Do anonimato à fama: a construção da celebridade em Portugal

Dissertação apresentada para o cumprimento dos requisitos necessários para a obtenção do grau de Mestre em Ciências da Comunicação.

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.

Os fatores de risco da rendibilidade das ações: análise e evidência empírica em países da Zona Euro

Tese de Doutoramento em Ciências Empresariais.

Discussing Chevalier’s data on the efficiency of tariffs for american and french canals in the 1830s

This article revisits Michel Chevalier’s work and discussions of tariffs. Chevalier shifted from Saint-Simonism to economic liberalism during his life in the 19th century. His influence was soon perceived in the political world and economic debates, mainly because of his discussion of tariffs as instruments of efficient transport policies. This work discusses Chevalier’s thoughts on tariffs by revisiting his masterpiece, Le Cours d’Économie Politique. Data Envelopment Analysis (DEA) was conducted to test Chevalier’s hypothesis on the inefficiency of French tariffs. This work showed that Chevalier’s claims on French tariffs are not validated by DEA.

On the length of bank-firm relationships: an empirical application to a major French bank

NIPE - WP 01/ 2016

Investor sentiment and the cross-section of stock returns in the French stock market

Dissertação de mestrado em Finanças

The animal kingdom arranged in conformity with its organization / by the Baron Cuvier ; the Crustacea, Arachnides and Insecta, by P.A. Latreille ; translated from the French, with notes and additions, by H. M'Murtrie ; in four volumes, with plates.

v 3 (1831)

The animal kingdom arranged in conformity with its organization / by the Baron Cuvier ; the Crustacea, Arachnides and Insecta, by P.A. Latreille ; translated from the French, with notes and additions, by H. M'Murtrie ; in four volumes, with plates.

v 2 (1831)

The animal kingdom arranged in conformity with its organization / by the Baron Cuvier ; the Crustacea, Arachnides and Insecta, by P.A. Latreille ; translated from the French, with notes and additions, by H. M'Murtrie ; in four volumes, with plates.

v 1 (1831)

A new barbet from French Indo-China.

v.34:no.21(1953)

Birds of the Kelley-Roosevelts expedition to French Indo-China, by Outram Bangs and Josselyn Van Tyne.

v.18:no.3(1931)