Browsing by Issue Date, starting with "2022-04-28"
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- MoBeyBOU em Cabo Verde : construção de uma narrativa multimodalPublication . Brito, Venicy Daniela Soares de; Sá, Vítor Júlio da Silva e; Sylla, CristinaA presente dissertação intitulada “Construção de uma Narrativa Multimodal”, foi realizado no âmbito do Projeto Fim do Curso para obtenção do grau de Mestrado em Comunicação Digital. O propósito deste projeto foi conceptualizar e desenvolver uma aplicação de uma história interativa destinada a crianças para divulgar a cultura de Cabo Verde. Para alcançar o objetivo foi feito uma revisão teórica relativamente ao conceito e características de aplicações de histórias interativas de uma forma geral, e especificamente foi abordado o desenvolvimento tecnológico, aplicações de histórias interativas e jogos digitais em Cabo Verde. A motivação que esteve na origem deste projeto foi a proposta para o desenvolvimento de uma aplicação de uma história interativa no âmbito do projeto Mobeybou. Esta proposta nasceu da necessidade de preencher uma lacuna, pelo fato de não existirem aplicações multimédias direcionadas para crianças pequenas que possibilitem dar a conhecer a cultura cabo-verdiana. Tendo isso em vista, este trabalho propõe dar continuidade ao projeto Mobeybou e desenvolver a app Mobeybou em Cabo Verde, criando apps digitais multiculturais, onde as crianças com idade compreendida entre os 4 e os 8 anos, possam também narrar as suas próprias histórias, promovendo habilidades cognitivas e sociais dentro de uma estrutura multicultural. A app usa a Realidade Aumentada (RA) para visualizar, manipular e explorar conceitos culturais, cenas em 360º, sons, animações 2D, entre outros recursos, através da interação multimodal. A metodologia utilizada foi de natureza qualitativa, onde inicialmente a pesquisa bibliográfica e uma entrevista semiestruturada complementou o levantamento inicial. O desenvolvimento da aplicação guiou-se pelo design centrado no usuário e por fim foram empregues as técnicas de observação participante e entrevista, através do estudo exploratório sobre o uso da aplicação.
- The impact of post 2008 financial crisis regulations on organized exchange markets of interest rate derivatives in the United StatesPublication . Violante, Amanda de Oliveira; Bonfim, Diana Carina Ribeiro GuimarãesThe aftermath of 2008 financial crisis highlighted the necessity to properly regulate the OTC derivatives market. Both the U.S. and the European Union agreed on new regulatory measures to (1) mandatorily trade standardized OTC derivatives through central clearing parties (CCPs), (2) increase capital and collateral requirements for non-centrally cleared derivatives and (3) report trading activities for both OTC and cleared deals. This paper examines by multivariate regression analysisthe impact of the new regulation on the largest and first regulated derivatives market, the U.S., specifically in organized exchange market of interest rate derivatives, also taking into account the possible impact of the U.S. economy and monetary policy to this market, measured by GDP and federal funds rates respectively. Considering the difficulties imposed by the new regulations, the expected outcome would be to disincentivize bilaterally trading activities and increase the dealing through organized exchange along time. The research findings show that the outcome of organize-exchange traded interest rate Options and Futures, for both short-term and long-term maturities, is positively related to the U.S. GDP. Monetary policy showed to be not statistically significant to the market studied outcome. Most importantly, rather than the most expected outcome, the start of the regulation is shown to lower, not raise the interest rate derivatives traded in organized exchange.
- Tension management in sustainable entrepreneurship : business model implications for circular economy start-upsPublication . Hansen, Lasse Nis; Sousa, José Vasconcelos eFacing a global environmental- and social crisis sustainability has become one of the most important topics within society. Businesses take a vital position towards overcoming this crisis by providing solutions for sustainability challenges. Start-ups following a sustainable business model aim for a holistic and unified approach towards the achievement of economic, social, and environmental goals. Due to an organization limited number of resources this triune approach can lead to tensions in the business model. This research investigates which tensions circular economy start-ups face in their business model and showcases the measurements to overcome and avoid those. This dissertation is an exploratory study which follows a qualitative research approach through the conduction of semi-structured interviews with six circular economy start-ups and one circular economy industry expert. The results display, that circular economy start-ups face most of their business model tensions within the value creation- and delivery system part of the business model. Those tensions are mainly caused by the increased cost of sustainable business operations and a loose of the organizations control due to extensive internal processes. To overcome those tensions the organizations, take an active and transparent role in society in the promotion of sustainability and further develop their infrastructure. It adds to the existing literature on tensions faced within hybrid organizations and measurements to overcome those.
- Corporate Venture Capital : parent firm value relationship : firm structure and environment as contingenciesPublication . Berruti, Leonardo Alfredo; Shuwaikh, Fátima HussienMore and more firms are implementing a division of Corporate Venture Capital (CVC) as a strategy to differentiate their portfolio and create value. Through investments in entrepreneurial ventures, companies acquire innovations and new technologies to maintain and increase competitive advantages. Nevertheless, the relationship between CVC and investing (parent) firm remains an important research topic to dive into. Starting from the contingency theory, I propose that a rise in company value via CVC investing is contingent on attentional mechanisms that discipline the selection of fresh investment opportunities. Focusing on U.S. American parent companies of CVC divisions, this dissertation examines the impact of industry and firm-specific determinants on CVC investment activity in various industries, as well as related effects on firm value. An increase in firm value connected with CVC investing, I believe, accrue to firms that adopt specified operational structures and operate in specific environments, with business similarity with the entrepreneurial ventures and operating in the same metropolitan area. I show evidence that parent firm value increases among companies investing in CVC that are operational concentrate and operate in low munificence environments. I find support for my research model in a sample of 1.989 firm-year observations and 159 U.S. American companies between 2000 and 2020. This analysis aims to show that managers of companies which are active in the CVC market should take into considerations the above-mentioned effects when approaching an investment in venture capital, in order to maximize the firm’s gains in terms of innovations and strategy.
- Immigration patterns in Portugal : an analysis of the effect of immigration on unemployment and wages among different demographic groupsPublication . Kiesl, Franziska Julia Edigna Maria; Reis, HugoThis paper gives an overview of the demographic structures among the native and immigrant population in Portugal and how those structures may determine the effect of immigration on unemployment and wages. The analysis is based on data of the Portuguese Labour Force Survey, using the data sets of 1998-2010 and 2011-2019. It seems that immigrants in Portugal tend to show higher education levels than natives. Yet, immigrants seem to be more prone to be employed in professions not requiring skills compared to natives. This indicates a mismatch between education and workplace of immigrants in Portugal. On an individual level, being an immigrant seems to have at most a small positive effect on the employment probability and no effect on wages. On a regional level, immigration tends to have no significant effect on overall unemployment rates or unemployment among natives. Overall wages and wages of natives do not seem to be significantly affected either. The analysis is conducted using a ‘spatial correlations’ approach. Demographic structures among the native and immigrant population may be determining factors of the effect immigration has on labour market outcomes in the receiving country. Consequently, the analysis additionally focuses on the effect of increased immigration on different demographic subgroups.
- Business cycles, nature of firms’ assets, and financing decisionsPublication . Castro, Francisca Maria Maldonado Passanha de Mello e; Bonfim, DianaAs more advanced economies are being transformed into knowledge-based economies, intangible capital has become a fundamental input for the future competitiveness and growth of these economies and the firms that operate in them. Despite the economic importance of intangible assets, the prevailing opinion among managers and scholars is that intangible assets cannot support debt as tangible assets do. However, recent trends show the opposite, and an increasing proportion of secured syndicated loans in the U.S. include intangible assets as loan collateral. In fact, using data on U.S. firms from 1980 to 2021, this dissertation finds a statistically significant positive relationship between a firm-level measure of intangible assets and financial leverage. Another interesting question is: How does the relationship of tangible and intangible assets with leverage behave across the business cycle? Using data on the three most recent business cycles (2001-2006; 2007-2019; 2020-2021), in most cases, intangible assets enter the standard leverage regression with a higher coefficient during expansion periods than in contraction periods. For tangible assets, the opposite trend is found. These results suggest that firms with more intangible assets find it more difficult to issue debt during contraction periods. In addition, the results might also imply that the relationship between asset tangibility and financial leverage is stronger during contraction periods which is consistent with the literature.
- Equity valuation : Fresenius SE & Co. KGaAPublication . Luz, Mafalda Rodrigues de Carvalho da; Martins, José Carlos TudelaThe inseparability between healthcare and the economy became evident with the emergence of COVID-19. Words as uncertainty, pandemic, lockdown, have become part of our everyday life, directly affecting the healthcare facilities and services industry, which is adapting to a new reality whose endpoint is the epidemicity or endemicity of this virus. Therefore, this Dissertation aims to analyse the value of Fresenius SE & Co. KGaA based on different valuation models in order to form an investment decision. Factors such as the unfolding of vaccination rates, the appearance of new variants, the impact of supply-chains disruptions, and the general increase in prices were considered. Thus, the valuation was based on three methods: DCF, relative sum-of-the-parts valuation, and a relative valuation using a single peer group for Fresenius as a whole. Considering the different macroeconomic and industry-specific factors, and attributing the same preponderance to the different methods used, the final target price of the company is €41.73, which translates into an upside potential of 17.9% against the closing price of €35.40 on 31st December, 2021, thus reflecting a buy recommendation. The sensitivity analysis, scenario analysis and Monte Carlo simulation corroborated these values, indicating a greater potential upside. Finally, a comparison of the results with the valuation methods followed by Credit Suisse and Morgan Stanley, and correspondent target prices, was carried out.
- Equity Valuation : Colgate-Palmolive CompanyPublication . Marques, Rita Malafaia Baptista Sabino; Martins, José Carlos TudelaThe purpose of this dissertation is to determine the intrinsic value of the operations of the multinational Soap and Cleaning Materials company, Colgate-Palmolive Company. The study focuses on recommending a buyer or seller position based on the company’s estimated share price compared to the actual trading price. In times of uncertainty caused by the COVID-19 global health crisis, Colgate has been able to maintain its growth strategy and its objective to become more efficient through a mix of investments in innovation and high-growth segments and cost-saving initiatives. Therefore, the literature review concluded that the FCFF model is the most suitable approach to value the company complemented with a Relative Valuation to obtain more accurate financial forecasts. The result of this dissertation is a value of USD 107,46 per share, representing a buy recommendation compared to the current market price on November 9 th of USD 78,05. In addition, a comparison with TheStreet Rating Stock Report on Colgate, which estimated a share price of USD 89,6, was also performed to test the consistency of the variables considered.
- Underpricing of CVC and IVC backed IPOs : do they differ?Publication . Murer, Dennis; Shuwaikh, Fátima HussienThis dissertation compares the impact of CVC and IVC backing on the underpricing of IPOs. A dataset was compiled consisting of 76 CVC backed and 536 IVC backed companies based in the United States which went public in the period from 2000 to 2020. The required information was taken from Thomson Reuters and Compustat Capital IQ. OLS regressions, a matching method according to Megginson and Weiss (1991), and a propensity score matching method were used. In addition to the entire period from 2000 to 2020 the periods 2000 to 2009 and 2010 to 2020 were examined. The OLS regressions and the matching method of Megginson and Weiss (1991) showed a significant difference in underpricing between CVC backed and IVC backed IPOs for the period from 2000 to 2009. The underpricing of CVC backed IPOs is significantly lower than the underpricing of IVC backed IPOs for this period. Although the propensity score matching results also showed a lower underpricing of CVC backed IPOs than IVC backed IPOs, these results were not significant. The results of this dissertation thus show that the difference in the influence of CVC and IVC backing on underpricing in an IPO has changed over time. While there was still a significant difference from 2000 to 2009 in two of the three models, this difference is no longer present in the more recent period from 2010 to 2020.
- Leverage deficit and firm acquisitionsPublication . Moss, Lukas; Bonfim, DianaThis study analyzes the effect a firm’s deviation from its target capital structure has on the value of the pursued acquisitions. By first predicting annually the optimal debt ratio, the leverage deficit for each company was determined relative to its actual debt level. The leverage deficit was then used to examine its influence on the quality of the respective acquisitions by the firms. The results obtained from the target capital structure regression are in line with previous empirical findings about target leverage determinants. The analysis of the value-enhancing effect of the leverage deviation yielded estimates that were either insignificant or indicated an adverse impact of the leverage deficit. In conclusion, no evidence is found supporting the hypothesis that the leverage deficit of a firm has a positive effect on the value of its acquisition targets, suggesting further investigation of the effects of leverage in the context of firm acquisitions.