Equity research - Brisa

Mestrado em Finanças

Equity Research - Cork Supply Portugal

Mestrado em Finanças

Equity research – CTT Correios de Portugal, S.A.

Dissertação de Mestrado, Gestão Empresarial, Faculdade de Economia, Universidade do Algarve, 2016

Equity Research - Luz Saúde

Mestrado em Finanças

Equity-focused health impact assessment of Portuguese tobacco control legislation

The World Health Organization recommend the Equity-Focused Health Impact Assessment (HIA) as a means to assess the impact of social and economic policies on the health of populations, and acknowledges their contribution to health inequality. We describe the application of the Equity-focusedImpact Assessment methodology on the Portuguese law on Smoking Prevention and Tobacco Control (Law No. 37/2007). A rapid assessment was carried out to issue recommendations which could be incorporated into the law during a revision in 2014. Quantitative (consumption and health status indicators; equity analysis) and qualitative (Focus Group) approaches were taken to evaluate the impact of the law and formulate recommendations. Young people, men and women of low socioeconomic status, and pregnant women were identified as requiring specific and appropriate interventions to prevent smoking and support smoking cessation.

Horizontal fiscal equity: a theoretical contribution with an application to the portuguese municipalities.

Doutoramento em Economia.

Analisi delle "exit strategies" nel settore dell'Equity Crowdfunding

La tesi analizza il fenomeno dell'Equity Crowdfunding con particolare attenzione alle strategie di disinvestimento. Si basa sull'analisi di un campione di 100 progetti finanziati sulla piattaforma Crowdcube. Il crowdfunding è un meccanismo di finanziamento collettivo che nasce fondamentalmente dall’esigenza di piccoli progetti di reperire capitale per essere sviluppati. Si sviluppa mediante l’ausilio di piattaforme informatiche, che fungono da tramite tra le parti interessate, permettendo ai promotori di lanciare i progetti e presentarli al pubblico, ed ai potenziali investitori di informarsi riguardo le diverse opportunità ed eventualmente partecipare alle iniziative. Si crea in questo modo una community virtuale, che si muove attraverso meccanismi differenti rispetto ai classici canali di finanziamento, e offre nuove opportunità agli ideatori di progetti così come agli investitori. Esistono diversi modelli di crowdfunding, che si differenziano per le rispettive finalità, le modalità di raccolta fondi e le forme di compenso. In particolare, risulta importante soffermarsi sull’equity crowdfunding, che si distingue dagli altri modelli in quanto raccoglie denaro che viene impiegato direttamente nel capitale di rischio dell’azienda finanziata. È il modello che attualmente riscuote maggior successo in termini di quote raccolte. La ricompensa è di tipo economico e si realizza attraverso il disinvestimento della quota di partecipazione, entro una data finestra temporale e secondo le modalità delineate inizialmente dal promotore del progetto. Le modalità di disinvestimento sono dette “exit strategies” e consistono negli obiettivi che i promotori dei progetti si propongono di realizzare dopo aver lanciato ed amministrato per un certo intervallo temporale i propri business, e sono rilevanti per gli investitori in quanto rappresentano il meccanismo attraverso il quale essi si aspettano un guadagno dall’investimento effettuato.

The Spanish equity market (2000-2014): stylized facts

Introduction. This thesis is framed in the last 15 years of history of the Spanish equity market (years 2000 to 2014). In this sense and, as an introduction of this work, in the first chapter the main features of the background of the electronic market for shares and the implications that the migration from out-c1y circles to this automatic system is explained. The main changes of this electronic system (Spanish stock exchange interconnection system) are detailed in this part. Also in this first chapter is explained the important European meeting, in December 1999, of eight stock exchanges which foresee, in a first step, to design a single market model for, lately, try to merge, final step that did not take place. After this initial moment in December 1999, in this work the main features of the market model of the main European markets (London, Paris, Germany and Italy) are generally described, given that it is important to consider the European context of the Spanish equity market, specially during these last fifteen years. Along chapter two, the thesis is supported with the theoretic frame explaining here the nature of markets and their important role in the economy, detailing afte1wards the Spanish case from the point of view of its institutional structure and legal framework. Besides, in this chapter, a deep review of initial public offerings (main concepts and calendar steps) is done as well as take-over bids (typology and key-concepts)...

Pairs trading in the UK equity market: risk and return

In this paper, we provide the first comprehensive UK evidence on the profitability of the pairs trading strategy. Evidence suggests that the strategy performs well in crisis periods, so we control for both risk and liquidity to assess performance. To evaluate the effect of market frictions on the strategy, we use several estimates of transaction costs. We also present evidence on the performance of the strategy in different economic and market states. Our results show that pairs trading portfolios typically have little exposure to known equity risk factors such as market, size, value, momentum and reversal. However, a model controlling for risk and liquidity explains a far larger proportion of returns. Incorporating different assumptions about bid-ask spreads leads to reductions in performance estimates. When we allow for time-varying risk exposures, conditioned on the contemporaneous equity market return, risk-adjusted returns are generally not significantly different from zero.

Analyzing consumer-based brand equity on Facebook: the impact of brand gender

In recent years, Facebook and other social media have become key players in branding activities. However, empirical research is still needed about the way in which consumer-based brand equity is created on social media. The purpose of this paper is to study the relationship between masculine and feminine brand personality and brand equity, on Facebook, and to analyze the mediating role of consumer-brand engagement and brand love on this relationship. Data were collected using an online survey with 614 valid responses. The hypotheses were tested using structural equation modeling. Results support 7 of the 11 hypotheses with significant relationship between analyzed constructs. This study confirms the advantages of a clear gender positioning and extends prior research by suggesting that brands with a strong brand gender identity will encourage brand love. Results also highlight that brand love has a mediating role on the relationship between brand gender and overall brand equity.

Equity in Higher Education – Portuguese Perspective

Access, participation and exclusion from higher education for marginalized and disadvan-taged sections of the population are an intricate socio-political as well as economic practice that has manifold explanations and outcomes. During the last three decades, the higher education has experienced expansion in both enrolments and institutions. The approaches and means of delivery have changed besides the diversification in provision. The role of the state and mar¬ket has also reformed. This characteristic has also altered the nature of equity in higher edu¬cation across the globe. The chapters of this book on different countries of Asia, Europe and Latin America examine access and describe the several spaces where cohorts of relevant age group are included, excluded, or are at threat of exclusion in higher education. The chapters also narrate the state of affairs in which despite numerous alike structure in the experience and outcomes of social exclusion across disenfranchised groups and regions, how some critical differences have led to different paths of struggles and policy formation to attain the objective of equity in higher education.

Mathematical skills: intergenerational features and relationships with cognitive and linguistic abilities

This thesis aimed to investigate the cognitive underpinnings of math skills, with particular reference to cognitive, and linguistic markers, core mechanisms of number processing and environmental variables. In particular, the issue of intergenerational transmission of math skills has been deepened, comparing parents’ and children’s basic and formal math abilities. This pattern of relationships amongst these has been considered in two different age ranges, preschool and primary school children. In the first chapter, a general introduction on mathematical skills is offered, with a description of some seminal works up to recent studies and latest findings. The first chapter concludes with a review of studies about the influence of environmental variables. In particular, a review of studies about home numeracy and intergenerational transmission is examined. The first study analyzed the relationship between mathematical skills of children attending primary school and those of their mothers. The objective of this study was to understand the influence of mothers' math abilities on those of their children. In the second study, the relationship between parents’ and children numerical processing has been examined in a sample of preschool children. The goal was to understand how mathematical skills of parents were relevant for the development of the numerical skills of children, taking into account children’s cognitive and linguistic skills as well as the role of home numeracy. The third study had the objective of investigating whether the verbal and nonverbal cognitive skills presumed to underlie arithmetic are also related to reading. Primary school children were administered measures of reading and arithmetic to understand the relationships between these two abilities and testing for possible shared cognitive markers. Finally, in the general discussion a summary of main findings across the study is presented, together with clinical and theoretical implications.

Social inequalities in health among the elderly

The aim of the present study was to assess social inequalities in health status, health behavior and the use of health services based on education level. A population-based cross-sectional study was carried out involving 1,518 elderly residents of Campinas, São Paulo State, Brazil. Significant demographic and social differences were found between schooling strata. Elderly individuals with a higher degree of schooling are in greater proportion alcohol drinkers, physically active, have healthier diets and a lower prevalence of hypertension, diabetes, dizziness, headaches, back pain, visual impairment and denture use, and better self-rated health. But, there were no differences in the use of health services in the previous two weeks, in hospitalizations or surgeries in the previous year, nor in medicine intake over the previous three days. Among elderly people with hypertension and diabetes, there were no differences in the regular use of health services and medication. The results demonstrate social inequalities in different health indicators, along with equity in access to some health service components.

Cobertura vacinal em menores de dois anos a partir de registro informatizado de imunização em Curitiba, PR

OBJETIVO: Avaliar o programa de imunização de crianças de 12 e de 24 meses de idade, com base no registro informatizado de imunização. MÉTODOS: Estudo descritivo em amostra probabilística de 2.637 crianças nascidas em 2002 e residentes em Curitiba, PR. As fontes de dados foram: registro informatizado de imunização do município, Sistema de Informação de Nascidos Vivos e inquérito domiciliar para casos com registro incompleto. As coberturas foram estimadas aos 12 e aos 24 meses de vida e analisadas segundo características socioeconômicas de cada distrito sanitário e o vínculo das crianças aos serviços de saúde. Foram analisadas a abrangência, completude e duplicidades do registro informatizado de imunização. RESULTADOS: A cobertura do esquema de imunização foi de 95,3% aos 12 meses sem diferenças entre os distritos e de 90,3% aos 24 meses, tendo sido mais elevada em um distrito com piores indicadores socioeconômicos (p = 0,01). A proporção de vacinas, segundo o tipo, aplicadas antes e após a idade recomendada foi de até 0,9% e até 32,2%, respectivamente. A cobertura do registro informatizado de imunização foi de 98% na amostra estudada, o sub-registro de doses de vacinas foi de 11% e a duplicidade de registro foi de 20,6%. Os grupos que apresentaram maiores coberturas foram: crianças com cadastro definitivo, aquelas com três ou mais consultas pelo Sistema Único de Saúde e as atendidas em Unidades Básicas de Saúde que adotam plenamente a Estratégia de Saúde da Família. CONCLUSÕES: A cobertura vacinal em Curitiba mostrou-se elevada e homogênea entre os distritos, e o vínculo com os serviços de saúde foi fator importante para tais resultados. O registro informatizado de imunização mostrou-se útil no monitoramento da cobertura vacinal; no entanto, é importante a prévia avaliação do seu custo-efetividade para que seja amplamente utilizado pelo Programa Nacional de Imunização.