Browsing by Issue Date, starting with "2015-11-03"
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- Does risk management increases the firm value? : evidence from the jet fuel hedging in the airline industryPublication . Henriques, Ana Maria Alves Joaquim; Ohana, SteveThis thesis examines the use of financial instruments to hedge jet fuel risk in the airline industry during 2000-2014. The main goals are to understand if changes in the hedging policy increases the airline firm's value, measure by the Tobin's Q and if the use of different financial tools also has an impact in the airline company's value. The results show that all the values are statistically insignificant. This leads to the conclusion that the model used may not be the right one. Further research is needed in the area and maybe the best approach is the one followed by Viessmann (2010).
- Valuation of CTT : Correios de Portugal S.A.Publication . Nunes, João Diogo Oliveira Pereira de Seixas; Martins, José Carlos TudelaThe purpose of this thesis was to evaluate a listed company to demonstrate and use the knowledge gathered during the master. The selected company was CTT – Correios de Portugal, S.A. due to several reasons. Firstly, this is a Portuguese company, with long history and has always played an important role in Portuguese society. Secondly, it has operations in other countries than Portugal. Thirdly, it used to be owned by Portuguese Government and only recently became listed in Lisbon Stock Exchange. Finally, even though the main source of revenues (Mail) is facing severe challenges, as e-substitution and other factors have a negative impact on mail volumes, CTT’s bet in the financial services sector, and more recently the Postal Bank, seemed to be good strategy. Before getting to CTT’s value assessment, the author goes through the academic theory on the most relevant valuation methodologies for this valuation exercise. Then, detailed descriptions of the company and postal sector were provided, as well as the assumptions and forecasts. In the end, the author opted for assessing CTT business, excluding the postal bank, with a WACC based discounted cash flow model. Then, decided to value the postal bank separately using a FTE methodology, discounted at cost of equity. As means of conclusion, the author ends this thesis by presenting a price target and respective recommendation, and comparing his outcome with that of an investment bank’s research note (BPI).
- The Home Depot : leading the marketPublication . Piçarra, Mariana Bação Segurado Guerreiro; Martins, José Carlos TudelaThe main goal of this dissertation is to value The Home Depot, which is currently the largest home improvement retailer in the world, in terms of revenues. There is still no consensus concerning the best method to value a company, although DCF is assumed to be one of the best methods. This way, The Home Depot will be valued through this approach and then compared with the relative valuation by using its peers. The dividend discount model was also applied. The outcome resulting from the valuation approaches are then compared with one performed by the investment bank JP Morgan around the same date as this valuation. This way, given the successful strategy of The Home Depot and its leadership in the market, we find the company value to be undervalued and there is expectation that its stock price continues to rise.
- Reputation for innovation impact on consumer perceptions of co-created productsPublication . Rodrigues, Manuel Mora do Vale Castanheira; Costa, Cláudia Isabel de SousaThe purpose of this study is to understand how a firm’s reputation for innovation influences the perceptions of co-created products. We investigated the impact of the co-creation claim (collaboration between customer and producer in the new product development process) against developed internally by firm professionals in the sportswear industry in terms of innovation ability, quality perceptions, attitude towards the product and willingness to pay. We investigated whether the level of firm’s reputation for innovation influences product assessments of co-created products. In order to do so we test two different new product development processes (by firm professionals and Cocreation) of a pair of running shoes in two firms with different levels of reputation for innovation. Results show that for companies with a high reputation for innovation the co-creation claim has a negative impact on product quality perceptions. Cocreation design mode did not affect significantly willingness to pay, overall product evaluations and innovation ability perceptions in these companies. Companies with low reputation for innovation are more likely to capitalize on co-creation initiatives. Our findings suggest that these companies benefit by informing consumers that a product was co-created, because it enhances substantially quality and firm ability perceptions. Furthermore consumers’ willingness to pay is higher for co-created products. Our findings indicate that, professionally developed products from companies with a high reputation for innovation have better perceive quality than professionally developed products from companies with a low reputation for innovation, suggesting that companies with high reputation for innovation are associated to higher manufacturing expertise.
- Qualidade de vida da pessoa idosa nos lares e centros de dia do Distrito de Vila RealPublication . Caramelo, Ana Cristina Lima Mimoso; Vieira, Margarida Maria da SilvaA presente dissertação teve como objetivo avaliar a Qualidade de Vida (QdV) das Pessoas Idosas em Lares e Centros de Dia (CD´s), no Distrito de Vila Real. Esta nossa pesquisa enquadra-se num tipo de estudo exploratório, descritivo e transversal, englobando uma população de 2588 Pessoas Idosas e posteriormente uma amostra de 508 idosos, que se deparam nas onze Instituições Particulares de Solidariedade Social, dos dez Concelhos, do Distrito de Vila Real: 128 idosos que frequentam CD´s e 380 Pessoas Idosas a residirem em Lares. Os idosos avaliaram positivamente a QdV em todas as facetas do WHOQOL-OLD, instrumento de avaliação da QdV da Organização Mundial de Saúde; e os scores avaliativos por faceta, em ordem crescente, foram: “Autonomia” (10,00), “Morte e Morrer” (10,51), “Intimidade” (11,22), “Funcionamento Sensorial” (12,97), “Família/Vida Familiar e Atividades Passadas” (21,70), “Participação Social e Atividades Presentes e Futuras” (22,12). O valor médio do score dos idosos residentes em Lares (88,54 ± 16,76) foi similar ao dos idosos que requentam CD´s (88,47 ± 14,56); e que correspondem a uma boa QdV. O índice de QdV da Pessoa Idosa não diferiu consoante a Resposta Social. O índice de QdV das Pessoas Idosas residentes em Lares não diferiu em função do Género, Grupo Etário, Estado Civil, Prática Religiosa, Tempo de Frequência; mas diferiu em função do Nível de Instrução, Existência de Família, Pessoa com quem o idoso partilha o quarto, Periodicidade com que recebem visitas de familiares, amigos, vizinhos e/ou voluntários; Sub-região onde está localizada a Instituição de Proveniência. O índice de QdV da Pessoa Idosa a frequentar CD`s não diferiu em função do Género, Grupo Etário, Estado Civil, Nível de Instrução, Existência de Família, Prática Religiosa, Pessoa com quem vivem, Tempo de Frequência; mas diferiu consoante a Subregião onde está localizada a Instituição de Proveniência. Comprovámos existir uma correlação positiva entre a dependência da Pessoa Idosa e o índice de QdV das Pessoas Idosas residentes em Lares e a frequentar CD´s; e uma relação de dependência entre o grau de dependência para as Atividades de Vida Diária (AVD) dos idosos e o estarem residentes em Lares ou a frequentar CD´s. As Pessoas Idosas residentes em Lares apresentaram maior grau de dependência para as AVD quando comparadas com as Pessoas Idosas a frequentar CD´s. Similarmente patenteámos não existir uma correlação entre a Idade da Pessoa Idosa e o índice de QdV das Pessoas Idosas residentes em Lares e a frequentar CD´s.
- The effect of Judicial Independence on firm performance : evidence from the United StatesPublication . Martins, Jordi Esteban Canudas; Camanho, Nelson; Cerqueiro, GeraldoSome U.S. states allow judges to be elected and even to belong to parties. In this study, we examine how firm performance is influenced by exogenous changes that make the judicial system more independent. We exploit two types of changes: (i) from partisan to non-partisan elections and (ii) from non-partisan to appointed judges. These variations across states in the U.S. court system take place between 1976 and 2012. We find a positive effect of judicial independence on firm profitability of around 4 percentage points, suggesting that judicial independence increases market discipline and promotes an environment in which firm survival has to rely on performance, rather than on power or political connections.
- Hennes and Mauritz (H&M) : equity valuationPublication . Santos, Mariana Brites dos; Martins, José Carlos TudelaPurpose: The focus of this thesis is on equity valuation and on the different methodologies that can be used to value companies. The final purpose is to estimate the value per share of H&M and give an investment recommendation based on the results achieved. Method: In order to obtain H&M share price, three different approaches were applied. Firstly, the Discounted Cash Flow (DCF) with the discount rate equal to the cost of equity (Ke). The Trading Multiples were also used, a peer group based on cluster analysis was considered. Finally, given that H&M distributes dividends in a regular basis we also perform the Dividend Discount Model (DDM). Each valuation technique yielded different share prices. However we considered the DCF being the most reliable and complete approach to evaluate if H&M share price is under or overvalued. Results: The target price obtained through the DCF valuation was 369, 4 SEK. The valuation results were subject to a sensitivity analysis and were compared with the results obtained from the investment bank JPMorgan. We concluded that H&M share price was undervalued.
- Co-creation vs. mass customization in fashion industry : understanding new shoppers’ differential perceived value and preferencesPublication . Daamen, Alexander; Costa, Cláudia Isabel de SousaEmerging literature highlights the importance of implementing user innovation in existing new product development as the offline fashion industry is stagnating. Co-creation and mass customization, denoted as an active collaboration process between fashion retailers and consumers, are user innovative concepts. There is little known how different shopper types embrace the final product outcomes of both concepts. Therefore, this research study aims to examine the differential effects on perceptions and preferences different shopper groups have towards user innovative fashion concepts. Shoppers’ perceptions were measured by quality innovativeness, and social status, whereas preferences were assessed by attractiveness and purchase intentions. Factor and Cluster analysis was conducted to identify a new shopper typology of six heterogeneous shopper types coupled with their shopping behaviour. In this between-subject research, each shopper’s perceptions and preferences on mass customized and co-created products have been assessed by using the two-way ANOVA technique. In general, it revealed that the personalized and risk-averse shopper tends towards co-creation in fashion, whereas the price-conscious one tends towards mass customization. The convenience and conventional as well as the individual shopper might not be appropriate target segments for fashion retailers. By understanding the outcomes of this study, fashion retailers can extent their product portfolio and adapt their positioning strategies to accelerate business with the help of user innovation concepts. Limitations and opportunities for further research are also discussed.
- O processo especial de revitalização : novo paradigma no direito da insolvênciaPublication . Valério, Mafalda Pessoa de Carvalho; Epifânio, Maria do Rosário
- As pensões de reforma e os seguros do ramo vida : a ótica da supervisão e regulaçãoPublication . Neves, Daniel Sousa; Marques, Susana Regina Bacelar de VasconcelosO relatório tem em vista a contextualização do estágio realizado no Instituto de Seguros de Portugal, autoridade de supervisão de seguros e fundos de pensões, como parte integrante da realização do mestrado e que serviu para complementar e aprofundar o conhecimento teórico e prático em ambiente real. Neste sentido é abordado o ramo vida do setor segurador, e que do qual se pretende inferir que poderá servir para colmatar futuras perdas de rendimento dos agentes económicos aquando da entrada na reforma, abordando o crescimento que este ramo tem apresentado, assim como explicitar as suas valências e conceitos mais relevantes. O relatório é então apresentado sobre a forma de estudo de caso, A Supervisão e Regulação em Portugal, pretende explanar o ramo vida do setor segurador na ótica do regulador através do disposto legal a que a este incumbe no exercício da sua atividade. Pretende-se também elucidar o disposto legal dos próprios produtos, tendo em vista o futuro mercado dos produtos do ramo vida, os quais deverão ter o propósito de complemento às reformas pagas pela segurança social do Estado. Através deste trabalho mostra-se a relevância desta tipologia de produtos para o setor segurador, para a economia nacional, como para os tomadores de seguro e seus beneficiários. Deduz-se também as valências de um regulador eficaz, enunciando-se algumas linhas orientadoras para um mercado que poderá ajudar bastante as famílias no seu futuro.