Exploring profitability diversity through financial statement analysis

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics

Spiteful Strategies. The ontogeny and the practice of spite in human interaction: an experimental game theory approach and empirical applications

As estratégias de malevolência implicam que um indivíduo pague um custo para infligir um custo superior a um oponente. Como um dos comportamentos fundamentais da sociobiologia, a malevolência tem recebido menos atenção que os seus pares o egoísmo e a cooperação. Contudo, foi estabelecido que a malevolência é uma estratégia viável em populações pequenas quando usada contra indivíduos negativamente geneticamente relacionados pois este comportamento pode i) ser eliminado naturalmente, ou ii) manter-se em equilíbrio com estratégias cooperativas devido à disponibilidade da parte de indivíduos malevolentes de pagar um custo para punir. Esta tese propõe compreender se a propensão para a malevolência nos humanos é inerente ou se esta se desenvolve com a idade. Para esse efeito, considerei duas experiências de teoria de jogos em crianças em ambiente escolar com idades entre os 6 e os 22 anos. A primeira, um jogo 2x2 foi testada com duas variantes: 1) um prémio foi atribuído a ambos os jogadores, proporcionalmente aos pontos acumulados; 2), um prémio foi atribuído ao jogador com mais pontos. O jogo foi desenhado com o intuito de causar o seguinte dilema a cada jogador: i) maximizar o seu ganho e arriscar ter menos pontos que o adversário; ou ii) decidir não maximizar o seu ganho, garantindo que este não era inferior ao do seu adversário. A segunda experiência consistia num jogo do ditador com duas opções: uma escolha egoísta/altruísta (A), onde o ditador recebia mais ganho, mas o seu recipiente recebia mais que ele e uma escolha malevolente (B) que oferecia menos ganhos ao ditador que a A mas mais ganhos que o recipiente. O dilema era que se as crianças se comportassem de maneira egoísta, obtinham mais ganho para si, ao mesmo tempo que aumentavam o ganho do seu colega. Se fossem malevolentes, então prefeririam ter mais ganho que o seu colega ao mesmo tempo que tinham menos para eles próprios. As experiências foram efetuadas em escolas de duas áreas distintas de Portugal (continente e Açores) para perceber se as preferências malevolentes aumentavam ou diminuíam com a idade. Os resultados na primeira experiência sugerem que (1) os alunos compreenderam a primeira variante como um jogo de coordenação e comportaram-se como maximizadores, copiando as jogadas anteriores dos seus adversários; (2) que os alunos repetentes se comportaram preferencialmente como malevolentes, mais frequentemente que como maximizadores, com especial ênfase para os alunos de 14 anos; (3) maioria dos alunos comportou-se reciprocamente desde os 12 até aos 16 anos de idade, após os quais começaram a desenvolver uma maior tolerância às escolhas dos seus parceiros. Os resultados da segunda experiência sugerem que (1) as estratégias egoístas eram prevalentes até aos 6 anos de idade, (2) as tendências altruístas emergiram até aos 8 anos de idade e (3) as estratégias de malevolência começaram a emergir a partir dos 8 anos de idade. Estes resultados complementam a literatura relativamente escassa sobre malevolência e sugerem que este comportamento está intimamente ligado a preferências de consideração sobre os outros, o paroquialismo e os estágios de desenvolvimento das crianças.************************************************************Spite is defined as an act that causes loss of payoff to an opponent at a cost to the actor. As one of the four fundamental behaviours in sociobiology, it has received far less attention than its counterparts selfishness and cooperation. It has however been established as a viable strategy in small populations when used against negatively related individuals. Because of this, spite can either i) disappear or ii) remain at equilibrium with cooperative strategies due to the willingness of spiteful individuals to pay a cost in order to punish. This thesis sets out to understand whether propensity for spiteful behaviour is inherent or if it develops with age. For that effect, two game-theoretical experiments were performed with schoolboys and schoolgirls aged 6 to 22. The first, a 2 x 2 game, was tested in two variants: 1) a prize was awarded to both players, proportional to accumulated points; 2), a prize was given to the player with most points. Each player faced the following dilemma: i) to maximise pay-off risking a lower pay-off than the opponent; or ii) not to maximise pay-off in order to cut down the opponent below their own. The second game was a dictator experiment with two choices, (A) a selfish/altruistic choice affording more payoff to the donor than B, but more to the recipient than to the donor, and (B) a spiteful choice that afforded less payoff to the donor than A, but even lower payoff to the recipient. The dilemma here was that if subjects behaved selfishly, they obtained more payoff for themselves, while at the same time increasing their opponent payoff. If they were spiteful, they would rather have more payoff than their colleague, at the cost of less for themselves. Experiments were run in schools in two different areas in Portugal (mainland and Azores) to understand whether spiteful preferences varied with age. Results in the first experiment suggested that (1) students understood the first variant as a coordination game and engaged in maximising behaviour by copying their opponent’s plays; (2) repeating students preferentially engaged in spiteful behaviour more often than maximising behaviour, with special emphasis on 14 year-olds; (3) most students engaged in reciprocal behaviour from ages 12 to 16, as they began developing higher tolerance for their opponent choices. Results for the second experiment suggested that (1) selfish strategies were prevalent until the age of 6, (2) altruistic tendencies emerged since then, and (3) spiteful strategies began being chosen more often by 8 year-olds. These results add to the relatively scarce body of literature on spite and suggest that this type of behaviour is closely tied with other-regarding preferences, parochialism and the children’s stages of development.

Rethinking the Portuguese banking sector in a post-crisis context

As the financial crisis hit the Portuguese banks, the profitability of the whole sector squeezed to historical minimums. Reinventing the banking business model in the post-crisis context is an overriding issue to achieve sustainable profits and a low cost-to-income ratio. We propose banks to adopt a true multichannel approach, proceeding to a branch network reformatting and a relocation of services to online channels; adopt a true customer-centric approach and reduce the product and services portfolio complexity; finally, industrialize operations and rationalize the structure. With these measures in place, Portuguese banks will become leaner and more efficient, aspiring to a cost-to-income ratio below 45%.

Portuguese banks and the economic adjustment programme: balance sheet adjustments and impact on profitability

Double Degree. A Work Project presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics and a Masters Degree in Finance from Louvain School of Management

Contingent contracts

International businesses bring with them additional negotiation complexities and extra risks, thus calling for negotiation integrative solutions and additional legal protection. The recent economic crisis forced, companies, including SMEs, to look for international markets and face these additional complexities and issues. In the search for a practical and simplified solution, to serve less sophisticated companies, this paper brings insights from the negotiation literature to a specific legal issue. Specifically, I investigate the negotiation and use of contingent agreements as a tool for facilitating the negotiation process and managing risk in international deals. Looking into an international sale of goods from Portugal to Brazil, this paper proposes the structuring of two contingent contracts related to two category of products in order to demonstrate the potential benefits of some of its relevant features, specifically the creation of incentives and identification and allocation of future risks. In general, the structuring of contingent agreements is likely to provide positive results in mitigating the issues of lack of trust and dealing with the additional risks derived from international deals, therefore facilitating and improving the overall quality of the deal.

Swiss clinical practice guidelines on field cancerization of the skin.

Actinic keratosis (AK) affects millions of people worldwide, and its prevalence continues to increase. AK lesions are caused by chronic ultraviolet radiation exposure, and the presence of two or more AK lesions along with photodamage should raise the consideration of a diagnosis of field cancerization. Effective treatment of individual lesions as well as field cancerization is essential for good long-term outcomes. The Swiss Registry of Actinic Keratosis Treatment (REAKT) Working Group has developed clinical practice guidelines for the treatment of field cancerization in patients who present with AK. These guidelines are intended to serve as a resource for physicians as to the most appropriate treatment and management of AK and field cancerization based on current evidence and the combined practical experience of the authors. Treatment of AK and field cancerization should be driven by consideration of relevant patient, disease, and treatment factors, and appropriate treatment decisions will differ from patient to patient. Prevention measures and screening recommendations are discussed, and special considerations related to management of immunocompromised patients are provided.

Glenridge Residences

In 1968 Brock University purchased 5 quadruplexes on Glenridge Avenue to serve as Brock's first student residences. Three additional units were later purchased and in total these first residences could accommodate around 150 students. They were used as temporary residences until the Decew Residence was completed.

The neo-liberal state and the crisis of public service broadcasting in the Anglo-American democracies /

The NeO'liberal State and the Crisis ofPublic Service Broadcasting in the Anglo-American Democracies The purpose ofthis analysis ofthe present condition ofpublic service broadcasting in the Anglo- American democracies was to investigate whether such media can still be regarded as the primarypublic spherefor a dialogue between each nation 's civil society and the State. The motivationfor this thesis was based on a presumption that such fora for public discussion on the central issues of each society have become viewed as less relevant bypoliticians andpolicy-makers and thepublics they were intended to serve in the Anglo-American democracies over thepast two decades. It is speculated that this is the case because ofa beliefthat the post-war consensus between the respective States andpublics that led to the construction of the Keynesian Welfare State and the notion ofpublic service broadcasting has been displaced by an individualistic, neo-liberal, laissez-faire ideology. In other words, broadcasting as a consumer-oriented, commercial commodity has superseded concerns pertaining to the importance ofthe public interest. The methodology employed in this thesis is a comparative analysisfrom a criticalpolitical economy perspective. It was considered appropriate to focus on the United Kingdom, Australia, Canada and the\ United States because they comprise the four largest Anglo-American nations with democratic political systems andprimarily market economies. Justificationfor this particular sample is reinforced by thefact that case study countries also share a common socio-political and economic tradition. The evidence assembledfor this thesis consisted almost exclusively ofexisting literature on the subjects ofpublic service broadcasting, global economic andpolitical integration, and the ascendance ofthe 'free-market ' ethos in Western democracies since the late mid- to late-1970s. In essence, this thesis could be considered as a reinterpretation ofthe existing literature relevant to these issues. Several important common features werefound among the political, economic and broadcasting systems of the four case study nations. It is proposed that the prevalence of the neo-liberal world view throughout the political and policy environments of the four countries has undermined the stability and credibility of each nation 's national public service broadcasting organization, although with varying intensity and effect,. Deregulation ofeach nation 's broadcasting system and the supremacy ofthe notion of 'consumer sovereignty' have marginalized the view of broadcasting on any basis other than strictly economic criteria in thefour case study countries. This thesis concludes that,for a reconstruction ofa trulyparticipatory anddemocraticpublicsphere to be realized in the present as well as thefuture, a reassessment ofthe conventional concept ofthe 'public sphere ' is necessary. Therefore, it is recommended that thefocus ofpolicy-makers in each Anglo-American democracy be redirectedfrom that which conceived ofan all-encompassing, large, state-ownedand operated public broadcasting service toward a view which considers alternativeforms ofpublic communication, such as local community and ethnic broadcasting operations, that are likely to be more responsive to the needs of the increasingly diverse and heterogeneous populations that comprise the modem Anglo-American democracies. The traditional conception of public broadcasters must change in accordance with its contemporary environment if the fundamental principles of the public sphere and public service broadcasting are to be realized.

The physiology of inscription : Foucault's genealogy as curative science

In ''Nietzsche, Genealogy, History," Foucault suggests that genealogy is a sort of "curative science." The genealogist must be a physiologist and a pathologist as well as an historian, for his task is to decipher the marks that power relations and historical events leave on the subjugated body; "he must be able to diagnose the illnesses of the body, its conditions of weakness and strength, its breakdowns and resistances, to be in a position to judge philosophical discourse." But this claim seems to be incongruent with another major task of genealogy. After all, genealogy is supposed to show us that the things we take to be absolute are in fact discontinuous and historically situated: "Nothing in man-not even his body-is sufficiently stable to serve as the basis for self-recognition or for understanding other men." If this is true, then the subjugated body can never be restored to a healthy state because it has no essential or original nature. There are no universal standards by which we can even distinguish between healthy and unhealthy bodies. So in what sense is genealogy to be a "curative science"? In my thesis, I try to elucidate the complex relationship between genealogy and the body. I argue that genealogy can be a curative science even while it "multiplies our body and sets it against itself." Ifwe place a special emphasis on the role that transgression plays in Foucault's genealogical works, then the healthy body is precisely the body that resists universal standards and classifications. If genealogy is to be a curative science, then it must restore to the subjugated body an "identity" that transgresses its own limits and that constitutes itself, paradoxically, in the very effacement of identity. In the first chapter of my thesis, I examine the body's role as "surface of the inscription of events." Power relations inscribe on and around the body an identity or subjectivity that appears to be unified and universal, but which is in fact disparate and historically situated. The "subjected" body is the sick and pathologically weak body. In Chapters 2 and 3, I describe how it is possible for the unhealthy body to become healthy by resisting the subjectivity that has been inscribed upon it. Chapter 4 explains how Foucault's later works fit into this characterization of genealogy

Broad reduction and adoption in ring-billed gulls (Larus Delaworensis): the potential for inergenerational conflict

Patterns of intra-clutch egg size variation and intra-clutch hatch intervals in the Ring-billed gull (Larus delawarensis) were documented during the peak nesting period of two consecutive breeding seasons, at a colony near Port Colborne, Ontario. Egg size decreased with laying order; third laid eggs were significantly smaller than first laid eggs. Hatching of the third egg was delayed from that of first and second eggs. Intraclutch egg size differences established initial size disparities among chicks at hatch. Hatch intervals further exaggerated size disparities during the early post brood completion period. Competitive asymmetries among chicks were associated with increased mortality rates among third hatched chicks despite the lack of evidence of a sibling feeding hierarchy. Fledging success in 1987 was greater than in 1988. A "brood reduction strategy" appears to have enabled parents in 1987, to obtain an extra unit of reproductive fitness, while in 1988 parents were often unable to raise the entire brood and third chicks likely represented insurance reproductive value. Experimental broods (1988) were created in which hatch intervals were double those of natural intervals. The size disparities among chicks were significantly greater than in control broods, and the pattern of mortality among chicks suggested that first chicks benefited at a cost to second and third chicks. Parents of peak experimental broods achieved a fledging success rate similar to that of control broods. Characteristics of chick adoptions were also recorded. In each study year, 9 chicks abandoned their natal territories, 6 of which were adopted. Chicks consistently established themselves into broods where they were older than resident chicks. No direct evidence of cost to foster parents, or benefits to adopted chicks was obtained, although fledging success of adopted chicks was high.

Expanding the research horizon in higher education : master's students' perceptions of research assistantships

This study explores how effectively current research assistantships impart research methods, skills, and attitudes; and how well those experiences prepare the next generation of researchers to meet the evolving needs of an ever-expanding, knowledge- based economy and society. Through personal interviews, 7 graduate student research assistants expressed their perceptions regarding their research assistantships. The open- ended interview questions emphasized (a) what research knowledge and skills the graduate students acquired; (b) what other lessons they took away from the experience; and (c) how the research assistantships influenced their graduate studies and future academic plans. After participants were interviewed, the data were transcribed, memberchecked, and then analyzed using a grounded theory research design. The findings show that research assistantships are valuable educational venues that can not only promote research learning but also benefit research assistants' master's studies and stimulate reflection regarding their future educational and research plans. Although data are limited to the responses of 7 students, findings can contribute to the enhancement of research assistantship opportunities as a means of developing skilled future researchers that in tum will benefit Canada as an emerging leader in research and development. The study is meant to serve as an informative source for (a) experienced researchers who have worked with research assistants; (b) researchers who are planning to hire research assistants; and (c) experienced and novice research assistants. Further, the study has the potential to inform future research training initiatives as well as related policies and practices.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954. Stamped on the back: Taylor Publishing Co. Job Number 30232 - Pict. No. 4 - Page No. 56 - Chapman College - Orange, Calif.

Reeves Hall, Chapman College, Orange, California

Reeves Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.

Reeves Hall, Chapman College, Orange, California

Reeves Hall and part of Roosevelt Hall, Chapman College, Orange, California. This historical building (2 floors, 17,862 sq.ft.), completed in 1913 is named in honor of George N. Reeves, president of the university from 1942 to 1956. It is listed in the National Registry for Historical Buildings and houses the Kathleen Muth Reading Center, College of Lifelong Learning, and the School of Education. Originally constructed to serve Orange Union High School, it was designed along with its twin building by Santa Ana architect Frank Eley. Acquired by Chapman College in 1954.