Institutions and firm formation: An empirical analysis of Portuguese municipalities

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

Caraterização estatística dos valores percentuais de sangue do grupo AB0 colhido pelo Centro Regional de Sangue de Lisboa e respetivo emparelhamento com a distribuição a nível hospitalar

RESUMO: A Medicina Transfusional está a mudar rapidamente em resposta a um número de diferentes catástrofes, patologias e novas técnicas da ciência. Por detrás de uma transfusão de sangue existe todo um conjunto de procedimentos, técnicas e atuações que salvaguardam o rigor e segurança científicas resultando numa maior eficiência na diminuição da morbilidade/mortalidade humana. Todo o processo de colheita, análise, processamento e distribuição de concentrados de eritrócitos comporta um capital elevado em termos da economia para a saúde e os requisitos básicos de uma gestão de qualidade, na área da saúde em geral e da hemoterapia em particular, tem de compreender, com rigor, estas condições de gestão parceria de forma a evitar um aumento nos custos da saúde. Para identificar as discrepâncias nos pedidos efetuados pelos Hospitais Públicos e Privados ao Centro de Sangue e Transplantação de Lisboa, no que diz respeito ao Sistema AB0 dos concentrados de Eritrócitos, foi feito um estudo quantitativo, com fins descritivos simples, aos 95 984 concentrados de eritrócitos enviados às 32 Instituições de Saúde da abrangência do CST de Lisboa. Tendo em conta o Sistema AB0 RhD, confirma-se que o grupo sanguíneo prevalente, tanto na população portuguesa como nos dadores de sangue que efetuaram a sua dádiva de sangue em 2011, é o grupo A Rh+. Observou-se no entanto que o grupo sanguíneo mais pedido e enviado pertence ao grupo 0 Rh positivo. Assim, apurou-se que existe uma disparidade, mesmo que pouco acentuada, nos pedidos efetuados pelos Hospitais Públicos e Privados ao Centro de Sangue e Transplantação de Lisboa no que configura ao Sistema AB0 dos concentrados de eritrócitos. Os Hospitais Públicos Sem Serviço de Colheita de Sangue e os Hospitais Privados são responsáveis por este desencontro de valores. No que se refere às inutilizações por prazo de validade ressalva-se que os desaproveitamentos de CE’s não são tão acentuados como se esperaria numa primeira fase de estudo. No entanto, e em termos económicos, se existem inutilizações por prazo de validade, existe igualmente despojo financeiro. Por detrás de cada unidade inutilizada existe um alto investimento que será desperdiçado por carência de solicitação. De forma a minimizar gastos e a salvaguardar um Banco de Sangue capaz de suportar qualquer eventualidade de rutura de stock estão patentes propostas de estratégias capazes de impedir constrangimentos diários e futuros no que diz respeito à disponibilidade de sangue e componentes sanguíneos.--------------ABSTRACT: The Transfusion Medicine it is changing fast in response to a number of different catastrophes, disease and new techniques of science. From behind a blood transfusion there is a whole set of procedures, techniques and actions that safeguard the safety and scientific rigor resulting in greater efficiency in reducing morbidity / mortality human. The entire process of procurement, testing, processing and distribution of concentrated erythrocytes involves a high capital in terms of the economy to health and the basic requirements of a quality management in healthcare in general and hemotherapy in particular has to understand with rigor, this partnership in order to avoid an increase in health costs. In order to identify discrepancies in the orders placed by the Government and Private Hospitals Center Blood and Transplant Lisbon regarding the AB0 system of concentrated erythrocytes was made a quantitative study with simple descriptive purposes to 95,984 erythrocytes concentrates sent to 32 Health Institutions of the scope of CST Lisbon. Having regard to the system AB0 blood group RhD prevalent both in the Portuguese population as blood donors, who made his blood donation in 2011, confirms that belong to group A Rh +. It was found that blood group most requested and sent belongs to group 0 Rh positive. Thus, it was found that there is a disparity, even a little sharp, requests made by the Government and Private Hospitals Blood Center and Transplantation in Lisbon that configures the system AB0 erythrocyte concentrates. The Public Hospitals without Blood Harvest and Private Hospitals are responsible for this clash of values. With regard the expiry date by disables proviso that the wastes of CE's are not as sharp as one would expect in a first phase of the study. However, in economic terms, if there is disables by expiry date, there is also financial squandering. Behind every unused unit is a high investment to be wasted by shortage of request. To minimize costs and safeguarding a Blood Bank can support any event of rupture of stock patents are proposed strategies to prevent future and diaries constraints with regard to the availability of blood and blood components.

From a project to an organisation: a Strategic Communication’s approach

Relatório de Estágio apresentado para cumprimento dos requisitos necessários à obtenção do grau de Mestre em Ciências da Comunicação, área de especialização em Comunicação Estratégica

Tuberculosis incidence and risk factors among patients living with HIV/AIDS in public health service institutions in Brasilia, Federal District

In order to estimate the incidence of and risk factors for developing tuberculosis, the clinical charts of a retrospective cohort of 281 HIV-positive adults, who were notified to the AIDS Program of the Health Department of Brasilia in 1998, were reviewed in 2003. All the patients were treatment-naive regarding antiretroviral therapy at the time of inclusion in the cohort. Twenty-nine patients were identified as having tuberculosis at the start of the study. Thirteen incident tuberculosis cases were identified during the 60 months of follow-up, with an incidence density rate of 1.24/100 person-years. Tuberculosis incidence was highest among patients with baseline CD4+ T-lymphocyte counts < 200 cells/µl who were not using antiretroviral therapy (incidence = 5.47; 95% CI = 2.73 to 10.94). Multivariate analysis showed that baseline CD4+ T-lymphocyte counts < 200 cells/µl (adjusted hazard ratio [AHR] = 5.09; 95% CI = 1.27 to 20.37; p = 0.02) and non-use of antiretroviral therapy (AHR = 12.17; 95% CI = 2.6 to 56.90; p = 0.001) were independently associated with increased risk of tuberculosis.

The impact of the European sovereign debt crisis on the recovering from the financial crisis: Equity returns of the banking sector

This paper analyses, through a dynamic panel data model, the impact of the Financial and the European Debt crisis on the equity returns of the banking system. The model is also extended to specifically investigate the impact on countries who received rescue packages. The sample under analysis considers eleven countries from January 2006 to June 2013. The main conclusion is that there was in fact a structural change in banks’ excess returns due to the outbreak of the European Debt Crisis, when stock markets were still recovering from the Financial Crisis of 2008.

The role of deposit insurance and bank’s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Predictability of stock market returns: Evidence from Eurozone's banking sectors

This paper analyzes the in-, and out-of sample, predictability of the stock market returns from Eurozone’s banking sectors, arising from bank-specific ratios and macroeconomic variables, using panel estimation techniques. In order to do that, I set an unbalanced panel of 116 banks returns, from April, 1991, to March, 2013, to constitute equal-weighted country-sorted portfolios representative of the Austrian, Belgian, Finish, French, German, Greek, Irish, Italian, Portuguese and Spanish banking sectors. I find that both earnings per share (EPS) and the ratio of total loans to total assets have in-sample predictive power over the portfolios’ monthly returns whereas, regarding the cross-section of annual returns, only EPS retain significant explanatory power. Nevertheless, the sign associated with the impact of EPS is contrarian to the results of past literature. When looking at inter-yearly horizon returns, I document in-sample predictive power arising from the ratios of provisions to net interest income, and non-interest income to net income. Regarding the out-of-sample performance of the proposed models, I find that these would only beat the portfolios’ historical mean on the month following the disclosure of year-end financial statements. Still, the evidence found is not statistically significant. Finally, in a last attempt to find significant evidence of predictability of monthly and annual returns, I use Fama and French 3-Factor and Carhart models to describe the cross-section of returns. Although in-sample the factors can significantly track Eurozone’s banking sectors’ stock market returns, they do not beat the portfolios’ historical mean when forecasting returns.

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.

Shiva's dance: Crisis, local institutions and private firms

The uneven spatial distribution of start-ups and their respective survival may reflect comparative advantages resulting from the local institutional background. For the first time, we explore this idea using Data Envelopment Analysis (DEA) to assess the relative efficiency of Portuguese municipalities in this specific context. We depart from the related literature where expenditure is perceived as a desirable input by choosing a measure of fiscal responsibility and infrastructural variables in the first stage. Comparing results for 2006 and 2010, we find that mean performance decreased substantially 1) with the effects of the Global Financial Crisis, 2) as municipal population increases and 3) as financial independence decreases. A second stage is then performed employing a double-bootstrap procedure to evaluate how the regional context outside the control of local authorities (e.g. demographic characteristics and political preferences) impacts on efficiency.

Relatório de estágio na Caixa Geral de Depósitos

This report will describe the activities undertaken during my internship at the Personnel Department (DPE-UPE4.1) in Caixa Geral de Depósitos (CGD), Lisbon, between September 22, 2014, and February 28, 2015. I consider that it is important to note from the outset i) that the subject of my training was suggested by my supervisor in the DPE and accepted by me; and ii) that the internship consisted essentially of carrying out research and information gathering into the different social systems that coexist within the bank and the application of each legal system in solving concrete situations of the CGD employees. The research and analysis of information was important not only for my study but for the CGD itself, as it enables the department to have such an important matter, full of specific characteristics, condensed into a single document, i.e. this report. This is a complex reality. The various welfare systems differ according to the contractual agreement linking the employee to the employer at the date when the labour contract is signed, and also the unique/singular characteristics of the CGD. In the early stage I started by trying to understand the financial institution and its organization and role and the department where I worked. So I analyzed the CGD Statutes and the legal measures that crystallized the scheme for its employees and I also researched its domestic and international operations. The first month was devoted to the research and analysis of such legislation to understand the creation of the CGD and its path to date. In the second and third months I studied the legal social systems that are applied to different groups of CGD workers. This period was quite important to identify and understand the differences between those regimes of CGD employees as well as the procedure inherent in each case. I highlighted the non-implementation of “the social protection regime of convergence” to the workers of this institution; the differences regarding the allocation of sickness subsidies paid to workers who belong to Social Security and CGA contributors, as well as the enforcement of internal rules to all the workers when a work-related accident happens. Then I focused on to assessing and examining external legislation and several internal regulations in order to obtain solutions to questions raised and situations involving by the workers, in order to understand how the DPE solves these situations. Over the last three months of internship, after this more theoretical work, I began the analysis of concrete situations involving employees carrying out their duties in Portugal and abroad. Some of these situations had been received by the department before the beginning of my internship and others over this period. When I was “working” in the DPE I analyzed “cases” that had been solved and some others without a final solution because they were still in courts. As for the last ones (new cases) I was able to follow their assessment and sometimes their outcome. Some of them became study cases for me. Over these five months of my internship, several cases were analyzed and discussed by legal experts of DPE in which I could participate. I always worked hard. I know that this action contributed to elucidate me about the treatment of the issues, and allowed me to have a direct contact with some workers and be part of a dynamic work team. For these reasons, my internship report is not merely descriptive of activities. It consists of an analysis of rules (legislation) and a regulatory framework of activities and it is also a description of several specific situations solved or in a solution process. Through this work I intend to make known the particular reality of a modern Portuguese financial institution not only because of its importance in our country but also such a large number of employees work here (in Portugal and abroad). I should add that throughout my internship I was allowed to attend conferences, within the scope of the bank in order to get a broader view of some issues related to the daily life of the DPE and the CGD. So, I participated in I Jornadas Bancárias and the Conferência Internacional do Contrato a Termo, given that the CGD is a bank and the DPE deals with legal and labour relations.

The good, the bad and the ugly: The fall and resolution of Banco Espírito Santo

This case study – and accompanying teaching note – briefly describes the history of the Espírito Santo family, a banking dynasty who led one of Portugal’s leading economic and financial groups, along with its “crown jewel”, Banco Espírito Santo. It chronicles how the corporate governance issues at BES allowed the family to exploit the bank, its shareholders and its customers, so as to support its unprofitable non-financial businesses. This left the bank in a poor financial situation, which deteriorated beyond control, leaving regulators – whose actions are also analysed here – with no alternative, amidst a severe liquidity crisis, but to apply a resolution measure, pinning large losses on junior bondholders and shareholders before recapitalising the bank.

Financial depth, stock markets and economic growth in the EU-15 countries

The aim of this paper is to assess the impact of financial depth on economic growth in the EU-15 countries from 1970 until 2012, using the two-step System GMM estimator. Even though it might be expected a positive impact, the results show it is negative and sometimes even negative and statistically significant. Among the reasons presented for this, the existence of banking crises seems to better explain these results. In tranquil periods, financial deepening appears to have a positive impact, whereas in banking crises it is persistently negative and statistically significant. Also, after an assessment of the impact of stock markets on economic growth, it appears that more developed countries in the EU-15 have an economy more reliant on this segment of the financial system rather than in bank intermediation.

Mohammad Yunus and microfinance: The creation of a glocal marketspace

This paper reveals how Grameen has been following a Glocal vision in microfinance and defends that following such will ultimately benefit the social and financial objectives of microfinance institutions. Furthermore, this study identified that microfinance institutions are facing various environmental and organizational constraints in the implementation of a Glocal approach. The research follows a case-study methodology and makes a comparison between Grameen Bank, two of its replicator programs in Pakistan and India and two microfinance organizations in Portugal and France.

Clinical practice guidelines in Portugal : quantitative and qualitative evaluation

RESUMO: Introdução As normas de orientação clínica são ferramentas úteis na translação de conhecimentos desde a investigação para a prática clínica diária. Estratégias ativas de implementação de normas de orientação clínica requerem elevado esforço organizacional e financeiro. Quando os recursos são escassos, as estratégias passivas podem ser a única opção de disseminação. Desde 2011 a Direção Geral da Saúde publicou cento e cinquenta e nove normas de orientação clínica. Nesta Tese é feita uma avaliação do impacto que estratégias de disseminação de normas de orientação clínica têm no padrão de prescrição dos médicos e uma avaliação qualitativa do processo das normas de orientação clínica em Portugal. Métodos: O primeiro artigo é um estudo quasi experimental usando uma série de análises temporais interrompida para comparar os níveis observados e esperados de prescrição de inibidores da ciclooxigenasa-2, antes e depois da publicação da norma de orientação clínica sobre a utilização de anti-inflamatórios não esteroides. O segundo estudo é um artigo de opinião e debate no qual numa primeira parte contextualiza o processo das normas da Direcção Geral da Saúde, na segunda parte aponta virtudes e defeitos no processo e a terceira parte constitui uma contribuição com vista à melhoria do processo. Discussão A produção de normas de orientação clínica requer metodologia rigorosa e complexa. A literatura médica revela que a translação de conhecimento é uma tarefa árdua. Estratégias de implementação ativas requerem recursos financeiros e organizacionais sólidos. Estratégias de implementação passivas podem representar uma solução aceitável se os recursos financeiros e organizacionais escasseiam. Pouco é conhecido sobre a eficácia destas estratégias fora do contexto de investigação. Com esta Tese pretendo contribuir para a clarificação desta resposta, outros países e instituições podem ver utilidade nesta informação, bem como pretendo contribuir para a discussão e melhoria do processo das normas de orientação clínica em Portugal. ------------------ ABSTRACT: Introduction Clinical practice guidelines can help address the failure to translate research findings into clinical practice. Active clinical practice guidelines implementation strategies require active efforts from organizations and are resource and financially demanding. Passive implementation strategies may represent the only option if resources are scarce. Out of research environment, real world efficacy of passive implementation strategies is still undetermined. Since 2011 the Portuguese General Health Directorate published one hundred and fifty nine guidelines. In this Thesis I evaluate the impact of passive dissemination of clinical practice guideline in clinician’s prescription behavior and review, from a qualitative point of view, the Portuguese clinical practice guideline process. Methods The first study is a quasi-experimental study using a retrospective interrupted time-series analysis design to compare the observed and expected prescription of cyclooxygenase-2 before and after the non steroidal antiinflammatory guideline publication. The second study is an opinion and debate article in which I firstly review the General Health Directorate guideline process. The second part states positive and negative aspects in the process and the third part is a contribution aimed at improving the process in the future. Discussion Clinical practice guidelines production demands a rigorous and complex methodology. medical iterature reveals that knowledge translation is a difficult task. Active implementation strategies demand solid financial and organizational resources. Passive implementation strategies may represent an acceptable solution if financial and organizational resources are scarce. Little is known about the efficacy of these strategies out of the research context. With this Thesis I intend to contribute to clarify this question, other countries and institutions with similar conditions may find this information useful, and also to contribute for the discussion and general improvement of national clinical practice guidelines process.

Estudo sobre o Grau de Integração de Organizações de Saúde – EGIOS II

RESUMO - O movimento de integração dos cuidados de saúde tem como objectivo a procura de modelos de prestação de cuidados mais compreensivos, integrados e continuados. A determinação do grau de integração de cuidados pode ser realizada a partir da percepção dos profissionais de saúde, sendo os inquéritos por questionários uma fonte comummente utilizada neste tipo de estudos. O presente estudo, designado por EGIOS II, tem como objetivos: a) determinar o grau de percepção de integração, dos profissionais das Unidades Locais de Saúde; b) comparar a percepção do grau de integração dos profissionais entre 2010 e 2015; c) comparar a percepção do grau de integração dos profissionais que trabalham nas Unidades Locais de Saúde e em instituições não organizadas em Unidades Locais de Saúde; e d) identificar as áreas de maior e menor percepção de integração. O instrumento de recolha de dados utilizado, foi um inquérito por questionário, que pretende avaliar a percepção do grau de integração dos profissionais de acordo com as dimensões clínica, informação, normativa, administrativa, financeira e sistémica, em 53 itens. O inquérito foi estruturalmente adaptado do Health System Integration Study, tendo apresentado validade e fiabilidade. O inquérito foi aplicado em 22 instituições, a nível nacional, Unidades Locais de Saúde e a Centros Hospitalares / Hospitais e Agrupamentos de Centros de Saúde. A caraterização EGIOS II dividiu-se em quatro fases: preparação e envio dos ofícios; identificação dos interlocutores; envio dos inquéritos; e avaliação dos resultados. O inquérito apresentou uma taxa de resposta de 27%, representando 2085 respostas ao inquérito. Pode afirmar-se que globalmente o estudo apresenta representatividade estatística, com um intervalo de confiança de 95%. Os resultados indicam que os profissionais das Unidades Locais de Saúde em 2015 reportam maiores níveis de percepção de integração, quando comparados os dados com o estudo de 2010. Acrescenta-se que os profissionais das Unidades Locais de Saúde têm um maior grau de percepção de integração, do que os profissionais dos Centros Hospitalares / Hospitais e Agrupamentos de Centros de Saúde, não organizados em ULS. As dimensões administrativa, financeira e clínica são as que apresentam um menor grau de percepção de integração e as dimensões normativa e informação uma maior percepção de integração. Os órgãos de administração e órgãos de gestão intermédia apresentam uma percepção de integração superior comparativamente aos médicos e enfermeiros dos serviços hospitalares e cuidados de saúde primários. Foram identificadas nove recomendações que poderão servir como base para um plano de ação subsequente do presente estudo ou para aplicação em futuros estudos. Este estudo pode auxiliar no diagnóstico de problemas e barreiras da integração de cuidados, em que serviços atuar e ainda, identificar quais as estratégias e processos a priorizar de forma a melhorar a integração de cuidados de saúde.