Browsing by Issue Date, starting with "2018-07-25"
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- How do Basel IV regulation announcements impact market performance of European banks?Publication . Pereira, Maria Inês Coelho; Cerqueiro, Geraldo Manuel AlvesThis dissertation examines final Basel III reforms announcements by the BCBS and assesses their impact on market performance of European banks using event study methodology. Following this initial part of the analysis, regression analyses are performed using explanatory variables referring to bank features such as liquidity, capitalisation, profitability and size. Country controls are also employed to analyse possible different countries reactions. Basel IV (final Basel III rules) announcements generally reflect a favourable response by the banks comprised in the sample, against initial expectation. This represents an aggregate shareholder wealth gain of over €40 million for statistically significant events, around a 4% increase against normal performance. This research shows that while bank-specific variables are not generally meaningful explaining variation in market valuation of European banks, the discrepancy between countries offers more insightful findings. GIIPS countries and sovereigns whose banks use their own IRB models may show possible vulnerabilities, yet do not seem to be lagging behind their European peers. Observed results may reveal that risk management policies and compliance have become more harmonised and aligned. This study’s findings may then provide evidence that Basel IV is an important step in reducing uncertainty, so as to reassure reliability in financial institutions and a safer banking environment in the EU.
- The reactive strategies of Born Globals when facing failuresPublication . Duarte, Ricardo Filipe Neves; Leglise, LaureThe main purpose of this thesis is to fill a gap in the literature regarding organizational learning and reactive strategies in an international scope, with a focus on the Born Global breed. Firms are internationalizing earlier, and adaptability, leaning and resilience have become main sources of competitive advantage in an increasingly fast-paced and unpredictable environment. Despite these trends, the topic remains widely unexplored, hence the relevancy of the study. In order to answer the research question, I developed a qualitative research, more precisely a single-case study. SHIFT was the company chosen due to its success and singularity. It has developed business-ready cloud solutions for clients in fifteen different countries and was able to succeed because of its capacity to learn from the environment and reactive strategies. The data was collected using a combination of primary data, with interviews and participant observation, and secondary data obtained from company’s documents. After a careful analysis of the data and existing literature, the findings show that there are critical steps to succeed on the integration of the learnings from an unsuccessful internationalization attempt and respective reaction. The organization needs to be responsive and accurate on the identification of the problem, as an early recognition of the root-cause can reduce the impact and creates the basis for the new strategy. Additionally, the firm needs to be flexible and willing to adapt to accommodate the changes and implement them quickly.
- Efficiency analysis in german banks : an application of Data Envelopment Analysis for the 2013-2016 periodPublication . Andrade, Maria Beatriz Pestana de; Bhimjee, Diptes Chandrakante PrabhudasThe present Dissertation’s academic research question addresses the assessment of the relative efficiency of German banks for the 2013-2016 period. In order to address the latter research question, this document’s empirical research strategy essentially employs a two-step approach. It first uses an established methodology, entitled Data Envelopment Analysis (D.E.A.), producing a set of baseline findings associated with the efficient measurement of German banking efficiency for the said period. Second, it subsequently employs a robustness check, through the estimation of the Malmquist Productivity Index, in order to extend the critical baseline analysis to an intertemporal framework. The overall findings reflect a proficient and stable assessment of relative efficiency measurement for the German banking industry as a whole (as represented by the chosen sample), by accurately identifying any potential inefficiency sources, which can be potentially improved upon. The banking data were extracted from ORBIS® BankFocus. The inputs considered are deposits and interest expense, while the outputs are loans and interest income. These inputs and outputs were analysed both separately and simultaneously, according to three different approaches: i) deposits and interest expense to loans and interest income; ii) deposits to loans; and iii) interest expense to interest income. An output-oriented approach was also conducted, as model applications test the maximization of outputs for a given level of inputs. Lastly, both constant and variable returns to scale assumptions were addressed in the present Dissertation. The present Dissertation’s overall findings associated with the efficiency measurement related to the performance of the German banking industry are quite stable across the different model applications, notwithstanding some minor expected differences according to the set of model inputs/outputs chosen. This stability also suggests that some banks are more revenue-oriented, while others are more asset-oriented. It is hoped that the findings might contribute to the performance improvement of the Euro Area’s most powerful banking industry.
- Meta-esterótipos e Stereotype Threat : a intenção de abandono de trabalhadores mais velhos das suas organizaçõesPublication . Varandas, Beatriz Miguel Brasileiro Vilhena; Oliveira, Eduardo André SilvaEste trabalho tem por base a temática da gestão da idade nas organizações. O seu objetivo é compreender a relação que os metaestereótipos e a stereotype threat têm na intenção de abandono de trabalhadores mais velhos das suas organizações, recorrendo ao uso de uma metodologia quantitativa. A amostra é constituída por 173 trabalhadores com 50 ou mais anos de idade de diversos setores de atividade. Para o procedimento de recolha e análise dos dados procedeu-se à utilização de um questionário e posterior análise no software SPSS 24.0. Nos resultados verifica-se no caso dos Meta-estereótipos relações negativas com a Intenção de Saída e Identificação com o Grupo e positiva associada à Stereotype Threat. Uma outra relação negativa confirma-se na relação entre a Identificação com o Grupo e a Stereotype Threat. Por sua vez, confere-se uma relação não significativa entre a Stereotype Threat e a Intenção de Saída. As principais conclusões deste estudo alertam-nos para as alterações do mundo de trabalho e para a urgência em identificar as dificuldades e as estratégias desenvolvidas pelos trabalhadores/organizações na procura e manutenção do seu trabalho. Para uma melhor compreensão desta dinâmica torna-se necessário atentar ao processo ligado aos meta-estereótipos.
- Empirical analysis of stock clustering at monthly options expiration datesPublication . Mota, João Pedro Alves; Kokkonen, Joni AleksiThis paper presents evidence that stocks with listed options are more likely to cluster at option strike prices at monthly expiration dates than in any other trading day from January 1st, 2010 to December 31st, 2015. To assure that there is a relation between the phenomena observed and options trading, we compare stock clustering distributions for optionable and non-optionable stocks trading in the AMEX, NASDAQ and NYSE stock exchanges in 72 monthly expirations. For optionable stocks, we find that the probability of pinning at option strike prices at monthly expiration dates is higher than any other trading day within the month, unlike non-optionable stocks. Thus, it appears that the probability of optionable stocks clustering at strike prices at monthly expiration may be related to the impact of options trading. Moreover, we also conclude that clustering at weekly expiration is significant at a 95% confidence level when compared to non-expiration trading days. However, as expected, it is less significant when compared to clustering at monthly expirations which present a clustering effect significant at a 99% confidence level.
- The internationalisation of social enterprisesPublication . Bauer, Maximilian Nicolas; Leglise, LaureSocial enterprises, organizations that combine elements of business and charity, use the market to solve a social or environmental problem. The purpose of this dissertation is to fill the gap in the literature regarding the link of the field of internationalisation strategies and the field of social enterprises. It aims to identify how these organisations conduct the internationalisation decision and market selection. To answer, how social enterprises internationalise, a comparative case study with two social enterprises located in Portugal was conducted. Findings show that both companies internationalised for very different reasons, yet in both cases being “social” influenced the internationalisation decisions. The literature on internationalisation, especially the network model, can explain some of the results, others not.
- The financial impact of the Fukushima reactor meltdown on the stock returns of german nuclear power providersPublication . Schug, Per Espen; Cerqueiro, Geraldo Manuel AlvesThe purpose of this thesis is to determine the financial impact of the Fukushima reactor meltdown on the stock returns of German nuclear power providers. It was argued that the Fukushima incident affected these companies beyond the event itself, as it sparked a change to the political climate towards nuclear power. The day Chancellor Merkel announced the decision to end all nuclear power production in Germany by 2022 was deemed the most significant event after Fukushima. An event study was used to measure the effects of both events on a German sample and an EU sample. The results showed that the Fukushima reactor meltdown had a significant negative effect on nuclear power providers of both samples. The negative effect was explained by investors reassessing the risk of dealing with nuclear power and their reaction to new government policies. The announcement made by Chancellor Merkel also had a significant negative effect on German nuclear power providers. The negative effect was explained by the market reacting to the companies’ loss of expected future cashflows and the uncertainty regarding how they will adjust their business strategy. The financial loss experienced by the shareholders of the three German nuclear power providers was EUR -6,94 billion.
- Consumo do álcool durante a gravidez : perspetivas de um grupo de enfermeiros face ao fenómenoPublication . Pereira, Ana Paula dos Santos; Xavier, Maria Raúl Andrade Martins Lobo; Gonçalves, Camila dos SantosO presente estudo exploratório tem como objetivo geral explorar as perspetivas de um grupo de enfermeiros que fazem o acompanhamento de mulheres grávidas acerca do consumo de álcool durante a gravidez. As linhas orientadoras nacionais e internacionais fornecem diretrizes para a prevenção e intervenção neste contexto, e estudos indicam parece existir uma lacuna entre estas diretrizes e os conhecimentos e a prática profissional destes profissionais. Neste estudo foram realizadas sete entrevistas com enfermeiros que acompanham grávidas no âmbito do Sistema Nacional de Saúde acerca do consumo de álcool durante a gravidez, partindo de um guião semiestruturado, procedendo-se posteriormente a uma abordagem semi-indutiva dos dados, seguindo uma metodologia qualitativa. A análise de conteúdo apontou como principais resultados a perspetiva de uma informação reduzida / insuficiente por parte dos próprios entrevistados, bem como informação reduzida / insuficiente por parte dos enfermeiros em geral, da restante equipa de saúde, mulheres grávidas e população em geral, o desconhecimento de unidades de bebida padrão e o desconhecimento de dados atuais sobre o tema. De destacar ainda o total desconhecimento de linhas orientadoras nacionais e internacionais para a prevenção e intervenção neste contexto. Todos os participantes referiram a necessidade de formação complementar sobre o tema.
- The impact of leadership on virtual team satisfaction and viability : the role of performance monitoring and team work engagementPublication . Zanin, Nicolas Romain Jean; Costa, PatriciaThis master thesis was conducted to better understand the factors of team effectiveness, especially the relationship between two team leadership functions (promotion of team self-management and promotion of a good social climate) and two components of team effectiveness: satisfaction and viability of team members. Monitoring and back-up behaviours (two action processes) where thought to have a mediating role in these relationships, under the moderation of Team Work Engagement. The results only partially supported these hypotheses. Back-up behaviours were found to be a mediator of the relationship between team self-management and satisfaction, and team work engagement does moderate the relationship between social climate and viability, but no moderated mediation appeared to be significant.
- Mental State Exam Checklist : validação de um instrumento de avaliação do estado mentalPublication . Correia, Ricardo Jorge Santos Vieira; Dias, Pedro Miguel Brito da Silva; Carvalho, Maria CarmoApesar de existirem alguns instrumentos que avaliem as alterações do estado mental, quando aplicados em contexto naturalista, estes apresentam diversas fragilidades. O objetivo geral desta investigação foi contribuir para a validação de um instrumento de avaliação do estado mental, o Mental State Exam Checklist. O foco desta investigação foi a redução de itens e avaliar a consistência interna, do instrumento, bem como das suas diferentes dimensões. Para avaliar a consistência interna recorreu-se ao Alpha de Cronbach. Os participantes desta investigação foram assistidos num projeto de intervenção na crise psicológica relacionada com o usos de substâncias psicoativas num grande festival de música e cultura psicadélica realizado em Portugal. Os valores do alpha de Cronbach demonstraram que o MSEC se apresenta como um instrumento fidedigno e com valores de validade e consistência interna muito bons. Com a redução de itens de 73 para 44, o MSEC tornou-se menos extenso e de maior facilidade no que toca à aplicabilidade. Concluindo que este estudo terá um impacto bastante significativo na qualidade de tomada de decisão sobre a intervenção em crise, tornando o MSEC uma ferramenta muito importante para uma intervenção em crise eficaz e rigorosa.