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- A new era in tobacco? A dynamic capabilities perspective on Philip Morris international's strategic shift towards a post-cigarette futurePublication . Jovanovic, Joshua Roman; Reis, RicardoThis Master thesis examines the strategic shift of Philip Morris International, a significant player in the conventional tobacco industry that has announced its intent to end the sale of traditional cigarettes. For this reason, the company is currently undergoing a transformation of its business model towards a smoke-free future, pioneered by its flagship product, IQOS. This study, centered around the Dynamic Capabilities concept, identifies key factors, categorized in the three pillars sensing, seizing, and transforming, which are contributing significantly to the conversion. Therefore, the response to regulatory and commercial issues, the resource allocation, and internal restructurings will be discussed. The investigation will rely on qualitative approaches, including interviews with internal sources and a comprehensive review of secondary sources. This combined research method will provide insight into the factors influencing Philip Morris International's progress, including substantial investments in research and development and new strategies for product testing and market involvement. The findings indicate that Philip Morris proactive approach has enhanced the company´s position in the emerging smoke-free product sector while also considerable ethical and strategic concerns are raised. Despite the company's efforts in innovation and restructuring, long-term health consequences of the products and potential economic moats may hinder competition. The study's weaknesses including sector specialization, restricted primary data collection, and insufficient data for generalization across industries, indicate the necessity for further research to apply these findings to other sectors. In summary, the thesis offers valuable insights into the application of dynamic capabilities to drive business reinvention in a dynamically evolving environment.
- Leveraging microphysiological systems to expedite understanding of host-parasite interactionsPublication . Zorrinho-Almeida, Maria; de-Carvalho, Jorge; Bernabeu, Maria; Pereira, Sara SilvaMicrophysiological systems (MPS) replicate the dynamic interactions between cells, tissues, and fluids. They have emerged as transformative tools for biology and have been increasingly applied to host–parasite interactions. Offering a better representation of cellular behavior compared with traditional in vitro models, MPS can facilitate the study of parasite tropism, immune evasion, and life cycle transitions across diverse parasitic diseases. Applications span multiple host tissues and pathogens, leveraging advanced bioengineering and microfabrication techniques to address long-standing knowledge gaps. Here, we review recent advances in MPS applied to parasitic diseases and identify persisting challenges and opportunities for investment. By refining these systems and integrating host multicellular models and parasites, MPS hold vast potential to revolutionize parasitology, enhancing our ability to combat parasitic diseases through deeper mechanistic understanding and targeted interventions.
- From the U.S. to Europe : the challenges and opportunities of expanding American prebiotic soda brand, Poppi. A study of consumer perceptions, market viability, and marketing strategies in a cultural contextPublication . Parla, Lilly Ann; Reis, RicardoThe functional beverage industry has seen rapid growth in recent years, driven by increasing consumer interest in health and wellness. In particular, prebiotic sodas have emerged as a promising category, offering gut health benefits while serving as an alternative to traditional soda. However, the market for prebiotic sodas in Europe remains untapped compared to the United States. This study investigates consumer perceptions, purchase intent, and market barriers for prebiotic sodas in Europe, using Poppi as a case study. A survey of 133 valid respondents, including a sample of European consumers, examined factors such as awareness, price sensitivity, trust in health claims, and taste vs. health prioritization. Statistical analyses, including Chi-Square tests, ANOVA, and Wilcoxon Signed-Rank tests, were conducted to determine key purchase drivers. Findings indicate that awareness of prebiotic sodas is significantly lower in Europe than in North America, but openness to trying new beverages remains high. Price sensitivity did not significantly impact purchase intent, suggesting that premium branding should be prioritized over affordability. European consumers prioritize health benefits over taste, but regulatory restrictions in the EU limit the effectiveness of gut-health-focused marketing. Instead, emphasizing natural ingredients, fiber content, and effective brand storytelling may be a more beneficial approach. This study applies Hofstede’s cultural dimensions framework to analyze consumer behavior and provides strategic recommendations for branding, product positioning, and market entry strategies to optimize Poppi’s potential success across Europe.
- Evolution of Escherichia coli strains under competent or compromised adaptive immunityPublication . Ameline, Camille; Seixas, Elsa; Barreto, Hugo C.; Frazão, Nelson; Rodrigues, Miguel V.; Ventura, M. Rita; Lourenço, Marta; Gordo, IsabelEscherichia coli is a commensal of the intestine of most mammals, but also an important human pathogen. Within a healthy human its population structure is highly dynamic, where typically a dominant E. coli strain is accompanied by several low abundance satellite strains. However, the factors underlying E. coli strain dynamics and evolution within hosts are still poorly understood. Here, we colonised germ-free immune-competent (wild-type) or immune-compromised (Rag2KO) mice, with two phylogenetically distinct strains of E. coli, to determine if strain co-existence and within-strain evolution are shaped by the adaptive immune system. Irrespectively of the immune status of the mice one strain reaches a 100-fold larger abundance than the other. However, the abundance of the dominant strain is significantly higher in Rag2KO mice. Strains co-exist for thousands of generations and accumulate beneficial mutations in genes coding for different resource preferences. A higher rate of mutation accumulation in immune-compromised vs. immune-competent mice is observed and adaptative mutations specific to immune-competent mice are identified. Importantly, the presence of the adaptive immune system selects for mutations that increase stress resistance and the dynamics of such evolutionary events associates with the onset of an antibody response.
- Customer engagement and loyalty programs in health insurance : implementation conceptsPublication . Kölln, Leonard Valentin; Xavier, RuteCustomer engagement in the health insurance industry remains a challenge due to limited interaction between customers and providers. Unlike other industries such as financial, hospitality, or the retail industry where frequent transactions foster engagement, health insurers must find innovative ways to build long-term relationships with their clients. This study examines how loyalty programs and gamification can enhance customer engagement, with a focus on AdvanceCare, a third-party administrator for health insurance services. Through a quantitative survey of a total of 199 respondents, this research investigates consumer perceptions of loylty programs and digitial engagement strategies. The results show that customers are more likely to interact with their insurance provider when offered finanical or customizable rewards that align with their personal needs. Additionally, gamification elements singnificantly increase engagement with mobile applications of insurers. Respondents indicated a higher willingess to participate in health-related initiatives when interactive elements were incorporated. These findings suggest that traditional financial incentives my be sufficient for a younger audience to maintain long-term customer engagement. Hoewever the integration with digital tools to encourage active participation can create a more engaging customer experience. The study highlights the importance of personalization, accessibility, and interactivity in fostering stronger customer relationship in the health insurance industry. From a managerial perspective, insurers should design programs that provide meaningful incentives that encourage regular interactions and offer flexible pathways. Future research should explore more in-depth the preferences in rewards to foster long-term customer retention and overall satisfaction in the health insurance sector.
- Financial literacy in the digital age : understanding generation Z's learning preferences and content consumption in PortugalPublication . Eder, Valentin Irenäus; Xavier, RuteFinancial literacy is essential for effective financial decision-making, yet Portugal ranks lowest among EU countries in financial literacy levels. This study investigates how Generation Z in Portugal consumes financial literacy content, analyzing preferred platforms, content formats, and the correlation between consumption frequency and financial knowledge. A quantitative survey (N=170) was conducted, assessing financial literacy levels, content engagement, and learning preferences. Findings reveal that social media and video platforms are the dominant sources of financial education, with Instagram, TikTok, and YouTube leading in usage. A strong preference for dynamic visual content, such as videos and infographics, correlates with higher financial literacy scores. Additionally, frequent engagement with financial literacy content positively influences financial knowledge, though excessive consumption exhibits diminishing returns. Regression analysis confirms significant relationships between content type, platform choice, and financial literacy. These results highlight the importance of tailoring financial education to Gen Z’s digital consumption habits, emphasizing accessible, credible, and engaging content. The study provides insights for policymakers, educators, and financial institutions to develop effective strategies for improving financial literacy among younger generations. Future research should explore long-term behavioral impacts of digital financial education and platform-specific engagement strategies.
- Firm location and corporate payout policy : evidence from the global financial crisis and the COVID-19 eraPublication . Cunha, Miguel Ângelo Carvalho de Pinho; Stahl, JörgThe relation between firm location and corporate payout policies remains underexplored and is relevant as it severely impacts corporate governance. Building on the methodology of John et al. (2011), I utilise an expanded sample period (Jan. 1992 3 Dec. 2023) with 6,260 unique firms incorporated in the United States to test this relation across three different periods: the full sample period, the Global Financial Crisis and the COVID-19 pandemic. As dividends are commonly used as a commitment mechanism to shareholders, they take special importance throughout the study. For the full sample, I discover that firms remotely located continue distributing higher dividends to address agency conflicts. During the Global Financial Crisis, the influence of geographic remoteness on dividend payouts remains stable but during the COVID-19 pandemic, the effect of geographic location on dividend policies not only diminish but invert completely as centrally located firms increase their dividend payouts more aggressively during this period. Overall, this study finds that firm location still greatly impacts corporate dividend policies while also suggesting that this relation can be impacted not only by firm-specific governance factors but also by macroeconomic circumstances, adding a relevant perspective to the topic’s literature.
- The relationship between debt maturity and cash holdingsPublication . Gonçalves, Sofia Maria Silva; Bonfim, DianaThe aim of this thesis is to examine the relationship between debt maturity and cash holdings in United States companies from 1980 to 2023. The hypothesis is that when the average debt maturity of a company is shorter, the cash reserves are larger for precautionary reasons. To analyse this, I study how debt characteristics and cash holdings evolve over time, finding that firms have been lengthening the maturity of their debt and increasing their cash reserves in recent years. The COVID-19 pandemic may have played a role in this. To further test my hypothesis, I use debt maturity, measured as the portion of long-term debt that is due in the next three year, as the dependent variable in a regression, with independent variables including firm characteristics and macroeconomic variables. A higher dependent variable value implies that a larger portion of the firm’s long-term debt is coming due in the near term suggesting that the average debt maturity is shorter. Additionally, I estimate a regression where the dependent variable is cash holdings. In both regressions, cash holdings and debt maturity are statistically significant and negatively related, suggesting that firms with higher cash holdings tend to have longer average debt maturities. However, a key limitation in this thesis is that debt maturity and cash holdings are likely determined simultaneously, making them endogenous. This suggests that the observed negative relationship may be driven by endogeneity rather than a true causal effect.
- The Paris agreement : an analysis of its effects on energy firms’ investments and profitability in Europe and United StatesPublication . Tomasi, Davide; Stahl, JörgThe Paris Agreement has significantly influenced the energy sector, emphasizing the transition to low-carbon economies. This thesis explores its impact on the capital expenditure and profitability of energy companies in Europe and the United States, focusing on differences between firms reliant on fossil fuels and those exclusively using renewable energy. Employing a Difference-in-Differences (DiD) approach, the study examines how regulatory frameworks and policy uncertainty shaped corporate decisions. The analysis reveals that the Paris Agreement had a negative effect on investments of polluting energy firms, with variations between regions due to differences in policy stability. While the profitability of these firms declined in Europe, we observed no significant impact in the United States, likely reflecting the influence of regulatory and political contexts. Robustness checks support the findings, though some limitations in data interpretation remain. This research contributes to understanding how international climate agreements affect corporate strategy, highlighting the importance of regulatory design and stable policy environments in driving sustainable investment and financial performance.