Information Society in Croatia, Landsc@pes of Knowledge for Development

Sabbatical Studies Report

The determinants of variation in firm leverage across European countries

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

A look into the cross-section of industry stock returns

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

Government bond yield spreads in EMU countries: The story of an ephemeral convergence

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

Desigualdades socioeconómicas na utilização de cuidados de saúde na população com 65 ou mais anos de idade em Portugal : dados do 4.º Inquérito Nacional de Saúde 2005-2006

RESUMO - INTRODUÇÃO: A equidade em cuidados de saúde constitui uma prioridade das políticas de saúde, tendo vários estudos descrito uma iniquidade que geralmente favorece os indivíduos com maior rendimento e nível educacional. Este estudo visa caracterizar as desigualdades socioeconómicas na utilização de cuidados de saúde na população com 65 ou mais anos de idade, dadas as suas características, maior vulnerabilidade e crescente peso demográfico na população. METODOLOGIA: Através de dados do INS, procedeu-se à análise univariada e multivariada por regressão linear múltipla para avaliação das desigualdades socioeconómicas na utilização de cuidados de saúde em 8698 indivíduos. RESULTADOS: Identifica-se um padrão de desigualdade na utilização de cuidados de saúde – indivíduos com maior rendimento e nível de escolaridade utilizam em média mais consultas de especialidade; ocorrendo o inverso nas consultas de CSP. Com ajustamento pela necessidade, através do estado de saúde auto-reportado, observa-se um padrão de iniquidade no sexo masculino relativamente às consultas em geral e consultas de CSP. DISCUSSÃO E CONCLUSÕES: A iniquidade na utilização de cuidados de saúde, apesar de não constituir a única causa, pode determinar maior iniquidade em saúde, pelo que é relevante o seu estudo. Os resultados alcançados podem ser justificados pelas características do SNS, assim como pelas isenções de taxas moderadoras, rede social, outros indicadores económicos, ou ainda pelo próprio contexto de vida do individuo. Torna-se fundamental prosseguir a investigação acerca da equidade, assim como promover uma ampla reflexão sobre os desafios futuros do sistema de saúde, que permitam preservar a sua sustentabilidade e princípios fundadores.

Essay on secular stagnation

In this paper we show that a closed economy, with a balanced budget and unable to increase public spending, can avoid or leave a persistent slump through adequate and timely combination of monetary and fiscal policy based on distortionary taxation. We use a three generations OLG New Keynesian model in which a permanent slump is possible without any self-correcting force to full-employment. Complementing recent work on Secular Stagnation using lump-sum taxation and government spending as fiscal instruments, our contribution is to use distortionary taxes over labor, consumption and capital, in a balanced budget environment with constant (or decreasing) government spending.

Assessing performance drivers in cross-border M&A

This research is an investigation on the deal-specific factors impacting long-term performance of cross-border M&A and on the nature of such relations. The analysis is conducted on a sample of 187 cross-border deals completed within the pharmaceutical and biotech industries by Western European bidders between 2000 and 2009. Findings suggest that post-deal variation in gross profit improves when bidders diversify in other businesses, when assets are purchased instead of equity, and when stock is used as deal currency. Furthermore, the method of payment is found to moderate the effects geographical distance has on deal outcomes.

Getting the carry trade's jackpot

This Working Project studies five portfolios of currency carry trades formed with the G10 currencies. Performance varies among strategies and the most basic one presents the worst results. I also study the equity and Pure FX risk factors which can explain the portfolios’ returns. Equity factors do not explain these returns while the Pure FX do for some of the strategies. Downside risk measures indicate the importance of using regime indicators to avoid losses. I conclude that although using VAR and threshold regression models with a variety of regime indicators do not allow the perception of different regimes, with a defined exogenous threshold on real exchange rates, an indicator of liquidity and the volatilities of the spot exchange rates it is possible to increase the average returns and reduce drawdowns of the carry trades

A equidade na indeminização dos danos não patrimoniais

This study examines the quantification of compensation for non-pecuniary damage, awarded by means of judicial decisions based on equity, and seeks to verify whether such calculation safeguards legal certainty and predictability when applying the law, as well as whether it observes the principles of proportionality and equality. Firstly, the limits for discretionary judgment permitted to the judge were determined, by evaluating the criteria established under the law. Then, by examining the grounds of the judicial decisions in cases that had been selected beforehand, this study sought to detect operation modes in concrete considerations of equity used by judges. The examination of the grounds on which these judicial decisions are based permitted the comprehension of the calculation method used in each case and the observation that the criteria of compensatory nature, such as the extent of the damage and the respective consequences, assumed a primary role. Despite discrepancies in viewpoints with regard to certain issues of law, the jurisprudence examined reveals that great care is taken to consider the solutions reached in similar cases, in an attempt to ensure that the different criteria applied in the quantification of compensation are given uniform relevance. The comparison of decisions, reported to cases with similar legal contours, did not reveal relevant discrepancies in the calculation criteria used, nor are they disproportionate regarding the amount of compensation awarded, which means that resorting to equity, in determining the compensation to be awarded due to nonpecuniary damage, does not jeopardize legal certainty or predictability when applying the law, and observes the principle of proportionality, which is anchored in the constitutional principle of equality. The study performed, led to the conclusion that the grounds on which judicial decisions are based, by itemising the elements which are taken into account and the criteria adopted by the judge, allow these to be taken into consideration in similar cases, contributing towards uniform interpretation and application of the law, ensuring legal certainty and predictability when resorting to equity while quantifying compensation.

O Ne bis in idem no Espaço de Liberdade, Segurança e Justiça e no Direito Europeu da Concorrência

Ne bis in idem, understood as a procedural guarantee in the EU assumes different features in the AFSJ and in european competition law. Despite having a common origin (being, in both sectors the result of the case law of the same jurisdictional organ) its components are quite distintic in each area of the integration. In the AFSJ, the content of bis and idem are broader and addressed at a larger protection of individuals. Its axiological ground is based on the freedom of movements and human dignity, whereas in european competition law its closely linked to defence rights of legal persons and the concept of criminal punishment of anticompetitive sanctions as interpreted by the ECHR´s jurisprudence. In european competition law, ne bis in idem is limited by the systemic framework of competition law and the need to ensure parallel application of both european and national laws. Nonetheless, the absence of a compulsory mechanism to allocate jurisdiction in the EU (both in the AFSJ and in the field of anti-trust law) demands a common axiological framework. In this context, ne bis in idem must be understood as a defence right based on equity and proportionality. As far as its international dimension is concerned, ne bis in idem also lacks an erga omnes effect and it is not considered to be a rule of ius cogens. Consequently, the model which the ECJ has built regarding the application of the ne bis in idem in transnational and supranational contexts should be replicated by other courts through cross fertilization, in order to internationalize that procedural guarantee and broaden its scope of application.

Um fragmento da Casa dos Contos e o seu contributo para a história monetária

O presente artigo interpreta e publica um importante fragmento documental, atribuível a finais do século XIV. O fragmento, que parece resultar de uma tomada de contas, contém informações sobre a prata utilizada para cunhar um tipo de moeda até agora desconhecida: o pelado. A data desta cunhagem, o seu contexto político e fiscal, bem como o principal interveniente são identificados neste artigo.

Análise do acesso aos cuidados de reabilitação em Angola

RESUMO - Angola é um país em desenvolvimento e dado o baixo número de profissionais na reabilitação e a centralização dos cuidados desta área na capital do país, Luanda, é pertinente caraterizar o acesso dos utentes e perceber em que medida é que a oferta destes cuidados satisfaz as necessidades atuais da população. Sendo assim, este estudo teve como objetivos, avaliar o acesso dos utentes do Centro de Referência Nacional público para Reabilitação em Angola, CMFR, e identificação de áreas prioritárias de ação para promoção de igualdade no acesso. A análise metodológica consistiu na recolha e análise de dados dos utentes que acederam ao CMFR de Setembro de 2014 a Janeiro de 2015 e pesquisa documental abrangente, não-sistemática, sobre equidade e acesso a cuidados de saúde em Reabilitação a nivel internacional e em Angola. Para o tratamento e recolha de dados foram consideradas variáveis sociodemográficas e caraterizadoras do acesso onde se fez a caraterização da população em estudo, análise das variáveis resultantes do acesso ao CMFR através de uma análise de regressão.

Utilização de gás natural comprimido em veículos pesados de passageiros

Dissertação de mestrado em Engenharia Mecânica

IFRS adoption in Europe: the case of Germany

From 2005 onwards, consolidated financial statements of listed European companies will have to comply with IFRS (IAS). Many German companies began adopting those standards in the 1990s, on a voluntary basis, because of their need to access international capital funding. Spanish companies, by contrast, are not permitted to adopt IFRS before 2005. This paper has two purposes: first, it analyses the financial impact of initial IFRS adoption on the statement of changes in equity and the income statement of individual German companies. Second, and taking into account the German experience, it focuses on the expected impacts on a sample of listed Spanish companies in two industrial sectors: chemical-pharmaceutical and fashion. Our analysis of German companies comprised all non-financial DAX groups applying IFRS plus additional listed companies in the two selected industrial sectors identified above. The impact of initial adoption of IFRS on German companies was, both individually and overall, very significant. The analysis suggests that the expected impact on Spanish companies is likely to be significant but to a lesser degree than in respect of the German companies in the study.

Avoidance Policies – A New Conceptual Framework

This paper develops a general theoretical framework within which a heterogeneous group taxpayers confront a market that supplies a variety of schemes for reducing tax liability, and uses this framework to explore the impact of a wide range of anti-avoidance policies. Schemes differ in their legal effectiveness and hence in the risks to which they expose taxpayers - risks which go beyond the risk of audit considered in the conventional literature on evasion. Given the individual taxpayer’s circumstances, the prices charged for the schemes and the policy environment, the model predicts (i) whether or not any given taxpayer will acquire a scheme, and (ii) if they do so, which type of scheme they will acquire. The paper then analyses how these decisions, and hence the tax gap, are influenced by four generic types of policy: Disclosure – earlier information leading to faster closure of loopholes; Penalties – introduction of penalties for failed avoidance; Policy Design – fundamental policy changes that design out opportunities for avoidance; Product Register - the introduction of GAARs or mini-GAARs that give greater clarity about how different types of scheme will be treated. The paper shows that when considering the indirect/behavioural effects of policies on the tax gap it is important to recognise that these operate on two different margins. First policies will have deterrence effects – their impact on the quantum of taxpayers choosing to acquire different types schemes as distinct to acquiring no scheme at all. There will be a range of such deterrence effects reflecting the range of schemes available in the market. But secondly, since different schemes generate different tax gaps, policies will also have switching effects as they induce taxpayers who previously acquired one type of scheme to acquire another. The first three types of policy generate positive deterrence effects but differ in the switching effects they produce. The fourth type of policy produces mixed deterrence effects.