Three Essays in Empirical Asset Pricing

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally assumed to be promptly removed via the actions of profit seeking arbitrageurs. These extreme events motivate the three essays in this work. The first essay seeks and fails to find evidence of investor behavior consistent with the broad 'Too Big To Fail' policies enacted during the crisis by government agents. Only in limited circumstances, where government guarantees such as deposit insurance or U.S. Treasury lending lines already existed, did investors impart a premium to the debt security prices of firms under stress. The second essay introduces the Inflation Indexed Swap Basis (IIS Basis) in examining the large differences between cash and derivative markets based upon future U.S. inflation as measured by the Consumer Price Index (CPI). It reports the consistent positive value of this measure as well as the very large positive values it reached in the fourth quarter of 2008 after Lehman Brothers went bankrupt. It concludes that the IIS Basis continues to exist due to limitations in market liquidity and hedging alternatives. The third essay explores the methodology of performing debt based event studies utilizing credit default swaps (CDS). It provides practical implementation advice to researchers to address limited source data and/or small target firm sample size.

Motivations to interact with brands on Facebook – Towards a typology of consumer–brand interactions

In recent years, Facebook and other social media have become key players in branding activities. However, empirical research on consumer–brand interactions on Facebook is still in its infancy. Therefore, the aim of this research is to provide additional insights to brand managers on how to adapt their approaches to increase consumers’ interactions with brands on Facebook. In this study, we apply the uses and gratification theory proposed by Katz to develop a new typology of consumers based on consumer motivations to interact with brands on Facebook, and explore the type and intensity of these interactions. We identify five main motivations that might influence consumers’ interactions with a brand on Facebook: (i) social influence, (ii) search for information, (iii) entertainment, (iv) trust and (v) reward. Building on these five motivations, a classification using clustering techniques reveals four different groups of consumers: (i) ‘brand detached’, (ii) ‘brand profiteers’, (iii) ‘brand companions’ and (iv) ‘brand reliants’. Our results provide valuable and applicable insights for social media marketing activities, which will assist brand managers to develop strategies for effectively reaching and influencing the most desirable groups of consumers.

Searching for knowledge in the belly of the beast: diversity, social equity and the African graduate student mother's experience in US higher education

Diversity has become a buzz word in public discourse and in educational circles. Higher education institutions in the US have increasingly used this word as a cornerstone of their mission statements and have made increasing efforts to attract students from different backgrounds. As part of the increase in diversity efforts among US colleges, is a significant rise in the number of international students. Attracting international students has become a priority for U.S. universities regardless of size or location. This study examines the intersection between the structure of American educational environment and the blended identities of African Graduate Student Mothers. Within the context of contemporary diversity efforts in US educational institutions, this study examines both the structural environments and the socio-cultural constructs that affect the experiences of African graduate student mothers. Based on a qualitative research interview design, a total of nineteen African graduate student mothers at a Mid-Western University in the US were interviewed individually and in groups over a six weeks period. Results from this study show that apart from the difficult and often dehumanizing treatment African student mothers endure from immigration and consular officials in their various countries and ports of entry, they often find themselves at the margins of their various programs and departments with very little support if any. This is because most of them enroll into graduate programs after arriving as dependants of their spouses; a process that does not allow them to negotiate for departmental commitments and support prior to their arrival. Not only do these women face racial discrimination from white professors, staff and fellow students, but they also experience discrimination and hostilities from African Americans and other minority groups who see them as threats to the limited resources that are often set aside for minority groups in such institutions.

Nokia- The surprising success of textbook wisdom

What is the secret behind Nokia’s phenomenal success in mobile phones? More generally, how to succeed in a turbulent high technology market? Historical and comparative studies bring understanding not only about past phenomena, but also insights about current and coming ones. In this paper we compare Ford and General Motors in the 1920s and 1930s with Motorola and Nokia in the 1980s and 1990s. The insight from this comparison is how reinvention of the product, category, relative to the market incumbent’s market conceptualization, is a recipe for success. Nokia’s success in the 1990s was based on following the guidelines pioneered by General Motors in the 1920s: market segmentation, embracing the latest technological advances, and brand management in the pursuit of consumer repurchases. The article tells how Nokia addresses both GM’s legacy and changes in the business environment. At the end of our paper, we disuss the generalizability of our findings.

Sports sponsorship as a channel for brand engagement on social media

The purpose of this Mater’s Thesis was to examine how sports sponsorship can be used as a channel for brand engagement on social media. All these three concepts have been researched previously, however, up until now they have been studied separately. Therefore, the aim was also to investigate the interrelations between these three concepts, as there is a lack of academic base on the matter. The theory of the research was based on existing academic researches of social media, brand engagement and sports sponsorship. The empirical part of the research was conducted by utilizing quantitative research method. An online questionnaire was published on Facebook pages of two Liiga ice hockey teams. In the end the total sample consisted of 322 viable respondents. The collected data was analyzed by using statistical analysis software, SPSS. The findings of the empirical research reveal that information, enjoyment, personal identity, social interaction and compensation motivate consumers to engage with brands on social media. However, the behavior of consumers is more passive than active brand engagement. Personal identity and compensation serve as motivational reasons for brand engagement on both active and passive level, while the rest are only passive brand engagement. Besides motivation there are other variables that affect consumers. Support for the team reflects to brand engagement, which is passive brand engagement. The visibility of the brand during the event is linked to both active and passive brand engagement. Prior information of sports team and event and frequency of attendance can be linked only to active brand engagement. On the other hand, congruence between the team and brand reflects only to passive brand engagement.

Gestão de marcas e arranjos produtivos: A marca «vinho do Porto»

A gestão da marca, enquanto elemento distintivo organizacional, progressivamente, merece atenção especial no mundo dos negócios. Ativo intangível de especial significância cuja gestão profissional é essencial para a construção de sinergias com os objetivos organizacionais e implementação de estratégias de negócio. Este artigo tem como objetivo analisar características inerentes à gestão da marca “Vinho do Porto”, destacando a perspectiva da “marca-país” e relevância da gestão desta como vantagem competitiva, para o produto e país de modo geral, particularmente, num ambiente em que as externalidades positivas são estimuladas, no âmbito do arranjo produtivo. A coleta de dados baseou-se na observação – durante período de vivência em Portugal por um dos autores –, informações levantadas em Institutos relacionados ao Vinho do Porto, empresas comerciantes, e obras publicadas sobre o Vinho. A análise baseou-se em referencial relacionado à gestão de marcas, publicidade, posicionamento e clusters. Destacam-se os esforços das empresas na divulgação da marca no mercado global, Institutos envolvidos e até mesmo do governo, por se tratar de um produto não só gerador de muitos empregos diretos e indiretos, mas um efetivo instrumento de difusão da marca-país/Portugal, além fronteiras.

Beauty and personal care in mass market: A strategic analysis of perfumery and cosmetics at Sonae MC

Directed internship

The impact of event sponsorship on children’s brand image and purchase intentions: The mediator effects of product involvement and brand familiarity

Field lab in marketing: Children consumer behaviour

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

Development of a new wine tasting method based on emotional responses

Mestrado Vinifera Euromaster - Instituto Superior de Agronomia - UL

Looking back to move forward: the Dymaxion revisited

In 1933 and 1934 the visionary architect, designer, engineer and philosopher Robert Buckminster Fuller built three prototypes of a car he named the Dymaxion. Regarded as a ground breaking concept vehicle, the Dymaxion is arguably more relevant today than when it was conceived over eighty years ago. Although plans to manufacture were abandoned by Chrysler in 1933, the Dymaxion Car was considered the most fuel-efficient car of its time using less than half the amount of gasoline than any other car on the road. This was due to its meticulous design based on scientific first principles, power weight ratios and the laws of aerodynamics. The Dymaxion was spacious and easy to maneuver; it offered multi purpose use options with the passenger capacity of a modern people carrier and represented Buckminster Fuller's social responsibility mantra to create more with less. The brand narrative of the Dymaxion tells a story of sustainability and practicality that resonates with today's vehicle consumer market. The adage suggesting that there is reason why a car's windshield is bigger than its rear view mirror and implies that what lies ahead is much more important than anything behind you. Although this life metaphor acknowledges the importance of an occasional glace back this paper emphasises the strategic value of a precognitive, retrospective approach to design.

Dietary behaviours, impulsivity and food involvement: identification of three consumer segments

This study aims to (1) identify consumer segments based on consumers’ impulsivity and level of food involvement, and (2) examine the dietary behaviours of each consumer segment. An Internet-based cross-sectional survey was conducted among 530 respondents. The mean age of the participants was 49.2 ± 16.6 years, and 27% were tertiary educated. Two-stage cluster analysis revealed three distinct segments; “impulsive, involved” (33.4%), “rational, health conscious” (39.2%), and “uninvolved” (27.4%). The “impulsive, involved” segment was characterised by higher levels of impulsivity and food involvement (importance of food) compared to the other two segments. This segment also reported significantly more frequent consumption of fast foods, takeaways, convenience meals, salted snacks and use of ready-made sauces and mixes in cooking compared to the “rational, health conscious” consumers. They also reported higher frequency of preparing meals at home, cooking from scratch, using ready-made sauces and mixes in cooking and higher vegetable consumption compared to the “uninvolved” consumers. The findings show the need for customised approaches to the communication and promotion of healthy eating habits.

Re-imagining the literary brand

This paper argues that the industrial contexts of re-imagining, or transforming, literary icons deploy the promotional strategies that are associated with what are usually seen as lesser, or purely commercial, genres. Promotional paratexts reveal transformations of content that position audiences to receive them as creative innovations, superior in many senses to their literary precursors due to the distinctive expertise of creative professionals. Analysing Spielberg's film, The Adventures of Tintin (2011), and Andrew Motion's fictional continuation of Stevenson's Treasure Island, it argues that literary fiction and cinematic texts associated with celebrated authors or auteurist producer-directors share branding discourses characteristic of contemporary consumer culture.