CLSBE - Dissertações de Mestrado / Master Dissertations
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Browsing CLSBE - Dissertações de Mestrado / Master Dissertations by Sustainable Development Goals (SDG) "17:Parcerias para a Implementação dos Objetivos"
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- 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.
- How do funding intensity and type influence initial public offering and strategic orientation of startups?Publication . Vaillant, Louis; Shuwaikh, FátimaThis study investigates the role of funding type and intensity on the time companies need to reach initial public offering (IPO). Based on a sample of 2727 US startups going public between 1995 and 2023 it was demonstrated that firms backed by corporate venture capital (CVC) experience significant shorter time to IPO especially when investments were done as a lead investor. Furthermore, it has been shown that firms with small and frequent funding amounts are statistically more likely to reach IPO sooner. These findings crossed with the strategic framework of ambidexterity, revealed that startups having shorter time to IPO tend also to show signs of a great balance between exploration and exploitation. This study provides new insights into strategic decisions of startups and investors during the pre-IPO funding journey of these firms to access public markets more quickly.