CLSBE - Dissertações de Mestrado / Master Dissertations
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- Innovative response : how the spinal marrow clot may transform spinal fusion surgeryPublication . Brodano, Tommaso Barbanti; Rajsingh, Peter V.This teaching case discusses a scientific research project developed at IRCCS Istituto Ortopedico Rizzoli. The findings describe the process of creating an innovation in spinal fusion surgery using cell-based therapy based on whole vertebral bone marrow aspirate (vBMA). The purpose is to analyze how this innovation that may impact a significant sector of the medical industry, came into being. And, from this case, we seek to provide insights into how innovation develops and gains diffusion. Given the projected exponential increase of spinal fusions in the next 40 years and high costs of current procedures, vBMA offers an opportunity to transform conventional spinal fusion surgery. In this context, vBMA emerges as a potentially disruptive force, aimed at redefining and revolutionizing conventional spinal fusion surgery practices. It also has the potential to significantly reduce costs while maintaining a high rate in successful patient outcomes, which makes it a game-changer in the medical industry. We discuss the process - from how the idea came about to shifting medical practices and industry resistance - which makes the Case relevant for students of innovatin and enterpreneurship. Students will acquaint themselves with key challenges encountered during the process of innovation adoption and the hurdles associated with bringing about disruptive change.
- Exploring ESG scores relationships with profitability : a heteroscedastic approach across industries and across timePublication . Rodrigues , Ana Vitória de Brito; Cerqueiro, GeraldoThis study examines the relationship between ESG Scores on profitability, measured by EBITDA per Share, across 10 U.S. industries from 2003 to 2023. Using data from Refinitiv Eikon, three regression models were applied: one focused on specific industries, showing the impact within each and two heteroscedastic regressions to study the overall performance across years and across industries. Industry-specific results indicate a small but increasing impact of ESG Scores on profitability in recent years. Overall Performance results show that the Basic Materials, Healthcare, Technology and Financials Industries experience the highest volatility of ESG Scores. These findings show the growing importance of ESG Scores in analysing profitability.
- Old world wine tourism : insights into visitors preferencesPublication . Giordani, Leonardo; Rodrigues, HelenaThis dissertation aims at investigating which are the features that most affect wine tourists’ experience during a winery visit. The study examines and aims at discovering the value attached to winery attributes for Old World tourists, and their impact on the overall wine visit evaluation. Although the wine tourism industry understanding is expanding, what factors are most valued by wine tourists remains relatively unexplored. Jointly with existing literature on consumer behaviour and tourism marketing, this dissertation offers an in-depth analysis of how these characteristics impact wine tourists’ preferences.
The study employs a qualitative methodology that comprehends user-generated content analysis, using Leximancer text analysis software. Patterns and preferences are identified by examining participants’ reviews related to the overall rating assigned.
The findings, after analyzing 550 reviews, gathered from 55 countries in different Old World countries show that quality wines, jointly to an informative and enjoyable tour, represent the most valued attributes. It is also highlighted the importance of a skilled and personable staff, able to convey the experience. The dissertation offers practical suggestions for wineries to better customize their offering, with the aim of being more attractive for wine tourists. - When leverage matters : investment in PortugalPublication . Falcão, Diogo do Ó Figueira Beja; Bonfim, DianaDebt and investment are two fundamental topics in the corporate world. This research investigates the relationship of these two concepts in Portuguese firms over the time window of 2011 and 2022 using a fixed-effect panel threshold model. Studying 6,857 firms, the results suggest that the sensitivity between leverage and investment decreases as firms indebt themselves more. In this scenario, firms are often highly constrained and already operating at minimal investment levels, leaving little room for further reductions in investment. The results across industries and firm sizes are also presented, reaffirming the non-linear relationship and emphasising the primary usage of internal funds to invest, aligned with the pecking order theory. Surprisingly, the relationship between leverage and investment is positive at the 90th percentile of the investment distribution, which might suggest that Portuguese firms often use leverage to finance working capital, daily operations or to benefit from tax shields rather than invest in long-term projects.
- Organizational resilience and sustainability : a strategic match made in heavenPublication . Lopes, Madalena Sales Henriques Maldonado; Reis, RicardoHow does an eighty-year-old plastics manufacturer sustain its relevance in an ever evolving market? Transitioning from a dictatorship to a democracy, and from a world dominated by plastics to one increasingly advocating against it, how has Baquelite Liz managed to survive and thrive? This study aims to analyze Baquelite Liz’s strategic evolution over time, shedding light on the approaches that have enabled the company to navigate unexpected and dynamic market conditions. Additionally, the case explores how striking a balance between innovation and perseverance contributes to fostering organizational resilience. Secondarily, this study further challenges the negative perception, albeit common, that consumers hold regarding plastics, thereby clarifying and reinforcing their relevance in our daily lives. Finally, teaching notes are provided, offering guidelines to assist in analyzing the case and clarifying its theoretical relevance.
- Hedging momentum with short-term reversalPublication . Silva, Lopo Canas Moura Baptista da; Faias, JoséThe purpose of this dissertation is to exploit the economic benefits of managing a Momentum portfolio with Short-term reversal. Indeed, both are negatively correlated and, in the light of ex tensive literature on Momentum, their returns are contrarily influenced by crashes and previous realized volatility. This offers investors a mispriced combination of these assets which is able to improve upon the individual Sharpe ratios and reduce crash risk. The resulting strategy is robust to constrained positions and delivers a good alternative to recent methods that only focus on managing Momentum.
- M&A in banking : a comparison of the determinants and post-deal performance in the US and the EUPublication . Esteves, Rui Pedro Almeida da Rocha; Bonfim, DianaIn this thesis I examine the determinants of Mergers and Acquisitions in the banking sector, from the perspective of acquirers and targets between 2012 and 2022. I directly compare the key intrinsic characteristics of US and EU banks, as well as country and market-specific variables and regulatory and institutional variables hindering or fostering financial consolidation between banks in these two regions. For that purpose, I use two multinomial logistic regressions, one allowing for bank-specific variables only and another one controlling for other factors. The findings suggest that there are several different characteristics between acquiring and targeted banks in the two regions, with US acquiring banks being more profitable than their EU counterparts which are constrained by factors such as liquidity. Additionally, I explore the post-M&A performance of acquiring banks in the two geographic areas, using a propensity score matching technique and a Differences-in-Differences analysis. The results suggest that, while US banks showed profitability improvements in the short-term (relative to banks with similar characteristics, but not involved in any M&A deal), the results in the EU are inconclusive with no statistical significance. These findings align with the existing literature on post-M&A performance, which is highly sensitive with the period under analysis and the region in study. My study contributes to the on-going discussion of key differences between the US and the EUwhen analysing financial consolidation.
- The impact of european bank mergers and acquisitions on bond issuancePublication . Palanca, Martina; Schliephake, EvaThis study aims to understand the relationship between M&A events in the banking sector in the European Union and its debt structure, proxied by the face value of bonds issued over time. The analysis was performed using a dataset composed of 51 bank mergers that happened in EU countries from 2016 to 2022. The results show a positive correlation between M&A events and bond issuance in European banks in the 1-2 years after the event, which confirms my initial hypothesis. These results hold regardless of deal size. I do not find enough data to confirm the phenomenon at a country level for every country in my dataset. Further research could build on my study to test the hypothesis on different samples and using different control variables than those in my regression.
- U.S. presidential elections and market uncertainty : the role of political uncertaintyPublication . Schäfer, Marcel Wolfgang Ludwig; Stahl, JörgThis study examines the relationship between U.S. presidential elections and market volatility, emphasizing political uncertainty as a key driver of financial market behavior. Using data from 2000 to 2024 and the VIX as a measure of market stress, the analysis explores how election related uncertainty and anticipated outcomes impact investor sentiment. The findings reveal that political uncertainty significantly increases market volatility, peaking approximately 30 days before Election Day, though effects vary across election periods. This study directly challenges previous research that suggested consistently stable markets under Democratic administrations, providing a greatly more detailed view of the complicated interplay between political uncertainty and financial markets.
- Social capital beyond borders : how Latin American firms pursue legitimacy in foreign markets despite the effects of the liability of foreignness : an exploratory studyPublication . Milella, Anastasia; Parada, PedroLatin-American firms are increasingly expanding abroad as internationalization allows them to diversify risk and mitigate negative conditions faced at home. Nevertheless, upon expansion, they are also confronted with the effects of the liabilities of foreignness (LOF) and emergingness (LOE), stereotypes and stigmatization. This study investigates the role that social capital plays in internationalization processes and legitimacy-building in foreign markets. Unveiling whether a strong focus and commitment on environmental, social, and governance (ESG) practices poses as a legitimacy enhancer abroad also belongs to this study’s scope. An exploratory, qualitative approach was adopted through the use of semi-structured interviews to gain in-depth insights into how Latin-American firms experience internationalization, make use of social capital, and build legitimacy internationally. Findings reveal that social capital is fundamental for the success of international expansions. Nevertheless, this is the case especially for SMEs during the initial stages of an internationalization and is most effective in collectivistic cultures. Legitimacy is achieved through the combination of market strategies devoted at reputation-building, adaptation to the local market, and social capital. ESG effort was found to be a critical legitimacy enhancer, although most relevant for Latin-American firms expanding beyond the region, as the latter appears to be increasingly valued abroad than domestically, where it is inconsistently adopted. This research contributes to previous literature by advancing the understanding of social capital’s role in shaping the internationalization strategies of Latin-American firms, often overlooked in the literature, and presents legitimacy-building as a multi-stage process, formulating specific recommendations for managers.