Does orthogonalization really purge equity based property valuations of their general stock market influences?

This paper uses a recently developed nonlinear Granger causality test to determine whether linear orthogonalization really does remove general stock market influences on real estate returns to leave pure industry effects in the latter. The results suggest that there is no nonlinear relationship between the US equity-based property index returns and returns on a general stock market index, although there is evidence of nonlinear causality for the corresponding UK series.

Bureaucratic, corporate/market and network governance : shifting spaces for gender equity in education

Education as a field of policy, research and practice has been reconfigured over four decades by economic, social and cultural globalization in conjuncture with neoliberal policies premised upon markets and new managerialism. One effect has been shifting boundaries between, and understandings of what constitutes the public and the private with regard to the role of the state vis-á-vis the formation of gendered subjectivities and civil society and the gendering of public– private relations in and between family and work. Drawing on feminist readings of Bourdieu and critical policy sociology, I consider the implications of a move from bureaucratic educational governance framed by state welfarism to corporate or market governance framed by the post-welfare state, and consider whether particular constructions of globalization and corporate/market governance lead to network governance. Network governance, it is argued, is premised on new forms of sociality and institutional reconfigurations of knowledge-based economies and a spatialized state that coordinates rather than regulates multiple public– private providers. The question is how each mode of governance frames various possibilities and problems for gender equity in education.

Basel risk weights, asset correlations, and book-to-market equity: evidence from Asian countries

We examine the effect of firm book-to-market equity values (BE/ME) on asset correlations which play an important role in determining risk weights under the current Basel capital requirements. Using firms in China, Hong Kong, Japan, Korea, Singapore and Taiwan over a sample period from 1988 to 2013, we find that BE/ME has a negative effect on asset correlations. This suggests a role for BE/ME as an additional factor in determining asset correlations, and thus risk weights, also potentially reducing incentives for regulatory capital arbitrage.

Toward convergence? The brazilian stock market concentration and the role of private equity in its diversification

Using quantitative data obtained from public available database, this paper discusses the difference between of the Brazilian GDP and the Brazilian Stock Exchange industry breakdown. I examined if, and to what extent, the industry breakdowns are similar. First, I found out that the Stock Exchange industry breakdown is overwhelming different from the GDP, which may present a potential problem to asset allocation and portfolio diversification in Brazil. Second, I identified an important evidence of a convergence between the GDP and the Stock Exchange in the last 9 years. Third, it became clear that the Privatizations in the late 90’s and IPO market from 2004 to 2008 change the dynamics of the Brazilian Stock Exchange. And fourth, I identified that Private Equity and Venture Capital industry may play an important role on the portfolio diversification in Brazil.

Health benefits guarantees in Latin America: equity and quasi market restructuring at the beginning of the millennium

Includes bibliography

Educational and professional background and success in the labor market: the case of Portuguese immigrants in the Netherlands

The aim of this paper is to describe the relationship between educational and professional occupation trajectories of Portuguese immigrants in The Netherlands. To this end, the sample used comprises Portuguese immigrants that arrived in The Netherlands in two periods which represent the highest influx of immigrants: around the years 1966 and 2002. The analysis of the data shows a strong relationship between the level of professional education and the level of professional occupation. Furthermore, some exceptions to the generalizations found show that in service training may lead to an improvement of the possibilities to ascend regarding the level of professional occupation.

Equity Markets, the Money Market, and Long-Run Monetary Neutrality

This paper outlines a process for teaching long-run neutrality of money, drawing an analogy between equity markets and the money market. The key points in the discussion include the following: (1) What is the price of money? (2) Why does the long-run demand for money trace out a rectangular hyperbola? (3) Why does the slow adjustment of goods and service prices to changes in the stock of money lead to a different short-run demand for money? and (4) Why does a successful currency reform generate similar short-run movements in the price of money as movements in equity share prices after a change in the supply of shares? I have used this approach successfully for over 30 years at all levels, wherever I need to discuss the money market in a macroeconomic model.

Return of Equity Issues in the Spanish Stock Market from the Investor’s Perspective, during the 1997-2012 Period

Is it profitable for an investor, from a risk-return perspective, to acquire a stake in a quoted company when a capital increase is announced? This paper analyses the return obtained from the investment in equity issues with cash contribution and pre-emptive rights, aimed at funding corporate activities: acquisitions, investments in new facilities and/or strengthening the balance sheet of the companies undertaking the equity issue. During the 16 years covered by the study, the results show a negative average excess risk-adjusted return of almost 5%, from the moment that the equity offer is announced until the completion of the preferential subscription period. To obtain this excess return, the difference between the nominal Internal Rate of Return (IRR) and the expected return, using the CAPM, is computed for each equity issue. The intention behind this method is to eliminate the effects of time and any other possible effect on the stock price during the period of the analysis.The results from this article are consistent with the Pecking Order theory for the Spanish Stock Market also six months after the preferential subscription period. However, there is a positive return after three months.

Salt content of processed foods available in the Portuguese market

Evidence suggests that current levels of salt consumption across Europe are linked with several chronic diseases. In recent decades, high blood pressure has increased, together with the consumption of processed foods. World Health Organization (WHO) recommends a salt intake of less than 5 g/day for the prevention of cardiovascular disease. The aim of this study was to evaluate the salt content of processed foods available in the Portuguese market and to compare the determined values with the recommended daily intake established by WHO. Categories of processed foods that contribute to a higher intake of salt were identified: pastry, bakery, fast-food, snacks, ready-to-eat meals, nuts, seeds, soups, cereals, sauces, patties, among others. Between 2013 and 2015, 267 processed food samples were acquired in food chains and restaurants from Lisbon region (Portugal) and the salt content was quantified using Charpentier-Volhard method. High amounts of salt were quantified in the analysed processed foods, namely snacks, fast-food, patties, meals and bakery products. If we consider one portion of a curd cheese pie (193 g), the intake of salt can reach 45% of the recommended value. For snacks, regular portion size is 35 g. One portion of a salty snack can contribute with 31% of the salt recommended daily intake. Up to now food industry has developed efforts to decrease the salt content of some food products, namely bread. However, there still exist foods with high salt content and from a nutritional point of view this should be a priority area of intervention. The obtained results are an effective assessment of current salt content in foods which will be important for further reformulation strategies and to monitor progress in the next years.

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.