`When I'm sixty-four': old age, family values, and private financial transfers

Private financial transfers are becoming more and more important as ageing levels increase in Europe, with elders acting as both givers and receivers. Our study is divided in two main parts. In the first part we analyse the determinants of private financial transfers, using the Survey of Health, Ageing, and Retirement in Europe (SHARE). In the second part we analyse the importance of family values for these transfers, combining SHARE with European Values Study. We show that family functions as the main agent of private transfers. We conclude that family values drive financial transfers, mainly gifts provided by elderly individuals. We find that receipts by old-aged people are more related with need cases, such as illness and poorness; moreover, for these particular cases, family network plays a very important role, working as a safety net.

Banco BPI SA financial institutions

Equity research report

The financial leverage of large Portuguese Firms in the European context

The Financial Leverage of Large Portuguese Firms in the European Context This paper studies the leverage, cost of debt servicing ability and structure of debt maturity of large Portuguese firms, over the pre-crisis (2006-2009) and post-crisis (2010-2013) periods through a comparative analysis with other European peers. We document that large Portuguese firms have been reducing their leverage since the end of 2009. We find that this decrease in leverage is not a consequence higher Equity levels but rather a result of asset’s downsizing. We also document that Portuguese firms are still more leveraged than their European peers, even though this difference has decreased over time. High corporate debt levels are transversal across industries.

Transparency in financial reporting by European Foundations

The increasing role of the European Foundations, urges for more transparency. The prevalent accounting frameworks in which they operate and report their activities are mostly based on national laws. This lack of harmonization, limits comparison between European foundations. Thus, this Work Project analyzes the current financial reporting by European foundations, and evaluates the similarities, differences and data availability between countries. The research provides evidence about little information available, deficiency in the financial reporting, within and between countries. The research recommends the need to ensure uniformity by providing a clear definition for public-benefit purpose, harmonization of laws and financial reporting.

Cross-delisting, financial constraints and investment sensitivities

We investigate the impact of cross-delisting on firms’ financial constraints and investment sensitivities. We find that firms that cross-delisted from a U.S. stock exchange face stronger post-delisting financial constraints than their cross-listed counterparts, as measured by investment-to-cash flow sensitivity. Following a delisting, the sensitivity of investment-to-cash flow increases significantly and firms also tend to save more cash out of cash flows. Moreover, this increase appears to be primarily driven by informational frictions that constrain access to external financing. We document that information asymmetry problems are stronger for firms from countries with weaker shareholders protection and for firms from less developed capital markets.

Audit quality: does gender composition of audit firms matter?

Using a sample of Portuguese audit firms and their client companies, this study examines the association between gender composition of the partnership structure oaudit firms and audit quality. Audit quality is measured through the earnings quality of audit clients. We find that gender diversity in the partnership structure of audit firms, per se, has no association with audit quality. In turn, we find significant evidence that a predominant presence of female Certified Public Accountants (CPAs) in partner positions in audit firms is associated with higher audit quality. In particular, the results indicate that audit firms with female-dominated partnership structures are negatively related with aggressive accounting practices in audit clients.

Audit quality: a resource-based perspective

This study considers the Certified Public Accountants (CPA) partners of the audit firms as the core producers of these knowledge-based organisations and investigates the effects of audit firm-level of CPA partners’ experience in audit quality. Audit quality was measured through the audit clients’ earnings quality. The main findings suggested that the audit firm-level of CPA partners’ general experience is positively associated with audit quality. Also, the audit firm-level of CPA partners’ experience acquired with prior audit firms significantly improves audit quality. Concerning the effects of audit firm-level of CPA partners’ experience acquired in the current audit firm in audit quality, results were statistically insignificant. Finally, we found that changes in audit firm-level of CPA partners’ general experience also influence audit quality. We verified that the more positive the change in the audit firm stock of CPA partners’ general experience, the higher is audit quality. We interpret this finding as revealing that the year-to-year changes in audit firm’s stock of CPA partners’ general experience is the mechanism allowing these firms to achieve and maintain the critical mass of this resource and reach higher performance levels. We further showed that our main results were not driven by the engagement partner experience.

Assessing the production of jet mix columns using alkali activated waste based on mechanical and financial performance and CO2 (eq) emissions

Recent research has proved the potential of alkaline activated fly-ash for soil stabilisation. However, such studies have not focused on the link between financial, mechanical and environmental aspects of this solution, but only on their absolute mechanical properties. The present paper characterises the mechanical behaviour of a large spectrum of activator-ash-soil combinations used to build jet mixing columns, analysing also the cost and CO2 (eq) emissions. The concern with these two vectors forced a decrease in the quantity of stabilising agent added to the soil, relatively to previous research, and the effects of such low quantities have not yet been published. However, the results clearly showed a significant improve in strength, still well above the average values expected when improving the stressstrain behaviour of a weak soil. Uniaxial compressive strength tests were used to assess the effects of the fly-ash percentage, the alkalieash ratio and the water content. The carbon calculator recently developed by the European Federation of Foundation Contractors and the Deep Foundations Institute was used to quantify the CO2 (eq) emissions associated with this technique. The financial cost was estimated based on the experience of a major Portuguese contractor. For comparison purposes, soil cement mixtures were also analysed, using similar conditions and tools used for the soil-ash analysis. Results showed that the cement and ash solutions are very similar in terms of overall performance, with some advantage of the former regarding financial cost, and a significant advantage of the latter regarding the CO2 (eq) emissions. This new grout, although it is in an embryonic stage, it has the potential for broader developments in the field.

Financial stress and sovereign debt composition

"Published online: 19 Oct 2015"

Divulgação de informação sobre o governo das sociedades em Portugal: Extensão e determinantes

Tese de Doutoramento em Contabilidade

Alcohol Use Disorder Identification Test (AUDIT): explorando seus parâmetros psicométricos

OBJETIVO: O presente estudo teve como objetivo conhecer evidências de validade e precisão do Alcohol Use Disorder Identification Test (AUDIT). MÉTODOS: Contou-se com uma amostra de conveniência (não probabilística) de 547 estudantes universitários de Fortaleza (CE), com idade média de 21,6 anos (dp = 4,86; amplitude de 18 a 53), a maioria do sexo masculino (51,5%), solteira (91,4%) e católica (62,5%). Os participantes responderam ao AUDIT e a perguntas demográficas. Procurando conhecer a estrutura fatorial, além de estatísticas descritivas, realizou-se uma Análise de Componentes Principais. Adicionalmente, a fim de avaliar a precisão do instrumento, efetuaram-se cálculos de alfa de Cronbach (consistência interna), correlações de r de Pearson e coeficiente de correlação intraclasse - ICC (precisão teste-reteste). RESULTADOS: De acordo com a análise de componentes principais com rotação oblimin, a estrutura bifatorial do AUDIT mostrou-se coerente, com todos os itens apresentando saturações satisfatórias, superior a |0,40|, tendo o Fator 1 explicado 47,5% da variância total com alfa de 0,84 e o Fator 2 explicado 11,6% da variância total com alfa de 0,69. Os resultados do teste-reteste indicaram correlação forte entre os dados obtidos na primeira (t1) e segunda (t2) aplicação (r tt = 0,94, p < 0,01), sem diferença significativa de médias nos dois tempos (m t1 = 0,37, dp = 0,49; m t2 = 0,34, dp2= 0,47; p > 0,05), com ICC satisfatório (0,96). CONCLUSÕES: Os achados apoiaram a adequação psicométrica do AUDIT, com as análises fatoriais exploratórias apontando como mais satisfatória a estrutura com dois fatores, bem como atestaram sua boa estabilidade temporal.

The real economic effects of cross-delistingfrom the united states: evidence on post-operating performance, financial constraints and stock crash risk

Tese de Doutoramento em Ciências Empresariais.

Aplicação do paradigma Lean em processos clínicos do Centro Hospitalar do Alto Ave

Dissertação de mestrado em Engenharia Industrial

Un modelo contable para la evaluación económico-financiera en escenarios futuros de la empresa agropecuaria. An accounting model for the economic and financial evaluation of future scenarios in farm enterprises.

El problema: En todo momento y sobre todo cuando estamos en presencia de escenarios económicos turbulentos resulta imprescindible utilizar herramientas que permitan realizar análisis de sensitividad sobre las distintas situaciones que podrían plantearse. La elaboración de modelos matemáticos deterministas desde las aplicaciones realizadas por Richard Mattessich han constituido un instrumento idóneo para el caso de empresas comerciales o industriales. Los modelos informáticos utilizados para las empresas agropecuarias han abordado fundamentalmente la temática relacionada con la producción, no así las otras variables económicas y financieras. Por lo tanto, entendemos que se hace necesario trabajar con modelos agropecuarios que comprendan todas las variables económicas y financieras, de manera de observar otro tipo de cuestiones, tales como: el modo de financiarse, los costos financieros, necesidades de capital de trabajo. Hipótesis: Es posible, a través de la utilización de la información contable en sentido prospectivo, interpretar adecuadamente los escenarios futuros de las organizaciones agropecuarias, cuantificando los impactos que generan tanto las estrategias y políticas aplicables, como las distorsiones del contexto. Objetivo general: determinar la incidencia de las decisiones internas y las que provengan del funcionamiento del sistema económico, a través de la información contable prospectiva. Objetivos específicos: a. Describir los impactos que se producen en la estructura patrimonial, financiera y en los resultados, como consecuencia de los cambios en las estrategias y políticas de la empresa agropecuaria, así como los efectos macroeconómicos en la estructura de la empresa que pudieran estar conmoviendo la gestión económico-financiera. b. Identificar mecanismos y proponer criterios para la elaboración de modelos que permitan visualizar los impactos en los escenarios futuros y las adecuaciones necesarias en la estructura que permitan soportar las modificaciones. Metodología: será un estudio a nivel teórico, donde una vez identificadas las variables y planteados los modelos, se propondrán distintas situaciones y se testearán las respuestas. Resultados esperados: lograr un avance en la evaluación económico-financiera prospectiva de empresas agropecuarias y constituir un avance para futuras investigaciones. Importancia del proyecto: La producción agropecuaria es vital tanto para el desarrollo económico de Argentina, como en particular para la provincia de Córdoba. Elaborar herramientas que eficientizen la administración de este tipo de empresas, redundará en beneficio colectivo. Pertinencia: El producto verificable será la construcción de un modelo distinto a los actuales, tanto en su desarrollo, objetivo al que está destinado y sencillez de su aplicación, posibilitando la inserción del productor en el proceso de planificación, reduciendo el riesgo en la toma de decisiones. Esperando generar un avance sobre los modelos preexistente.

The financial sustainability of passive house construction in Ireland.

In Ireland the average energy cost for a household in 2006 was estimated to be €1,767, an increase of 4% on 2005 figures. With the state o f the current economic climate, home owners are beginning to realise the potential of energy efficient construction methods. The Passive House Standard offers a cost efficient and sustainable construction solution compared to the Traditional Irish construction methods. This report focuses on the Cost comparison between Passive House construction and traditional construction methods. The report also focuses on barriers that are slowing market penetration of the Passive House standard in the Irish Market. It also identifies potential energy savings that passive house occupants would benefit from. The report also highlights professional opinions on the future development o f the Passive House Standard in Ireland. The conclusions of this report are that the Passive House Standard is a more financially suitable construction solution compared to that o f a traditional dwelling complying with the Irish Building Regulations. The report also concludes that the Passive House Standard won’t be introduced as an Irish Building Regulation in the future but that it will have a big impact on future building regulations. The hypothesis o f this report is supported by data obtained from a literature review, qualitative data analysis and a case study. The report recommends that in order for the Passive House Standard to penetrate further into the Irish construction market, various barriers must be rectified. Local manufactures must start producing suitable components that suit the Passive House specification. The Building Energy Rating system must be altered in order for the Passive House to achieve its potential BER rating.