US fiscal dynamics in political perspective

Given the importance of fiscal balance for ensuring a sustainable fiscal policy, we conduct an empirical examination of fiscal dynamics in the United States in response to unsustainable budget deviations. We concentrate on the role of political factors, namely the Republican - Democrat presidential divide, in determining the fiscal response to budget disequilibria. Making use of an asymmetric cointegration framework, we explore politically motivated fiscal asymmetries in the US, from Eisenhower to Obama. We conclude that political factors such as the government’s political quadrant and the timing of elections are important determinants of the fiscal response to unsustainable budget deviations.

Work ethic and the legacies of political regimes

This article studies the cross-country differences in work ethic and claims that different political regimes transmitted different work ethics that still persist today. Using the World Values Survey and starting our political regime analysis in 1900, we find that Democratic regimes promote more effectively work relevance and competitiveness than Autocratic and Anocratic regimes, and that the political regime history of the country is more important than the present level of democracy. Moreover, we prove that this differences were transmitted through generations by parents, who optimally choose what work ethic to transmit taking into account their own values.

Fiscal dynamics and electoral behavior in the Eurozone

Abstract: The Stability Growth Pact and the 3% rule did not prevent countries from running large deficits. Countries in the EMU administrate fiscal policies differently, despite the existence of a common quantitative goal. The main focus of this work project is to study differences in the fiscal dynamics of eight EMU countries and assess the role of political variables in shaping those dynamics. We find that elections negatively affect government revenue in Austria, Belgium, Portugal, Spain and Germany. Expenditure, on the other hand, responds positively to incoming elections in Portugal, Italy, France and Netherlands, and negatively in the case of Germany.

Consulting project for the marketing oil department of Galp Energia evaluation of marketing campaigns

Field lab: Consulting lab

NSP work project investment styles

This paper analyzes the Nova Student Portfolio (NSP) with the objective to understand performances of the fund. Each investment style has been analyzed (growth, value and momentum) in order to highlight what style allocation contributed positively and which had a negative impact. The results show that the team mainly invested in value stocks, which contributed positively but that its growth investments had a negative impact on the stock picking performance. The stock selection shows a major influence of the value investment style. A statistical approach shows that the market factor was the one explaining the most the NSP returns.

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

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

Consulting project for Câmara Municipal de Cascais street vending in Portugal- creation and development of a new sales channel

Field lab: Consulting lab

Weimar and the crisis of political legitimacy in Late Modernity : Max Weber, Hans Kelsen and Carl Schmitt

Através da comparação das ideias de três grandes teóricos da política no conturbado contexto da República de Weimar, esta dissertação pretende reconsiderar a crise da legitimidade política na modernidade tardia. Tal crise é concebida tanto em sentido estrito, enquanto crise das democracias liberais perante os efeitos de rápidas mudanças sociais e a emergência da política de massas, como em sentido lato, ou seja, enquanto crise dos alicerces político-intelectuais da era moderna. Nessa medida, veremos como os juízos de Weber, Kelsen e Schmitt não se limitam a veicular veredictos contrastantes sobre a democracia de massas, o parlamentarismo e os partidos políticos, remetendo também para narrativas distintas sobre o destino do homem moderno – narrativas que oscilam entre o optimismo moderado, a ambivalência e a reacção hostil.

Criminosos popularizados na narrativa de divulgação (De 1838 aos Alvores da República)

O presente estudo incide sobre obras impressas que tomaram como motivo central as «façanhas» de criminosos com referência histórica celebrizados em Portugal na segunda metade do século XIX e inícios de XX e mostra que, enquanto narrativas elaboradas para o grande público, os textos foram não só um reflexo da popularidade prévia dos famigerados transgressores, como também um fator incontornável da sua «lendarização» ao longo de décadas. São as seguintes as figuras dos infratores que protagonizaram as ficções em apreço: José Joaquim de Sousa Reis, ou «o Remexido» (1797-1838), Diogo Alves, ou «o Pancada» (1810-1841), Francisco de Matos Lobo (1814-1842), José Teixeira da Silva, ou «o José do Telhado» (1816-1875), João Victor da Silva Brandão, ou «o João Brandão de Midões» (1825-1880), e Vicente Urbino de Freitas (1859-1913). A tese agora apresentada aborda um corpus textual de características singulares, nunca antes coligido nem estudado. Comprova que os textos sobre as figuras criminosas tiveram uma função iminentemente noticiosa, pedagógico-edificante e política, apropriando-se de relatos orais, adotando procedimentos de atestação da veracidade (transcrição de documentos na primeira pessoa, referenciação cronológica, espacial, geográfica dos eventos, alusão às fontes) e incorporando diversas fontes do conhecimento dos crimes, quer de origem popular (geralmente designadas de «musa popular», «tradição»), quer de caráter erudito e teórico-científico («estudo», «estudo social»). Assim, foram analisadas as condições históricas excecionais nas quais as ficções emergiram: as características específicas do seu universo editorial, a apropriação a um público amplo (o formato de coleção, uso de sinopses e de outros elementos gráficos), as regularidades discursivas das obras (ocorrência de determinados dispositivos de organização textual), os procedimentos narrativos (recurso abundante a paratextos com intuito explicativo e aproximação a modalidades ficcionais conhecidas do público da época) e, ainda, as configurações imagéticas inspiradas nos discursos oficiais (influência de ciências e doutrinas epocais emergentes, como a criminologia, a antropologia criminal, a frenologia, a psiquiatria, a sociologia). Em suma, estas edições produzidas em diversos contextos e por um elenco autoral heterogéneo não só viveram da relação com as edições predecessoras, ao longo de gerações, como recriaram e ampliaram as «façanhas» dos transgressores em função de diversos propósitos e fontes: ampla divulgação dos casos criminais, condenação pública dos infratores, análise médico-científica dos sujeitos culpados, especulação política, pressão sobre o foro judiciário, edificação moral do público leitor. Trata-se, sem dúvida, de produções únicas, que erigiram a comemoração dos facínoras e sucessivamente reinscreveram as suas histórias reais na problemática do homem criminal e na consciência ética do seu tempo.

An essay on agile project management practices

The main goals for the current dissertation is to research on how practices and concepts from Agile Project Management can be applied in a non-IT context and to discover which aspects should be considered when deciding if whether an Agile approach should be implemented or not. Previous studies reflect on the adoption for the identified context. However, the recognition of these practices and concepts by the Project Management field of studies still remains unresolved. The adoption of Agile Project Management emerges as a manifestation against traditional approaches, mainly due to their inability of accepting requirements’ changes. Therefore, these practices and concepts can be considered in order to reduce the risks concerning the increase of competition and innovation – which does not apply to the IT sector solely. The current study reviews the literature on Agile Project Management and its adoption across different sectors in order to assess which practices and concepts can be applied on a non-IT context. Nine different methods are reviewed, where two of these show a higher relevance – Scrum and Extreme Programming. The identified practices and concepts can be separated into four different groups: Cultural and Organizational Structures, Process, Practices, and Artefacts. A framework based on the work by Boehm & Turner in 2004 is developed in order to support the decision of adopting agile methods. A survey intended for project managers was carried in order to assess the implementation of the identified practices and concepts and to evaluate which variables have the highest importance on the developed decision support framework. It is concluded that New Product Development is the project type with the highest potential to implement an agile approach and that the Project Final Product’s Innovativeness, Competitiveness, and the Project Member’s Experience and Autonomy are the most important aspects to consider an implementation of an Agile approach.

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.

On project finance and the first road concession in Portugal

In broad sense, Project Financing1 as a mean of financing large scale infrastructural projects worldwide has had a steady growth in popularity for the last 20 years. This growth has been relatively unscathed from most economic cycles. However in the wake of the 2007 systemic Financial Crisis, Project Financing was also in trouble. The liquidity freeze and credit crunch that ensued affected all parties involved. Traditional Lenders, of this type of financial instrument, locked-in long-term contractual obligations, were severely hit with scarcity of funding compounded by rapidly increasing cost of funding. All the while, Banks were “rescued” by the concerted actions of Central Banks and other Multi-Lateral Agencies around the world but at the same time “stressed” by upcoming regulatory effort (Basel Committee). This impact resulted in specific changes to this type of long-term financing. Changes such as Commercial Banks’ increased risk aversion; pricing increase and maturities decrease of credit facilities; enforcement of Market Disruption Event clauses; partial responsibility for project risk by Multilateral Agencies; and adoption of utility-like availability payments in other industrial sectors such as transportation and even social infrastructure. To the extent possible, this report is then divided in three parts. First, it begins with a more instructional part, touching academic literature (theory) and giving the Banks perspective (practice), but mostly as an overview of Project Finance for awareness’ sake. The renowned Harvard Business School professor – Benjamin Esty, states2 that Project Finance is a “relatively unexplored territory for both empirical and theoretical research” which means that academic research efforts are lagging the practice of Project Finance. Second, the report presents a practical case regarding the first Road Concession in Portugal in 1998 ending with the lessons learned 10 years after Financial Close. Lastly, the report concludes with the analysis of the current trends and changes to the industry post Financial Crisis of the late 2000’s. To achieve this I’ll reference relevant papers, books on the subject, online articles and my own experience in the Project Finance Department at a major Portuguese Investment Bank. Regarding the latter, with the signing of a confidentiality agreement, I’m duly omitting sensitive and proprietary bank information.

Valuing an offshore exploration project through real options analysis

This thesis applied real options analysis to the valuation of an offshore oil exploration project, taking into consideration the several options typically faced by the management team of these projects. The real options process is developed under technical and price uncertainties, where it is considered that the mean reversion stochastic process is more adequate to describe the movement of oil price throught time. The valuation is realized to two case scenarios, being the first a simplified approach to develop the intuition of the used concepts, and the later a more complete cases that is resolved using both the binomial and trinomial processes to describe oil price movement. Real options methodology demonstrated to be capable of assessing and valuing the projects options, and of overcoming common capital budgeting methodologies flexibility limitation. The added value of the application of real options is evident, but so is the method's increased complexity, which adversely influence its widespread implementation.

Mediação do professor no processo de construção de conhecimento dos alunos: a resolução de problemas matemáticos, em contextos de aprendizagem situada e explícita

Relatório de estágio de mestrado em Educação Pré-Escolar e Ensino do 1.º Ciclo do Ensino Básico