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- Corporate fraud and litigation risk in financial distress : an empirical study on SEC’s enforcements against public traded companies after the Financial Crisis of 2007-08Publication . Santos, Paulo Levi Norberto dos; Reis, Ricardo César Ribeiro Ventura FerreiraThe financial crisis of 2007-08 puts in question the capability of market regulators to act on behalf of investors to guarantee that the information available is accurate and reliable. In this study, we research 45 firms that have been enforced by the SEC between 2010-2013 for alleged corporate misconduct. We find that fraud firms experience non-significant negative abnormal returns prior to SEC’s announcement, however after the event day, the abnormal returns are positive. We also find significant increases in the mean residuals bid-ask spreads, meaning that after the event, fraud firms became riskier, leading investors to demand higher returns which increases eventual financial distress costs. Finally, we study the governance characteristics for 32 fraud firms and 32 control firms (non-enforced) one year prior to SEC’s enforcement and the following four years (2009-2016) finding that fraud firms have slightly poorer governance. Outside directors dominate the board of directors for both groups, fraud firms have larger boards and more board meetings. Moreover, the majority of CEOs are also Chairman of the board for both groups, blockownership increases and institutional ownership decreases for both the groups and director’s compensation is affected by regulators activity, as it can affect future returns. Our results show that fraud firms are identical to non-fraud firms, financial crime has become more complexed and regulators are slow to identify and judge corporate misconduct. On the other hand, fraud firms are quicker to make the proper adjustments in their structures, becoming more identical to non-fraud firms.
- Civil liability for ship-source oil pollution and the right to its limitation : legal analysis of the U.S. and the EU approaches in the light of International RegulationsPublication . Artwich, Karina Blanka; Antunes, Nuno Marques
- Processo Especial de Revitalização (PER) : the process to recover financially distressed companies in PortugalPublication . Nunes, Gonçalo Nuno de Matos; Reis, Ricardo César Ribeiro Ventura FerreiraEste tese tem por objecto de estudo, o Processo Especial de Revitalização (PER). Sendo o PER, a mais relevante medida do Programa Revitalizar, programa este implementado pelo governo Português no ano de 2012 para combater a crise no sector empresarial português, com o objectivo de ser um mecanismo que permitisse às empresas a sua recuperação, satisfazendo os credores e mantendo postos de trabalho, foi importante perceber de que forma o sucesso de aprovação de um PER variava de empresa para empresa e quais os factores comuns que poderiam levar à aprovação, ou não, do PER. Com essa finalidade, foram analisados dois casos indivíduais. Mesmo sabendo da particularidade individual de cada caso, esta tese conclui sobre um conjunto de medidas comuns que podem beneficiar individualmente cada PER submetido no futuro, podendo assim melhorar ainda mais um mecanismo fundamental na ajuda da recuperação das empresas em Portugal.
- Tabaqueira a Philip Morris international affiliate : the smoking behaviour : IQOS a new era?Publication . Coutinho, Maria Domingas Corrêa Guedes de Azevedo; Celeste, Pedro Manuel Amador RodriguesOver the years, consumption habits have suffered some changes. The consumer has more access to information and, consequently, is more demanding when selecting goods and services. Moreover, and regarding, smoking habits, there is also a greater awareness of the harmful effects of tobacco and, so the attempts to quit this addiction are increasing. Faced with this reality, companies in the tobacco industry felt the need to keep up with trends and transform their strategies, which is the case of Tabaqueira. Tabaqueira, an affiliate of Philip Morris International, is a Portuguese firm, which has been in the market since 1927 and is responsible for the production and commerce of international tobacco brands. This company has invested in products with reduced risk and, in 2015, launched, in Portugal, IQOS, an electronic innovative device that is potentially less harmful than ordinary cigarettes since it has no combustion. With this thesis, I will try to understand what is the perception and acceptance of IQOS in the Portuguese market. Therefore, I will analyse the changes in smoking habits and examine the main reasons that led to the introduction of IQOS. Finally, I will explore the sustainability of Tabaqueira’s strategy.
- Bimby case : time to market innovation on premium productsPublication . Freitas, Maria Teresa Colaço Alegre de; Celeste, Pedro Manuel Amador RodriguesThermomix, or Bimby in Portugal, is the kitchen robot’s market leader that became a generic brand, confounding itself as a product category. With the unstoppable changes on the technology market which constantly demand novelties, Thermomix is studied as an example of a brand that doesn’t want to fall behind. Aware its’ products stand in a particular situation, the German firm’s goal is finding the optimal time to market innovation on their premium product. To answer such quest, primary and secondary research methods contribute to a time interval proposal for product innovation and other complementing findings. Leading to such proposal, concepts such as innovation, premium products, the importance of market research and defined positioning gain special prominence. Major findings indicate consumers give strong importance to innovation and most expect premium brands to launch product updates every year. When it comes specifically to Bimby, expectations are less ambitious and further away from life changing innovation once consumers prefer incremental to radical changes. It was also noticed that recognition of products as premium or non-premium doesn’t affect more impulsive consumers on the speed to purchase. As the major conclusion, the most realistic time interval advises firms to launch premium products from two to five years.
- L’Oréal Paris Men Expert : understanding the portuguese male skincare marketPublication . Campos, Pedro Miguel Antunes de; Celeste, Pedro Manuel Amador RodriguesL’Oréal Men Expert is leading the male skincare market in Portugal side a side with Nivea Men. Despite the predictions revealing this market’s exponential growth, in the past few years its penetration rate has been continuously decreasing in Portugal. In other words, this market has been losing its customers. The aim of this dissertation is to analyse the specific market dynamics to understand what is causing this situation. Therefore, by precisely focusing on L’Oréal Men Expert, this study will identify the customers main characteristics; will recognize the core obstacles that are contributing to such decrease in the penetration levels; and will point out some strategies that could be used by L’Oréal Men Expert to reverse these circumstances. Regarding the customers, this analysis found out that there are two realities in Portugal: the modern, confident and charming male customer and the female customer who buys these products for her boyfriend/husband/son. In terms of the factors provoking this situation, the research conducted concluded that the main problem is related with customer education, once they are still not aware of the advantages and benefits of this market. Finally, concerning the strategies, L’Oréal Men Expert should, among other actions, implement an educative campaign where it would teach its customers about the existence products (how to use them; their advantages/benefits and the related opportunities).
- The effect of leadership functions on team effectiveness of virtual teamsPublication . Matos, Alexandra Margarida Martins de; Costa, Patrícia LopesThe purpose of this dissertation is the study of four different leadership functions on virtual teams and how can they impact differently the effectiveness of these teams. Data was collected from 332 employees. The results show that leadership functions in general are key for team leaders, it is through them that the leader structures all the work for the team. Additionally, the results indicate that being part of a virtual team or face-to-face team it is not statistically significant in terms of the impact of these functions in team effectiveness, since that when the leader works with leadership functions it will always lead to team effectiveness.
- The effect of trust on the adaptability of virtual teams : the mediator role of transition processesPublication . Marcos, Maria Cura; Costa, Patrícia LopesThe purpose of this dissertation is the study of the effect of trust on team adaptation through transition processes. Data was collected from 332 questionnaires. Results show that there are differences between the levels of trust and adaptability in virtual and non-virtual teams. However, transition processes’ levels do not vary significantly between both groups. Results indicate that trust has a statistically significant effect on team adaptation and that transition processes mediate the effect of trust on team adaptation. Nonetheless, the amount of Face-to-face communication does not moderate the relationship between trust and team adaptation.
- Implications of captive financing companies on the financial structure of car manufacturersPublication . Lück, Joschka Frederik; Reis, Ricardo César Ribeiro Ventura FerreiraThis paper studies captive finance companies in the automotive industry to draw conclusions on the implications they have on the consolidated entity’s financial structure and risk profile. For the analysis, key variables will be used to determine the similarity of captive finance companies with banks, and subsequently, the Altman Z-score will be used as an accounting data-based measure of risk. The results of the analysis are ambiguous and do not confirm a direct and generalizable relationship between the impact of captive finance companies and the business risk of a consolidated group.
- Saúda, the portuguese pharmacies loyalty program and its impact on customer valuePublication . Santos, Filipa Roque Marques dos; Celeste, Pedro Manuel Amador RodriguesThe pharmacy sector in Portugal is getting more and more challenging with the increased competition mainly driven by the regulation (e.g. sale liberalisation of non-prescription medicines) and the development of new sophisticated players owned by big established conglomerates (e.g. Well’s). The incumbents’ characteristics – fragmented ownership and an associative mind-set under the Associação Nacional das Farmácias (ANF) – established as the basis of an unique initiative: the creation of a nation-wide brand that represented the majority of the individual entities of the pharmacy network while conveying their key differentiating factors – quality of customer service and recognition as healthcare and well-being specialists. The Portuguese Pharmacies brand was the foundation of a holistic loyalty program – Saúda - that aimed to develop the required tools and processes to preserve the leadership position of pharmacies in the sector. The aim of this thesis is to analyse the context of the Portuguese pharmacy sector and the success of the brand’s implementation and loyalty program, while identifying the customer views on the program and further measures to improve its effectiveness. As a teaching tool, it provides an opportunity to explore the main steps that lead the development of a loyalty program and its evolution from 2009 to 2017. Based on a real-life challenge, it is expected to assist students in developing marketing knowledge as well as strengthening research skills.