The impact of the Board of Director's composition on companies performance

The impact of the Board of Directors’ composition on companies’ performance This paper studies the impact that the board of directors’ composition has on companies’ performance in the Italian market. The research has been carried out by using a sample of 10 Italian companies, across different market sectors, over a period of 10 years (2005-2014). The characteristics of the BoD taken into consideration are the following: board size, board diversity (% of female directors), board independence and CEO duality. Results from the sample data collected concluded that these factors have a statistically significant impact on the performance of the companies that have been analysed.

Basel III: The impact of new capital requirements on profitability of Portuguese Banks

This empirical study aims to explore the impact of increased capital ratio requirements, on the ROE of the Portuguese banking sector. The paper employs both a quantitative- and qualitative approach, with the qualitative approach as the main method of research. The method adopted to conduct the qualitative research was semi structured elite interviews with banking executives. Higher capital requirements decrease the ROE of banks in Portugal, but huge impairments charges, macroeconomic factors and increased costs of deposits are clearly the dominant reasons for the reduced levels of ROE the past years. Among the measures taken to increase capital ratios, reduction of RWAs and non-core assets have been the main focus, but the issuance of CoCos is regarded as the most expensive measure due to high interest payments. However, the CoCos will not have any effect on the ROE in the long term. It is difficult to draw any conclusions on the impact of more equity in the balance sheet on the ROE of Portuguese banks, as many banks currently don’t generate enough money to pay back on shareholders´ investments.

Glonate your inspiring journey with impact

This work project serves as the very first milestone for my own future social start-up GLONATE. The idea is to create a social giving and storytelling platform that connects donors, messengers and recipients through social interaction. The platform will enable potential donor`s to connect to messengers in order to mutually contribute to a social cause. An innovative donation chain that does not only help the needy people but also at the same time creates and shares emotional stories among all participants. The objective of this paper is to analyse the feasibility of this social giving platform and to demonstrate value proposition. Key words Social Entrepreneurship,

Impact of Black-Scholes assumptions on Delta Hedging

In this work we are going to evaluate the different assumptions used in the Black- Scholes-Merton pricing model, namely log-normality of returns, continuous interest rates, inexistence of dividends and transaction costs, and the consequences of using them to hedge different options in real markets, where they often fail to verify. We are going to conduct a series of tests in simulated underlying price series, where alternatively each assumption will be violated and every option delta hedging profit and loss analysed. Ultimately we will monitor how the aggressiveness of an option payoff causes its hedging to be more vulnerable to profit and loss variations, caused by the referred assumptions.

The economic impact of the event Volta a Portugal em Bicicleta 2015

This thesis is a Field Lab project requested by the organizer of the Volta a Portugal em Bicicleta 2015, Podium Events. Its purpose is to determine the economic impact of the event for the 21 host economies and Portugal as a whole. The Volta started in Viseu and ended in Lisboa, and lasted for two weeks from the 29th July until the 8th August. Results were computed by accessing data provided by the different economic agents involved in the event (spectators, attendees and organizer), through face-to-face surveys and contact via e-mail. The Volta generated a total economic impact of €76.261.876.

The impact of in-store activations (communication) in the consumer's emotions

Consumer behavior: Sport Zone. The analysis of "The impact of in-store activations (communication) in the consumer's emotions" Several studies have been conducted on the consumer behavior. This study aims to analyze and understand which factors are important to consumers’ emotions when the purchase decision occurs, the brand awareness, brand loyalty and the campaigns/activations’ impact in the above factors. Two research surveys were conducted to realize this study, the first online and the other was an interview to the Agency Up Partner who conceived and put into practice this Fitness campaign. First of all, was the consumer’s survey, a survey with 100 answers, to understand which factors are taken into account when a campaign in-store is held, in which the atmosphere is mainly used to arouse consumer’s desire to purchase, and also emotions. Second, the interview with the agency was realized to find out on what they were based on when they delineate it, and if the raise of emotions was taken into account in the origin of it. Concluding, emotions have a significant impact on formation of consumer in-store behavior, satisfaction and loyalty. As we could assay through of how this Fitness campaign was carried out as well as the optimal feedback received by consumers, improved attention over in-store marketing activity strongly influences consumer behavior at the point of purchase. “Sport Zone: A new store concept where the love for sports is combined with functionality”

The mixed impact of design thinking on business collaborations

The present work project investigates the implications of design thinking on an interbusiness collaborative project, unveiling both the benefits and fragilities that derive from the use of such methodology within the mentioned context. The study is organized in two parts. The first one starts with a literature review on the two relevant frames of reference – design thinking and business collaboration. It proceeds to the creation of a conceptual framework to assess the potential value of the design-based approach. The second part focuses on the practical application of to the newly developed instrument to the inTRAIN project – R&D for railway interiors.

Shared lives social impact bond feasibility study

Loneliness and isolation among the elderly is an enormous problem in Portugal. Interventions to tackle loneliness worldwide have had limited success, and new approaches are needed. Shared Lives is an adult foster placement service in the UK that shows significant promise in tackling both loneliness, isolation and other societal challenges linked with ageing. This feasibility study suggests that replicating a Shared Lives service in Portugal, using a Social Impact Bond (SIB), is viable and likely to create both social and financial value for all stakeholders involved. This study provides recommendations for how a Shared Lives SIB could be designed and implemented.

How could marketing automation impact the business performance of Comexposium?

Comexposium continues to exhibit strong growth through global acquisition of key events. However, the company identified the need to increase the renewal rate of its exhibitors. In order to do so, Comexposium determined marketing automation software could have enormous value. However, the company currently does not have the appropriate data to determine to specific returns the software could provide. Thus, this report focused on assessing the impact of marketing automation on the business performance of a B2B enterprise and the best methods to implement and measure it. The main findings were that the software could be of immense value to Comexposium, if the company is ready to invest in internal resources and take the time to adapt to the changes the tool will incur.

Social impact bond feasibility study AEIPS intervention

AEIPS is a Portuguese social organization promoting the integration of people with mental health illnesses and/or substance abuse in the community through the intervention model Housing First. The philosophy of Housing First aims at lifting people out of their homelessness status by providing instant access to individualized and permanent housing as well as support services. Housing First projects from all over the world have proved very positive results in terms of residential stability and community integration of its participants. This feasibility study evaluates the suitability of using a Social Impact Bond to fund the Housing First intervention of AEIPS in Portugal.

Understanding impact readiness in Portugal’s social sector and designing a framework for capacity-building for social impact

This project is based on the theme of capacity-building in social organisations to improve their impact readiness, which is the predictability of delivering intended outcomes. All organisations which have a social mission, non-profit or for-profit, will be considered to fall within the social sector for the purpose of this work. The thesis will look at (i) what is impact readiness and what are the considerations for building impact readiness in social organisations, (ii) what is the international benchmark in measuring and building impact readiness, (iii) understand the impact readiness of Portuguese social organisations and the supply of capacity building for social impact in Portugal currently, and (iv) provide recommendations on the design of a framework for capacity building for impact readiness adapted to the Portuguese context. This work is of particular relevance to the Social Investment Laboratory, which is a sponsor of this project, in its policy work as part of the Portuguese Social Investment Taskforce (the “Taskforce”). This in turn will inform its contribution to the set-up of Portugal Inovação Social, a wholesaler catalyst entity of social innovation and social investment in the country, launched in early 2015. Whilst the output of this work will be set a recommendations for wider application for capacity-building programmes in Portugal, Portugal Inovação Social will also clearly have a role in coordinating the efforts of market players – foundations, corporations, public sector and social organisations – in implementing these recommendations. In addition, the findings of this report could have relevance to other countries seeking to design capacity building frameworks in their local markets and to any impact-driven organisations with an interest in enhancing the delivery of impact within their work.

Impact of taxes on competition: the legal status quo in the European Union

Dissertação de mestrado em Direito dos Negócios, Europeu e Transnacional

The impact of poor power quality in solar photovoltaic microgeneration: technical problems and losses of revenue

This paper presents a critical and quantitative analysis of the influence of the Power Quality in grid connected solar photovoltaic microgeneration installations. First are introduced the main regulations and legislation related with the solar photovoltaic microgeneration, in Portugal and Europe. Next are presented Power Quality monitoring results obtained from two residential solar photovoltaic installations located in the north of Portugal, and is explained how the Power Quality events affect the operation of these installations. Afterwards, it is described a methodology to estimate the energy production losses and the impact in the revenue caused by the abnormal operation of the electrical installation. This is done by comparing the amount of energy that was injected into the power grid with the theoretical value of energy that could be injected in normal conditions. The performed analysis shows that Power Quality severally affects the solar photovoltaic installations operation. The losses of revenue in the two monitored installations M1 and M2 are estimated in about 27% and 22%, respectively.

Equity offerings, stock price crash risk, and the impact of securities regulation: international evidence

We examine whether earnings manipulation around seasoned equity offerings (SEOs) is associated with an increase in the likelihood of a stock price crash post-issue and test whether the enactment of securities regulations attenuate the relation between SEOs and crash risk. Empirical evidence documents that managerial tendency to conceal bad news increases the likelihood of a stock price crash (Jin and Myers, 2006; Hutton, Marcus, and Tehranian, 2009). We test this hypothesis using a sample of firms from 29 EU countries that enacted the Market Abuse Directive (MAD). Consistent with our hypothesis, we find that equity issuers that engage in earnings management experience a significant increase in crash risk post-SEO relative to control groups of non-issuers; this effect is stronger for equity issuers with poor information environments. In addition, our findings show a significant decline in crash risk post-issue after the enactment of MAD that is stronger for firms that actively manage earnings. This decline in post-issue crash risk is more effective in countries with high ex-ante institutional quality and enforcement. These results suggest that the implementation of MAD helps to mitigate managers’ ability to manipulate earnings around SEOs.

Seasonal changes of leaf Nitrogen content in trees of Amazonian floodplains

In Amazonian floodplains the trees are exposed to extreme flooding of up to 230 days a year. Waterlogging of the roots and stems affects growth and metabolic activity of the trees. An increased leaf fall in the aquatic period and annual increment rings in the wood indicate periodical growth reductions. The present study aims at documenting seasonal changes of metabolism and vitality of adult trees in the annual cycle as expressed by changes of leaf nitrogen content. Leaves of six tree species common in floodplains in Central Amazonia and typical representants of different growth strategies were collected every month between May 1994 and June 1995 in the vicinity of Manaus, Brazil. Mean leaf nitrogen content varied between 1.3% and 3.2% in the non-flooded trees. Three species showed significantly lower Ν content in the flooded period (p=0.05, 0.001, 0.001), the difference ranging 20-25% lower than in the non-flooded period. Two species showed no significant difference while Nectandra amazonum showed 32% more Ν in the flooded season (p=0.001). Leaf nitrogen content was generally high when new leaves were flushed (in the flooded period) and decreased continuously thereafter in all species. Three species showed an additional peak of nitrogen during the first month of the terrestrial phase, in leaves which had flushed earlier, indicating that flooding may disturb nitrogen uptake.