CLSBE - Dissertações de Mestrado / Master Dissertations
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Browsing CLSBE - Dissertações de Mestrado / Master Dissertations by Sustainable Development Goals (SDG) "08:Trabalho Digno e Crescimento Económico"
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- Adoption of AI tools in software development in Germany : curse or blessing for the SME sector?Publication . Blischke, Robin; Rajsingh, PeterThis study investigated the adoption of Artificial Intelligence (AI) tools in Germany's software development sector, focusing on small and medium-sized enterprises (SMEs). AI technologies are reshaping the industry, presenting opportunities and challenges. Using a mixed-methods approach, including 14 expert interviews and a survey of 262 participants, the research identified key factors affected by AI adoption, such as efficiency gains, code quality, competitive pressure, security risks, organizational readiness, technical debt, and ethical concerns. These factors were identified through a literature review, tested via expert interviews, and validated through a survey, adhering to the principle of triangulation. Currently, AI adoption in German SMEs remains in its infancy, primarily focused on enhancing productivity in routine tasks, with strategic integration still limited. Expert insights highlighted SMEs' agility in deploying off-the-shelf AI tools but noted constraints from limited resources and technical expertise. In contrast, large enterprises (LEs) leverage robust infrastructure and R&D investments for more comprehensive AI integration. While AI tools were viewed as an efficiency innovation, findings indicated their disruptive potential to democratize coding, bridge skill gaps, and drive long-term transformations. However, systemic barriers, including security vulnerabilities, ethical dilemmas, and insufficient organizational readiness, continue to hinder widespread adoption. By integrating dynamic capabilities and innovation theories, this research extrapolated AI’s trajectory from incremental efficiency gains to disruptive innovation, fundamentally altering workflows and competitive dynamics. The study offers actionable recommendations to foster readiness, address ethical and security concerns, and promote targeted upskilling for a transformative future.
- Common volatility shocks of ESG marketsPublication . Ánh, Dang Thi Ngoc; Martins, SusanaThis dissertation explores the interconnectedness and common volatility shocks in international ESG markets. Utilizing the MSCI ESG Leader Indices across eight regions, the study investigates whether idiosyncratic volatilities are correlated and identifies events triggering simultaneous movements. By employing the common volatility model proposed by Engle & Campos-Martins (2023), the research measures shared volatility shocks and their drivers, particularly focusing on climate policy uncertainty and transition and physical risks. The results show significant correlations between regional volatilities and identify key events that have caused the highest levels of volatility co-movement. The model also has portfolio implications, as regions have different exposures to the common factor. The most sensitive to volatility shocks are ESG market leaders such as Europe and the US, so emerging ESG markets such as Australia and Korea may be more attractive to risk-averse investors during periods of high ESG common volatility. Additionally, regression analysis shows that climate risks significantly influence these volatility shocks after controlling for global equity market shocks, highlighting the heightened sensitivity of ESG markets to climate dynamics after the Paris Agreement. Uncertainty surrounding climate policy and concerns about climate-related physical risks amplify shared volatility shocks in responsible markets. In contrast, shocks to climate transition risk exhibit a negative relationship with the factor, suggesting reduced exposure within the context of transitioning to a low-carbon economy. These findings provide novel insights for investors and policymakers, highlighting the importance of a stable regulatory environment and the role of ESG assets in the transition to a low-carbon economy.
- Determinants of long-term stock performance : how Domino’s IPO outperformed its 2004 cohort and surpassed alphabetPublication . Azeredo, Maria da Assunção Machado Nunes Mexia de; Cerqueiro, GeraldoThe dissertation investigates the exceptional long-term performance of Domino’s following its 2004 Initial Public Offering (IPO), comparing it to 85 other companies that went public in the United States during the same year. Inspired by various press articles claiming that Domino’s outperformed not only its industry peers but also tech giant Google (Alphabet Inc.), this study aims to validate these assertions while identifying the key determinants of long-term IPO performance in general and the specific factors behind Domino’s success. The findings confirm that Domino’s delivered the highest Long-term returns among its 2004 cohort, challenging traditional assumptions about the dominance of technology companies in generating sustainable financial growth. Regression analysis reveals that Domino’s re- markable performance can be attributed to its notably high Sales-to-Assets ratio and significant leverage at the time of the IPO, which reflected operational efficiency and financial discipline. Furthermore, the research acknowledges that Domino’s success extends beyond these initial conditions, emphasising how corporate and strategic decisions, including early adoption of digital innovations and a scalable franchising model, enabled the company to thrive across global markets and sustain its exceptional performance.
- Distress anomaly : an international analysisPublication . Pirovano, Alessandro; Reis, RicardoThe relationship between distress risk and returns has been puzzling and difficult to interpret, as distressed stocks have earned lower returns than expected throughout different years and geographical areas. This event has been labeled as the distress anomaly by practitioners. This study provides an in-depth analysis of the matter by dissecting more than 90 countries stock returns to find evidence and possible causes of the phenomenon. The results provide for contrasting evidence throughout the different levels of testing implemented, with traces of the anomaly found especially among emerging economies. country specific characteristics related to the private sector development and regulations seem to have an influence on the matter, as the lower the transparency and effectiveness of the measures is, the higher the probability is to find evidence of the anomaly.
- Do high ESG scores mitigate crisis impacts? : a difference-in-difference analysis of airline profitability during COVID-19Publication . Czocherra, Joel; Stahl, JörgThe thesis aims to explore the effect of ESG performance on the airline industry with a focus on profitability during the COVID-19 crisis. In order to do so, the thesis uses a difference-in-difference approach to determine how airlines with high ESG ratings affected profitability during the pandemic. Moreover, the analysis includes a global panel data set of 81 airlines from 2017 to 2022. The significant results reveal that the profitability of all airlines in the dataset declined sharply at the beginning of the pandemic. However, the thesis found evidence that treated airline companies experienced a smaller drop in profitability, measured in return on assets. In addition, the results remain significant for several adjusted analyses, such as different cutoff levels for classifying a high ESG score, winsorized data, and a subsample to ensure robustness. However, in the parallel trend analyses, the thesis couldn9t present a clear parallel trend. However, the findings show that the increase in profitability is more pronounced for the treated airline companies, particularly after 2020. These findings thus suggest that high levels of ESG performance might provide a form of protection during an economic downturn or a crisis. This thesis provides supporting evidence to the literature on ESG and its relationship with the profitability of a carbon-intensive industry during an unanticipated event.
- Does interest rate change at the FED affect european stock markets?Publication . Butkus, Karolis; Cerqueiro, GeraldoThis study explores how unexpected changes in the federal funds rate made by the FOMC influenced selected European stock markets between 2014 and 2024. This thesis focuses on sectoral and country (indices)-specific responses. Using the event study methodology, the daily stock returns of 300 companies in seven European indices were analysed for 4 different event windows. It measured CAARs for negative and positive outcomes of FOMC. Findings reveal that FED interest rate increases generally lead to significantly negative stock returns across most sectors, with the Utilities, Materials and Energy being the most adversely affected. Technology and Healthcare sectors demonstrated greater resilience, often yielding positive cumulative average abnormal returns. At the country level, most indices experienced negative returns during rate hikes. However, Italy (FTSEMIB) stands out as an exception, providing positive CAAR when interest rate increases probably due to its Financials sector's composition. During rate cuts, Sweden emerges as the only country with sustained positive returns. The study underscores the critical role of monetary policy spillovers in global financial markets. These results give investors useful information. They suggest sector-specific strategies and country-level diversification in response to changes in FED monetary policy. Limitations, such as overlapping global events and the interplay of European Central Bank policies, are acknowledged. This research contributes to the growing literature on international market integration and monetary policy effects.
- The dual impact of carbon emissions and financial performancePublication . Bohus, Ádám Gábor; Venter, ZoëThis thesis examines the relationship between carbon emissions and financial performance in Asian markets, employing Panel Vector Autoregression (PVAR) and pooled Ordinary Least Squares (OLS) regression. The study utilizes a comprehensive dataset covering firm-level data from 2007 to 2022, allowing for a robust analysis of the complex relationships between environmental and financial factors. The findings provide weak evidence for a carbon premium, suggesting that investors may demand higher returns from firms with high carbon emissions to compensate for environmental risks. Additionally, the results indicate that emission-intensive firms may face financial risks, as higher emission intensity is associated with increased leverage. However, other financial metrics, such as Return on Assets (ROA) and Market-to-Book Ratio, show inconsistent relationships with carbon emissions. These results highlight the challenges of reducing emissions and their limited influence on financial outcomes in emerging markets where regulatory pressures and market dynamics differ significantly from those in advanced economies. The study underscores the importance of tailored regulatory frameworks and strategic investments in sustainability, offering insights for policymakers and firms trying to find the golden path between environmental and financial goals.
- Echo chambers in a social finance platform and option-implied moments of stock performancePublication . D'Isep, Lorenzo; Karimli, TuralThis thesis examines the role of echo chamber in financial markets. Using measures built by Cookson et. al. (2022) and variables based on option prices (DeMiguel et. al. (2013)), I analyzed how selective exposure shapes investors' perceptions of implied risks and expected excess stock returns. The results highlight that increased disagreement expressed by users stimulates trading activity, in line with Cookson et. al. (2022). Next, I document that a greater dispersion in the messages a member receives leads to a higher probability of extreme payoffs; higher implied skewness, volatility and expected returns. The analysis shows that the investors' tendency to interact with information that confirms their pre-existing beliefs, creates a polarised environment that biases users' trading decisions and market stability in the short run.
- The effect of ESG bons issuance on idiosyncratic volatility and firm profitabilityPublication . Beji, Elisete Raquel Gago; Venter, ZoëThis thesis combines Propensity Score Matching with a series of regressions covering the period between 2011 and 2023 to study the influence of ESG bond issuance on business profitability and idiosyncratic volatility in established and emerging markets, with a focus on the U.S. and Asia. The study tests three main hypotheses: first, we will investigate whether corporations that issue ESG bonds are more profitable. Further, I will look at the effect of idiosyncratic volatility on the two regions. Finally, this study will look at whether the post-pandemic period increased the positive benefits of ESG bond issuance on financial performance and risk reduction. The analysis revealed that, while issuing ESG Bonds may have a minor impact on idiosyncratic risk in the U.S., it has little to no influence on company profitability in both regions. Nonetheless, by using TVP-VAR, we can see that these impacts are robust in the short term but lose significance as the years pass. At the same time, we find that different markets react differently to ESG-related legislation due to the varying stages of ESG reporting importance.
- 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
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