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- Manual para a elaboração de dissertaçõesPublication . Ferro, Maria João; António, Sofia Delgado1. INTRODUÇÃO; 2. PROCEDIMENTOS DE ENTREGA DA DISSERTAÇÃO; 3. ESTRUTURA DA DISSERTAÇÃO; 4. FORMATAÇÃO; 5. CITAÇÕES; 6. CONCLUSÃO; BIBLIOGRAFIA; APÊNDICES
- Risk Management, The Subprime Crisis and Finance-Dominated Capitalism: What Went Wrong? A Systematic Literature ReviewPublication . Barradas, Ricardo; Lagoa, Sérgio; Leão, EmanuelThis chapter is concerned with the implications of both visions of finance for risk management. The mainstream view argues that, as finance grows, risk management becomes more efficient and therefore ensures the diversification and control of risk. In contrast, the financialization approach is sceptical about the finance sector’s capacity to manage risk effectively. We review the literature to assess the role of risk management in the subprime crisis in order to evaluate which of the two aforementioned visions prevails and which is more persuasive. This chapter is concerned with the implications of both visions of finance for risk management.
- Are socially responsible firms an asset classPublication . Arraiano, Irene Guia; Miralles-Quirós, María del Mar; Miralles-Marcelo, José LuísSocially Responsible Investment (SRI) has grown enormously in recent years. In this context, the aim of this study is to examine whether this kind of firms are "an asset class" in European markets. To that end, we analyze the risk-adjusted returns and risk sensibilities of these firms in ten markets over the 2001-2013 period considering three alternative criteria. Our overall results show that socially responsible firms are an asset class in all markets analyzed with all criteria. However, our results reveal the existence of market singularities that should be considered in future research, especially between the German and Nordic markets.
- Conservatism, secrecy, and the SMEs' financing optionsPublication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, JoaquínThis chapter aims to examine the financing options of the managers/owners of SMEs (small and medium-sized companies) from a point of view that incorporates cultural values, namely, conservatism and secrecy. Data were collected with the use of a questionnaire conducted for managers/owners of a sample of 1,629 Portuguese SMEs, and with the use of accounting and financial information from the period 2009-2011. 438 managers/owners provided valid answers, corresponding to a response rate of 27%. Using multivariate regression techniques as a basis, the results showed that a significant number of managers/owners supported the negative relationship between conservatism/secrecy and the business financing options associated with a higher risk (debts with costs). The results also showed that a more significant number of managers/owners of national SMEs choose sources of financing in light of the pecking order theory.
- Derivative-based Treatment of Interest Rate Risk and Credit Risk for Economic Capital Management.Publication . Gubareva, MariyaThis chapter addresses interest rate risk and credit risk assessment in banking books of financial institutions by the comprehensive method employing decade long historical data on derivative instruments such as interest rate swaps (IRS) and credit default swaps (CDS). The proposed method allows for integrated approach to interest rate and credit risk assessment as well as for measuring risks separately. To analyze the interrelation between interest rate and credit risk, IRS rates and CDS spreads are used as proxies for the interest rate risk and credit default risk related components in bonds yields. Then, the economic capital for banking book is modeled following individual and integrated approach to quantification of capital requirements for interest rate and credit risk. Capital-wise elasticity of interest rate risk and credit risk is assessed and analyzed through the prism of economic capital quantification for pre-crisis and post-crisis conditions. Economic capital for modeled fixed-income portfolio consisting of emerging market sovereign bonds is assessed. It is empirically demonstrated that such cross-risk elasticity is a function of the considered time windows and, hence, depends on the phases of business cycle; either expansion or contraction, as they affect risk-free interest rate level, creditworthiness of obligors, and other parameters which in their turn influence IRS rates and CDS spreads. Analyzing historical behavior of elasticity between interest rate and credit risk, potential hedge strategies against downside risk are proposed. They are based either on IRS or CDS contracts, or on a joint usage of both IRS and CDS instruments. Possible outcomes of such strategies from the point of view of economic capital optimization are discussed. Additionally, a comparison of the proposed derivative-based integrated approach with a bond yield-based historic VaR approach, widely employed in banking sector, is performed. The chapter discusses a regulatory perspective of interest rate and credit risk integration. Analyzing such risk integration results and focusing on diversification versus compounding effects this study represents a long needed attempt to define a common basis for discussion between banking industry and financial markets regulators. Examining rules for asset sensitivity or non-sensitivity to interest rate and providing an integrated treatment of interest rate and credit risk potentially allows for optimizing bank economic capital and unleashing resources for real economy. This research contributes to the discussion on the cross-geographies alignment of methodologies under Basel III capital accord. It potentially allows financial institution to improve their risk assessment and capital management.
- The Long Boom and the Early Bust: The Portuguese Economy in the Era of FinancialisationPublication . Barradas, Ricardo; Mamede, Ricardo; Lagoa, Sérgio; Leão, EmanuelThis chapter expands the authors’ previous work on the Portuguese financial system’s evolutions in the past three decades. In that work they extensively documented the various signs of financialisation in the Portuguese economy. Now the authors focus on the effects of financialisation in Portugal on the long-run macroeconomic development and on the financial and economic crises that hit the country in recent years. The chapter is divided in four main sections. Section 11.2 discuss the main features of the development of the Portuguese economy since the early 1980s. Section 11.3 builds an analysis by looking in greater detail at four different channels through which financialisation affects the evolution do the Portuguese economy: income distribution, investment in capital stock, private consumption and the current account. Section 11.4 addresses the crisis and section 11.5 presents the conclusions.
- Three essays on the culture and professional judgment in AccountingPublication . Texeira Fernandes Justino, Maria Do Rosário; Albuquerque, Fábio; Texeira Quirós, JoaquínThree essays on the culture and the professional judgment is a book composed by three different papers, which were written by several authors who can be also considered this book’s authors. Despite their previous publication in different journals, we have decided to gather them in this project in order to present different perspectives of this theme in a single document. The first one presents one example of the Gray’s (1988) model application using the data extracted from the comment letters received by the International Accounting Standards Board (IASB) in the scope of a review process of the International Accounting Standard (IAS) 39 - Financial Instruments: Recognition and Measurement. The second makes use of a survey and intends to demonstrate how the financial statements can be differently presented according to the professional judgement. Finally, the main aspect to be highlighted regarding the third paper is the focus on the decision in terms of the financing options from the perspective of the owners of the Small and Medium-sized (SMEs) entities. Data from annual account reports and a survey were jointly used within this empirical research. The criterion for the selection made for this book were based on the differences in terms of the underlying issues as well as the different methodological approaches.
- Os métodos alternativos de resolução de conflitos tributáriosPublication . Nicolau Domingos, FranciscoDo Prefácio: "Na certeza de que, como dizia Burke, tributar e agradar não é acessível aos homens, assim como o não é amar e ter juízo. Pese embora a fatalidade com que esta verdade perene se nos apresenta, não podemos deixar de continuar a refletir sobre como melhorar os instrumentos de que dispomos, para que os direitos reclamados sejam rapidamente definidos e para que a cada um seja pedido conforme os seus haveres, pois só assim se torna denso um princípio e um sentido de justiça que nos é caro: todos devem pagar os impostos que lhes sejam devidos na medida exata da expressão do seu poder económico. Eis, pois, em essência, o particular valor desta belíssima reflexão, que aqui publicamente se apresenta."
- Evolution of the financial sector - Three different stages: repression, development and financialisationPublication . Barradas, RicardoThis chapter makes a systematic literature review on the evolution of the financial sector in the last decades all over the world, but especially in the more developed countries. This evolution was marked by three different stages, reflecting different impacts of the financial sector on the real economy and on society. The first stage financial repression is characterised by the existence of several regulations and restrictions on the financial sector, which proved to be detrimental to support economic growth. This legitimised the financial liberalisation and deregulation of the financial sector in the recent years, representing the second stage financial development. Consequently, there was a strong growth of the financial sector in subsequent years, originating an excessive financial deepening and casting doubts around the advantages provided by the financial sector. In fact, excessive financial deepening weakened or reversed the relationship between savings and investments. The large growth of the financial sector and its deleterious effects are commonly referred as financialisation, constituting the third stage. The chapter concludes that it is necessary to engage in a fourth stage in the coming years de-financialisation in order to re-establish a more supportive relationship between the financial sector and economic growth and presents several policy recommendations about this matter.
- Empresas privadas e municípios: dinâmicas e desempenhosPublication . Freitas, Ernesto; Tavares, José; Santos, João Pereira dosEste estudo aborda uma questão complexa e de suma relevância: conhecer de que forma a atuação das instituições municipais está associada ao nascimento, desempenho e morte das empresas privadas. A resposta que oferecemos recorre a um conjunto de dados muito alargado, em muitos casos tornados disponíveis e examinados de forma exaustiva pela primeira vez. Pretendemos contribuir para o conhecimento da relação entre municípios e atividade empresarial com uma abordagem ao mesmo tempo sugestiva e promotora do debate público. Julgamos poder apresentar quatro tipos distintos de contribuições. Em primeiro lugar, um retrato. A descrição, no espaço e ao longo do tempo, de uma paisagem municipal muito variada em termos de dinâmica e desempenho empresarial. Uma segunda contribuição é a divulgação e exposição de um conjunto de associações documentadas entre indicadores de contexto e as instituições municipais, por um lado, e a experiência das empresas privadas, por outro. Em terceiro lugar propomos testes concretos da relação causal entre instituições, dinâmica e desempenho das empresas. Isolamos e identificamos, de entre o extenso rol de informação, mecanismos concretos de causa e efeito. Por último, apresentamos vários rankings de eficiência institucional dos municípios portugueses, apropriadamente corrigidos para diferentes fatores de contexto. Uma ressalva, evidente mas necessária: o propósito das instituições públicas nunca se poderá reduzir à promoção da dinâmica empresarial privada ou sequer do crescimento económico. O equilíbrio entre progresso e equidade talvez nunca tenha sido tão urgente entre nós, portugueses. Mas a crise económica reacendeu no nosso País a urgência de oferecer oportunidades decentes de progresso a todos os seus cidadãos. Este trabalho é a nossa contribuição para entender como a variedade social, económica e institucional dos municípios portugueses pode estabelecer uma relação virtuosa com a vida das empresas e, por extensão, promover a prosperidade futura dos portugueses.