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- A Abordagem do Mercado de Trabalho na proposta de Ralph FevrePublication . Guimarães, IsabelEste artigo explora a especificidade conceptual da sociologia do comportamento económico, enquanto alternativa à orientação dominante da sociologia económica. Ancorada na tradição da Teoria Social clássica, que recupera e atualiza, a sociologia do comportamento económico aborda criticamente o impacto da racionalidade económica na sociedade contemporânea. Para tanto, confrontam-se os valores da racionalidade económica com a moral, demonstrando como, tipicamente, a racionalidade económica transforma os valores morais em meios para a concretização de fins económicos. A disseminação dos valores da racionalidade económica, impulsionada pelo próprio desenvolvimento das ciências sociais, erode as bases morais da sociedade que possibilitam as relações sociais mais elementares, entre as quais se contam as implicadas nas transações económicas. O artigo ilustra as potencialidades da análise da sociologia do comportamento económico recorrendo ao mercado de trabalho, enquanto área fundamental da nossa sociedade, por constituir o locus da distribuição da riqueza na sociedade e onde, por isso, se joga a estruturação das desigualdades sociais.
- Algumas notas metodológicas sobre a determinação de coeficiente betaPublication . Pacheco, Luís Krug; Santos, Mário Coutinho dos
- All managers have a theory of the firmPublication . Santos, José Fernando Pinto dos
- Are Covered Bonds Different from Asset Securitization Bonds?Publication . Pinto, João; Correia, Mafalda C.This is the first study comparing the financial characteristics and pricing processes of asset securitization (AS) and covered bonds (CB) . Using a sample of 6,191 AS bonds and 1 1,471 CB issued by Western European banks between January 1, 2000 and October 31, 2012, we find that AS and CB are not priced in integrated bond markets. Our results show that credit spreads are higher for ABS than for public CB in both pre - and crisis periods. Considering bonds backed by mortgages, w e only find evidence of CB credit spread s being lower than those of AS bonds during the pre - crisis period. Both AS and CB credit spreads are driven by collateral type , credit rating is the most important pricing factor for AS bonds, and we document that not only specific effects related to issuance , but also macro factors and exogenous events are relevant drivers for CB credit spreads. Further more, while the first CB purchase programme led to lower mortgage CB credit spreads, the second programme did not have the ECB ’s desired effects . Finally, we find that the ECB’s second programme reduces ABS spreads significantly for tranches issued by non - German banks.
- Asymmetric Collusion and Merger PolicyPublication . Ganslandt, Mattias; Persson, Lars; Vasconcelos, HélderIn their merger control, EU and the US have considered symmetric size distribution (cost structure) of rms to be a factor potentially leading to collusion. We show that forbidding mergers leading to symmetric market structures can induce mergers leading to asymmetric market structures with higher risk of collusion, when rms face indivisible costs of collusion. In particular, we show that if the rule determining the collusive outcome has the property that the large (eficient) rm bene ts su¢ ciently more from collusion when industry asymmetries increase, collusion can become more likely when are moderately asymmetric.
- Automatic Tests for Super ExogeneityPublication . Hendry, David; Santos, CarlosWe develop a new automatically-computable test for super exogeneity, using a variant of general-to-specific modelling. Based on the recent developments in impulse saturation applied to marginal models under the null that no impulses matter, we select the significant impulses for testing in the conditional. The approximate analytical non-centrality of the test is derived for a failure of invariance and for a failure of weak exogeneity when there is a shift in the marginal model. Monte Carlo simulations confirm the nominal significance levels under the null, and power against the two alternatives
- Autopoetic social systems theory: the co-evolution of law and the economyPublication . Lourenço, AnaThis paper explores the relationship between regulation and contracts from the point of view of autopoietic social systems theory. Building on the notions of contract as a structure of governance, and of regulation as a system of rules intended to govern the behaviour of its subjects that involves standard setting, monitoring and enforcement, the paper discusses the contributions of Teubner (1993), Collins (1999) and Deakin (2002) for understanding the relationship between the legal and the economic subsystems in society. The paper argues that regulation and contracts coevolve:the influence of regulation upon contracts is mediated by the system of shared meanings that the contract develops and, reciprocally, the influence of contracts on regulation depends on each regulatory element’s own network of communications. The paper concludes that reflexive regulatory strategies, by facilitating the emergence of shared meanings, may be more successful in governing the behaviour of economic actors. However, given the disturbances involved in the process of co-evolution, this is not straightforward.
- Biopirataria e sementes suicidasPublication . Mendes, Américo
- Brand mergers: Examining consumer response to name and logo designPublication . Machado, J. C.; Lencastre, Paulo de; Carvalho, Leonor Vacas de; Costa, PatrícioIt is critical to investigate reactions to the various name and logo redeployment alternatives available in the context of a brand merger. Yet research on this topic is relatively limited. This paper aims to start filling this gap in the literature, by developing a typology of the visual identity structures that may be assumed in the context of a merger, as well as an exploratory study (n = 467) analysing consumers’ preferences regarding the alternative branding strategies. It uses an innovative design, which gives respondents freedom to choose their preferred solution. Results suggest that there is a clear preference for figurative logos. Furthermore, there is evidence that the logo may play a role as important as the name in a merger, ensuring consumers that there will be a connection with the brand’s past. Data also show that the choice of the logo reflects consumers’ aesthetic responses, whereas the choice of the name reflects consumers’ evaluation of the brand’s offer or off the brand’s presence in the market. These results should guide managers in the evaluation and choice of the postmerger branding strategy.
- A brand triangle model to avoid branding myopiaPublication . Lencastre, Paulo; Côrte-Real, AnaThis article takes the metaphor of myopia to explain the most limited vision of brand, understood as the identifying sign of a product. As brand is a sign, we turn to semiotics, the science of signs, in order to apply a model which broadens the concept of brand to three dimensions: that of the identity sign itself, that of the object the sign refers to and that of the response of the market to the sign.