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.

Fellini, a lenda : O sonho é a única realidade

Dissertação de Mestrado apresentada no Instituto Superior de Psicologia Aplicada para obtenção do grau de Mestre na especialidade de Psicologia Clínica.

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.

Numerical simulation of galvanized rebars pullout

The usage of rebars in construction is the most common method for reinforcing plain concrete and thus bridging the tensile stresses along the concrete crack surfaces. Usually design codes for modelling the bond behaviour of rebars and concrete suggest a local bond stress – slip relationship that comprises distinct reinforcement mechanisms, such as adhesion, friction and mechanical anchorage. In this work, numerical simulations of pullout tests were performed using the finite element method framework. The interaction between rebar and concrete was modelled using cohesive elements. Distinct local bond laws were used and compared with ones proposed by the Model Code 2010. Finally an attempt was made to model the geometry of the rebar ribs in conjunction with a material damaged plasticity model for concrete.

Inclusão de compositores portugueses como fator de motivação no estudo básico do piano

Relatório de estágio de mestrado em Ensino de Música

Arquitecturas imaginárias. Espaço real e ilusório no Barroco português

Tese de Doutoramento em Arquitectura / Cultura Arquitectónica.

Coagulation/flocculation/flotation/nanofiltration processes using Moringa Oleifera as coagulant of Eutrophized river

This study investigated the efficiency of Moringa oleifera (MO) seeds as natural coagulant in coagulation/flocculation/dissolved air flotation (C/F/DAF), followed by nanofiltration (NF) for Microcystis protocystis and microcystin-LR removal. The methodology adopted in this work was performed in two steps: 1) coagulation/flocculation/dissolved air flotation (C/F/DAF) process using the MO extracted in saline solution of potassium chloride (KCl-1M) and sodium chloride (NaCl-1M) in optimum dosage 50 mg·L-1; 2) nanofiltration process using NF90 and NF270 membrane provided Dow Chemical Company®. A working pressure of 8 bar was applied. In all samples were analyzed color, turbidity, pH, cyanobacterial cells count and microcystin concentration. The use of MO seeds as natural coagulant, obtained satisfactory results in the M. protocystis, color and turbidity removal. NF was able to completely remove cyanobacterial cells and microcystins (100 %) from M. protocystis (always under the quantification limit). Therefore, C/F/DAF+NF sequence is a safe barrier against M. protocystis and microcystins in drinking water.

Innovation in “low-tech” industries: Portuguese footwear industry

ICEIM – International Conference in Entrepreneurship and Innovation Management, Roma, 17-18 de setembro de 2015.

O livro na revista: como revistas semanais brasileiras e portuguesas abordam livros e literatura

Dissertação de mestrado em Comunicação, Arte e Cultura

O impacto da gestão de fundo de maneio na rendibilidade das empresas durante a crise financeira: evidência europeia

Dissertação de mestrado em Finanças

O direito de livre revogação nos contratos celebrados à distância e fora do estabelecimento comercial

Dissertação de mestrado em Direito dos Contratos e da Empresa

Submitral left ventricular aneurysm. Case report and review of published Brazilian cases

Submitral left ventricular aneurysm is a cardiac pathology widely recognized, but relatively unknown, occurred almost exclusively in African black patients. Although still this idea of racial prevalence exists, cases have been described in patients of all the races. Ten Brazilian cases were reported. One of them was presented inside an Italian paper that refers the surgical treatment of a Brazilian patient of black race. We reported one more submitral left ventricular aneurysm case in a brown female patient, with antecedents of peripheral thromboembolism initially not identified as consequence of the cardiac pathology.

Phycologia mediterranea / di Francesco Ardissone.

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