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- Public-‐Private Partnerships in the healthcare sector : a real options approach to Hospital de CascaisPublication . Martinho, Marta Peste Drago; Reis, Ricardo; Sarmento, Joaquim MirandaThe purpose of this paper is to analyse the Hospital de Cascais “Dr. José de Almeida”, built under a Public and Private Partnerships’ program, in order to understand if the private partner will be responsible for the hospital’s management until the end of the contract (in 2018) or if it will step out due to financial losses. Such analysis will be done using a Real Options approach, through the use of abandonment options. Two scenarios will be considered: in the first one the operational costs will follow the same evolution as expected in the Base Case (86,7% of the revenues). In the second scenario the operational costs will be assumed to be 95% of the revenues, to better reflect the past performance of the hospital. Moreover, for each of these scenarios two discount rates will be used to compute the Net Present Value: one is the discount rate used by the government to assess the value of the public sector comparator (PSC): 6,08%; the other is the Weighted Average Cost of Capital (WACC), which changes every year to match with the changing debt ratio. The results show that in the first scenario the optimal decision is to continue in the project and not do the step out, since the Real Options analysis shows that the stepping out provides savings smaller than the profit they would obtain from continuing. However, in the second scenario the optimal decision is to abandon the project. It is also concluded that the DCF model underestimates the value of the project by ignoring the flexibility HPP has to step out.
- Class actions in PortugalPublication . Raimundo, Maria Carlos Miranda; Garoupa, Nuno; Braga, Teresa LloydEven eighteen years after the implementation of Law 83/95, of August 31, about the rights of participation in class action litigation in Portugal, there is no sufficient evidence of its applicability. Contrarily to what is observed in other countries as the United States and Brazil it seems that in Portugal, there is no interest of the several parties that would be involved in a class action litigation to obtain information or inform other parties relatively to the main procedures on it and to induce the litigation. The aim of this dissertation is to understand what may be influencing class action litigation in Portugal. One begins with the economic rationale for class action litigation. One introduces its main benefits and costs, when compared to other litigation mechanisms and the main procedural mechanisms generally influencing the litigation. Then, one examines the Portuguese case, having into account not only the influence of legislation but also of other extra-legal factors which may be influencing Portuguese society and the number of class action litigation cases in Portuguese courts. This last part is supported by several interviews to the main parties who would be involved in class action litigation in the country. To do this analysis one focus on class action litigations related with consumer protection.
- A dignidade do trabalho : uma discussão em torno dos novos processos de exclusão social no âmbito da lecionação de Educação Moral e Religiosa Católica da unidade lectiva 12 do ensino secundárioPublication . Maia, Luís Filipe Braga Matado da Silva; Fontes, Paulo F. de Oliveira; Garcia Ambrosio, Juan Francisco