A gestão do risco de liquidez e a concessão de crédito durante os períodos de crise

Dissertação de Mestrado Apresentada ao Instituto Superior de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Doutor Mário Joel Matos Veiga de Oliveira Queirós.

Canada, a child's play

Science4you, a Portuguese developer, producer and seller of scientific and educational toys, leveraged the worldwide growth of this category to successfully expand its operations abroad. Following a recent entry into the United States market, the purpose of this report is to help the company define the next step in its international expansion. A customized scoring model, based on a set of relevant macro and micro-criteria was developed for Anglo-Saxon and Asian countries, yielding Canada as the market with the highest potential. The recommended entry mode is direct exporting via an independent distributor, being complemented with a financial and risk analysis.

L’affaire BCE et les devoirs des administrateurs lors d’une prise de contrôle

Depuis les dernières années, les marchés financiers ont été marqués par une volonté des investisseurs, dont les fonds d’investissement privés, de privatiser des sociétés publiques. Plusieurs fermetures de capital se sont matérialisées par des acquisitions par voie d’emprunt (aussi connues sous le nom « leverage buy-out »), en raison notamment des taux d’intérêt peu élevés, d’un crédit plus accessible et d’un certain resserrement de la réglementation applicable aux sociétés publiques. S’inscrivant dans ce contexte, le présent mémoire de maîtrise s’intéresse particulièrement à l’impact des jugements rendus dans le cadre du litige relatif à l’offre d’acquisition par voie d’emprunt de BCE inc. sur les conceptions traditionnelles des devoirs des administrateurs. Dans cette affaire, les détenteurs de débentures de la filiale à part entière de BCE inc., Bell Canada, se sont vigoureusement opposés à cette acquisition. Cette transaction, d’une envergure sans précédent dans l’histoire du Canada, a été scrutée jusqu’à la plus haute instance décisionnelle au pays quant à son caractère raisonnable et équitable et à son effet potentiellement oppressif envers les détenteurs de débentures. Cette étude abordera d’abord l’évolution de la jurisprudence du Delaware sur les devoirs des administrateurs, dans le contexte d’un changement de contrôle, juridiction phare en droit des sociétés aux États-Unis et source d’inspiration marquée en droit canadien. Ensuite, nous nous attarderons sur la position du droit canadien et sur un arrêt marquant rendu par la Cour suprême du Canada, dans l’affaire Peoples. Sur cette toile de fond, cette analyse sera complétée par un examen des motifs des décisions rendues par les trois instances judiciaires dans l’affaire BCE et une réflexion sur l’impact de ces décisions sur le droit des sociétés au Canada.

Les facteurs explicatifs de la réussite de l'intégration et de la rétention des infirmières diplômées hors Québec

De plus en plus d'intérêt est porté au recrutement d'infirmières formées à l’étranger dans plusieurs pays, surtout dans le contexte actuel de pénurie de ressources. Toutefois, il n’existe peu d’écrits sur leur expérience d’intégration ainsi que les facteurs favorisant leur rétention. L'objectif de cette thèse est d'explorer les facteurs explicatifs de la réussite de l'intégration et de la rétention des infirmières diplômées hors Québec (DHQ) dans le système de santé québécois. Cette étude s'est concentrée sur trois processus clefs, à savoir le programme de formation d'appoint, ou programme d'Intégration à la profession infirmière au Québec CWA0B0 (volet 1), la période de probation en emploi (volet 2) et la rétention en emploi des infirmières DHQ (volet 3). Afin d'explorer ceux-ci, un devis mixte, alliant entretiens individuels, groupes de discussion et questionnaires auto-administrés a été adopté. Ultimement, cette thèse a permis l'avancement des connaissances quant à l'intégration des professionnels de la santé immigrants. En effet, cette étude a permis de comprendre le processus d'intégration, définir les sous-processus qu'il sous-entend et proposer un modèle conceptuel adapté aux transitions qui leur sont associées. De surcroit, cette étude est la première à s'intéresser aux facteurs explicatifs de la réussite au programme de transition de pratique et à examiner les effets du recrutement actif sur l'intégration et la rétention à court et moyen terme des infirmières immigrantes. Enfin, elle explore la question de l'importance des différences de valeurs dans la réussite du processus d'intégration et de la rétention, arrivant au constat que leur importance a été largement surévaluée dans les études antérieures.

El impacto de los clusters basados en tecnología en el desarrollo regional: el caso del tecnopolo Futuroscope de Gran Poitiers

Un gran número de reconocidas ciudades en el mundo han llegado a niveles excepcionalesde desarrollo económico y social apalancadas por innovaciones de punta. Para laregión de Poitou-Charentes, en Francia, la presencia del parque de atracciones Futuroscopeen la ciudad de Poitiers se ha convertido en una importante atracción turística que actualmente propone una incógnita: ¿es esta infraestructura suficiente para considerar elGrand Technopole de Poitiers como un exitoso cluster de alta tecnología?Para conseguir las condiciones que permitan consolidar este cluster de alta tecnología, laregión debe tener la posibilidad de articular, gestionar y gobernar agresivas estrategias deinnovación.Con base en los resultados de un estudio sobre varias ciudades innovadoras de todo elmundo, se identificaron mecanismos básicos que permiten romper con los paradigmas convencionales del crecimiento, por medio de innovaciones revolucionarias que permitentener rendimientos de clase mundial, una marca de prestigio global y el estatus de polo éxitosode innovación tecnológica. Los resultados obtenidos muestran las características delos tecnopolos existentes, que deben de potencializarse para conseguir un posicionamiento de clase mundial para la región.

Determinantes de la estructura de capital en Colombia una aproximación de regresión por cuartiles

Con el objetivo de conocer la influencia de los diferentes niveles de apalancamiento en el crecimiento de las empresas colombianas, surge la necesidad de responder la siguiente pregunta: ¿qué determina la elección de estructura de capital de las firmas? La regresión por cuantiles permite examinar toda la distribución de las firmas y no solo una medida de la tendencia central de la distribución de la estructura de capital. De esta manera se puede evaluar la importancia relativa de las diferentes variables explicativas en diferentes puntos de la distribución del apalancamiento de las firmas. Razón por la cual se utilizará esta aproximación; sin embargo también se utilizará el método de regresión para datos de panel (también llamado datos longitudinales) con efectos aleatorios, para comparar resultados, esto teniendo en cuenta que los datos no sólo varían entre observaciones sino también en el tiempo. De esta manera, aplicar el método de regresión por cuantiles, permite darle una mirada más profunda a la elección del nivel de apalancamiento, pues permite discriminar el efecto de las variables entre firmas altamente apalancadas y bajamente apalancadas.

Uso estratégico de la deuda: un estudio a nivel de empresa para colombia 1995-2003

El presente trabajo intenta estimar si las empresas emplean estratégicamente la deuda para limitar la entrada de potenciales rivales. Mediante la metodología de Método Generalizado de Momentos (GMM) se evalúa el efecto que tienen los activos específicos, la cuota de mercado y el tamaño, como proxies de las rentas del mercado, y las barreras de entrada sobre los niveles de endeudamiento, a nivel de empresa para Colombia, durante 1995-2003. Se encuentra que las empresas utilizan los activos específicos para limitar la entrada al mercado y que el endeudamiento decrece a medida que las empresas aumentan su cuota en el mercado

Escola e valores ambientais. Que justificação? Que consequências?

A pressão exercida sobre o ambiente pelo homem a que se assiste desde 1950 potenciou uma crescente preocupação e tomada de consciência por parte da sociedade sobre as consequências das nossas ações sobre o ambiente. Esta tomada de consciência despoletou o surgimento dos primeiros movimentos verdes e proporcionou o inicio de cimeiras internacionais para avaliar a situação. Estes acontecimentos potenciaram também o surgimento da Educação ambiental como forma de sensibilizar a população e de reuni-la de novo com a natureza que a rodeia, incrementando valores pro-ambientais que com o tempo e com a interação de inúmeros outros fatores podem levar a comportamentos pro-ambientais. Este estudo vem da necessidade de perceber se os projetos de educação ambiental implementados nas escolas, neste caso o Eco Escolas, são preponderantes para o desenvolvimento de valores e como consequência de comportamentos pró-ambientais. Para tal aplicou-se em duas escolas, uma Eco Escola e outra não, um questionário em alunos do 3º ciclo e secundário para se tentar entender se esses valores existem e, em que medida, em termos comparativos, se são diferentes entre as escolas selecionadas e saber se influenciam positivamente comportamentos pró-ambientais. O nosso estudo prova que o desenvolvimento destes projetos são preponderantes para a consciencialização da população na temática do ambiente.

The simple macroeconomics of North and South in EMU. Bruegel Working Paper 2012/12, 30 July 2012

The euro area today consists of a competitive, moderately leveraged North and an uncompetitive, over-indebted South. Its main macroeconomic challenge is to carry out the adjustment required to restore the competitiveness of its southern part and eliminate its excessive public and private debt burden. This paper investigates the relationship between fiscal and competitiveness adjustment in a stylised model with two countries in a monetary union, North and South. To restore competitiveness, South implements a more restrictive fiscal policy than North. We consider two scenarios. In the first, monetary policy aims at keeping inflation constant in the North. The South therefore needs to deflate to regain competitiveness, which worsens the debt dynamics. In the second, monetary policy aims at keeping inflation constant in the monetary union as a whole. This results in more monetary stimulus, inflation in the North is higher, and this in turn helps the debt dynamics in the South. Our main findings are: •The differential fiscal stance between North and South is what determines real exchange rate changes. South therefore needs to tighten more. There is no escape from relative austerity. •If monetary policy aims at keeping inflation stable in the North and the initial debt is above a certain threshold, debt dynamics are perverse: fiscal retrenchment is self-defeating; •If monetary policy targets average inflation instead, which implies higher inflation in the North, the initial debt threshold above which the debt dynamics become perverse is higher. Accepting more inflation at home is therefore a way for the North to contribute to restoring debt sustainability in the South. •Structural reforms in the South improve the debt dynamics if the initial debt is not too high. Again, targeting average inflation rather than inflation in the North helps strengthen the favourable effects of structural reforms.

Behavioral economics, wearable devices, and cooperative games: results from a population-based intervention to increase physical activity

Background: Health care literature supports the development of accessible interventions that integrate behavioral economics, wearable devices, principles of evidence-based behavior change, and community support. However, there are limited real-world examples of large scale, population-based, member-driven reward platforms. Subsequently, a paucity of outcome data exists and health economic effects remain largely theoretical. To complicate matters, an emerging area of research is defining the role of Superusers, the small percentage of unusually engaged digital health participants who may influence other members. Objective: The objective of this preliminary study is to analyze descriptive data from GOODcoins, a self-guided, free-to-consumer engagement and rewards platform incentivizing walking, running and cycling. Registered members accessed the GOODcoins platform through PCs, tablets or mobile devices, and had the opportunity to sync wearables to track activity. Following registration, members were encouraged to join gamified group challenges and compare their progress with that of others. As members met challenge targets, they were rewarded with GOODcoins, which could be redeemed for planet- or people-friendly products. Methods: Outcome data were obtained from the GOODcoins custom SQL database. The reporting period was December 1, 2014 to May 1, 2015. Descriptive self-report data were analyzed using MySQL and MS Excel. Results: The study period includes data from 1298 users who were connected to an exercise tracking device. Females consisted of 52.6% (n=683) of the study population, 33.7% (n=438) were between the ages of 20-29, and 24.8% (n=322) were between the ages of 30-39. 77.5% (n=1006) of connected and active members met daily-recommended physical activity guidelines of 30 minutes, with a total daily average activity of 107 minutes (95% CI 90, 124). Of all connected and active users, 96.1% (n=1248) listed walking as their primary activity. For members who exchanged GOODcoins, the mean balance was 4,000 (95% CI 3850, 4150) at time of redemption, and 50.4% (n=61) of exchanges were for fitness or outdoor products, while 4.1% (n=5) were for food-related items. Participants were most likely to complete challenges when rewards were between 201-300 GOODcoins. Conclusions: The purpose of this study is to form a baseline for future research. Overall, results indicate that challenges and incentives may be effective for connected and active members, and may play a role in achieving daily-recommended activity guidelines. Registrants were typically younger, walking was the primary activity, and rewards were mainly exchanged for fitness or outdoor products. Remaining to be determined is whether members were already physically active at time of registration and are representative of healthy adherers, or were previously inactive and were incentivized to change their behavior. As challenges are gamified, there is an opportunity to investigate the role of superusers and healthy adherers, impacts on behavioral norms, and how cooperative games and incentives can be leveraged across stratified populations. Study limitations and future research agendas are discussed.

The trouble with income trusts

This paper sketches broadly the efficiency and equity effects of income trusts that make their use as a substitute for the direct holding of shares of a corporation problematic for tax policy purposes. The paper also considers the potential effectiveness of an equity recharacterization rule applicable to the high-yield junk debt that is the common feature of the basic income trust structure. The author suggests that this type of narrowly focused rule would be more target-efficient than other possible responses to income trusts, such as fundamental reform of the corporate income tax or the restrictions on the holding of trust units proposed in the 2004 budget. However, a principal difficulty in designing an equity recharacterization rule is ensuring that it applies equally to structures that realize the same effect as the basic income trust structure but do not use high-yield junk debt.
The author argues that income trusts are examples of tax-driven financial innovation in the sense that they replicate an existing set of securities and therefore have no nontax rationale. These securities are essentially redundant, and the innovative process of which they are a product does not constitute “genuine” financial innovation. This essential characteristic of income trusts distinguishes them from real estate investment trusts, which arguably do not present a tax policy problem (or at least not the same one). More particularly, income trust transactions are redundant in the sense that they do not complete capital markets by providing investors with a risk and return payoff profile that is otherwise unavailable. In the absence of any efficiency gains or desirable distributional effects associated with income trusts, the available tax benefit is the subject of a defensible government response intended to eliminate it. But without any clear evidence that income trusts are substituted generally for the corporate form, any response can defensibly be limited to a narrowly targeted one that introduces a “taxlaw friction” by shifting the debt-equity boundary that is the focus of the basic income trust structure. Because the precise dividing points along this boundary lack any obvious normative content, the suggested policy focus should be the development of a legislative response that redraws the debt-equity boundary in a manner that minimizes perceived efficiency losses otherwise associated with the use of income trusts.

Trust-By-Contract: Modelling, Analysing and Predicting Behaviour in Software Architectures

Architecture description languages (ADLs) are used to specify high-level, compositional views of a software application. ADL research focuses on software composed of prefabricated parts, so-called software components. ADLs usually come equipped with rigorous state-transition style semantics, facilitating verification and analysis of specifications. Consequently, ADLs are well suited to configuring distributed and event-based systems. However, additional expressive power is required for the description of enterprise software architectures – in particular, those built upon newer middleware, such as implementations of Java’s EJB specification, or Microsoft’s COM+/.NET. The enterprise requires distributed software solutions that are scalable, business-oriented and mission-critical. We can make progress toward attaining these qualities at various stages of the software development process. In particular, progress at the architectural level can be leveraged through use of an ADL that incorporates trust and dependability analysis. Also, current industry approaches to enterprise development do not address several important architectural design issues. The TrustME ADL is designed to meet these requirements, through combining approaches to software architecture specification with rigorous design-by-contract ideas. In this paper, we focus on several aspects of TrustME that facilitate specification and analysis of middleware-based architectures for trusted enterprise computing systems.

Leveraging the Commonwealth Games in Melbourne for community engagement: an examination of Equal First and the Adopt-a-Second-Team program

Event leverage provides information about what outcomes occur as a result of an event. Unlike event impact studies, event leverage analysis identifies why particular outcomes occurred, and the processes that can be used to optimise desired event outcomes. While research has been directed towards understanding how events can be leveraged to provide optimal economic outcomes for host communities, there is little research that examines social leverage within the context of events. The research presented in this paper is part of a larger study that investigated social leverage within the context of the 2006 Commonwealth Games, held in Melbourne, Australia. This paper presents preliminary results relating to two Victorian regions with regard to one the over-arching social policy, Equal First, and a subsidiary program called, Adopt-a-Second-Team. Participant observations and stakeholder interviews were employed to explore the development, operationalisation, implementation and outcomes of Equal First and Adopt-a-Second-Team. The results suggest that although each region achieved outcomes that were consistent with the directions of Equal First, each implemented the Adopt-a-Second-Team differently. The two case studies presented in this paper highlight that the model of implementation developed by the City of Port Phillip may provide a benchmark in social leverage of events. Implications for leveraging social impacts and managing social legacies of events through an approach that includes consideration of policy development and operationalisation from the event organising body and program implementation from the perspective of local community event organisers are discussed.

Content exploration for e-learning using XML Web services

Obtaining high quality content in an e-learning portal is critical to maximise the learning experience. For e-learning portals the content specialists are the publishers. Typically, publishers are nominated by portal administrators to make their content available to instructors. Instructors subsequently customise the portal by selecting content according to their requirements. The choice of content is limited to that provided by the publishers. This is a rigid system owing to the fact that instructors do not have access to an exhaustive range of content. We propose a system based on XML Web services which can be adopted by publishers in adherence with a number of emerging Web standards including SOAP and UDDI to disseminate their content. This system can be leveraged by portals to preview and subsequently acquire content which best suits the requirements as determined by instructors.

Building a corporate socially responsible brand : an investigation of organizational complexity

Past research has suggested that developing CSR linked brands is a complex activity that needs to consider the social issues being addressed as well as multiple facets of organisational activities. This paper proposes that organisational activities need to be considered at four different levels – corporate brand, product/line brands, location/functional activities and supply chain issues. The four activities are discussed and implications for developing CSR-leveraged brands are explored.