CLSBE - Dissertações de Mestrado / Master Dissertations
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Browsing CLSBE - Dissertações de Mestrado / Master Dissertations by Sustainable Development Goals (SDG) "09:Indústria, Inovação e Infraestruturas"
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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.
- Beyond the numbers : the role of attention in stock returnsPublication . Cruz, Miriam Daniel; Schliephake, EvaThis paper investigates whether the Abnormal Google Search Volume Index (ASVI) predicts Abnormal Returns in the Nasdaq-100, using the company9s names combined with the word 8stock9 as a keyword. Analysing data from all Nasdaq-100 stocks between 2019 and 2023, with weekly frequency, I confirm that (1) the ASVI, as a proxy for investor attention, provides unique insights that the other proxies cannot explain, as in Da et al. (2011). Additionally, I find that (2) an increase in investor attention, captured by ASVI, predicts higher short-term abnormal results, with the strongest effects observed during periods of high market volatility, such as during and after the COVID-19 period. Lastly, I find that (3) an increase in ASVI has a stronger impact on the increase of Abnormal Return for technology stocks. These conclusions were mainly based on the CCEMG model, which is particularly suited for analysing macroeconomic shocks. In contrast, GMM cannot capture these effects without further adjustments.
- Can loyalty programs attract new clients?Publication . Rebelo, Maria Francisca Delgado Siopa de Miguel; Romeiro, PauloLoyalty programs are a measure used by several companies to strengthen the relationship established with their customers, and to encourage purchase intentions and preference in the market. In the cosmetics industry there are several companies that use these programs, such as Sephora, through the Sephora Card, or, more recently, Kiko Milano, by introducing the Kiko Me program. These programs reveal benefits for consumers, demonstrating their relevance for companies9 success, as loyal customers confirm long term purchases, and do not imply large marketing expenses. In fact, this marketing tool is used to encourage purchases and establish loyalty, rather than attract new customers. However, is their presence an incentive for a non-customer to make a purchase? The present study develops the application of three loyalty programs- points earned, tier system, and vouchers- taking into account their benefits and impact on purchase intentions, as well as the perception of the value of each one. Through the analysis of several articles, which made it possible to gather theoretical information, an online questionnaire was developed, making it possible to evaluate, in practice, the previously established perceptions. The three types of loyalty programs used helped to comprehend this tool positively impacts purchase intentions, but value perception is not perceived as significant in this relationship, nor is the type of client. In the end, this tool is not revealed to be the most appropriate for attracting new clients.
- Creating value through synergies : exploring cross-selling strategies between Ageas and LivoPublication . Menezes, Adriana Torres Lopes Gomes; Xavier, RuteThis thesis aims to identify and explore opportunities for synergy between Ageas's insurance products and Livo's sustainable solutions, promoting consumer value creation through the cross-selling strategies, with a focus on optimizing the customer journey. The methodology employed a mixed approach, combining qualitative and quantitative methods to map the customer journey, identify barriers, and uncover opportunities for integrating cross-selling strategies. The study revealed that consumers prioritize financial savings and convenience, while sustainability is a decisive factor for products like solar panels. Barriers such as high prices and unclear value perception can limit the adoption of these packages. Furthermore, the study demonstrated that presenting offers at the right moment in the customer journey significantly enhances the perceived value for consumers. Additionally, familiarity with Ageas stands out as a key factor in acceptance, reinforcing the importance of personalized strategies aligned with consumer needs. The study concludes that there is a significant opportunity to strengthen the synergy between Ageas and Livo through personalized cross-selling strategies focused on sustainability, financial savings, and additional protection. Digital strategies and clear communication are essential to overcome barriers such as high prices and perceived complexity, enhancing customer acceptance, satisfaction, and retention, while reinforcing the brands' competitive positions.
- 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.
- 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.
- 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.
- The effectiveness of green bonds in reducing carbon riskPublication . Caria, Mariana Cabral; Venter, ZoëThis study analyses the role of green bonds in mitigating carbon-related risks and supporting environmental growth in the European and US markets. Created approximately two decades ago, green bonds are used to finance environmentally friendly projects and to incentivize companies to adopt sustainable practices. This study uses a variety of models, including the CAPM, three-factor, and five-factor models, to investigate how green bonds affect the firms' cumulative abnormal returns (CARs) during carbon-related events using event studies and regression analysis. The findings show that larger companies with strong ESG ratings better manage risks, whilethose with higher emissions are penalized by the market. Compared to the US, the European market reacts more strongly to carbon risks. While challenges like inconsistent regulations and greenwashing still exist, this thesis highlights the potential of green bonds to support sustainability. By looking at both the benefits and drawbacks of green bonds, it offers practical insights for investors, policymakers, and businesses striving for a low-carbon future.