The causal relationship between private and public investment in Zimbabwe

Aims: The study examines the relationship between private and public investment in Zimbabwe utilizing yearly time series data for the period 1967 to 2004. Study Design: Time Series Study. Place and Duration of Study: Zimbabwe, May 2011 to July 2011. Methodology: Emphasis is placed on the direction of causality and the long run and short run effect of the two types of investment on each other. The paper constructs empirical models for both private and public investment, based on the flexible accelerator theory. Private investment is found to be cointegrated with public investment. A cointergration and VEC models are employed to assess the long and short run relationship existing between public and private investment. Conclusion: The relationship between private and public investment is found to be insignificant and the direction of causality found to be unidirectional. The results support the notion that private investment precedes public investment.

Public Interests, Private Disputes: Investment Arbitration and the Public Good

This paper seeks to investigate the bases for resistance to arbitration in general -and investor arbitration in particular- focusing on the way in which arbitral tribunals deal with notions of public interest and the public good. The paper hypothesises that while courts have within their terms of reference the capacity to consider notions of public interest, arbitral tribunals do not. It is this core difference in the scope of decision making between the two bodies that could render privately organised dispute resolution unsuitable for disputes that have public aspects, like investor-state disputes. The paper discusses the meaning of public interest and the public good as found in the literature. It then proceeds to consider how tribunals in the investment field have dealt with these concepts. This leads to a conclusion urging not abandonment of arbitration as a component of dispute resolution, but caution. It is argued that unchecked growth in private dispute resolution can threaten perceptions of legitimacy and democratic accountability. The paper adopts a socio-legal methodology in considering the effect of legal mechanisms on social and political phenomena. It is also informed by a law and economics methodology in addressing impacts of dispute resolution mechanisms on economic efficiency. The contribution of the paper rests on theorising motivations for resistance to private dispute resolution, a topical issue in light of the TTIP debate.

Small farmers and sustainability: institutional barriers to investment and innovation in the Malaysian palm oil industry in Sabah

The Malaysian palm oil industry is well known for the social, environmental and sustainability challenges associated with its rapid growth over the past ten years. Technologies exist to reduce the conflict between national development aims of economic uplift for the rural poor, on the one hand, and ecological conservation, on the other hand, by raising yields and incomes from areas already under cultivation. But the uptake of these technologies has been slow, particularly in the smallholder sector. In this paper we explore the societal and institutional challenges that influence the investment and innovation decisions of micro and small enterprise (MSE) palm oil smallholders in Sabah, Malaysia. Based on interviews with 38 smallholders, we identify a number of factors that reduce the smallholders' propensity to invest in more sustainable practices. We discuss why more effective practices and innovations are not being adopted using the concepts of, firstly, institutional logics to explore the internal dynamics of smallholder production systems, including attitudes to sustainability and innovation; and, secondly, institutional context to explore the pressures the smallholders face, including problems of access to land, labour, capital, knowledge and technical resources. These factors include limited access to global market information, corruption and uncertainties of legal title, weak economic status and social exclusion. In discussing these factors we seek to contribute to wider theoretical debates about the factors that block innovation and investment in business improvements in marginal regions and in marginalised groups.

O Impacto do project finance nas empresas portuguesas no setor têxtil

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

On the choice of posittioning and cluster size for fixed relay stations in a LTE network

The long term evolution (LTE) is one of the latest standards in the mobile communications market. To achieve its performance, LTE networks use several techniques, such as multi-carrier technique, multiple-input-multiple-output and cooperative communications. Inside cooperative communications, this paper focuses on the fixed relaying technique, presenting a way for determining the best position to deploy the relay station (RS), from a set of empirical good solutions, and also to quantify the associated performance gain using different cluster size configurations. The best RS position was obtained through realistic simulations, which set it as the middle of the cell's circumference arc. Additionally, it also confirmed that network's performance is improved when the number of RSs is increased. It was possible to conclude that, for each deployed RS, the percentage of area served by an RS increases about 10 %. Furthermore, the mean data rate in the cell has been increased by approximately 60 % through the use of RSs. Finally, a given scenario with a larger number of RSs, can experience the same performance as an equivalent scenario without RSs, but with higher reuse distance. This conduces to a compromise solution between RS installation and cluster size, in order to maximize capacity, as well as performance.

Dimensionamento de uma central de miniprodução fotovoltaica para uma exploração agrícola direcionada à indústria de laticínios

Este documento apresenta o trabalho desenvolvido no âmbito da disciplina de “Dissertação/Projeto/Estágio”, do 2º ano do Mestrado em Energias Sustentáveis. O crescente consumo energético das sociedades desenvolvidas e emergentes, associado ao consequente aumento dos custos de energia e dos danos ambientais resultantes, promove o desenvolvimento de novas formas de produção de energia, as quais têm como prioridade a sua obtenção ao menor custo possível e com reduzidos impactos ambientais. De modo a poupar os recursos naturais e reduzir a emissão com gases de efeito de estufa, é necessária a diminuição do consumo de energia produzida a partir de combustíveis fósseis. Assim, devem ser criadas alternativas para um futuro sustentável, onde as fontes renováveis de energia assumam um papel fundamental. Neste sentido, a produção de energia elétrica, através de sistemas solares fotovoltaicos, surge como uma das soluções. A presente dissertação tem como principal objetivo a realização do dimensionamento de uma central de miniprodução fotovoltaica, com ligação à rede elétrica, em uma exploração agrícola direcionada à indústria de laticínios, e o seu respetivo estudo de viabilidade económica. A exploração agrícola, que serve de objeto de estudo, está localizada na Ilha Graciosa, Açores, sendo a potência máxima a injetar na Rede Elétrica de Serviço Público, pela central de miniprodução, de 10 kW. Para o dimensionamento foi utilizado um software apropriado e reconhecido na área da produção de energia elétrica através de sistemas fotovoltaicos – o PVsyst –, compreendendo as seguintes etapas: a) definição das caraterísticas do local e do projeto; b) seleção dos módulos fotovoltaicos; c) seleção do inversor; d) definição da potência de ligação à rede elétrica da unidade de miniprodução. Posteriormente, foram estudadas diferentes hipóteses de sistemas fotovoltaicos, que se distinguem na opção de estrutura de fixação utilizada: dois sistemas fixos e dois com eixo incorporado. No estudo de viabilidade económica foram realizadas duas análises distintas a cada um dos sistemas fotovoltaicos considerados no dimensionamento, nomeadamente: uma análise em regime remuneratório bonificado e uma análise em regime remuneratório geral. Os resultados obtidos nos indicadores económicos do estudo de viabilidade económica realizado, serviram de apoio à decisão pelo sistema fotovoltaico mais favorável ao investimento. Conclui-se que o sistema fotovoltaico com inclinação adicional é a opção mais vantajosa em ambos os regimes remuneratórios analisados. Comprova-se, assim, que o sistema fotovoltaico com maior valor de produção de energia elétrica anual, que corresponde ao sistema fotovoltaico de dois eixos, não é a opção com maior rentabilidade em termos económicos, isto porque a remuneração proveniente da sua produção excedente não é suficiente para colmatar o valor do investimento mais acentuado de modo a obter indicadores económicos mais favoráveis, que os do sistema fotovoltaico com inclinação adicional. De acordo com o estudo de viabilidade económica efetuado independentemente do sistema fotovoltaico que seja adotado, é recuperado o investimento realizado, sendo a remuneração efetiva superior à que foi exigida. Assim, mesmo tendo em consideração o risco associado, comprova-se que todos os sistemas fotovoltaicos, em qualquer dos regimes remuneratórios, correspondem a investimentos rentáveis.

O financiamento nas cooperativas

As cooperativas, enquanto entidades pertencentes ao setor da economia social, são organizações com características próprias e distintas das sociedades comerciais, destacando-se o seu escopo mutualístico e o caráter variável do seu capital social, por confronto com o escopo lucrativo e o princípio da conservação do capital social que caraterizam as sociedades. Estas especificidades das cooperativas condicionam a obtenção de meios de financiamento por parte destas. Em virtude do seu caráter variável, o capital social não representa uma garantia para os credores, pelo que serão as reservas, designadamente as reservas obrigatórias, que se apresentarão como o recurso financeiro de melhor qualidade na cooperativa. Nas cooperativas são identificáveis outros instrumentos financeiros, tais como: títulos de investimento e obrigações, os resultados provenientes das operações com terceiros, que são obrigatoriamente afetados a reservas irrepartíveis, os excedentes, os membros investidores, subsídios e benefícios fiscais. Para além da identificação das principais fontes de financiamento, foi ainda objeto de estudo repensar os instrumentos existentes e, eventualmente, a criação de novos instrumentos de financiamento nas cooperativas. Em termos metodológicos, a opção recaiu na conjugação de dois métodos: quantitativo e qualitativo. A técnica da investigação quantitativa selecionada para a recolha de dados, foi a base de dados, e para a investigação qualitativa as técnicas escolhidas foram a análise de conteúdo, a entrevista e o registo áudio. Os resultados da investigação confirmam a indispensabilidade de criação de novos instrumentos de financiamento para as cooperativas. Constatou-se a necessidade de modelos de financiamento que se adaptem à finalidade mutualista da cooperativa. Demonstrou-se que a principal fonte de financiamento são os recursos internos, sob forma de reservas.

Impacto no relato financeiro do justo valor para as propriedades de investimento

No contexto da harmonização contabilística mundial, o justo valor tem assumido uma relevância crescente enquanto critério de mensuração, no sentido de aproximar a informação financeira aos valores de mercado. O objetivo da presente dissertação será o de melhor compreender o conceito, proceder à revisão de literatura que contrapõe os seus defensores, e por outro lado, os defensores do custo histórico. Mais especificamente, será analisada a mensuração das propriedades de investimento ao justo valor e as respetivas normas que fazem o seu enquadramento, a IAS 40 e a NCRF 11. Será realizada uma análise empírica sobre a mensuração das propriedades de investimento ao justo valor para uma amostra de 36 empresas cotadas e não cotadas, com o objetivo de compreender em que medida é que esta valorimetria está a ser adotada pelas empresas portuguesas e, mais concretamente, quais os motivos que justificam essa escolha, no sentido de concluir se determinadas características das empresas determinam a preferência pela escolha do justo valor em detrimento do custo histórico.

EDP Renováveis (EDPR): Renewable Energy: Equity Investment Report

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

How can clusters help in the product type choice? The case of a specialized retail store

This work project (WP) is a study about a clustering strategy for Sport Zone. The general cluster study’s objective is to create groups such that within each group the individuals are similar to each other, but should be different among groups. The clusters creation is a mix of common sense, trial and error and some statistical supporting techniques. Our particular objective is to support category managers to better define the product type to be displayed in the stores’ shelves by doing store clusters. This research was carried out for Sport Zone, and comprises an objective definition, a literature review, the clustering activity itself, some factor analysis and a discriminant analysis to better frame our work. Together with this quantitative part, a survey addressed to category managers to better understand their key drivers, for choosing the type of product of each store, was carried out. Based in a non-random sample of 65 stores with data referring to 2013, the final result was the choice of 6 store clusters (Figure 1) which were individually characterized as the main outcome of this work. In what relates to our selected variables, all were important for the distinction between clusters, which proves the adequacy of their choice. The interpretation of the results gives category managers a tool to understand which products best fit the clustered stores. Furthermore, as a side finding thanks to the clusterization, a STP (Segmentation, Targeting and Positioning) was initiated, being this WP the first steps of a continuous process.

The Portuguese contemporary art as an investment

In this paper we investigate what drives the prices of Portuguese contemporary art at auction and explore the potential of art as an asset. Based on a hedonic prices model we construct an Art Price Index as a proxy for the Portuguese contemporary art market over the period of 1994 to 2014. A performance analysis suggests that art underperforms the S&P500 but overperforms the Portuguese stock market and American Government bonds. However, It does it at the cost of higher risk. Results also show that art as low correlation with financial markets, evidencing some potential in risk mitigation when added to traditional equity portfolios.

Optimal choice between even- and uneven-aged forestry: the case of non-industrial private forest owners

An infinite-horizon discrete time model with multiple size-class structures using a transition matrix is built to assess optimal harvesting schedules in the context of Non-Industrial Private Forest (NIPF) owners. Three model specifications accounting for forest income, financial return on an asset and amenity valuations are considered. Numerical simulations suggest uneven-aged forest management where a rational forest owner adapts her or his forest policy by influencing the regeneration of trees or adjusting consumption dynamics depending on subjective time preference and market return rate dynamics on the financial asset. Moreover she or he does not value significantly non-market benefits captured by amenity valuations relatively to forest income.

Students' choice of a master in management in Portugal: A means-end chain approach

In the increasingly competitive market of higher education introduced by the Bologna Declaration, understanding the decision-making of master in management students is at the center of institutional management and marketing efforts on its mission to attract prospective students in a less costly, more efficient manner. The means-end chain approach, applied to the choice of a Portuguese institution in which to pursue a master in management, points to the position in rankings and to the non-specificity of the program as the most important attributes. Additionally, results show that students with distinct demographic, household, or background characteristics choose in significantly different manners.

Paradox of choice: The influence of assortment size on customer satisfaction

Recently researchers showed that more choice is not always better. Choosing from large assortments can be overwhelming, raising expectations and decreasing overall level of consumer satisfaction. Author contributes to existing overchoice studies by using real assortment of online stores to find influence of assortment size on customer satisfaction. 90 students participated in the main experiment, where they chose a smartphone case for their friend. Results of the study show that large assortment size leads to higher expectations, higher choice difficulty and higher level of satisfaction. This research does not show overchoice presence and author suggests future studies could focus more on assortment variety and more personal characteristics of consumers, like preference uncertainty.