Browsing by resource type "working paper"
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- Comparison of inverse planning systems based on biological or physical factors: Pinnacle®, Corvus® and Monaco®Publication . Coelho, Carina Marques; Faustino, V.; Heliodoro, H.; Monsanto, Fátima; Sá, Ana Cravo; Varandas, C.Radiotherapy (RT) is one of the most important approaches in the treatment of cancer and its performance can be improved in three different ways: through the optimization of the dose distribution, by the use of different irradiation techniques or through the study of radiobiological initiatives. The first is purely physical because is related to the physical dose distributiuon. The others are purely radiobiological because they increase the differential effect between the tumour and the health tissues. The Treatment Planning Systems (TPS) are used in RT to create dose distributions with the purpose to maximize the tumoral control and minimize the complications in the healthy tissues. The inverse planning uses dose optimization techniques that satisfy the criteria specified by the user, regarding the target and the organs at risk (OAR’s). The dose optimization is possible through the analysis of dose-volume histograms (DVH) and with the use of computed tomography, magnetic resonance and other digital image techniques.
- As competências desenvolvidas no ensino superior de Contabilidade e sua importância para a profissãoPublication . Domingos, Alexandra Margarida; Sarmento, Maria Manuela; Duarte, Maria Manuela RebeloAs competências são uma questão significativa em contexto de educação, consequência das constantes mudanças que vão ocorrendo no ambiente empresarial. O objetivo deste estudo consiste em analisar a perceção dos estudantes finalistas dos cursos de Contabilidade do 1.º ciclo de ensino superior, quanto às competências desenvolvidas no seu percurso de formação e investigar as competências que os contabilistas certificados percecionam serem mais importantes para o exercício da profissão. A metodologia científica utilizada, baseou-se numa abordagem quantitativa, assentando no tratamento dos dados recolhidos a partir das respostas obtidas ao inquérito por questionário efetuado a 345 estudantes finalistas e a 392 contabilistas certificados. Os resultados obtidos evidenciam que os estudantes finalistas percecionam a capacidade de trabalhar em equipa como a competência geral mais desenvolvida e os contabilistas certificados percecionam a capacidade de organização como a mais importante para a atividade profissional. A compreensão da linguagem técnica é percecionada como a competência específica mais importante e mais desenvolvida na formação superior.
- Da Inovação-à Criatividade-à Inovação: o caso do Instituto Politécnico de LisboaPublication . Piteira, MargaridaO trabalho que se apresenta, insere-se num conjunto de estudos que têm sido desenvolvidos, ao longo do tempo, pela autora; remontando a sua génese à perspetiva da Construção Social da Inovação - CSI- (Piteira, 2014). Estas investigações emanam, transversalmente, de vários sectores, entre eles do tecido empresarial de base tecnológica, dos profissionais na área da saúde e, mais recentemente, do setor da educação. Os outputs que aqui se apresentam são originários do Projeto CREATUS, do qual emergiram alguns estudos de caso, entre eles o caso do Instituto Politécnico de Lisboa (IPL). O cenário da investigação assentou na compreensão do estado criativo das Escolas do Instituto Politécnico de Lisboa, segundo os seus potencial e desempenho criativos, tendo em conta a definição futura de eficientes estratégias de inovação. Assim, adotou-se como grelha de trabalho, para responder a este problema de investigação, o modelo dos 4 Ps concebido por Rhodes (1961); e, posteriormente desenvolvido por Simonton (1990) e Runco (2004, 2007a e b), resultando em 6 Ps. Recorreu-se à estratégia metodológica do estudo de caso, triangulando-se várias fontes (entrevistas, documentos institucionais, análise dos sites institucionais e outra documentação/dados produzidos pelos mass media). O campo empírico foi constituído pelas 8 Escolas do IPL, divididas em 4 áreas, a saber: i. Artes (Dança, Música, Teatro e Cinema); ii. Contabilidade e Gestão; iii. Tecnologias da Saúde e Engenharia; iv. Educação e Comunicação Social. Comparados os dados, identificaram-se as caraterísticas criativas, em termos de potencial e desempenho criativos, presentes entre estas escolas. Assumindo a inovação como uma construção social, e partindo da dimensão criatividade, discorrem-se sobre futuras estratégias para o IPL. Assim, tendo em conta a diversidade das suas escolas, um modelo de inovação, para o setor do ensino superior público em Portugal, via o caso do IPL, é discutido.
- Determinants of the portuguese government bond yieldsPublication . Barradas, Ricardo; Pinto, AndréThis paper conducts an empirical examination of the determinants of the ten-, five- and one-year Portuguese government bond yields by performing a time series econometric analysis for the period between the first quarter of 2000 and the last quarter of 2016. The literature suggests that the evolution of government bond yields depends on three main risk drivers, namely credit risk, global risk aversion and liquidity risk. We estimate three equations for the ten-, five- and one-year Portuguese government bond yields, including eight independent variables (macroeconomic performance, fiscal conditions, foreign borrowing, the inflation rate, labour productivity, the demographic situation, global risk aversion and liquidity risk) to take into account all three risk drivers referred to in the literature. Our results show that there are no significant differences in the determinants of the Portuguese government bond yields among the different maturities, either in the long term or in the short term. Our results also confirm that all three of the risk drivers have exerted a strong influence on the evolution of the Portuguese government bond yields. Liquidity risk, the inflation rate and foreign borrowing are the main triggers of the rise in the Portuguese government bond yields, which does not counterweigh the beneficial effects played by the fiscal conditions, demographic situation and labour productivity.
- Does the financial system support economic growth in times of financialisation? Evidence for PortugalPublication . Barradas, RicardoThe purpose of this paper is the conduction of a time series econometric analysis in order to examine empirically the relationship between the financial system and economic growth in Portugal from 1977 to 2016. The Portuguese financial system has experienced a strong wave of privatisations, liberalisations and deregulations since the adhesion of Portugal to the European Economic Community in 1986, which has not favoured a sustained path of strong economic growth since then. The growth of the financial system played even a crucial role in the recent sovereign debt crisis in Portugal, casting doubts on the conventional hypothesis on the finance- growth nexus. The paper estimates a linear growth model and a non-linear growth model, which includes four proxies for the financial system (money supply, credit, financial value added and stock market capitalisation) and four further control variables (inflation, government consumption, trade openness and education). The paper finds a negative linear relationship between the banking system and Portuguese economic growth, a positive linear relationship between the stock markets and Portuguese economic growth, a concave quadratic relationship between the banking system and Portuguese economic growth, and a convex quadratic relationship between the stock markets and Portuguese economic growth. This suggests that Portuguese policy makers should canalise efforts to decrease the importance of banking system and to increase the importance of stock markets in order to support more robust economic growth in the coming years.
- Drivers of private consumption in the era of financialisation: new evidence for the European Union countriesPublication . Barradas, RicardoThis paper provides an empirical assessment of the effects of financialisation on private consumption using panel data for all 28 European Union countries from 1995 to 2015. According to the post Keynesian literature, financialisation exerts two contradictory effects on private consumption, notably a negative one linked to the fall of households’ labour income and a positive one related to the increase of households’ (financial and housing) wealth. A private consumption equation was estimated by including three variables linked to financialisation (labour income, financial wealth and housing wealth) and five additional control variables (lagged private consumption, short-term interest rate, long-term interest rate, inflation rate and unemployment rate). Our results confirm that financialisation has been detrimental to private consumption in the EU countries as a whole, and more specifically in the Euro area countries, as the beneficial wealth effect has not been sufficient to compensate for the prejudicial income effect. The fall of households’ labour income has even been the highest constraint on private consumption in the Euro area countries
- Evolution of the financial sector – three different stages: repression, development and financialisationPublication . Barradas, RicardoThis paper 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 paper 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 around this matter.
- Financialisation and Real Investment in the European Union Using a Country-Level Analysis: Beneficial or Prejudicial Effects?Publication . Barradas, RicardoThis paper makes an empirical assessment of the relationship between financialisation and real investment by non-financial corporations using panel data composed of 27 European Union countries over 19 years (from 1995 to 2013). On one hand, financialisation leads to a rise in financial investments, deviating funds from real investments (“crowding out” effect). On the other, pressures from shareholders to intensify financial payments restrict the funds available for new real investments. We estimate an aggregate investment equation with the traditional variables (profitability, debt, cost of capital, savings rate and output growth) and two further measures of financialisation (financial receipts and financial payments). Findings show that financialisation has damaged real investment in European Union countries, mainly through the channel of financial payments either in interest or dividend payments. It is also found that the prejudicial effects of financialisation in investment are more marked in more financialised countries. In addition, it is concluded that debt has a harmful effect on real investment as the increasing levels of non-financial corporations' indebtedness prevent the use of new debts to finance real investments.
- Financialisation and the fall in the labour share: a panel data econometric analysis for the European Union countriesPublication . Barradas, RicardoThis paper conducts an empirical analysis of the relationship between financialisation and the labour share using panel data composed of 27 European Union countries over 19 years (from 1995 to 2013). Adopting a Kaleckian perspective, framed in the post-Keynesian literature, financialisation exerts a negative influence on the labour share through three different channels: the change in the sectorial composition of economies (the increasing importance of financial activity and the decreasing importance of general government activity), the proliferation of ‘shareholder value orientation’ and the deterioration of general workers’ bargaining power. We estimate a labour share equation with the traditional variables (lagged labour share, technological progress, globalisation, education and output growth) and four further measures of financialisation (financial activity, general government activity, ‘shareholder value orientation’ and the trade union density rate). The findings show a disruptive relationship between financialisation and the labour share in European Union countries, mainly through the channels of general government activity and ‘shareholder value orientation’. It is also found that financialisation has contributed to a fall in the labour share in European Union countries as a whole and more specifically in non-euro area countries, ‘bank-based’ countries and ‘coordinated market’ countries. The slowdown of output was the main driver of the fall in the labour share in European Union countries, a trend that could persist in the future taking into account the fears of potential ‘secular stagnation’ in the current era of financialisation.
- Financialisation and the financial and economic crises: the case of PortugalPublication . Barradas, Ricardo; Lagoa, Sérgio; Leão, Emanuel; Mamede, RicardoThe notion of 'financialisation' broadly refers to the growing weight of finance in contemporary economies. Taking this into account, the present study focus on the long-run macroeconomic development and recent financial and economic crisis of the Portuguese economy. Contrary to Greece, Ireland, and Spain, the dismal performance of the Portuguese economy is not solely a post-subprime crisis phenomenon. The sharp discontinuity in GDP growth around the turn of the century is a distinctive feature of Portugal in the EU context and, although several factors account for this discontinuity, the process of financialisation of the Portuguese economy is an essential part of the explanation. This process in Portugal was essentially characterised by a large increase in bank credit to the private sector, resulting from a combination of demand- and supply-side factors that produced a wide availability of credit at historically low interest rates. Thus, we suggest that the Portuguese experience can be labelled a ‘debt-led domestic demand growth’ model. However, after 2000 the Portuguese economy experienced a succession of shocks, and an exhaustion of the domestic debt-led growth at a much earlier stage than other countries, resulting in a sharp economic slowdown, with negative consequences for public finances. The high levels of public and private indebtedness were a decisive factor behind the steep rise in the Portuguese sovereign bonds interest rates between 2010 and 2012. Finally, we assess the impact of financialisation in the current account, investment, consumption, and inequality; articulating these domains with the general growth model. Our conclusion is that the increase in the importance of finance ended having a clear negative impact on the three former domains, while the negative impact on income inequality was less pronounced.