Browsing by Issue Date, starting with "2025-02-04"
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- Que futuro para o regime CFC? Uma análise comparativa no pós-BEPSPublication . Pacheco, Miguel Guedes d'Assis; Correia, Miguel Nuno Gonçalves
- De finibus civitatis : escatologia em Santo Agostinho : uma leitura dos livros XIX-XXII do De Civitate DeiPublication . Paulo, Geraldo Selelo; Lamelas, Isidro PereiraO presente trabalho pretende empreender uma aproximação teológico-pastoral à noção agostiniana de escatologia a partir da sua teologia da historia salutis exposta na sua opera magna – o De Civitate Dei. O trabalho foca-se nos livros XIX-XXII, onde procuramos captar linhas de força da escatologia agostiniana em duas direções: De finibus civitatis e De visio Dei. Guiado por estes dois vetores perspetiva-se a condição, o destino ou fim da humanidade peregrina da cidade celeste. Nesta peregrinatio o ser humano faz a experiência do limite da vida mortal que começa, mas não termina com a morte. Desta esperança crente faz também parte o juízo que requer uma purificação, entre a morte e o Juízo Final. Aquando da parúsia do Senhor, que acontecerá após a ressurreição final. Até lá, só o amor (Dei ou sui), a fé e a esperança cristã nos guiam, sob o cuidado e proteção da providência divina.
- Green bonds in a green stock market? : how shareholders perceive the issuance of green bonds in EuropePublication . Souza, Gabriela Silva de; Revelo, JoséEnvironmental concerns have been gaining increasing attention worldwide, and the financial sector has been no exception to this trend. In this scenario, green bonds have emerged as an attractive financial instrument for firms to issue debt and finance sustainabilityrelated projects. This study is focused on evaluating how shareholders react to the issuance of corporate green bonds and how that reaction changes in comparison to nongreen bonds and in periods of heightened environmental regulation. Using a dataset of 1,748 bonds issued in European Union countries between 2013 and 2023, the analysis employs descriptive statistics and panel data regressions. The main findings indicate that the issuance of green bonds can contribute to positive and statistically significant cumulative abnormal returns, although these stock market reactions do not tend to change significantly in periods of intense environmental regulation. Additionally, there were no significant findings indicating that after issuing green bonds, companies experience lower cost of debt or higher profitability. This paper contributes to the existing literature surrounding green bonds and impact investing, highlighting the financial benefits of such actions.
- Valuing companies' data safety : an empirical analysis of investors' and customers' responses to cybersecurity failuresPublication . Ferrari, Alice; Revelo, JoséCyber breaches are becoming more and more frequent due to the increasing connection allowed by technology. This implies a loss of sensitive data about companies or clients. Cyber breaches can have several causes and can happen in different forms. This paper aims to analyze how cyber data leaks affect the value of publicly traded firms by considering a sample of US companies that experienced breaches between 2009 and 2019. The research will provide some consensus about how customers react to cyber breach announcements. Both investors and customers are expected to react negatively to such events. Results show that the market reaction to such announcements is negative and significant, and cumulative abnormal returns are negatively and significantly impacted by the characteristics of the breach. However, customers’ reactions are not as negative as investors9 reactions, indicating that the two categories of stakeholders consider different aspects to value their relationship with companies
- Editorial: user-centered technology for exercise optimization in older adultsPublication . Bernardes, Rafael A.; Giannouli, Eleftheria; Neves, Hugo; Parola, Vítor
- O impacto do Pilar 2 sobre tax holidays : enquadramento sobre os mecanismos à disposição de regimes de tributação privilegiada para mitigar os impactos da iniciativa Pilar 2 nos seus ordenamentos jurídicosPublication . Ferreira, Gonçalo Carvalho; Silva, Bruno Farinha Aniceto da
- A importância das iniciativas de marketing cultural para a reputação da marca : proposta de estratégia de comunicação para a cultura FnacPublication . Calçada, Bárbara Sofia Morgado Fernandes Núncio; Simão, João Duarte Borges Martins de VasconcelosEste projeto de mestrado visa desenvolver uma estratégia de comunicação para a Cultura FNAC, submarca da FNAC Portugal, com o intuito de reforçar o posicionamento da organização como uma marca “culturalmente responsável”. No enquadramento teórico são abordados temas como a importância da comunicação estratégica nas organizações e a sua influência na construção e gestão da reputação das marcas e, também, a forma como o marketing cultural pode servir como uma ferramenta estratégica de Responsabilidade Social Corporativa. A literatura existente demonstra que as iniciativas de marketing cultural desempenham um papel relevante na perceção pública de uma marca, contribuindo para a diferenciação competitiva e o envolvimento emocional com os consumidores. O estudo empírico realizado visa compreender a influência das iniciativas culturais da Cultura FNAC na reputação da FNAC Portugal, tendo sido adotada uma metodologia de pesquisa mista, que incluiu entrevistas semiestruturadas com representantes da marca e inquéritos por questionário ao público geral. Os resultados revelaram que, embora a marca FNAC esteja solidamente estabelecida no mercado e a maioria dos inquiridos tenha conhecimento das suas atividades culturais, existe ainda um desconhecimento generalizado em relação à marca Cultura FNAC. Esta conclusão sugere que, apesar do papel relevante da FNAC na democratização do acesso à cultura, existe ainda uma oportunidade significativa para melhorar a comunicação desta submarca e, por conseguinte, maximizar o impacto das suas iniciativas culturais na reputação da FNAC. A partir desta análise, foi delineada uma estratégia de comunicação para a Cultura FNAC, utilizando a framework SOSTAC, dividida em Análise Situacional, Objetivos, Estratégia, Táticas, Plano de Ação e Controlo.
- Equity valuation of Beiersdorf AGPublication . Hans, Henning Lasse; Martins, José TudelaThis thesis presents a valuation of Beiersdorf AG, a prominent German global player in the personal care and self-adhesive products industry. Using suitable valuation methods, an investment recommendation is provided for (potential) investors, based on an assessment of the company’s intrinsic value relative to its current share price. The valuation incorporates a financial forecast that anticipates Beiersdorf leveraging its strong market position to benefit from social trends such as the demand for anti-aging products, strategic price adjustments, addressing market "white spots," and capitalizing on its robust R&D capabilities. However, the Beauty and Personal Care sector faces significant challenges arising from macroeconomic factors which are expected to moderate the industry's growth. The focal point of the dissertation is the valuation of Beiersdorf for which a Discounted Cash Flow valuation supplemented by a relative valuation to validate the plausibility of the derived share price. The analysis estimates a target share price of EUR 126.2, reflecting a 1.80% premium over the share price observed on October 31, 2024. A comparison with the equity report by mwb research, which sets a higher target price of EUR 143, highlights differences in valuation assumptions but aligns with this thesis’s overall investment recommendation to Hold Beiersdorf AG.
- Equity valuation : The Kroger Co.Publication . Kunkel, Levin Julius Cordt; Martins, José TudelaThis paper conducts an equity valuation to determine a target share price for The Kroger Company, a U.S. food and retail company listed on the New York Stock Exchange. Based on extensive data regarding the target company’s characteristics, macroeconomic developments as well as industry and market trends, the paper applies suitable intrinsic and relative valuation techniques. The grocery retail industry is characterized by its stable and predictable growth, which has enabled its main players to achieve strong returns in recent years, despite challenging macroeconomic factors and a highly competitive landscape with limited product differentiation opportunities. Kroger stands out through its focus on a fresh product offering and advancements of digital capabilities, which aligns its strategy with evolving customer trends and provides resilience during recent market shocks. However, Kroger continues to face substantial challenges due to the industry competitiveness and macroeconomic circumstances. Based on the thorough analyses, the paper issues a
- Impact of targets’ ESG scores on M&A takeover premiumsPublication . Seixas, Sofia da Silva Paes Carreira; Revelo, JoséEnvironmental, Social, and Governance considerations are becoming more prominent for both society and the corporate world, as sustainability, ethical, and climate concerns increase. With this increase in relevance, in the context of Mergers & Acquisitions (M&A), are acquiror firms committed to incorporating targets’ ESG practices to the point where takeover premiums are affected? This is the proposed research for this dissertation. As regulatory conditions and risk perceptions aren’t universal, for secondary research topics we also analyze if the impact targets’ ESG scores have on premiums varies with industries and regions. The approach for the analysis was regression models, through which we concluded that targets’ ESG scores significantly and positively impact premiums paid by acquirors overall. As exceptions, we found that in some industries and regions, increases in targets’ ESG scores are not associated with an increase in the takeover premium.