Browsing by Issue Date, starting with "2016-10-17"
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- Are women the superheroes of the corporate world?Publication . Kanzari, Meriem; Bonfim, Diana Carina Ribeiro GuimarãesAre women the superheroes of the corporate world? The increasing number of women directors coupled with the various policies and quotas in favor of boards’ gender diversity have given rise to extensive research on women directorship. This study investigates the impact of boards’ gender diversity on firm performance and firm risk. Relying on 136 FTSE100 companies and 11 years of data, this study finds evidence that gender diversity enhances corporate outcomes. Gender diversity within the executive directors’ team is associated with an increase in corporate performance and a decrease in corporate risk. However, no impact had been identified regarding gender diversity within the non-executive board of directors. The results convey the benefits of women participation in the executive suite and demonstrate the positive impact of boards’ gender diversity on corporate outcomes. As such, this study highlights women leadership potential that is being hindered by gender stereotypes.
- Equity valuation : Under ArmourPublication . Vicente, António Rafael Mendes; Bonfim, Henrique Miguel Ribeiro GuimarãesThe present dissertation aims to value Under Armour, an American sportswear company. Since Valuation is not an exact science, during the literature review will be presented several valuation methods. Most of the authors mention DCF Valuation as one of the best but it seems impossible for them to reach a consensus about which one is in fact the best. In order to get Under Armour’s target price, a DCF valuation will be made and accompanied by a Relative Valuation that, when it is properly used, it can perform the perfect complement. In the end, a comparison between the dissertation’s result and JP Morgan report will be made. In January 2016, JP Morgan was predicting a target price of $90 per share.
- The impact of rating on consumers saving decisionsPublication . Silva, Pedro Jorge da; Ribeiro, Ricardo Miguel Martins da CostaThis study aims to empirically analyze the impact of the rating given by the rating agency Moody’s in the choice of the consumer in Portugal, utilizing the data of nine banks during the period of 2007 to 2014. The chosen banks were: Banco Popular, Banco Português de Investimento, Banco Espírito Santo, Banif, Caixa Geral de Depósitos, Millennium BCP, Montepio, Montepio, Novo Banco and Santander Totta. In this analyze I used the interest rate and other observable characteristic like the rating, the age of banks, the number of branches, the stock market return and the yields of government bonds to explain the consumer decisions. The model used in this thesis is the nested multinomial logit and for the possibility of this estimation was required to calculate the market share of the market, find instruments for the model like the operational costs per deposits and the loans interest rate, and divide the banks in segments. The results suggest that the consumer is not sensitive to the rating and the interest rate.
- How to grow in saturated markets? : the case of the beer IndustryPublication . Neves, Maria Vilela Guerlixa Firmino das; Venzin, MarkusMarket saturation poses immense challenges to multinational's growth ambitions. "How to grow in saturated markets? - The case of the beer industry" was written by the Master's candidate Maria Neves with the aim of investigating multinationals' growth strategies under conditions of high levels of market saturation. The paper's main objectives are: i) to identify the set of resources and capabilities, herein named growth enabler and revitalizers, which, if leveraged upon, may enable firms to contradict the downward trends of market saturation they are facing; and ii) to illustrate, through real case examples, how companies are taking advantage of those resources and capabilities to successfully meet their growth expectations. In-depth research was conducted in order to assess whether the defined ecosystem of activities, composed of one growth enabler and four revitalizers, applied to the beer industry. Key findings suggest that: i) big multinationals within the saturated beer market are still managing to grow; ii) said multinationals are making strategic use of the identified growth enabler - corporate culture - and growth revitalizers - divestments, consolidation, diversification and business model innovation - to generate their growth; iii) multinationals that outperform in their use of the defined set of growth enabler and revitalizers are those growing at a faster pace in all key growth indicators. Lastly, further research is proposed to explore the transferability of these findings to other relevant saturated industries.
- Access to the public debt market effect on corporate leverage : evidence from the USPublication . Kostyunina, Maria; Bonfim, Diana Carina Ribeiro GuimarãesThis study addresses the research question largely underestimated in the previous empirical works: how supply-side constrain factors influence firms’ financing opportunities and capital structure. In particular, it examines the effect of firms’ access to the public debt market estimated by the possession of a credit rating on firms’ leverage level. Findings show that after controlling for demand-side determinants of firms’ demand for debt, firms that have a credit rating are 1.8% up to 2.5% more levered than firms without a credit rating. Furthermore, this study’s findings suggest that the impact of firms having access to the public debt market – on firms’ leverage is time variant and is particularly sharp and significant during the years of economic downturn. During the economic crisis of the year 2000 and the most recent financial crisis of 2008 firms with a credit rating were up to 9 – 10% more levered than non-rated firms, at 1% significance level.
- Has the crisis impacted the determinants of capital structure for Portuguese Public Firms?Publication . Gonçalves, Marta Oliveira; Bonfim, Diana Carina Ribeiro GuimarãesThe intention of the present dissertation is to identify the determinants of capital structure for Portuguese public firms for the period of 2005-2015 and in different sub-periods: before and during the global financial crisis, and during the European sovereign debt crisis. Thus, it proposes to empirically identify the firm characteristics and prevailing capital structure theories influencing managers’ decision-making process regarding the level of leverage. For the period 2005-2015, information regarding 57 firms from the Euronext Lisbon index was collected and analysed. Empirical results concluded that i) for the entire sample period, profitability and growth opportunities influenced negatively the level of leverage, while size and non-debt tax shields revealed to be positively related to indebtedness; ii) during the global financial crisis, profitability and liquidity were the only firm characteristics explaining the level of debt and iii) when the European sovereign debt crisis hit, growth opportunities and non-debt tax shields were the sole determinants in explaining Portuguese public firms’ leverage. The determinants influencing the proportion of long-term debt in the capital structure were also analysed for the same sample and time horizon.
- The impact of the great recession on social preferences and attitudes in EuropePublication . Gerstner, Wenzel Josef; Alves, Nuno Jorge Teixeira Marques AfonsoThis paper analyzes the impact economic perceptions have on social preferences and whether this impact has changed during the course of the Great Recession. I begin by documenting the development social preferences and economic perceptions take during the period analyzed (2002-2014). In the crisis year almost all of these variables exhibit a decreasing trend. There have been evidences in the literature for a stark impact of economic perceptions on a multiplicity of attitudes. However, the analysis of the development of this impact during a recession represents a gap in the literature. My findings underline the powerful role economic perceptions play on three branches: Trust in policy, immigration and redistribution. During the Great Recession the impact of assessments of the economy did mostly stay stable, while economic self-assessments had a significantly increasing impact. Given the increased anxiety during times of economic turmoil, it is no surprise that the impact of economic self-assessments on social preferences and attitudes got intensified.
- Os mecanismos de tutela de terceiros nas fusõesPublication . Santos, Helena Cristina Grilo dos; Cabral, Rita Amaral