Browsing by Issue Date, starting with "2015-11-06"
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- Do strategic alliances in the airline industry create value?Publication . Fernandes, Bernardo Rodrigues de Sousa; Bunkanwanicha, PramuanBernardo Rodrigues de Sousa Fernandes. “Do Strategic Alliances in the Airline Industry Create Value?” This paper investigates airlines’ stock price response to the announcement that an airline is going to join an airline alliance. The paper attempts to evaluate whether or not strategic alliances create value for airline companies. On the three major global airline alliances we were able to observe a positive average cumulative abnormal return from the day of the announcement up to 6 trading days after the announcement. Evidence was found to support that strategic alliances in the airline industry create value for new members. However, for existing alliance members no evidence was found to support that new members entering the alliance create value for existing members.
- Mergers & acquisitions : Portucel and Suzano Papel e CelulosePublication . Oliveira, Vitor Emanuel Madeira; Tsvetkov, PeterThe pulp and paper industry is, nowadays, facing challenges associated with the lack of demand growth, pushing firms to adapt to intense competition and industry-wide overcapacity. In order to remain profitable and achieve sustainable competitive positions, industry players have relied on M&A to achieve scale and expand into growing markets in emerging countries. The industry concentration conducted through mergers has been able to deliver value to shareholders while changing the overall competitive landscape. This dissertation’s goal is to propose a merger between Suzano Papel e Celulose and Portucel. The proposition is supported by a review of the main literature on M&A, a thorough industry and company analysis, and a valuation of each individual firm and its combination. It is concluded that Suzano should acquire Portucel in an all-stock offer, valuing the Portuguese firm at €4.32, a premium of 55% over its 31 December 2013 market capitalization. Through the proposed takeover offer, Portucel would be entitled to 46% of the merged firm, with the remaining 54% allocated to Suzano’s shareholders.
- Effectiveness of health services in Portuguese Hospitals under Public-Private Partnerships regimesPublication . Neves, Ricardo Sousa Eiró César das; Reis, Ricardo César Ribeiro Ventura FerreiraThe evaluation of the effectiveness of the medical services in the Portuguese Public-Private Partnership (PPP) hospitals is a very relevant problem in public policy. The study was conducted using a research protocol created by distinguished academics fulfilling a request from World Health Organization. The eight dimensions of this protocol was used as a good guideline to understand and appraise the main features and interactions of the PPP model. The study then proceeded by considering one of these characteristics, the performance and outcome aspect, through a two tier analysis. First a comparison of the outcome indicators between the four PPP hospitals and the Portuguese public hospitals’ national system. The second was a productivity analysis of the hospital activity, considering several inputs (medical staff, hospital capacity and population served). The results from 2012 to 2014 show that PPP hospitals present a pattern of activity and results very similar to the rest of the national service, with a positive trend in performance on all four PPP hospitals. In what regards productivity, however, the levels of PPP hospitals seem to be considerably higher than the national average, in all inputs. This indicates the ability to produce the same with much lower use of resources. This preliminary study reveals some interesting stylized facts of medical services of PPP hospitals, which deserve further and more detailed consideration.
- Do family businesses perform better than the market in U.S.A. : the jewish casePublication . Azinheira, Susana Pinto; Bunkanwanicha, PramuanThis thesis investigates the Family Businesses and the Jewish Family Businesses monthly stock price performance compared with Non-Family Businesses and Non-Jewish Family Businesses. Some previous studies concluded that on average Family Businesses as a whole tend to have a better long term performance and create more value when compared with Non- Family Businesses. Jews are known, and/or stereotyped, to do better in economic terms and to be healthier, so this study aimed at discovering if this tendency does translate in a better company performance. Family Businesses theoretically can render this better as the culture and values will be more present in the company. Using the companies of the S&P 500 of 2014 as a sample, and analyzing them from 2005 to 2014, we observe that, although with no statistical significance, the Non-Family Businesses performed better than the Family Businesses as a whole, but on average the Jewish Family Businesses are the ones that performed better.
- Perfil de competências éticas para gerir unidades de saúde hospitalaresPublication . Silva, Amélia da Conceição Rego da; Serrão, Daniel; Araújo, BeatrizA eticidade diz respeito à aptidão para exercer a função ética, atuando em sintonia com os princípios e valores preconizados pela ética, sobretudo o respeito pela pessoa humana. Esta dissertação intitulada Perfil de competências éticas para gerir Unidades de Saúde Hospitalares emerge da perceção de que existem desigualdades na garantia dos direitos de acesso aos cuidados de saúde, com universalidade e equidade, motivadas pelas restrições de natureza económica. A investigação aborda a interface de duas áreas - Bioética e Gestão -, no contexto dos cuidados de saúde, especificamente nos hospitais. Espera-se que contribua para identificar a base axiológica sobre a qual se devem apoiar os gestores em saúde, operacionalizar um perfil de competências éticas para gerir hospitais com vinculação a valores e encontrar resposta à questão: o sistema de valores humanos e a ética dos gestores hospitalares influencia a decisão? A conceção e a relevância do estudo advêm do facto de a pesquisa em bases de dados ter demonstrado carência de estudos relacionados com a ética da gestão em saúde. Esta lacuna de investigação, o âmbito e os objetivos do estudo, tornam-no de clara pertinência no atual contexto social, político e do Setor da Saúde. A pesquisa adota metodologia quanti qualitativa, de tipo correlacional, valendo-se da aplicação do questionário Eticidade da Gestão Hospitalar, por nós construído e validado, para proceder à avaliação do agir ético do gestor hospitalar, identificando o perfil de competências éticas necessárias para gerir Unidades de Saúde hospitalares. A metodologia qualitativa utiliza pesquisa documental e a análise de conteúdo incidiu sobre o texto relacionado com missão, valores e visão dos hospitais, disponível na Internet. A amostra é constituída por 421 profissionais de saúde, que exercem funções de gestão em 25 hospitais do Serviço Nacional de Saúde e hospitais convencionados, da Zona Norte de Portugal, independentemente do modelo de gestão e representativos dos setores público, privado e social. Os resultados encontrados afirmam que os profissionais de saúde, além da consideração da perspetiva filosófica das pessoas, respeitam a sua multidimensionalidade complexa reconhecendo a singularidade e a individualidade pessoal, social e cultural. Com base no modelo de análise construído e nos dados do estudo empírico, este estudo conclui que os gestores dos hospitais analisados integraram as orientações inseridas no código deontológico do seu grupo profissional e possuem um quadro de competências éticas, agindo referenciados pelo paradigma ético do personalismo.
- Market anomaly : 2014th World Cup effectPublication . Alves, José Maria Candido; Bancel, FranckInspired by the World Cup effect discovered by Kaplanski and Levy (2010), we decided to in-vestigate the 2014th edition. Our findings were conclusive. The average return on the U.S. stock market during the latest World Cup was +0.87%, compared to an average of -2.42% of all past World Cups; hence, the anomaly disappeared. We suggest its disappearance was driven by: (1) the growth popularity of Football in the U.S. and its influence on the local stock market, and by (2) the publication of Kaplanski and Levy (2010 and 2014) followed by an investment strategy, which allowed sophisticated investors to take advantage of the anomaly.