Browsing by Issue Date, starting with "2022-04-27"
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- Contribuições financeiras: algumas reflexõesPublication . Portocarrero, Luís Gonzaga Baldaia Zagalo da Silveira; Tavares, Tomás Maria Cantista de CastroO tema da Dissertação são as Contribuições Financeiras e o seu regime jurídico-constitucional. Os objetivos e resultados deste estudo foram reunir, organizar e tratar os dados que, gradualmente, extraímos de livros e artigos na área do Direito Fiscal em matéria de Contribuições Financeiras, do Princípio da Legalidade Tributária e do Princípio da Equivalência; dar a nossa opinião pessoal e crítica, alicerçada em argumentos, sobre o conceito de contribuição financeira que se nos apresenta mais correto – consideramos boa a leitura de Casalta Nabais, Sérgio Vasques e Filipe de Vasconcelos Fernandes; tomar posição na querela em redor da criação de contribuições financeiras que separa doutrina e jurisprudência – estamos de acordo com a interpretação do Tribunal Constitucional que resulta do ATC nº 539/2015, ou seja, não há uma reserva legislativa parlamentar na criação de contribuições financeiras. A nossa abordagem consiste em apresentar várias perspetivas sobre um determinado tópico e tomar parte de forma fundamentada.
- An analysis of Portway's handling export process : digital and non-digital improvement opportunitiesPublication . Vasconcelos, Inácio; Xavier, RuteDigitalization is one of the critical aspects most industries face in this decade, as it can create new market opportunities, and even facilitate a lot of actions. On the other hand, it can also leave companies that didn’t catch the train behind, since it can dictate a company’s survival in the industry, leaving them with no other option than adapting Thus, digitalization it is of key importance for most of the companies. On this study Portway’s operational process will be under review, analysing and mapping all the operational flow, understanding the bottlenecks of the process, and finally describing a digitalization approach for the company. To do this, several visits to the company’s cargo hub were done where several interviews took place, as well as a deep analysis of the solutions offered in the market right now. Finally, by analysing the company’s capabilities and the problems that can and need to be addressed firstly, it is possible to define a line of approach focusing on solutions that solve problems, namely paper consumption, information access, customers services, and some painful processes that were also found. It is possible to conclude that, by following this approach, solutions that require less effort to be implemented, are prioritized. With the implementation of these solutions Portway can then improve its processes, leading the way to becoming more efficient, reducing time and saving money, and at the same time targeting operational problems and taking a step to defend its position to supply chain changes.
- Measuring firms’ default probabilities with imperfect informationPublication . Libânio, Adriana de Almeida Martins; Silva, NunoThis dissertation aims to estimate default probabilities in an imperfect information setting. This is achieved through the implementation of a model that considers creditors cannot observe the firm asset values directly. Instead, they receive periodic information coming from accounting reports that can be imperfect. The dataset considered covers 18 non-financial companies that belong to the Euro STOXX 50, between 2010 and 2020. Evidence was found that probabilities of default overall behave monotonically when it comes to the degree of data inaccuracy. In periods marked by extreme events, such as the European sovereign debt crisis and the covid 19 pandemic, it is possible to observe a wider impact in the probabilities of default, as the assumption of the degree of accounting noise increases. Lastly, comparing the results to the default probabilities implied by Standard & Poor’s credit ratings, it is possible to conclude that the model’ results are underestimating the probabilities of default. On absolute terms, the difference between the model default probabilities and the ones implied by credit ratings, ranges between 0.46% and 0.75%.
- Arrolamento especial e ruturas conjugais : divisão do património e periculum in moraPublication . Alves, Nádia Cristina de Sousa; Xavier, Maria Rita Aranha da Gama LoboEm todas as situações de rutura conjugal e mesmo após o divórcio, face à existência de uma maior instabilidade emocional, é possível existir o receio de que um dos cônjuges proceda a atos de dissipação ou extravio de bens em prejuízo do outro. No ordenamento jurídico português o processo de divórcio não implica, forçosamente, que se proceda, à divisão do património conjugal, o que, além de perpetuar uma situação de indivisão, potencia o risco de apropriação indevida de bens, da sua ocultação ou da prática de atos prejudiciais ao património comum, enquanto não se realiza a respetiva partilha. Daí que, se suscite a questão de saber se o âmbito do arrolamento especial não será excessivamente limitado, devendo, por isso, poder ser decretado noutras situações que não as plasmadas no artigo 409.º do Código de Processo Civil.
- The impact of energy prices on firms’ financial and environmental performancePublication . Cunha, Maria Teresa Trigo da Cruz dos Santos; Cerqueiro, GeraldoThis dissertation examines the impact of energy prices on firms’ financial and green performance. The analysis is conducted using firm-level data for more than 15 thousand firms of 14 different industries in Portugal between 2010 and 2017. The motivation behind this study is related with the growing importance of sustainability and the need of more environmental-friendly practices on business, furthermore, the absence of an empirical research exclusively for Portugal and the current energy crisis also inspire the realization of this work. The results show that increasing energy prices leads to a positive and significant effect on investment, however no significance for firms’ profitability and not a conclusive effect is found for overall employment. Moreover, the idea that higher energy prices induce companies towards more green practises does not hold, in fact for green investment and green employment no significance is found and for green revenues and green expenses, an increase in energy prices leads to a decrease in these variables. Additionally, an extension of the study to each industry and different energy dependence level is also performed to uncover some heterogeneity effects not shown in the aggregate results. The conclusions shed light on how and to what extent energy price affects firms and calls to policy makers to design a more comprehensive energy-policy that contributes to shifting firms to a greener state of business.
- Relatório de estágio – assistente de imagem na LightboxPublication . Cavaco, Rúben Filipe Castro Santos; Carmona, Carlos RuizNo âmbito do segundo ano do Mestrado em Cinema da Universidade Católica Portuguesa foi proposta a realização de um Estágio Curricular na área de Assistente de Imagem. Nesse sentido a Lightbox foi a empresa que elegi para a sua realização. Esta é uma produtora audiovisual com sede no Porto, com um vasto portfólio nas áreas de Cinema e Publicidade. Fiquei também inserido na Toolbox, uma empresa parceira, que detém a parte técnica operacional e se destina ao aluguer de equipamento e servicing. Este relatório pretende descrever o meu trajeto durante os seis meses de estágio nesta produtora. O objetivo principal do estágio foi colocar em prática aquilo que aprendi no primeiro ano desta formação, bem como na licenciatura. Nesse sentido pude exercer funções como Assistente de Imagem e posteriormente como Operador de Câmara, conciliando estes cargos com a preparação e recepção de alugueres. Ao longo do mesmo, foram vários os projetos realizados com grandes entidades da zona norte do país, como a Fundação de Serralves, o Futebol Clube do Porto e a Sonae. Desde a simples anotação de planos a Operador de Gimbal foram vários os papéis de que me encarreguei. Satisfeito e realizado com o meu percurso e crescimento profissional e pessoal, proponho-me a detalhar as principais aprendizagens e desafios.
- Does competition from China encourage green practises? : evidence from PortugalPublication . Costa, Maria Dias Pereira da; Cerqueiro, Geraldo Manuel AlvesChina's expanding range and quality of exports is a major ongoing trend in the global economy with potentially far-reaching implications. In this research I investigate whether firms’ sectors subject to greater competition from Chinese imports are more likely to go green. Using a questionnaire database from the Instituto Nacional de Estatística (INE), the analysis focuses on Portuguese small and medium enterprises (SMEs) between 2010 and 2017. Evidence suggests that companies actually seem to go “brown” when facing increased competition.
- Application of an income-based structural model to measure the probabilities of default of five european banksPublication . Yakhlef, Rafa Ben; Silva, NunoThis dissertation analyses whether a modified version of the EBIT-based structural model by (Goldstein, Ju, & Leland, 2001) is able to replicate the default metrics published by major credit rating agencies in the case of banks. This research studies five European banks from 2001 until 2020. As the reference model focus on non-financial institutions, it was adapted to fit the characteristics of banks. In particular, the assumption that firms have fixed financial costs was replaced by the hypothesis that a fraction of banks’ non-interest costs are fixed. This share was determined in order to match credit rating agencies average probabilities of default, which equals 1.14% during our 20 years sample. After gathering all data, the model was calibrated following the iterative approach, first proposed by (Vassalou & Xing, 2004). A regression of the mean model probabilities of default and distances to default at each moment in time on the equivalent ratings-implied measures showed an R-squared of 0.27 and 0.40, respectively. Furthermore, this dissertation presents a panel data regression that assesses the fixed effects of each bank. The significance test shows that the coefficients in all regressions are significant at 5% significance levels except the fixed effects associated with three banks. I concluded that the model’s credit risk indicators are very comparable to the ratings given by credit rating agencies, though the correlation is far from perfect.
- Digital nomadism as a new form of remote work for companies : a first evaluation of the business idea of a digital nomad platformPublication . Syrbe, Sören; Xavier, RuteDigital nomadism, an enhanced form of remote work that combines work with travel and leisure, has become increasingly popular in the course of the COVID pandemic. With nearly twice as many digital nomads now permanently employed by companies (MBO Partners, 2021), it is important to examine how this work model affects employee performance and well-being. This master’s thesis hypothesizes that if digital nomadism has positive effects on employee performance and well-being, managers would be willing to integrate it into their companies. To support this integration, the author proposes a digital nomad platform. In the course of this master thesis, the business idea is subjected to a first evaluation. An online questionnaire was applied for empirical research, and data from 115 managers were collected and analyzed using structural equation modeling. The findings show that managers believe that digital nomadism can have a positive impact on employee well-being, which in turn would be a reason for them to adopt it. The findings also show that managers have doubts about whether the proposed digital nomad platform is useful enough. From the results, it can be concluded that there is a great deal of interest in the idea of introducing digital nomadism into corporate structures. However, the actual business idea of the digital nomad platform still needs to be further validated with the help of a prototype.
- The reputational impact of a public scandal in the portuguese banking sectorPublication . Draiblate, Leonor Lopes; Cerqueiro, GeraldoWhen new information is released in the market, investors’ reactions are reflected in stock prices, according to the assumption of efficient markets of the semi-strong form. Baring this in mind, this thesis’ objective is to measure the reputational effect a public scandal has on Portuguese banks’ stock performance. The tested hypothesis is that the announcement that the banks have engaged in some kind of financial fraud or crime will impact its market value as a consequence of the reputational damage. The approach deployed to investigate the effects on the bank’s financial performance is the event study methodology, as it allows to measure any reputational effect in the form of extra financial loss/gain beyond the expected. The event selected will be the first time it was official that the banks engaged in some kind of fraud or misconduct. The actions that took place after the day of the scandal will be equally studied resourcing to multivariate regressions. The banks chosen to be studied were Millennium bcp and Banco Espírito Santo, since both banks got themselves into two of the biggest banking scandals in Portuguese history. The results proved the initial hypothesis to be correct, as the majority of the results in the event window showed an overall statistically significant negative impact on the stocks’ expected returns.