Essays on firm behaviour in the euro area

This thesis examines firms' real decisions using a large panel of unquoted euro area firms over the period 2003-2011. To this end, this thesis is composed of five chapters in which three are the main empirical chapters. They assess the dimensions of firm behaviour across different specifications. Each of these chapters provide a detailed discussion on the contribution, theoretical and empirical background as well as the panel data techniques which are implemented. Chapter 1 describes the introduction and outline of the thesis. Chapter 2 presents an empirical analysis on the link between financial pressure and firms' employment level. In this set-up, it is explored the strength of financial pressure during the financial crisis. It is also tested whether this effect has a different impact for financially constrained and unconstrained firms in the periphery and non-periphery regions. The results of this chapter denote that financial pressure exerts a negative impact on firms' employment decisions and that this effect is stronger during the crisis for financially constrained firms in the periphery. Chapter 3 analyses the cash policies of private and public firms. Controlling for firm size and other standard variables in the literature of cash holdings, empirical findings suggest that private firms hold higher cash reserves than their public counterparts indicating a greater precautionary demand for cash by the former. The relative difference between these two type of firms decreases (increases) the higher (lower) is the the level of financial pressure. The findings are robust to various model specifications and over different sub-samples. Overall, this chapter shows the relevance of firms' size. Taken together, the findings of Chapter 3 are in line with the early literature on cash holdings and contradict the recent studies, which find that the precautionary motive to hold cash is less pronounced for private firms than for public ones. Chapter 4 undertakes an investigation on the relation between firms' stocks of inventories and trade credit (i.e. extended and taken) whilst controlling for the firms' size, the characteristics of the goods transacted, the recent financial crisis and the development of the banking system. The main findings provide evidence of a trade-off between trade credit extended and firms' stock of inventories. In other words, firms' prefer to extend credit in the form of stocks to their financially constrained customers to avoid holdings costly inventories and to increase their sales levels. The provision of trade credit by the firms also depends on the characteristics of the goods transacted. This impact is stronger during the crisis. Larger and liquid banking systems reduce the trade-off between the volume of stocks of inventories and the amount sold on credit. Trade credit taken is not affected by firms' stock of inventories. Chapter 5 presents the conclusions of the thesis. It provides the main contributions, implications and future research of each empirical chapter.

Why does the Euro fail? The DCCA approach

The present crisis in the Euro is one of the most serious crises reported in history. The fact that different countries that adopted the Euro have different conditions to support asymmetric shocks in their economies could explain some of the consequences currently affecting the Eurozone. In this paper we apply detrended cross-correlation analysis and its cross correlation coefficient to evaluate the degree of financial integration of the first set of countries to adopt the common currency. Since time series used in these studies are known to be non-stationary, DCCA is suited to study it. It is the first time this methodology has been applied to study financial integration. We conclude that the degree of financial integration is unequal in several countries using the common currency. The fact that countries like Greece, Ireland or Portugal are the ones facing most problems in verification of the parity used in this paper could help to explain the present instability in the Eurozone.

The impact of SEPA in credit transfer payments: Evidence from the euro area

This paper analyses the effect of the implementation process of the Single Euro Payments Area (SEPA) project on credit transfer payments in euro area countries during the period between 2008 and 2013.

Analisi e Re-design dei flussi per lo sviluppo di nuovi prodotti: il caso Euro Company S.p.A. SB

I cambiamenti di mercato generano nelle aziende la necessità di modificare il proprio portafoglio prodotti per far sì che rimangano competitive. Euro Company è un’azienda che si occupa di commercializzare frutta secca e suoi derivati. Per mantenere il suo posizionamento, a seguito di queste variazioni, avvenute soprattutto negli ultimi anni, si è trovata ad inserire nuove referenze. Questo ha portato ad un aumento del carico di lavoro dovuto alla costante ricerca e sviluppo. Per questo motivo si è deciso di introdurre un nuovo reparto e di sviluppare i flussi ad esso collegati. L’obiettivo è stato quello di scrivere delle procedure che potessero essere seguite dai dipendenti coinvolti nel flusso. Per ogni singola attività, sono stati pensati degli strumenti o dei metodi che potessero essere implementati e che quindi sono stati messi in pratica. Un esempio riguarda il monitoraggio di ogni singola attività. Si è pensato che lo strumento più facile ed immediato potesse essere un Gantt, e, per questo motivo è stato implementato, così come da progetto. Un’altra attività introdotta a seguito d valutazioni interne aziendali è stata la possibilità di fare una analisi di fattibilità interna dei progetti, per verificare la convenienza economica nel ricorrere all’outsourcing o all’insourcing. Tutte le azioni proposte sono state accolte in maniera positiva e sono, ad oggi, utilizzate in azienda. Occorre però valutare a distanza di tempo se le tempistiche di progetto reali rispecchiano realmente quanto dichiarato dai dipendenti nel corso delle interviste. Questo perché, nel caso in cui si abbia un esito negativo, occorre valutare le azioni che hanno comportato un ritardo per valutare se è possibile ottimizzarle. Oltre a ciò, è interesse dell’azienda focalizzarsi solo sui progetti che possono garantire un ritorno in termini economici, quindi, grazie alle soluzioni proposte nell’elaborato, si avranno meno difficoltà nello svolgere ciò.

Water use and crop coefficient for hybrid DKB 390

Water use and crop coefficient for hybrid DKB 390. This work aims to characterize the water use of maize hybrid DKB 390 under suitable conditions of irrigation for both sufficient and below-optimal situations of nitrogen supply. Crop coefficient values for different stages are also presented as a result, in order to provide the basis for crop water budget and management throughout the cycle. A field experiment was carried Out during the main season, in which biomass, soil moisture, leaf area, climate data and light transmittance were evaluated. These have allowed deriving water balance, use and efficiency. The mentioned genotype requires around 600 nun for high yield targets, being less efficient when led under below-optimal nitrogen fertilization.

Mannan-binding lectin MBL2 gene polymorphism in chronic hepatitis C: association with the severity of liver fibrosis and response to interferon therapy

Hepatitis C virus (HCV) is a major cause of hepatic disease and of liver transplantation worldwide. Mannan-binding lectin (MBL), encoded by the MBL2 gene, can have an important role as an opsonin and complement activating molecule in HCV persistence and liver injury. We assessed the MBL2 polymorphism in 102 Euro-Brazilian patients with moderate and severe chronic hepatitis C, paired for gender and age with 102 HCV seronegative healthy individuals. Six common single nucleotide polymorphisms in the MBL2 gene, three in the promoter (H/L, X/Y and P/Q) and three in exon 1 (A, the wild-type, and B, C or D also known as O) were evaluated using real-time polymerase chain reaction with fluorescent hybridization probes. The concentration of MBL in plasma was measured by enzyme-linked immunosorbent assay. The frequency of the YA/YO genotype was significantly higher in the HCV patients compared with the controls (P = 0.022). On the other hand, the genotypes associated with low levels of MBL (XA/XA, XA/YO and YO/YO) were decreased significantly in the patients with severe fibrosis (stage F4), when compared with the patients with moderate fibrosis (stage F2) (P = 0.04) and to the control group (P = 0.011). Furthermore, MBL2 genotypes containing X or O mutations were found to be associated with non-responsiveness to pginterferon and ribavirin treatment (P = 0.023). MBL2 polymorphisms may therefore be associated not only with the development of chronic hepatitis C, but also with its clinical evolution and response to treatment.

The role of interleukin-6, endothelins, and apoptotic genes in small bowel transplantation, in a swine model of ischemia and reperfusion injury

IRI is closely related to sepsis in ITx setting. Complete understanding of the mechanisms involved in IRI development may improve outcomes. Ortothopic ITx without immunosuppression was performed in order to characterize IRI-associated mucosal damage. Twenty pigs underwent ITx. Two groups were assigned to different CI times: G1: 90 min and, G2: 180 min. Euro-Collins was used as preservation solution. Jejunal fragments were collected at donor laparotomy, 30 min, and 3 days after reperfusion. IRI assessment involved: histopathologic analysis, quantification of MPO-positive cells through immunohistochemical studies, quantification of epithelial apoptotic cells using TUNEL staining, and quantification of IL-6, ET-1, Bak, and Bcl-XL genes expression by RT-PCR. Neutrophilic infiltration increased in a similar fashion in both groups, but lasted longer in G2. Apoptosis detected by TUNEL staining increased and anti-apoptotic gene Bcl-XL expression decreased significantly in G1, 3 days after surgery. Endothelin-1 and IL-6 genes expression increased 30 min after the procedure and returned to baseline 3 days after surgery. In conclusion, IL-6 and ET-1 are involved precociously in the development of intestinal IRI. Apoptosis was more frequently detected in G1 grafts by TUNEL-staining and by RT-PCR.

Cold Storage Preservation and Warm Ischaemic Injury to Isolated Arterial Segments: Endothelial Cell Injury

Injury to endothelial calls is thought to be important to the development of the vascular lesion of chronic rejection. It was the aim of this study to develop a semiquantitative method to assess endothelial injury in arterial grafts and to document the injury produced by cold storage preservation and additional warm ischaemia. Twelve- and 24-h cold preservation of rat aortic segments, together with an additional 1 h of warm ischaemia, were assessed. Electron micrographs of representative endothelial cells were scored for cytoplasmic, nuclear and mitochondrial injury. The overall injury score was obtained by addition of the individual scores. Storage for up to 24 h in University of Wisconsin (UW) and Terasaki did not produce any injury. Twenty-four hours of storage in Euro-Collins resulted in endothelial cell death. Injury occurred after 12 h of storage in Ross, Collins and normal saline, and the injury increased following 24 h of storage. One hour of warm ischaemia did not increase the injury. Injury to endothelial cells varies with the preservation solution used and the time of cold storage, so that both the type of solution and the storage time should be taken into account in clinical studies looking at the influence of cold ischaemia time and graft outcome.

Clinical and economic impact of exercise electrocardiography and exercise echocardiography in clinical practice

Background Patients with known or suspected coronary disease are often investigated to facilitate risk assessment. We sought to examine the cost-effectiveness of strategies based on exercise echocardiography and exercise electrocardiography. Methods and results We studied 7656 patients undergoing exercise testing; of whom half underwent exercise echocardiography. Risk was defined with the Duke treadmill score for those undergoing exercise electrocardiography alone, and by the extent of ischaemia by exercise echocardiography. Cox proportional hazards models, risk adjusted for pretest likelihood of coronary artery disease, were used to estimate time to cardiac death or myocardial infarction. Costs (including diagnostic and revascularisation procedures, hospitalisations, and events) were calculated, inflation-corrected to year 2000 using Medicare trust fund rates and discounted at a rate of 5%. A decision model was employed to assess the marginal cost effectiveness (cost/life year saved) of exercise echo compared with exercise electrocardiography. Exercise echocardiography identified more patients as low-risk (51% vs 24%, p<0.001), and fewer as intermediate- (27% vs 51%, p<0.001) and high-risk (22% vs 4%); survival was greater in low- and intermediate- risk and less in high-risk patients. Although initial procedural costs and revascularisation costs (in intermediate- high risk patients) were greater, exercise echocardiography was associated with a greater incremental life expectancy (0.2 years) and a lower use of additional diagnostic procedures when compared with exercise electrocardiography (especially in lower risk patients). Using decision analysis, exercise echocardiography (Euro 2615/life year saved) was more cost effective than exercise electrocardiography. Conclusion Exercise echocardiography may enhance cost-effectiveness for the detection and management of at risk patients with known or suspected coronary disease. (C) 2003 Published by Elsevier Science Ltd on behalf of The European Society of Cardiology.

Observations on the Brazilian presidency, democracy, and governance

This article presents the first results of research on the organization and administration of the Brazilian presidency and problems of democratic governance in Brazil. Biases of Euro-centrism in current views of presidentialism, democracy, governance, and representation are criticized and new comparative analysis of political experiences in the Americas called for. Initial analysis of the Brazilian presidency reveals a unique combination of executive-led electoral representation and muddling through governance since the transition from military rule.

Portuguese india, the Politics of Print and a Questionable Modernity

Este artigo-recensão do livro da Dra. Rochelle Pinto, Between Empires: Print and Politics in Goa, Oxford University Press, New Delhi, 2007, pp. 209 analisa este excelente estudo das implicações modernistas da imprensa na Índia Portuguesa. A autora distingue a modernidade da peninsula imbérica da modernidade inglesa. Salienta a diferença entre as duas modernidades. O que parece ser de pouco valor neste estudos é a tendência orientalista que os jovens investigadores são forçados a assumir: passa pela adoração pelos autores euro-americanos, subalternizando ou quase ignorando os estudos mais competentes dos investigadores orientais. Este complexo da inferioridade poderá levar ainda muito tempo para ser ultrapassada.

Paredes moldadas no edifício Carlton Life Lusíada, São Domingos de Benfica, Lisboa

Define-se como paredes moldadas os elementos estruturais, fabricados em betão armado, construídos “in situ” por meio de escavação no terreno de trincheiras profundas e relativamente largas, sem necessidade de entivações. Estas paredes, mais propriamente designadas por cortinas, são construídas antes da retirada do terreno que vai dar lugar à futura escavação. Devido às características do terreno(terreno mole), a escavação da vala, fez-se utilizando Lamas Tixotrópicas (Bentonite), que são introduzidas à medida que a escavação vai avançando. Estas permanecem no interior da vala, durante as operações de escavação, colocação da armadura e da própria betonagem. Na betonagem, como o peso específico da bentonite é inferior ao do betão, à medida que se vai betonando, a bentonite vai sendo expulsa da trincheira, sendo reaproveitada para painéis a executar posteriormente. A Carlton Life, ao pretender construir uma Unidade de Cuidados Continuados junto ao Hospital dos Lusíadas, para complemento do mesmo, teve que atender à envolvente e às suas condicionantes. A equipa de projecto, neste caso o Gabinete de Projecto Sopsec, com sede no Porto, procedeu ao levantamento das condições existentes assim como dos respectivos condicionamentos. Dado que junto, à futura edificação, do lado Norte, situa-se a Av. Lusíada e sob a mesma, a linha Azul do Metropolitano de Lisboa, a execução da contenção seria condicionada não só pela profundidade das fundações,como pela proximidade da linha de Metro. O alçado Norte, virado para a linha de Metro, teria que ser executado através de paredes moldadas, sem ancoragens, pelo que as paredes teriam que ser escoradas, processo pouco usual, justificando-se assim o interesse deste trabalho. Este relatório refere-se a esta fase da construção do edifício, paredes moldadas e monitorização da respectiva execução.

Interest rate exposure of Spanish banks: A nonparametric analysis

Interest rate risk is one of the major financial risks faced by banks due to the very nature of the banking business. The most common approach in the literature has been to estimate the impact of interest rate risk on banks using a simple linear regression model. However, the relationship between interest rate changes and bank stock returns does not need to be exclusively linear. This article provides a comprehensive analysis of the interest rate exposure of the Spanish banking industry employing both parametric and non parametric estimation methods. Its main contribution is to use, for the first time in the context of banks’ interest rate risk, a nonparametric regression technique that avoids the assumption of a specific functional form. One the one hand, it is found that the Spanish banking sector exhibits a remarkable degree of interest rate exposure, although the impact of interest rate changes on bank stock returns has significantly declined following the introduction of the euro. Further, a pattern of positive exposure emerges during the post-euro period. On the other hand, the results corresponding to the nonparametric model support the expansion of the conventional linear model in an attempt to gain a greater insight into the actual degree of exposure.

Caracterização profissional e grau de satisfação dos licenciados em fisioterapia da Escola Superior de Tecnologia da Saúde de Lisboa

Mestrado em Fisioterapia.