Browsing by Issue Date, starting with "2024-05-10"
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- A comparative analysis : the differences in performance between venture capital strategiesPublication . Jasper, Maximiliaan Joël; Shuwaikh, FátimaThis thesis looks into the differences in financial performance of venture capital (VC) funds that use traditional, ESG, and impact-driven focused methods. After retrieveing fund data from Preqin database of 1903 funds, the funds are classified into one of the three assessed strategies: traditional approach, ESG investing, or impact investing. Through the analysis of our study we assesses fund performance using metrics such as Net Internal Rate of Return (Net IRR) and Multiple on Invested Capital (MOIC). Our empirical investigations challenge the status quo by indicating that impact-driven funds outperform their ESG counterparts in terms of financial performance and refute the presumption that obtaining competitive financial returns must be sacrificed in favour of creating social and environmental consequences. In addition, the need of accounting for vintage year impacts becomes apparent, emphasising the impact of industry and macroeconomic shifts on fund performance. By providing information on the financial viability of impact and ESG investing in the venture capital industry, this study adds to the body of knowledge on VC investment methods and performance. It contributes factual support to the discussion of socially conscious investing techniques and has important ramifications for investors and fund managers who aim to strike a balance between monetary gains and environmental and social aims.
- Alcohol-free sparkling wine : a customer segmentation and analysis of factors influencing the intention to adopt this innovation in the German sparkling wine marketPublication . Wietersheim, Felix von; Xavier, RuteIn Germany, there is a major trend towards greater health, including campaigns such as "Dry January", in which people try to drink less alcohol (Schulz & Hanf, 2023). As a result, alcohol-free versions of drinks that actually contain alcohol are increasingly available on the market. However, Germany is in fact a country with a high per capita alcohol consumption. In this mixed situation, the market for non-alcoholic sparkling wine is growing, but not much information is yet available about it. Therefore, the aim of this thesis is to find out more about the customers and consequently create customer segments. Furthermore, the aim is to find out which factors have an influence on potential target customers to adopt this innovation. To this end, a literature review on the subject of the research is conducted based on the theory of customer segmentation and innovation adoption, before customer segments and factors influencing innovation adoption are identified with the help of a quantitative survey. This approach takes a holistic approach, with analogous consideration of related, innovative products such as non-alcoholic still wine. As a result, this thesis contributes to research by identifying four different customer segments for the non-alcoholic sparkling wine market based on purchase motives, such as beverage innovativeness or situational alcohol abstinence, and proves that gender, age and religious motives are decisive factors for the adoption of innovation.
- Saúde mental, autocuidado e paixão pela dança em estudantes bailarinosPublication . Martins, Maria Fontes; Francisco, Rita Mafalda CostaA cultura da dança, caracterizada por um ambiente competitivo e regras delimitadoras do percurso performativo e quotidiano dos estudantes bailarinos, representa um risco para a saúde física e mental deste grupo social. A literatura revela falta de apoio nesta população, especificamente no que se refere à saúde mental. Deste modo, o presente estudo pretende caracterizar a saúde mental dos estudantes bailarinos de nível secundário e superior, explorando também a sua relação com a perceção de satisfação com o desempenho. Além disso, procura identificar possíveis fatores protetores da saúde mental desta população, analisando o papel da paixão pela dança, autocuidado e equilíbrio entre a vida pessoal e estudantil dos estudantes bailarinos. A amostra é constituída por 54 participantes com idades compreendidas entre os 15 e os 25 anos (M=17,76, DP=2,31), sendo que a maioria pratica ballet clássico e contemporâneo (96,3%). Os participantes responderam a um conjunto de questionários de autorrelato que incluíam um questionário de caracterização geral, um item sobre a satisfação com o desempenho, a Escala de Paixão, a Escala de Ansiedade e Depressão Hospitalar, a Mental Health Continuum – Short Form, a Life Balance Checklist e o Questionário de Autocuidado de Hamburgo. Os resultados mostraram que o bem-estar social e psicológico bem como a sintomatologia ansiosa revelam valores mais preocupantes, em comparação ao bem-estar emocional e sintomatologia depressiva. Os estudantes bailarinos parecem satisfeitos com o seu desempenho e a paixão harmoniosa pela dança aparenta desenvolver um papel protetor na sua saúde mental. O autocuidado e o baixo nível de sintomatologia depressiva indicam ser preditores do bem-estar. O equilíbrio entre a vida pessoal e estudantil não apresentou qualquer relação com as restantes variáveis. Os resultados evidenciaram ainda que os estudantes bailarinos de ensino superior poderão, tendencialmente, apresentar piores níveis de saúde mental. Assim, torna-se fundamental considerar e continuar a aprofundar as problemáticas que a cultura da dança envolve, de forma a desenvolver estratégias preventivas e terapêuticas que ajudem a assegurar a saúde mental dos estudantes bailarinos.
- The Norwegian salmon tax : an empirical study of the Norwegian salmon industryPublication . Hovland, Ane Landås; Correia, Isabel HortaNatural resources may play a crucial role in driving economic growth within a nation, capitalizing on inherent advantages as inputs in production processes. Norway's aquaculture sector has emerged as a notably lucrative industry in recent years. Rooted in the country's historical tradition of communal resource ownership, a special tax on sea usage was introduced for the Aquaculture sector in 2023. This dissertation endeavors to delineate the primary drivers underpinning the industry's profitability, suggesting two principal factors: 1) technological advancements and 2) historical government interventions. Drawing upon empirical data from both firm- and industry-level, we aim to elucidate the impact of these factors. Additionally, we propose a hypothetical exercise of the forthcoming tax legislation to underscore its potential ramifications. Our findings underscore the significant influence of historical government interventions in shaping the industry's landscape. These interventions have led to a scarcity of sea resources, consequently driving up profitability. While technological advancements undoubtedly bolster industry viability, the dominance of a few major firms can be attributed to historical governmental policies demanding licenses for operation. Furthermore, our hypothetical taxation exercise highlights the complexity inherent in determining an appropriate tax rate, particularly given historical investment patterns among industry players.
- The impact of digital device usage on educational achievement : evidence from PISA dataPublication . Nyberg, Lykke; Reis, HugoOur study explores the relationship between digital device usage and educational achievement, aiming to bring clarity to the mixed findings from previous literature on this topic. By analyzing data from the OECD9s Programme for International Student Assessment (PISA) 2009 and 2018 editions, we investigate how digital device usage during and outside classroom lessons impacts educational achievement across three subjects. Our methodology is based on a similar approach used by Falck et al. (2018), using a Correlated Random Effects model (CRE) estimated through Seemingly Unrelated Regressions (SUR). This model allows us to exploit the within-student between-subject variation to control for unobserved student characteristics. Our findings suggest a subject-specific effect, meaning that the impact varies across subjects and whether digital device usage occurs during classroom or outside classroom lessons. We find evidence indicating that not using digital devices incurs a penalty for students, suggesting that the impact of digital device usage depends more on its presence than the amount of time spent using them. Additionally, our results suggest that digital devices can provide additional support to students from disadvantaged backgrounds or those with lower academic performance.
- The impact of work model in the job design satisfactionPublication . Martins, João Filipe Clemente; Oliveira, Maria Teresa Vieira deWork evolved from being a means of livelihood to a pursuit of meaning and fulfillment for contemporary employees. More recently, with the advent of flexible work arrangements, organi zations have changed their structures, moving from traditional on-site models to hybrid and remote setups. As such, the impact of these diverse work models on job design satisfaction remains a relevant research subject. This thesis delves into the dynamics of job design satisfaction within InnoWave Technol ogies, a multinational IT consulting company predominantly operating under hybrid and remote work arrangements. In the context of consulting, where projects and assignments often diverge from employee expectations, understanding job design satisfaction becomes crucial. The rise in employee churn, exacerbated by the Great Resignation post-Covid-19, adds urgency to compre hending how work arrangements influence employees' perceptions of job satisfaction. The study aims to identify employees' job design satisfaction based on their engagement in hybrid or remote work. It investigates the aspects of job design satisfaction, focusing on how work arrangement requirements influence employees' perceptions about their work. By addressing two research questions, the study seeks to shed light on the distinctions in job design satisfaction be tween hybrid and remote workers within InnoWave and pinpoint factors influencing job satisfac tion. The results highlight that there are no differences in perceptions of Job Design Satisfaction by employees working in remote and hybrid work models.
- Macroprudential policy spillovers : do capital buffers influence non-bank financial intermediation in the Euro area?Publication . Bandeira, Ana Goulão; Bonfim, DianaThe heightened regulation on banks prompts the question of if and how non-banks are affected by it, especially if there is the possibility of non-banks acting as a substitute source of funding and thus decrease the effectiveness of a policy. While this effect has been studied for other types of policy, the literature on macroprudential policy and regulatory arbitrage is still scarce. To shed light on this topic, I study how macroprudential capital buffers affect non-bank credit. I focus only on capital-based measures as they apply exclusively to banks, while borrower based measures can and have been applied to non-banks as well, i.e., they do not create regulatory differences between these two sectors. I contribute to the existing literature by using a new definition of non-banks, comprising of investment funds and other financial institutions, and by building a new measure of macroprudential policy intensity, which weights the capital requirements by the exposures they cover. I find that macroprudential shocks are not associated with spillovers to non-bank lending, and this result is robust for different specifications of the model.
- The drivers and profitability of sell-side analysts’ recommendation revisions’ tailsPublication . Mata, Daniel Vela; Faias, JoséFaias (2017) develops a prediction exercise of influential recommendation revisions to construct a long-short strategy that earns significant alphas between 1999 and 2013. This work extends the results of that strategy until 2021 and adds new variables to the model, inspired by Loh and Stulz (2011) and Loh and Stulz (2018). I show that the equal-weighted long-short strategy exhibits abnormal returns, with a monthly return of 1.9% and a break-even round-trip transaction cost of 88.6 basis points, between 1999 and 2021. These results survive an extensive battery of robustness tests. Therefore, analyst recommendation revisions represent a valuable information vehicle for investors.
- A felicidade : interpretações, determinantes e implicações a partir da experiência de adultos com mais idadePublication . Jesus, Ana Margarida Caldeira; Gonçalves, ArmandaO envelhecimento da população a nível mundial e, nomeadamente, em Portugal é apontado como um marco da sociedade atual, em muito associado ao aumento da esperança média de vida. Cada vez mais a viverem sozinhos e a necessitar de mais cuidados, existe uma maior procura de instituições, por parte dos mesmos ou dos familiares. Realizouse um estudo qualitativo com o objetivo principal de compreender e explorar a felicidade em pessoas com mais idade. Participaram 7 adultos com mais idade institucionalizados, 4 do sexo feminino e 3 do sexo masculino, com idades compreendidas entre os 65 e 80 anos (M=74), utilizando o questionário sociodemográfico e a entrevista semiestruturada. Com recurso à abordagem de análise de conteúdo para analisar os dados construíramse Categorias de 2ª ordem correspondentes aos objetivos específicos interpretações, determinantes e implicações da felicidade. No que diz respeito às interpretações de felicidade as Categorias de 2ª ordem são “Experiências e Momentos”, “Os Outros”, “A Família” o que evidencia que não existe uma definição única para a felicidade, contudo há dimensões que parecem não poder faltar para a interpretação da mesma, nomeadamente a emoção positiva provocada pelas experiências ou momentos vivenciados, a relação consigo próprio e com o outro. No que concerne aos determinantes associouse as Categorias de 2ª ordem “Fatores para a Felicidade”, “A dimensão Humana” e “Os aspetos negativos associados à Felicidade” que nos elucida para resposta positiva às necessidades básicas (nível físico, financeiro, saúde), a fundamental existência de sentimentos e/ou sensações positivas e a ausência de perdas ou solidão. Relativamente às implicações as Categorias de 2ª ordem são “Consciência da presença ou não de Felicidade”, “A faixa etária” e “Realização”, onde se identifica a felicidade como algo presente, mas com uma forte ligação ao passado, nomeadamente à juventude e ainda uma interligação com a satisfação com a vida. Os resultados alcançados revelam ser necessário a implementação de ações que permitam aos adultos com mais idade adquirir perceções mais positivas sobre o seu envelhecimento e as consequências do mesmo (tais como a maior dependência de outros, menor capacidades físicas e mentais, as perdas), bem como desenvolver redes de maior suporte social que cuidem das suas necessidades de forma a suprimilas ao máximo.
- How do financial leverage and CO2 emissions affect the performance of venture capital-backed firms?Publication . Mérian, Sarah; Shuwaikh, FátimaThis research examines the complex interplay between financial leverage, CO2 emissions and the performance, of venture capital-backed companies, investigating their influence on financial metrics and stock market valuations over 3 consecutive one-year-lagged periods. Focusing on venture capital-backed entities, the study examines the relationship between high financial leverage and lower financial performance indicators such as ROE, ROA and Tobin's Q. Simultaneously, it explores the repercussions of lower CO2 emissions on the financial performance of these companies, with the aim of discovering positive correlations between CO2 emissions and financial indicators. The methodology uses panel data analysis integrating datasets from Thomson VentureXpert, Compustat via WRDS and Refinitiv Eikon databases. The dataset includes 326 US venture backed companies from 2002 to 2022, encompassing financial performance, CO2 emissions, and control variables for a comprehensive assessment. The study findings indicate that higher financial leverage negatively affects ROA and ROE initially, with Tobin's Q showing limited impact. In contrast, lower CO2 emissions consistently correlate with higher ROE, ROA, and Tobin's Q across all periods, although the effect on ROE varies over time. This study highlights the complex relationships that shape financial dynamics among venture capital-backed companies.