Introducing Corporate Reputation Continuity to Support Organizational Resilience Against Crises

As Corporate Reputation (CR) evolves into an important asset for organizations, crises and disasters stand as threats to the preservation of the reputation capital since they usually result to negative projections to their audiences and to problematic evaluations by their stakeholders. Viewing CR as the accumulated trust and positive evaluations of the stakeholders, this paper proposes a conceptual and normative framework for Reputation Continuity, which enhances the ability of organizations to preserve their reputation, instead of working for its recovery in the post-crisis period. In our approach, we propose a process of maintaining trusted links, instead of restoring them and establishing a reputation resilient organization, instead of one struggling to recover from reputation losses, after the crisis has emerged. Working closely with stakeholders during the crisis, injecting a sense of normality continuity through effective leadership and mitigating image problems are seen as critical concerns, alongside a set of managerial practices to be followed. Ultimately, it is argued that, the value-based and strategically integrated view of Business Continuity must be enhanced and supported by Reputation Continuity activities.

A eficácia da identidade visual do Novo Banco na perceção e associações semânticas à marca

A presente dissertação, no âmbito do mestrado de Línguas e Relações Empresariais, tem como objetivo aferir a perceção do público relativamente à identidade visual do Novo Banco, de modo a compreender se esta atuou eficazmente enquanto instrumento de comunicação no pós crise da instituição. Esta eficácia prende-se com a capacidade da identidade visual influenciar positivamente uma marca, promovendo o seu reconhecimento e visibilidade, bem como a diferenciação e o posicionamento positivo na mente do público. O processo de desmantelamento do Banco Espírito Santo, e posterior surgimento do Novo Banco, encontra-se associado a uma forte carga emocional. Por isso, com a intenção de avaliar com maior exactidão o impacto desta carga emocional inerente ao Novo Banco, foram estudadas, também, associações semânticas à marca, reveladoras do significado afetivo do público relativamente à organização. Para o cumprimento objetivo, foram delineadas bases contextuais e teóricas, que levaram à aplicação de um questionário que visou a obtenção de dados relativos, precisamente, à perceção do público geral. Os resultados sugerem que a identidade visual não foi uma resposta suficientemente eficaz dado que determinados componentes que a constituem não oferecem uma interpretação clara do que significam, originando baixos níveis de concordância. Contudo, os resultados mostram, ainda, que grande parte desta ineficácia deriva das consequências da crise no Banco Espírito Santo, ainda muito presentes na mente do público.

Atividade Bancária - Condicionantes do Crédito nos Particulares Caixa Leasing & Factoring – Instituição Financeira de Crédito, S.A

Mestrado em Contabilidade e Análise Financeira

Universities and Welfare States Coping with Permanent Financial Austerity: Pressures on (Competing) Public Institutions

A chapter linking universities and welfare states to permanent financial austerity can take a shorter or a longer historical perspective. This chapter looks further back (to the postwar expansion of European welfare states) to better understand future transformations of both public institutions. Their long-term sustainability problems did not start with the financial crisis of 2008 but have been growing since the 1970s (Schäfer and Streeck 2013; Bonoli and Natali 2012; Hay and Wincott 2012). Financial austerity is not a post-crisis phenomenon. As a concept, it was used in welfare state research at least a decade earlier, although it does not seem to have been used in higher education studies until recently. Two quotations bring us to the heart of the matter: welfare states and universities are currently changing under adverse financial conditions caused by an array of interrelating and mutually reinforcing forces and their long-term financial sustainability is at stake across Europe. The welfare state is a “particular trademark of the European social model” (Svallfors 2012: 1), “the jewel in the crown” and a “fundamental part of what Europe stands for” (Giddens 2006: 14), as are tuition-free universities, the cornerstone of intergenerational social mobility in Continental Europe. The past trajectories of major types of welfare states and of universities in Europe tend to go hand in hand: first vastly expanding following the Second World War, and especially in the 1960s and 1970s, and then being in the state of permanent resource-driven and legitimacy-based “crisis” in the last two decades. Welfare states and universities, two critically important public institutions, seem to be under heavy attacks from the public, the media and politicians. Their long-term sustainability is being questioned, and solutions to their (real and perceived) problems are being sought at global, European, and national levels.

Governed by the cycle : direct and inverted interest-rate sensitivity of emerging market corporate debt

An innovative approach to quantify interest rate sensitivities of emerging market corporates is proposed. Our focus is centered at price sensitivity of modeled investment grade and high yield portfolios to changes in the present value of modeled portfolios composed of safe-haven assets, which define risk-free interest rates. Our methodology is based on blended yield indexes. Modeled investment horizons are always kept above one year thus allowing to derive empirical implications for practical strategies of interest rate risk management in the banking book. As our study spans over the period 2002 – 2015, it covers interest rate sensitivity of assets under the pre-crisis, crisis, and post-crisis phases of the economic cycles. We demonstrate that the emerging market corporate bonds both, investment grade and high yield types, depending on the phase of a business cycle exhibit diverse regimes of sensitivity to interest rate changes. We observe switching from a direct positive sensitivity under the normal pre-crisis market conditions to an inverted negative sensitivity during distressed turmoil of the recent financial crisis, and than back to direct positive but weaker sensitivity under new normal post-crisis conjuncture. Our unusual blended yield-based approach allows us to present theoretical explanations of such phenomena from economics point of view and helps us to solve an old controversy regarding positive or negative responses of credit spreads to interest rates. We present numerical quantification of sensitivities, which corroborate with our conclusion that hedging of interest rate risk ought to be a dynamic process linked to the phases of business cycles as we evidence a binary-like behavior of interest rate sensitivities along the economic time. Our findings allow banks and financial institutions for approaching downside risk management and optimizing economic capital under Basel III regulatory capital rules.

Three essays on the interest rate cruve multiplicity in the interbank market

Esta tesis lleva por título ”Tres ensayos sobre la multiplicidad de curvas de tipos de interés en el mercado interbancario” y está compuesta por tres artículos de investigación independientes en los que se analiza la evolución de los diferenciales del mercado interbancario del Euro en el periodo post-crisis. El objetivo es obtener información embebida en las cotizaciones de estos diferenciales emplenado distintas metodologías e identificar las variables que subyacen al fenómeno de la multiplicidad de curvas, caracterizando el papel que juegan a la hora de explicar esta evolución. El análisis se realiza según una aproximación cercana a la práctica de mercado (Capítulo 2), siguiendo técnicas de valoración de activos (Capítulo 3) y finalmente considerando métodos econométricos (Capítulo 4). El Capítulo 2, que incluye el primer ensayo, se centra en la evolución dinámica de las distintas curvas de tipos de interés surgidas a raíz de la crisis -diferenciadas por la periodicidad de pago del tipo de interés subyacente- a través del estudio de sus diferenciales respecto a la curva overnight. La metodología empleada es similar a la de Diebold and Li (2006) y se resume en tres factores principales que se interpretan como nivel, pendiente y curvatura. El análisis de componentes principales de estos factores para distintas periodicidades muestra que existen patrones comunes entre los factores de las diferentes curvas, en particular el primer componente principal explica el 90% de su variación. El estudio de los determinantes de estos factores revela importantes conclusiones sobre las fuentes de este patrón. En concreto, se observa que el nivel tiene una relación muy importante con el riesgo de crédito. Asimismo, el estudio del contenido informacional de los errores residuales del modelo -mediante el cómputo de la medida de ruido de Hu et al. (2013)- nos lleva a concluir que estos residuos tienen relación con la liquidez. El análisis de estos datos empleando téncicas VAR refuerza estos resultados...

The 'Arc of prosperity' revisited: Homelessness policy change in north western Europe

This paper compares continuity and change in homelessness policy in Ireland, Scotland and Norway with a particular focus on the period of post-crisis austerity measures (2008-2016). The analytical approach draws on institutional theory and the notion of path dependency, which has rarely been applied to comparative homelessness research. The paper compares welfare and housing systems in the three countries prior to presenting a detailed analysis of the conceptualisation and measurement of homelessness; the institutions which address homelessness; and the evidence of change in the post-2008 period. The analysis demonstrates that challenges remain in comparing the nature of homelessness and policy responses across nation states, even where they have a number of similar characteristics, and despite some EU influence towards homelessness policy convergence. Similarly, national-level homelessness policy change could not be interpreted as entirely a result of the external shock of the 2008 general financial crisis, as existing national policy goals and programmes were also influential. Overall, embedded national frameworks and institutions were resilient, but sufficiently flexible to deliver longer term policy shifts in response to the changing nature of the homelessness problem and national policy goals. Institutionalism and path dependency were found to be useful in developing the comparative analysis of homelessness policy change and could be fruitfully applied in future longitudinal, empirical research across a wider range of countries.

Post-neoliberal electricity market ‘re-reforms’ in Argentina: Diverging from market prescriptions?

This paper focuses upon the policy and institutional change that has taken place within the Argentine electricity market since the country’s economic and social crisis of 2001/2. As one of the first less developed countries (LDCs) to liberalise and privatise its electricity industry, Argentina has since moved away from the orthodox market model after consumer prices were frozen by the Government in early 2002 when the national currency was devalued by 70%. Although its reforms were widely praised during the 1990s, the electricity market has undergone a number of interventions, ostensibly to keep consumer prices low and to avert the much-discussed energy ‘crisis’ caused by a dearth of new investment combined with rising demand levels. This paper explores how the economic crisis and its consequences have both enabled and legitimised these policy and institutional amendments, while drawing upon the specifics of the post-neoliberal market ‘re-reforms’ to consider the extent to which the Government appears to be moving away from market-based prescriptions. In addition, this paper contributes to sector-specific understandings of how, despite these changes, neoliberal ideas and assumptions continue to dominate Argentine public policy well beyond the postcrisis era.

Inversión extranjera directa en la Argentina: crisis, reestructuración y nuevas tendencias después de la convertibilidad

Incluye Bibliografía

Inversión extranjera directa en la Argentina. Crisis, reestructuración y nuevas tendencias después de la convertibilidad

Incluye Bibliografía

La innovación en la Argentina post-devaluación. Antecedentes previos y tendencias a futuro

Incluye Bibliografía

Presupuestar en Argentina, antes y después de la crisis de la deuda pública: enseñanzas, posibilidades y recomendaciones

Incluye Bibliografía