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Browsing by Issue Date, starting with "2021-12-03"

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  • Efeito do tipo de terra branqueadora na qualidade final do óleo de palma RBD
    Publication . Leal, Mariana da Costa; Morais, Rui Manuel Santos Costa de
    Este trabalho tem como propósito avaliar a qualidade final do óleo de palma RBD (refinado) consoante a modificação de um auxiliar tecnológico numa das etapas do processo de transformação do óleo de palma bruto em RBD, na etapa de branqueamento. Em cada óleo de palma bruto recebido, uma parte foi branqueado com uma terra de branqueamento neutra – Minclear S161 – e a outra parte com uma terra de branqueamento ativada termicamente – Tonsil Supreme 178 FF –, sendo que as restantes etapas da refinação se mantiveram iguais. A discussão dos resultados deste trabalho inicialmente consistia em dois temas: avaliação da qualidade do óleo entre etapas e terras e avaliação da evolução da qualidade do óleo RBD ao longo do tempo. Sendo que, posteriormente, foram adicionados mais dois temas como complemento ao trabalho: avaliação da qualidade do óleo de diferentes origens e efeito do tempo de contacto das terras de branqueamento. Para avaliar a qualidade do óleo no estado bruto, branqueado e desodorizado, foram analisados, em laboratório, diversos parâmetros de qualidade e propriedades físicas, tais como: índice de deterioração de branqueamento, cor, carotenos, oxidação (índice de peróxidos, índice de p-anisidina e oxidação total), acidez, teor em água, sabões, teor de gordura sólida, ponto de fusão, composição em elementos químicos, em glicerídeos e em ácidos gordos. As análises desenvolvidas para este trabalho foram realizadas na empresa Rogério Leal e Filhos, S.A. Teoricamente, com a utilização da terra de branqueamento ativada termicamente, seria espectável que a qualidade do óleo refinado fosse superior, quando comparado com a qualidade do óleo refinado com a terra de branqueamento neutra, pelo facto da primeira passar por um processo de transformação que visa aumentar a sua eficácia de absorção e adsorção de certos componentes. No entanto, através dos resultados obtidos, foi possível concluir que não existem diferenças significativas na qualidade final do óleo de palma RBD que justifiquem a utilização da terra de branqueamento ativada termicamente. Como tal, a empresa pode reduzir os custos na etapa de branqueamento, e consequentemente na refinação do óleo, com a utilização da terra de branqueamento Minclear S161.
    2021-12-03Master thesis Restricted access Show more
  • Opinion statement ECJ-TF 3/2021 on the CJEU decision of 18 March 2021 in case C-388/19, MK v Autoridade Tributária e Aduaneira, on the taxpayers’ option to avoid discriminatory taxation of capital gains
    Publication . Nogueira, João Félix Pinto; Prats, Francisco Alfredo Garcia; Haslehner, Werner C.; Heydt, Volker; Kemmeren, Eric; Kofler, Georg; Lang, Michael; Panayi, Christiana HJI; Blétière, Emmanuel Raingeard de la; Raventos-Calvo, Stella; Richelle, Isabelle; Rust, Alexander; Shiers, Rupert
    The CFE welcomes the judgment as it clearly refers to a case of unjustified discrimination. However, there are some questions that are left open (and that Court was not required to provide an answer). The Court’s judgment in MK reinforces the established case law that EU law prohibits the adoption of non-EU compliant regimes, even if they are offered as an option to fully EU-compliant regimes. Member States are still free to adopt optional regimes but have to ensure that each one of the routes that the taxpayer may elect does not lead to unfavourable tax treatment. The CFE stresses, however, that the creation of EU-compliant options should not necessarily imply that Member States simply extend the rules conceived for residents to non-residents, as such extension may be quite both burdensome and disproportional. The CFE notes that MK may lead Member States to adopt simplified rules that end up treating non-residents more favourably. Which should not be regarded as a matter of unfairness, taking into account that they will normally be again subject to taxation at the Residence Member State, which is(traditionally) the one placed in the best position to assess a taxpayer’s ability to pay and their corresponding final tax burden.
    2021-12-03Preprint Open access Show more
  • Todos os sítios : fragmentos de uma paisagem próxima
    Publication . Correia, André da Costa Castanho; Silva, Carlos Paulo Henriques Catrica da; Lobo, Carlos Afonso de Oliveira
    Todos os sítios é um exercício de reflexão teórica e empírica sobre as condições da representação fotográfica da paisagem contemporânea. Partindo de fotografias realizadas na cidade de Braga entre 2018 e 2019, a tese propõe a construção de um mapa alegórico e cognitivo de condições determinadas da paisagem contemporânea. Por sua vez, o argumento escrito procura informar as fotografias com um processo de cruzamento dos distintos paradigmas visuais que as fundamentam e com uma arqueologia dos processos históricos e historiográficas de sustentam esses paradigmas. Assumindo uma postura dialética e materialista em relação à Paisagem, as fotografias realizadas apresentam-se com um discurso crítico e, por isso, como parte do processo cultural de construção de Paisagem. Isto diverge de uma visão mais convencional da Paisagem: aquela que coloca no seu reconhecimento alguns equívocos e preconceitos, nomeadamente aqueles que a relacionam com o sublime, com o vasto ou do distante, mas também com um suposto valor transcendental da Natureza. A partir de todos os sítios, a ideia de Paisagem, constrói-se por fragmentos visuais que derivam de uma postura de proximidade física e justeza material no contacto com os lugares. As fotografias têm, por isso, a dupla função de documentos e de representações artísticas, servindo o propósito de se desenvolver a partir de dentro dos assuntos da Paisagem, permitindo o contacto entre aspetos do mundo real e do mundo representável, nas suas distintas dimensões: físicas, mentais e sociais.
    2021-12-03Master thesis Open access Show more
  • The impact of the CSPP across the eurozone
    Publication . Fernandes, Ana Rita Marques; Alves, Paulo Alexandre Pimenta
    This works aims to test the efficacy of the Corporate Sector Purchasing Programme (CSPP), taking into account the financial crisis context, how the programme influenced corporate bond dynamics and its impact across the eurozone countries. To test the performance of this policy, 1,202 corporate bonds, from 310 publicly traded non-financial companies, established in one of 19-eurozone countries, over 20 years were taken into account. Results are based on the comparison of two subsamples, the pre-CSPP (2000-2015) which includes the pre-crisis and crisis period and the CSPP period (2016-2020). The empirical results indicate that one of the main variables in explaining yield spreads are credit rating. This is controversial, as the overreliance on these indicators is seen by many as one of the culprits in the financial crisis. Observing time subsamples, the CSPP announcement and implementation period produced a reduction in yields from 154 bps to 128 bps. Achieving the desired yield tightening. Geographically, neutrality is observed, with all members countries benefiting, particularly the GIIPS. With the results from the available data is possible to consider the programme a success, as it provides less expensive funding for companies all over the eurozone.
    2021-12-03Master thesis Open access Show more
  • Does the reliability of the intrinsic equity value estimates derived from a multiple-based model and three flow-based models differ?
    Publication . Rodrigues, Pedro Filipe Gonçalves; Alves, Paulo Alexandre Pimenta
    I investigate the valuation performance of one multiple-based valuation model using 1-year ahead consensus forecasted earnings as a value driver and of three flow-based valuation models – dividend discount model, discounted cash flow model and residual income valuation model. To conduct the analysis, 2,856 observations of U.S. public companies from 2005 to 2015 are considered. Each observation is assessed for bias, accuracy and explainability utilizing t-tests, Wilcoxon sign-rank tests and ordinary least squares regressions. Opposite to prior research, I find that the multiple-based valuation model performs best in all performance measures, followed by the residual income valuation model. The discounted cash flow model is contemplated as superior to the dividend discount model, even though they sometimes alternate their order of superiority. Concerning the impact of the R&D expenditure on the performance of the models, all the flow-based valuation models perform best in a low R&D context, while the multiple-based valuation model performs best in a high R&D context. Still, the models’ performance ranking prevails regardless of the R&D expenditure. To evaluate the robustness of the results to the models’ implementation issues, sensitivity analyses for the market risk premium, growth rate, forecast horizon, selection of comparable companies and the method of computing the benchmark multiple are executed, which evidences that the models’ performance ranking is robust to each assumption alteration, except for the lowest levels of the market risk premium where the least sensitive model, the DDM, outperforms within the flow-based valuation models. These findings are tested in reality by analysing two sell-side equity analyst reports for The Walt Disney Company (NYSE: DIS). In line with the main analysis, the appraised analysts seem to prefer the multiple-based valuation model to estimate a target price. However, this evidence based on one individual case company cannot be generalized. To conclude, this dissertation underlines the multiple-based valuation model’s superiority over all the flow-based valuation models in estimating equity value in a modern environment.
    2021-12-03Master thesis Open access Show more
  • Warm, warmer, art museum : the social agency of art museums in the climate emergency
    Publication . Albrecht, Lucie Nana; Hanenberg, Peter Heinrich
    Climate emergency is one of society’s most pressing and contemporary challenges, since it can create areas of uninhabitable climate and provoke conflict zones but also because it accelerates mass extinction. Fossil fuels are a driving factor, continuously pushing the planet towards its limits. Departing from the observation that many art museums across Europe are in some way sponsored by fossil fuel corporations, this research attempts to find out if and how art museums can reflect and act upon the current climate emergency. While art museums serve many purposes, they fundamentally define and express major social narratives by providing a space for participation and knowledge production. By focusing on collecting, preserving and showing art, they become – at their best - a critical storyteller of social narratives, in a position to deal with complex contemporary challenges like the climate emergency. Hence, this research focuses on how art museums can be agents for social change, particularly in dealing with the challenge of climate emergency. A brief literature review on the relationship between art museums and agency composes the first part of the dissertation, articulating concepts on the capacity of art within the museum environment (Bennett 1995; Hooper-Greenhill 1994; Janes and Sandell 2019), education and communication in the art museum (Rogoff 2008; Nielsen 2017) and theories on social agency (Eisenhardt 1989; Shapiro 2005). Acknowledging the conflicting relationship between the corporate sponsorship of museums and their accountability and agency in the climate emergency, chapter two engages in the critical analysis of the difficulties that art museums face in utilising their outlined social agency in the climate emergency. Based on a literature review of the concept of sponsorships, particular focus is set on how this relates to the previously established agent-principal relationship as well as an underlying conflict of interest. This is then further illustrated by analysing the sponsorship of BP to both the Tate Modern and the British Museum. This research suggests that art can operate in society from within institutions, and that art activism practices might even have a larger impact in the context of art museums that are sponsored by fossil fuel corporations and thus provoke action towards the climate emergency. This will be illustrated by a close analysis of one performance within the case study - “Hidden Figures” by Liberate Tate and a comparison will be drawn to briefly outlined performances by BP or Not BP?.
    2021-12-03Master thesis Open access Show more
  • Efeito country of origin na perceção de qualidade : caso da marca de azeite Andorinha
    Publication . Magalhães, Carolina Osório de Albuquerque Côrte-Real de; Afonso, Carla Susana Moiteiro Ganito
    O presente relatório de estágio incide sobre a marca brasileira de azeites Andorinha e pretende explorar de que forma o efeito de Country of Origin, que designa o impacto da origem no posicionamento, estratégia e comunicação da marca, pode refletir uma perceção de qualidade nos seus consumidores. Contextualmente, o desenvolvimento do setor do azeite no Brasil motivou entrada da Sovena neste mercado com a marca Andorinha. O consumidor brasileiro, com pouco conhecimento e envolto em construções sociais que condicionam e desacreditam o consumo de azeite, procura por informações qualitativas do produto nos atributos extrínsecos da marca. A gestão de marketing de Andorinha capitalizou o tema da origem, inerente ao processo de produção deste azeite, para construir a matriz estratégica da marca. A origem, enquanto pista informativa, suscita a criação de perceções subjetivas que dependem do sistema social, cultural, económico e individual em que o consumidor está inserido. No âmbito da realização de Estágio Curricular na empresa portuguesa Sovena foi desenvolvido um Estudo de Caso. Para cobrir estas dinâmicas, foi seguida uma análise da interação entre consumidor-marca, com o propósito de averiguar profundamente uma unidade individual, Andorinha, mediante os contornos do consumo no mercado brasileiro de azeite. A investigação permitiu clarificar a importância de as empresas trabalharem holística e circunstancialmente o efeito de Country of Origin, e sobretudo, oportuna para revelar a premência da literatura aprofundar e sistematizar os contributos sobre o tema.
    2021-12-03Master thesis Restricted access Show more
  • Equity valuation using accounting numbers : empirical analysis on different valuation methods estimates and how trimming affects explanatory power
    Publication . Afonso, Fábio Joaquim Gonçalves; Alves, Paulo Alexandre Pimenta
    This dissertation aims to investigate the performance of the Dividend Discount Model (DDM), the Residual Income Valuation Model (RIVM), the Discounted Cash-Flow Model (DCFM), and the multiples-based models (MBM), specifically the Forward Price to Earnings (P/E), when analysing a large sample analysis of US-listed firms. First analysis on the results indicates MBM as the most accurate model. A sensitivity analysis exposed the RIVM as the model most sensitive to changes in assumptions. Further sensitivity was made on the sample selection process where trimming was tested and proved to be reliable. Additionally, the role of Research and Development (R&D) was analysed as a possible reason for the difference between the outputs on the different valuation models, and how low-high-intensive R&D companies provide accurate intrinsic values. The analysis based on smaller samples for low-high R&D intensive firms found that high-intensive firms provided more accurate estimates. Further analysis on a small sample was conducted, where the investigation on the valuation methods used by analysts in equity valuation was compared with what literature suggests and with the large sample analysis results. The analysis on those reports indicated the MBM as the most essential for analysts on their valuations. After the multiples, DCFM was the model that comes up to be used more times in the reports. The analysis shows that the multiples model is the best model after both analyses of the large sample and analysts' reports.
    2021-12-03Master thesis Open access Show more
  • Communication in M&A: the impacts of integration and autonomy
    Publication . Carvalho, Sofia Leão Brito Correia de; Bauer, Florian Andreas
    Previous academic research has focused on communication as the critical determinant of success in post-acquisition integration, arguing that a strong communication strategy is fundamental. However, we identified a gap in the literature, as it has never been studied what could vary in the content communicated among different acquisitions, depending on the levels of integration and autonomy. Through fifteen interviews with top and middle managers of a company that acquired four companies with heterogeneous levels of integration and autonomy, we find evidence that what to communicate with employees and the amount of communication must vary with the level of integration and autonomy of the target. Therefore, linking the integration strategy to the chosen approach, we reveal that communicating a detailed action plan to the employees of the combined entity is essential with high integration and low autonomy to realise potential synergies. The forementioned findings contribute to the M&A and communication literature, linking both theories together. When interpreting the results, one must be cautious as the sample is constituted by acquisitions made by one company, which may hinder the generalization of our findings.
    2021-12-03Master thesis Open access Show more