Veritati

Institutional Repository of the Universidade Católica Portuguesa

The Institutional Repository (Veritati) is a reference platform for those who want to access scientific production, as well as master's dissertations and doctoral theses, developed within the scope of the teaching and research activities of the Universidade Católica Portuguesa (UCP).

As part of the RCAAP project (Repositórios Científicos de Acesso Aberto de Portugal), it aims to preserve and disseminate scientific production, thus increasing its visibility and impact.

The Institutional Repository is also integrated into the UCP science management ecosystem, which includes, namely, the Ciência-UCP platform and the Scientific Journals of Universidade Católica Portuguesa portal

Universidade Católica Portuguesa Resources

Email repositorio@ucp.pt

Recent Submissions

Market reactions to the Russia-Ukraine war : an event study of European equity returns across countries and industry sectors

Publication . Carvalho, Pedro Aires de; Meira, Mário

This dissertation examines the short-term financial impact of the Russia-Ukraine war on European equity markets, focusing on differences across countries and industry sectors. An event study methodology is employed, combined with cross-sectional regression analysis, to measure cumulative abnormal returns (CARs) around the invasion date and to identify the main drivers of market responses. Findings show broadly negative CARs before and after the event, reflecting heightened investor uncertainty. Countries closer to the conflict or more reliant on Russian energy, such as Poland, Austria, Germany, and Italy, suffered deeper declines. In contrast, Norway showed greater resilience. Defensive sectors like Health Care and Utilities remained relatively stable, while Financials and Consumer Discretionary experienced persistent losses. The regression analysis confirms that energy dependency and trade exposure to Ukraine significantly worsened CARs, while continued trade with Russia contributed to short-term market stability. Larger economies and more profitable firms were more resilient, while highly leveraged firms and those exposed to inflationary pressures were more vulnerable. This study provides relevant insights for investors and policymakers by highlighting how geopolitical shocks affect financial markets and by underscoring the importance of diversification strategies and structural resilience.

2025-07-03Master thesis

Open access

Desafios da gestão curricular em grupos turma do 1.º Ciclo. : a perceção de alunos e encarregados de educação do 3.º e 4.º anos de escolaridade sobre a disciplina e os conteúdos de EMRC

Publication . Lima, Raúl Nelson Afonso Azevedo; Moreira, Carlos Manuel Meneses

The present study primarily sought to examine perceptions regarding the subject of EMRC and the content of its curriculum. The adopted methodology consisted of a questionnaire administered to parents/guardians and to students in the 3rd and 4th grades of School No. 2 of Lamaçães – Braga, within the D. Maria II School Cluster. The collected data were analyzed using descriptive statistics. The findings highlight that the perceived value of the subject depends less on its programmatic content than on the pedagogical approaches underpinning classroom practice. Student-centered methodologies oriented toward the promotion of universal values emerge as decisive in shaping a positive perception, both among parents/guardians and among students. The results further demonstrate that the subject is validated when it contributes to students’ ethical, social, and cultural development, aligning with a framework of citizenship and the promotion of values. Among parents/guardians, high levels of acceptance are observed when the subject is perceived as fostering respect, solidarity, and social justice, in contrast with reservations associated with its confessional dimension. From the students’ perspective, the indicators confirm high levels of satisfaction, with EMRC being recognized as a space for personal and social growth. In conclusion, the social perception of EMRC is shaped by the balance between its confessional identity and its capacity to establish itself as a plural educational space, capable of promoting transversal values and contributing to the integral development of students.

2025-11-03Master thesis

Open access

Understanding the factors influencing consumer adoption of wearable payment devices

Publication . Almeida, Carolina Silva dos Santos; Borges, Mónica

The rapid digitalization of financial services has accelerated the adoption of mobile and contactless payments, yet payment-only wearables (NFC-enabled wristbands, rings, and tags designed exclusively for payments) remain a niche segment with limited consumer uptake. This dissertation investigates the factors influencing consumers’ behavioral intention (BI) to adopt payment-only wearables by extending the Unified Theory of Acceptance and Use of Technology 2 (UTAUT2). The model integrates trust, compatibility, and perceived aesthetics as additional constructs and examines the moderating role of personal innovativeness. Data was collected through a structured online survey (N = 254) and analyzed using multiple linear regression and moderation analysis. The model explained 70.6% of the variance in BI, demonstrating strong predictive power. Results show that compatibility was the strongest determinant of BI, followed by aesthetics, performance expectancy, and price value. Social influence and facilitating conditions had weaker but significant effects, while effort expectancy and trust were not significant predictors, suggesting that ease of use and security are now baseline expectations rather than differentiators. Moderation analysis revealed that innovativeness amplifies the effects of performance expectancy, compatibility, trust, and social influence on BI. The study makes two key contributions. Theoretically, it adapts UTAUT2 to an emerging payment context, showing that adoption drivers evolve with market maturity. Practically, it provides guidance for firms to emphasize usefulness, lifestyle fit, design appeal, and innovative consumer segments in order to accelerate acceptance of payment-only wearables.

2025-10-14Master thesis

Open access

Internal vs. external executive board composition and firm performance during crisis situations

Publication . Kerlin, Julius; d'Arcy, Anne

This thesis investigates the relationship between leadership origin, board composition, and firm performance in German listed companies, focusing on the pre-crisis year 2019 and the Covid-19 crisis year 2020. Using a balanced quarterly panel of 122 firms, the study examines whether internally appointed CEOs and executives outperform external appointees and whether such effects are moderated by liquidity reserves, gender diversity, and ownership structure. Performance is measured via industry-demeaned Return on Assets (ROA) and Tobin’s Q, with controls for firm, industry, and time effects. The findings show no consistent performance premium for internally appointed CEOs in Germany, in contrast to evidence from U.S. one-tier systems. However, a higher proportion of internally promoted executives on the management board is positively associated with ROA across both years, suggesting that collective internal continuity matters more than CEO origin alone. This effect does not strengthen during the crisis, and high cash holdings, female representation, and the strongest investor presence show limited or context-specific performance impacts. These results underscore the role of institutional context in shaping leadership-performance dynamics. In Germany’s stakeholder-oriented, two-tier governance system, the advantages of internal leadership appear steady over time rather than crisis-dependent, with implications for succession planning and governance strategy.

2025-10-13Master thesis

Open access

Could market efficiency explain the disappearance of the “end of month” effect?

Publication . Gil, Henrique de Oliveira; Schliephake, Eva

This study investigates the disappearance of the end of month effect in the period from 2006 to 2023. Previously, from 1987 to 2005 the end of month effect was present in both CRSP value weighted and equal weighted indexes as proven by McConell and Xu (2008) which presents a challenge to Efficient Market Hypothesis introduced by Eugene Fama (1970), however in recent years the effect has vanished. An increase of market efficiency hypothesis is studied here using an event study methodology to evaluate abnormal returns and cumulative abnormal returns across the two periods. While some findings suggest that an increase in market efficiency may have influenced the disappearance of the effect, the evidence does not conclusively support a significant improvement in market efficiency between the two periods.

2025-02-03Master thesis

Open access