Influência do risco de incumprimento nos retornos de capital

Sempre foi do interesse das instituições financeiras de crédito determinar o risco de incumprimento associado a uma empresa por forma a avaliar o seu perfil. No entanto, esta informação é útil a todos os stakeholders de uma empresa, já que também estes comprometem uma parte de si ao interagirem com esta. O aumento do número de insolvências nos últimos anos tem reafirmado a necessidade de ampliar e aprofundar a pesquisa sobre o stress financeiro. A identificação dos fatores que influenciam a determinação do preço dos ativos sempre foi do interesse de todos os stakeholders, por forma a antecipar a variação dos retornos e agir em sua conformidade. Nesta dissertação será estudada a influência do risco de incumprimento sobre os retornos de capital, usando como indicador do risco de incumprimento a probabilidade de incumprimento obtida segundo o modelo de opções de Merton (1974). Efetuou-se esta análise durante o período de Fevereiro de 2002 a Dezembro de 2011, utilizando dados de empresas Portuguesas, Espanholas e Gregas. Os resultados evidenciam uma relação negativa do risco de incumprimento com os retornos de capital, que é devida a um efeito momentum e à volatilidade. A par disso, também se demonstra que o tamanho e o book-to-market não são representativos do risco de incumprimento na amostra aqui utilizada, ao contrário do que Fama & French (1992; 1996) afirmavam.

As obrigações do tesouro e os Swaps de risco de incumprimento: análise da sua inter-relação aplicada ao caso português

Dissertação de mest., Finanças Empresariais, Faculdade de Economia, Univ. do Algarve, 2012

A eficiência na gestão de projectos em Portugal - Reflexão sobre o incumprimento dos objectivos fixados e sua consequências na viabilidade dos empreendimentos

Trabalho desenvolvido para a apresentação em Provas Públicas para atribuição do título de Especialista em Engenharia e Gestão Industrial

Prevenção e mitigação do risco de incumprimento mais eficaz na banca de retalho

O âmbito deste trabalho é o da prevenção e mitigação do risco de uma carteira de crédito de um Banco de retalho, com uma quota significativa no mercado Português. A antecipação de potencial incumprimento é crítica para a atuação atempada do Banco junto dos clientes. Pretendeu-se analisar o poder preditivo de uma base de informação exógena (a Central) que inclui as responsabilidades creditícias dos clientes do Banco no Sistema Financeiro Português. As principais fases deste trabalho consistiram na análise e estruturação da informação da Central, de modo a integrá-la com a do Banco, compreensão das condicionantes desta informação, nomeadamente o desfasamento temporal, e finalmente, no desenvolvimento de um modelo de scoring, compatível com os sistemas e tecnologias do Banco, e de modo a alavancar o processo existente.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

O incumprimento do contrato de crédito ao consumo pelo consumidor

Consumer relations, established between the Consumer and the Creditor, which carry a consequent inequality of contractual positioning between the parties, have been pushing the legislator to adopt more rigid regulations with regard to lending for the purchase of goods or services of consum issues. In this sense, the Decree-Law 359/91 was approved, meanwhile repealed by the Decree-Law 133/2009, which regulates the consumer credit agreement’s regime in the portuguese legal system. Through this contract, the financier makes available to the consumer a certain amount of money, which the consumer must repay, plus the respective remuneration (interest) and other charges, according to a refund plan agreed by the parties. The consumer will be in delay if he breaches this stipulation. In case of default, the creditor, notwithstanding, can choose to wait for the performance by the debtor, promote the loss of benefit of the term or the termination of the contract. From the outset it would seem that, in one way or another, the financier, by imposing a forced shortening of the contract duration initially agreed, will lose the right to remuneration for the provision of capital agreed, but not verified. Nevertheless, unlike presently, the previous regime allowed the parties to rule otherwise, being permitted to agree to the payment of interest of outstanding installments. On the other hand, in the consumer credit contract the principle of freedom of contractual provision of the parties is strongly mitigated by the special legislation, which prevents the waiver of rights by the consumer, and by the regime of general contractual terms, which restricts the freedom of the financier to stipulate the contractual content freely and the freedom of the consumer to negotiate. For all these reasons, associated with the growing need of credit resource to satisfy their needs of consumption, it is confirm the relevance of legislative intervention on consumers protection in the context of hiring credit.

Modelos de avaliação de hipotecas comerciais: soluções analíticas

Tese de dout., Gestão, Faculdade de Economia, Universidade do Algarve, 2005

A avaliação do risco de crédito bancário nas empresas do sector da construção

Dissertação de mest., Finanças Empresariais, Faculdade de Economia, Universidade do Algarve, 2005

Elaboração de um manual de gestão ambiental para autarquias: uma ferramenta para a sustentabilidade

O aumento da degradação ambiental, que se tem vindo a verificar ao longo dos anos tem conduzido a um despertar para as questões ambientais. Surge assim a necessidade, ao nível das organizações em geral, de integrar a gestão dos seus aspectos ambientais na sua gestão comum, pelo que a implementação de sistemas de gestão ambiental como mecanismo de auto-regulação, tem vindo a ser encarada pelas organizações como uma visão pró-activa, que além de evitar soluções dispendiosas de tratamento e eventuais multas por incumprimento legal, promove a eficácia económica das empresas e melhora continuamente o seu desempenho ambiental. Esta filosofia é já bastante comum nas empresas, sendo que a administração pública, e em particular o governo local, começou recentemente a dar os primeiros passos nesta matéria. Com este trabalho pretende-se criar um documento orientador para o Governo Local, no âmbito da implementação de um sistema de gestão ambiental. O presente documento constitui o relatório base onde é feito um enquadramento da temática ao nível do governo local, num contexto nacional e internacional, são enunciados os objectivos e explicada a metodologia inerente ao desenvolvimento do estudo; O segundo documento que constitui o estudo, é o Manual de Gestão Ambiental que contem uma abordagem da metodologia de implementação faseada de um sistema de gestão ambiental e possibilita a adopção de boas práticas ambientais, ao nível das actividades desenvolvidas nestas organizações. O manual pretende constituir uma base de orientação para as Autarquias locais, de forma que estas possam, através da metodologia proposta, reduzir os impactes ambientais associados às suas actividades e melhorar continuamente o seu desempenho ambiental.

Recreational shore fishing in southern Portugal: biological and socio-economic aspects and perspectives for management

Although overfishing is a concern for many fish stocks, it was for a long time only associated with commercial fishing exploitation, with less or no attention being given to the recreational fisheries. Recent research has shown however that the impact of recreational fishing on particular species can be considerable, and that the recreational harvest needs to be taken into account if fisheries are to be accurately assessed and effectively managed. In Portugal, the first recreational fishing regulations were only recently implemented. However, mirroring other European countries, regulations lacked scientific support, and specific knowledge of the activity was limited to a few studies with limited coverage. This thesis aimed to characterize the biological and socioeconomic aspects of the recreational shore angling activity in southern Portugal, to investigate whether the regulations in place were adequate and effective, and to provide recommendations for improved management and conservation of the inshore fisheries resources. A combined aerial-roving survey was conducted to gather data on fishing effort, catch, fishing trips and socioeconomic aspects (including anglers’ perceptions of regulations) of the recreational angling activity. The analysis of anglers’ catches suggested that compliance with daily bag limits was high, with less than 0.5% of creels exceeding the 10 kg angler-1 day-1 bag limit. Overall, 11.5% of the retained fishes were undersized, but non-compliance with minimum size limits was found to be high for some species (e.g. seabass, 73% undersized). In terms of the impact of recreational shore angling, the total estimated catches corresponded to less than 1% of the commercial landings for the same period (shared species). However, shore angling catches for white sea bream (Diplodus sargus) were found to be considerable, corresponding to 65% of the commercial landings (39.4% of total catch). In terms of anglers’ perceptions about the recreational fishing regulations in Portugal, the present study has shown that the majority of anglers accepted the existence of some kind of SRF regulations, but in general there was a partial or total disagreement with the recreational fishing restrictions recently put in place. Most anglers perceived themselves as not being involved in the decision-making process and claimed that some restrictions lacked a meaningful rationale (e.g. prohibition of fishing from piers/jetties). Fishers’ awareness with regard to specific aspects of the restrictions (such as the rationale for minimum size limits) was found to be very limited. During the same period, catches from sport fishing competitions were examined to test for differences with the recreational activity in terms of catches, and evaluate long term trends in catch and mean size of fish. Catches of the sport fishing competitions were found to be different from those observed for recreational fishing, being dominated by different species (e.g. garfish, mullets), and suggesting different fishing strategies of the the two types of anglers. High percentages of undersized fish were observed to be captured (and retained) during the competitions (in particular seabass, with 100% undersized), probably as a result of a single allowable minimum size (AMS) of 15 cm for all species in use in competitions. Lastly, catch and release fishing experiments were carried out to assess post-release mortality of three recreationally important species: two banded sea bream Diplodus vulgaris; black sea bream Spondyliosoma cantharus; and gilthead sea bream Sparus aurata. Post-release mortalities were found to be low (0-12%). The main predictor of mortality for Sparus aurata was anatomical hooking location, with 63% of the fishes that died being deeply hooked. The results support the release of fish, either from mandatory (e.g. minimum landing sizes) or voluntary practices. In summary, this thesis has demonstrated that the impact of recreational fishing for particular species is significant and needs to be taken into account for more effective management and stock assessment purposes. It has also highlighted several management issues that should be addressed in order to promote more adequate regulations in the future and prevent noncompliance issues. A periodic monitoring of the recreational fishing activity including all fishing modes (i.e. spear fishing, boat, and shore angling) would also be beneficial to ensure a timely knowledge on the global recreational fishing activity and support future management actions.

O Planeamento estratégico nos hospitais portugueses num contexto de austeridade: o caso particular dos Hospitais E.P.E.

Dissertação apresentada para obtenção do grau de Mestre em Contabilidade e Finanças Orientador: Professor Doutor José Freitas Santos

Risco de crédito num contexto de crise

Dissertação de Mestrado apresentado ao Instituto de Contabilidade e Administração do Porto para a obtenção do grau de Mestre em Contabilidade e Finanças, sob orientação do Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira