Economics consulting project for the Iberian Marketing Oil department of Galp Energia: Strategy and Marketing guidelines for Galp Energia’sconvenience business in the Iberian market

Field lab: Consulting lab

Exploiting the cointrgration between vix and CDS in a credit market timing model

We investigate the cointegration between VIX and CDS indices, and the possibility of exploiting it in an existing credit market timing investment model. We find cointegration over most of the sample period and the leadership of VIX over the CDS in the price discovery process. We present two methods for including cointegration into the model. Both strategies improve the in-sample and out-of-sample model performances, even though out-of-sample results are weaker. We find that in-sample better performances are explained by a stronger cointegration, concluding that in the presence of cointegration our strategies can be profitable in an investment model that considers transaction costs.

Consulting project for the Iberian marketing Oil department of Galp Energia: Strategy and marketing guidelines for Galp Energia's convenience business in the Iberian market

Field lab: Consulting lab

Guarda prisional: força de segurança ou agente responsabilizador?

A permanently changing occidental society framework, simultaneously, to a world Globalization and a market liberalization, requires to know how important and which role the agents plays, in Estates representation, to guarantee their own intern security. Portugal is an example of that since has been integrated in European and world politics that allowed the borders opening, with all the negative consequences of that kind of measures. In way to struggle with those debilities emerge, in our Juridical Order, several security forces such as Prison Guards Corporation, whose contribute to intern security seems undefined and confuse, being urgent legislation in way to describe and clearly define their goals and functions. We begin with a brief history view to understand the evolution, focusing on the present moment, correlate several laws in way to clarify their juridical situation. Using a own critical sense, it draws attention to legislation lack problem in opposition to the conclusion that, Prison Guards Corporation is a security force with specialized expertise in matter and territory fields. Their activity occurs, generally, in penitentiaries where people see themselves without their freedom, legally determinated and confined to places as other individuals with deviant behaviors that deserve society refutation, establishing a separation period having rehabilitation as a goal – it is called general and special prevention. Penitentiaries specificities requires specially police force because penitentiaries are places where tensions are often, both between inmates and against employees, above all prison guards, the first to struggle inmates daily frustrations. In way that institutions achieve their purpose, it is necessary that citizens respect all the rules, although, to their efficacy is necessary to inflict punishment to those who did not respect the rules. Furthermore, it will be indispensable to act immediately in situations as impeding runaway helping, illegally standing in jail and to avoid violent acts against personal and patrimonial belongings. Juridical Order has a few security tools that are available to administration, in which is included coercive methods, that as damaging to citizens in whom they are use, are restricted, unavoidably, to inflexible control rules. Concluding, Prison Guards and Penitentiaries General Direction last goal is to give back recovered inmates to society, in a way to conduct their lives responsibly, without committing crimes.

Assessing the role of social networks on migrant labor market outcomes: Evidence from a representative immigrant survey

What role do social networks play in determining migrant labor market outcomes? We examine this question using data from a random sample of 1500 immigrants living in Ireland. We propose a theoretical model formally predicting that immigrants with more contacts have additional access to job offers, and are therefore better able to become employed and choose higher paid jobs. Our empirical analysis confirms these findings, while focusing more generally on the relationship between migrants’ social networks and a variety of labor market outcomes (namely wages, employment, occupational choice and job security), contrary to the literature. We find evidence that having one more contact in the network is associated with an increase of 11pp in the probability of being employed and with an increase of about 100 euros in the average salary. However, our data is not suggestive of a network size effect on occupational choice and job security. Our findings are robust to sample selection and other endogeneity concerns.

International placement analysis of the German business market for a Nova Achool of Business and Economics graduate student

Changes in today’s society led to the evolution of professional migrations and individual searches for more suitable professional opportunities and careers outside one’s countries. International Placement is nowadays one of the world’s biggest trends in higher education for the future ahead and an appealing demand of the Millennium generations. The following work project aims to study the German business market identifying the most attractive German companies and respective graduate programs for a Nova School of Business and Economics graduate student. The study’s conclusion relies on concrete strategic suggestions regarding the implementation of the results and practical use of the outcome provided.

Firing and training costs and labour market segmentation

This dissertation consists of three essays on the labour market impact of firing and training costs. The modelling framework resorts to the search and matching literature. The first chapter introduces firing costs, both liner and non-linear, in a new Keynesian model, analysing business cycle effects for different wage rigidity degrees. The second chapter adds training costs in a model of a segmented labour market, accessing the interaction between these two features and the skill composition of the labour force. Finally, the third chapter analyses empirically some of the issues raised in the second chapter.

Land of the rising soy an internationalization plan for nutre to the Japanese Soy milk market

The present work project studies the next step in the internationalization process of Shoyce, the soy milk products brand of Nutre. In order to select the best target market in the Asia-Pacific for Nutre to export, a sequential screening process was developed using two complementary approaches: preliminary country screening and country ranking, followed by an in-depth analysis of the country ranking first. The analysis revealed Japan as the most attractive country for Shoyce’s international expansion. Potential entry modes in the Japanese soy milk market were then evaluated, whereby direct exporting via a local distributor was found to be the most appropriate.

Recommendations for Nova School of Business and Economics to target yhe Colombian market

The growing connotation Internationalization has worldwide, alongside the economic, political and socio-environmental changes, is empowering a progressively global education economy. Therefore, this Work Project aims to help Nova SBE to understand the decision making process of the Colombian tertiary education students, as this market constitutes an enriching opportunity to meet both business and educative objectives. In order to do so, a qualitative research was conducted to comprehend the rationale behind Colombian students to study abroad. The study points out that the reputation of a HE institution and the Portuguese culture are the key attributes to pursue a degree in Portugal.

Proving a market for a startup befor scaling using the hypothesis-driven entrepreneurship process

The year is 2015 and the startup and tech business ecosphere has never seen more activity. In New York City alone, the tech startup industry is on track to amass $8 billion dollars in total funding – the highest in 7 years (CB Insights, 2015). According to the Kauffman Index of Entrepreneurship (2015), this figure represents just 20% of the total funding in the United States. Thanks to platforms that link entrepreneurs with investors, there are simply more funding opportunities than ever, and funding can be initiated in a variety of ways (angel investors, venture capital firms, crowdfunding). And yet, in spite of all this, according to Forbes Magazine (2015), nine of ten startups will fail. Because of the unpredictable nature of the modern tech industry, it is difficult to pinpoint exactly why 90% of startups fail – but the general consensus amongst top tech executives is that “startups make products that no one wants” (Fortune, 2014). In 2011, author Eric Ries wrote a book called The Lean Startup in attempts to solve this all-too-familiar problem. It was in this book where he developed the framework for The Hypothesis-Driven Entrepreneurship Process, an iterative process that aims at proving a market before actually launching a product. Ries discusses concepts such as the Minimum Variable Product, the smallest set of activities necessary to disprove a hypothesis (or business model characteristic). Ries encourages acting briefly and often: if you are to fail, then fail fast. In today’s fast-moving economy, an entrepreneur cannot afford to waste his own time, nor his customer’s time. The purpose of this thesis is to conduct an in-depth of analysis of Hypothesis-Driven Entrepreneurship Process, in order to test market viability of a reallife startup idea, ShowMeAround. This analysis will follow the scientific Lean Startup approach; for the purpose of developing a functional business model and business plan. The objective is to conclude with an investment-ready startup idea, backed by rigorous entrepreneurial study.

International partner selection Indian technical textile market

Due to a combination of a vast agricultural industry and a tremendously growing technical textile industry, Ludvig Svensson identified India as target market for possible expansion through domestic production and supply. However, Svensson needed additional information about the industry structure and key players. Therefore, this project focused on a detailed analysis of the technical textile market and its players by following the international partner selection process. Thereby, five key players were identified as potential partners, as well as the need for additional research to determine alternative entry modes, as the market does not currently seem to be receptive for Svensson products.

Anatomy of the portuguese stock market risk and return in the 1977-2012 period

This paper analyses the Portuguese stock market since it reopened in 1977, with a special focus on the evolution of the statistic and stochastic characteristics of the market return throughout this 36 year period. The market return for the period of time between 1977 and 2012 (September 28th) is estimated and then compared with the return that would have been achieved with Government bonds and treasury bills, which allows us to confirm that the hierarchy of return / risk across the different financial instruments is verified. The market risk premium for this 36 year period is also estimated and a comparison with other markets is performed, suggesting that the Portuguese market’s risk has not been compensated by an adequate return. The study also examines the evolution of the Portuguese market’s volatility in the 1977-2012 period and compares it with other markets, showing the existence of extremely high peaks during the first 11 years, but indicating a downwards trend throughout the whole period under analysis. Finally, the correlation between market returns for Portugal and for other countries and the degree of integration are estimated and their evolution throughout time is assessed, leading to the conclusion that the performance of the Portuguese stock market has become increasingly correlated with major European markets – correlation with some markets close to 0.70 from 2000 onwards-, but that country-specific risk factors are still relevant.

Welle tecnologia laser internationalization analysis US market

Welle Laser is a Brazilian company that manufactures marking and engraving machines mainly for large-scale industry segments providing solutions that help increase productivity. Welle laser has 60% market share in Brazil and decided to go internationally in 2015, mainly to increase revenues and diversify business risks. Welle opened an office in Switzerland and celebrated a contract with a Mexican company to distribute their machines in Mexico. The next step for Welle is expanding its operation to USA. In my project I accessed the viability and reasons to enter the US market, the region where Welle should start its operation, and the best entry mode strategy.

The enchained potential of the local food market

There is a rising demand for local food which traveled only short distances and is marketed directly by the producer. With growing importance of local food also the amount of literature in this field increased. Yet, literature is lacking to examine the challenges and burdens consumers face while trying to purchase local food. Evidence is shown that a gap exists between the intention of consumers who would like to purchase local food and their actual behavior. However, reasons for this gap are only discovered as byproducts of other research objectives. Consequently, this study investigates the specific reasons for the intention-behavior gap of consumers in the local food market. The study makes use of semi-structured face-to-face interviews with rural and urban respondents. The interviews are analyzed by qualitative content analysis based on Elo and Kyngäs (2008). Revealed key drivers for the intention-behavior gap are (1) the lack of awareness where to purchase local food products, (2) the limited reachability of local food producers, (3) the assortment of the local producer in regard to size and composition and (4) the lack in transparency of the prices of local food. Consequently, it is the producers turn to eliminate the revealed barriers by proactively bringing their products closer to the consumer.

Avaliação do desempenho de fundos de investimento de ouro nos EUA: influência dos diferentes regimes de mercado na seletividade e market-timing

Dissertação de mestrado em Finanças