Browsing by Issue Date, starting with "2011-07"
Now showing 1 - 10 of 75
Results Per Page
Sort Options
- The risk-return trade-off in Europe: A temporal and cross-sectional analysisPublication . Aragó, Vicent; Salvador, EnriqueThis paper analyzes the risk-return trade-off in European equities considering both temporal and cross-sectional dimensions. In our analysis, we introduce not only the market portfolio but also 15 industry portfolios comprising the entire market. Several bivariate GARCH models are estimated to obtain the covariance matrix between excess market returns and the industrial portfolios and the existence of a risk-return trade-off is analyzed through a cross-sectional approach using the information in all portfolios. It is obtained evidence for a positive and significant risk-return trade-off in the European market. This conclusion is robust for different GARCH specifications and is even more evident after controlling for the main financial crisis during the sample period.
- Avaliação da performance empresarial: o economic value added (EVA®) e a sua relação com o valor da empresaPublication . Duarte, Susana Cristina Jesus dos Santos; Caldeira, Carlos Alberto CabritoActualmente, o conceito de criação de valor ainda é incerto para muitos decisores, não apenas em relação ao seu significado mas também quanto à melhor forma de avaliação. A ideia principal subjacente aos modelos que avaliam o desempenho empresarial, baseados na criação de valor, é que as empresas só conseguem criar valor se o rendimento obtido do capital investido for superior ao seu custo. Nesta perspectiva, foram desenhados vários modelos e indicadores (tradicionais e baseados no valor) que permitem avaliar a performance da empresa e, consequentemente, saber se está a criar ou a destruir valor. Assim sendo, o objectivo desta dissertação é analisar alguns desses indicadores, nomeadamente, o Economic Value Added (EVA®), o Return on Investment (ROI), entre outros, e perceber qual apresenta uma melhor relação com o valor da empresa. Por outro lado, pretendemos também analisar se há supremacia, no poder explicativo da evolução do valor de mercado, dos indicadores baseados no valor em relação aos indicadores tradicionais. O desenvolvimento deste estudo baseou-se em 23 empresas que fazem parte do PSI geral. O resultado observado foi que, na realidade, há correlação inversa entre o EVA® e o valor de mercado das empresas do mercado Português.
- Shareholder wealth creation in response to announcements of acquisitions of unlisted firms: Evidence from SpainPublication . Farinós, José E.; Herrero, Begoña; Latorre, Miguel A.We investigate shareholder value creation of Spanish listed firms in response to announcements of acquisitions of unlisted companies and compare this experience to the purchase of listed firms over the period 1991–2006. Similar to foreign markets, acquirers of listed targets earn insignificant average abnormal returns, whereas acquirers of unlisted targets gain significant positive average abnormal returns. When we relate these results to company and transaction characteristics our findings diverge from those reported in the literature for other foreign markets, as our evidence suggests that the listing status effect is mainly associated with the fact that unlisted firms tend to be smaller and lesser–known firms, and thus suffer from a lack of competition in the market for corporate control. Consequently, the payment of lower premiums and the possibility of diversifying shareholders’ portfolios lead to unlisted firm acquisitions being viewed as value–orientated transactions.
- Model risk in the pricing of exotic optionsPublication . Marabel Romo, Jacinto; Crespo Espert, José LuisThe growth experimented in recent years in both the variety and volume of structured products implies that banks and other financial institutions have become increasingly exposed to model risk. In this article we focus on the model risk associated with the local volatility (LV) model and with the Variance Gamma (VG) model. The results show that the LV model performs better than the VG model in terms of its ability to match the market prices of European options. Nevertheless, both models are subject to significant pricing errors when compared with the stochastic volatility framework.
- Variáveis psicológicas e percepção do estado de saúde em indivíduos submetidos a ressincronização cardíacaPublication . Nave Leal, ElisabeteA insuficiência cardíaca afecta cerca de 261 mil pessoas em Portugal constituindo um problema de saúde pública. Pretendemos avaliar aspectos associados à recuperação do estado de saúde nesta síndrome, em particular a esperança, o afecto e a felicidade. Recorremos a um estudo longitudinal com 128 indivíduos sintomáticos com má fracção de ejecção do ventrículo esquerdo. Utilizámos um questionário para caracterizar os aspectos sóciodemográficos, clínicos e funcionais, o Kansas City Cardiomiopathy Questionnaire (KCCQ) para avaliar a qualidade de vida, a Subjective Hapiness Scale (SHS) para a felicidade, a HOPE Scale (HOPE) para a esperança e a Positive And Negative Afect Schedule (PANAS) para o afecto. Os questionários de caracterização sócio-demográfica, clínica e funcional, KCCQ e o SHS foram aplicados em três momentos: no internamento, prévio à instituição de terapêutica médica na sua totalidade e ao terceiro e sexto mês após a intervenção médica, na consulta externa. A maioria dos participantes eram homens em classe III da classificação da New York Heart Association com etiologia isquémica. No internamento e antes da terapêutica médica, observámos que a esperança, a felicidade e o afecto se relacionaram com a qualidade de vida, a felicidade e o afecto positivo com a esperança. No período avaliado foram submetidos a: terapia de ressincronização cardíaca (n=52), cardioversor-desfibrilhador implantável (n=44), cirurgia valvular com revascularização do miocárdio (n=14), optimização terapêutica farmacológica (n=10), transplante cardíaco (n=8). Foram significativos os resultados da qualidade de vida, da classificação da New York Heart Association, do exercício físico, da fracção de ejecção do ventrículo esquerdo e das arritmias cardíacas (estrasístoles e taquicardias ventriculares). A felicidade foi preditora da qualidade de vida e da funcionalidade. O afecto negativo foi preditor da satisfação com a insuficiência cardíaca. Concluímos da importância das variáveis positivas a par dos procedimentos médicos no tratamento das pessoas com insuficiência cardíaca. ABSTRACT - Heart failure affects about 261 000 people in Portugal constituting a public health problem. We intend to evaluate aspects of the health recovery in this syndrome, in particular hope, affection and happiness. We used a longitudinal study with 128 symptomatic patients with poor ejection fraction of left ventricle. We used a questionnaire to characterize the socio-demographic, clinical and functional aspects, the Kansas City Cardiomiopathy Questionnaire (KCCQ) to assess the quality of life, the Subjective Happiness Scale (SHS) for happiness, the HOPE Scale (HOPE) for hope and the Positive And Negative Affect Schedule (PANAS) for affection. The questionnaires of sociodemographic, clinical and functional KCCQ and SHS were applied on three occasions: on admission, prior to the execution of medical therapy in its totality and in the third and sixth months after medical intervention in the outpatient. Most of the participants were men in Class III New York Heart Association classification with ischemic etiology. At admission and before medical therapy, we observed that the hope, happiness and affection were related to the quality of life, happiness and positive affect with hope. Over the studied period were submitted to: cardiac resynchronization therapy (n=52), implantable cardioverter-defibrillator (n=44), valvular surgery with coronary artery bypass graft surgery (n=14), optimizing drug therapy (n=10), heart transplant (n=8). The significant results were the quality of life, the New York Heart Association classification, the exercise, the ejection fraction and left ventricular cardiac arrhythmias (ventricular tachycardia and estrasistoles). Happiness was a predictor of quality of life and functionality. The negative affect was a predictor of satisfaction with heart failure. We concluded that the positive variables and the medical procedures were important in treating people with heart failure.
- Prevalência de lesões músculo-esqueléticas ligadas ao trabalho (LMELT) em higienistas orais: contributo para a saúde e segurança no local de trabalhoPublication . Duarte, Maria de Fátima A.; Serranheira, FlorentinoApesar das lesões músculo-esqueléticas ligadas ao trabalho (LMELT) se encontrarem entre as doenças profissionais mais prevalentes nos higienistas orais, não se conhece nenhum estudo que avalia esta problemática nos profissionais Portugueses. O presente estudo investigou a prevalência de sintomas de LMELT nos higienistas orais, procurando relações com as actividades mais frequentes. Um questionário de auto-preenchimento foi distribuído a 415 higienistas orais, obtendo-se uma taxa de resposta de 61,2%. Os sintomas de LMELT mais referidos estão ao nível do pescoço (52%), punho/mão (47,8%), zona dorsal (45,2%), lombar (44,5%) e ombro (40,9%). Apesar de existirem algumas associações significativas ao nível da parte superior do corpo, somente a variável género apresentou associação significativa forte com a variável 'qualquer sintoma em qualquer localização' (p=0,001). Este estudo sugere que as LMELT são um problema entre os higienistas orais portugueses. Mais estudos serão necessários para melhor compreender esta problemática e estabelecer estratégias preventivas que ajudem a minimizar o seu impacto. ABSTRACT - Despite work-related musculoskeletal disorders (WRMSDs) are among the most prevalent occupational diseases between dental hygienists (DH), any known study have explored this problem in the Portuguese professionals. The present study investigated the prevalence of WRMSDs symptoms in dental hygiene professionals, looking for relationships with the most frequent activities. A self-reporting questionnaire was distributed to 415 DH from which a response rate of 61,2% was achieved. The WRMSDs symptoms most commonly reported are at the neck (52%), hand/wrist (47,8%), upper back (45,2%), lower back (44,5%) and shoulder (40,9%) regions. Although there are some significant associations in the upper body, only gender revealed a significant association with the presence of 'any symptom in any body location' (p=0,001). Overall, this study suggests that WRMSDs are a common problem among dental hygienists in Portugal. As such, further studies are required to better understand this problem and to establish preventive strategies that minimize its impact.
- The US actuarial balance model for the pay-as-you-go system and its application to SpainPublication . García-García, Manuel; Nave-Pineda, Juan M.; Vidal-Meliá, CarlosThe aim of this paper is to formulate an approximation of the US actuarial balance model and apply it to the Spanish public retirement pension system under various scenarios in order to determine a consistent indicator of the system's financial state comparable to those used by the most advanced social security systems. This will enable us to answer the question as to whether there is any justification for reforming the pension system in Spain. This type of actuarial balance uses projections to show future challenges to the financial side of the pension system deriving basically from ageing, the projected increase in longevity and fluctuations in economic activity. If one is compiled periodically it can provide various indicators to help depoliticize the management of the pay-as-you-go system by bringing the planning horizons of politicians and the system itself closer together.
- Academic dishonesty: understanding how undergraduate students think and actPublication . Miranda, Sandra; Freire, CarlaThe purpose of this investigation is to explore and understand the justifications given by students to the existence of dishonest behavior and understanding the extent to which the justifications given might influence denouncing and cheating behavior. 1277 undergraduate students of two Portuguese Public Universities were surveyed about their own cheating behavior, their propensity to denounce and the ―neutralizing attitudes‖. As predicted, ―neutralizing attitudes‖ was negatively correlated with self cheating behavior and positively correlated with reporting. The likelihood of copying is greater when the purpose is ―helping a friend‖, ―when the courses are more difficult‖, ―to get higher marks/grades‖, and because ―peers accept and tend to see copying practices as normal‖. Results support the notion that context emerges as a very important influence in the decision to cheating. The environment-peer pressure and the normalized attitudes towards academic dishonesty are the main influences on the propensity to cheating.
- Changes in the influence of board characterisitcs on corporate results due to the recent global financial crisisPublication . Ferrero Ferrero, Idoya; Muñoz Torres, María Jesús; Fernández Izquierdo, María ÁngelesThe main purpose of this study is to analyse the changes caused by the global financial crisis on the influence of board characteristics on corporate results, in terms of corporate performance, corporate risk-taking, and earnings management. Sample comprises S&P 500 listed firms during 2002-2008. This study reveals that the environmental conditions call for different behaviour from directors to fulfil their responsibilities and suggests changes in normative and voluntary guidelines for improving good practices in the boardroom.
- XII Iberian-Italian Congress of Financial and Actuarial MathematicsPublication . UNIVERSIDAD DE EXTREMADURA, Grupo de Investigación en Mercados y Activos Financieros"The purpose of the XII Iberian-Italian Congress of Financial and Actuarial Mathematics is to provide a meeting point for researchers in Financial Economics from different countries and research backgrounds in universities, government or financial institutions. In fact, the Congress which is currently taking place in Lisbon has been organized to encourage communication and debate among the participants as well as to reinforce the bonds between us.The current edition of the Congress is characterized by the quality and diversity of the papers that have been submitted with special attention to the International Financial Crisis and measures of risk in different financial markets. However, as the Congress Program indicates, there are also parallel sessions about traditional topics in finance such as asset pricing, insurance, corporate finance, etc.Although this Congress has always been organized alternately between Spain and Italy, this year we have the great pleasure of celebrating it in Portugal which will be included as a permanent partner." [prefácio]