals led us to hypnotize the possibility that ancient introgressive events might have occurred and that further investigation should be recommended.

7000-year human legacy of elevation-dependent European fire regimes

Variability in fire regime at the continental scale has primarily been attributed to climate change, often overshadowing the widely potential impact of human activities. However, human ignition modifies the rhythm of fire episodes occurrence (fire frequency), whereas land use alters vegetation composition and fuel load, and thus the amount of biomass burned. It is unclear, however, whether and how humans have exercised a significant influence over fire regimes at continental and millennial scales. Based on sedimentary charcoal records, we use new alternative estimate of fire frequency and biomass burned for the last 16000 years (here after 16 ky) that we evaluate with outputs from climate, vegetation, land use and population models. We find that pronounced regional-scale land use changes in southern Europe at the beginning of the Neolithic (8–6 ky), during the Bronze Age (5–4 ky) and the medieval period (1 ky) caused a doubling of fire frequency compared to the Holocene average (the last 11.5 ky). Despite anthropogenic influences, southern European biomass burned decreased from 7 ky, which is in line both with changes in orbital parameters leading climate cooling and also reductions in biomass availability because of land use. Our study underscores the role of elevation-dependent parameters, and particularly biomass and land management, as major drivers of fire regime variability. Results attest a determinant anthropogenic driving-force on fire regime and a decrease in fire-carbon emissions since 7 ky in Southern Europe.

Abundance and biomass of gelatinous plankton in the southern part of the Black Sea in June 1991

Cruise 1991-06 conductucted covering TEEZ with a large cruise presents a dataset of macro gelatinous biomass and abundance in the Southern Black Sea in June 1991.

MARECHIARA-phytoplankton long-term time-series (1984-2006) at the fixed coastal station in the Gulf of Naples, Southern Tyrrhenian Sea

The "MARECHIARA-phytoplankton" dataset contains phytoplankton data collected in the ongoing time-series at Stn MC ( 40°48.5' N, 14°15' E) in the Gulf of Naples. This dataset spans over the period 1984-2006 and contains data of phytoplankton species composition and abundance. Phytoplankton sampling was regularly conducted from January 1984 till July 1991 and in 1995-2006. Sampling was interrupted from August 1991 till January 1995. The sampling frequency was fortnightly till 1991 and weekly since 1995. Phytoplankton samples were collected at 0.5 m depth using Niskin bottles and immediately fixed with formaldehyde (0.8-1.6% final concentration) for species identification and counts.

Phylogenetic analyses and toxigenic profiles of Fusarium equiseti and Fusarium acuminatum isolated from cereals from Southern Europe

Fusarium equiseti and Fusarium acuminatum are toxigenic species that contaminate cereal crops from diverse climatic regions. They are common in Spanish cereals. The information available on their phylogenetics and toxigenic profiles is, however, insufficient to assist risk evaluation. In this work, phylogenetic analyses were performed using partial sequences of the translation elongation factor gene (EF-1a) of F. equiseti and F. acuminatum strains isolated from barley and wheat from Spain and other countries. The Northern and Southern European F. equiseti strains largely separated into two phylogenetically distinct clusters. This suggests the existence of two distinct populations within this species, explaining its presence in these regions of markedly different climate. Production of type A and B trichothecenes by the Spanish strains, examined in wheat cultures using a multitoxin analytical method, indicated that F. equiseti could produce deoxynivalenol and nivalenol and other trichothecenes, at concentrations that might represent a significant risk of toxin contamination for Southern European cereals. F. acuminatum showed low intraspecific genetic variability and 58% of the strains could produce deoxynivalenol at low level. Neither species was found to produce T-2 or HT-2 toxins. The present results provide important phylogenetic and toxigenic information essential for the accurate prediction of toxigenic risk.

A esquerda radical no período pós 2009: nada de (muito) novo em Portugal?

A crise económica que eclodiu nas democracias europeias periféricas a partir de 2009 teve, em vários países da Europa do Sul, consequências graves em termos de estabilidade governativa e dos sistemas partidários. Neste contexto, o caso português tem sido apontado como excecional, visto que o agravamento da situação económica e as suas consequências políticas não provocaram uma afirmação eleitoral sem precedentes de forças de esquerda radical (como na Espanha e na Grécia). Neste artigo, apresenta-se o panorama da esquerda radical em Portugal e procede-se à análise de algumas dimensões associadas a este fenómeno de maior estabilidade do sistema partidário português à esquerda, nomeadamente a ausência de um fenómeno SYRIZA ou Podemos, recorrendo a explicações de natureza económica, ligadas à cultura política e à natureza do sistema partidário consolidado nas últimas quadro décadas.

The Mirage of the State: Why the West has failed in Afghanistan, Iraq, Libya, Mali and Central African Republic? Jean Monnet/Robert Schuman Paper Series Vol. 14 No. 15, July 2014

The state still matters. However, the members of the Euro-Atlantic community may be misinterpreting this crucial baseline prior launching their military interventions since 2001. The latest violence and collapse of the state of Iraq after the invasion of Northern Iraq by a radical Sunni Muslim terrorist group, so-called Islamic State of Iraq and Syria (ISIS), demonstrate once again the centrality and requirement of a functioning state in order to maintain violent forces to disrupt domestic and regional stability. Since 2001, the US and its European allies have waged wars against failed-states in order to increase this security and national interests, and then have been involved in some type of state-building.1 This has been the case in Afghanistan, Iraq, Libya, Mali, and Central African Republic (CAR). France went into Mali (2012) and CAR (2013), which preceded two European Union military and civilian Common Security and Defense Policy missions (CSDP), in order to avoid the collapse of these two states. The threat of the collapse of both states was a concern for the members of the Euro-Atlantic community as it could have spread to the region and causing even greater instabilities. In Mali, the country was under radical Islamic pressures coming from the North after the collapse of Libya ensuing the 2011 Western intervention, while in CAR it was mainly an ethno-religious crisis. Failed states are a real concern, as they can rapidly become training grounds for radical groups and permitting all types of smuggling and trafficking.2 In Mali, France wanted to protect its large French population and avoid the fall of Mali in the hands of radical Islamic groups directly or indirectly linked to Al-Qaeda. A fallen Mali could have destabilized the region of the Sahel and ultimately affected the stability of Southern European borders. France wanted to avoid the development of a safe haven across the Sahel where movements of people and goods are uncontrolled and illegal.3 Since the end of the Cold War, Western powers have been involved in stabilizing neighborhoods and regions, like the Balkans, Africa, and Middle East, which at the exceptions of the Balkans, have led to failed policies. 9/11 changes everything. The US, under President George W. Bush, started to wage war against terrorism and all states link to it. This started a period of continuous Western interventions in this post-9/11 era in Afghanistan, Iraq, Libya, Mali and CAR. If history has demonstrated one thing, the members of the Euro-Atlantic community are struggling and will continue to struggle to stabilize Afghanistan, Iraq, Libya, Mali and Central African Republic (CAR) for one simple reason: no clear endgame. Is it the creation of a state à la Westphalian in order to permit these states to operate as the sole guarantor of security? Or is the reestablishment of status quo in these countries permitting to exit and end Western operations? This article seeks to analyze Western interventions in these five countries in order to reflect on the concept of the state and the erroneous starting point for each intervention.4 In the first part, the political status of each country is analyzed in order to understand the internal and regional crisis. In a second time, the concept of the state, framed into the Buzanian trinity, is discussed and applied to the cases. In the last part the European and American civilian-military doctrines are examined in accordance with their latest military interventions and in their broader spectrum.

Social Policy Reforms in the EU: A Cross-national Comparison. Social Inclusion Monitor Europe (SIM) – Reform Barometer. Pilot Study

European countries are losing momentum for social policy reforms: The results of the SIM Europe Index report on social justice, published in September 2014, suggested a growing social divide among the member states. Assessing six policy areas of social inclusion, the data revealed the deteriorating social situation since 2009 across the EU. The report stressed, in particular, the difficulties southern EU member states were having in coping with the effects of the financial and economic crisis. This second report, the SIM Europe Reform Barometer, takes up these results and delivers two tasks: to impartially assess the extent of problem awareness of governments, and to ask whether they have enacted concrete social policy initiatives to tackle these challenges and to counterbalance the growing divide. Southern European member states, especially, did not or have not been able to pursue reforms to limit their withering levels of a socially inclusive society. In almost all key dimensions of social inclusion, those member states most affected by the implications of the protracted economic and fiscal crisis in the EU have been least able to confine the ongoing ‘internal devaluation’ in terms of socially balanced governmental activity. By contrast, some northern member states have legislated acts which seem well-suited to at least stabilise or even increase their level of social inclusion.

European War pamphlets

A collection of miscellaneous pamphlets on World War I.

Europe’s Growth Emergency

Highlights: • The European Union growth agenda has become even more pressing because growth is needed to support public and private sector deleveraging, reduce the fragility of the banking sector, counter the falling behind of southern European countries and prove that Europe is still a worthwhile place to invest. • The crisis has had a similar impact on most European countries and the US: a persistent drop in output level and a growth slowdown. This contrasts sharply with the experience of the emerging countries of Asia and Latin America. • Productivity improvement was immediate in the US, but Europe hoarded labour and productivity improvements were in general delayed. Southern European countries have hardly adjusted so far. • There is a negative feedback loop between the crisis and growth, and without effective solutions to deal with the crisis, growth is unlikely to resume. National and EU-level policies should aim to foster reforms and adjustment and should not risk medium-term objectives under the pressure of events. A more hands-on approach, including industrial policies, should be considered.