Revisiting business cycle synchronisation in the European Union

We assess the business cycle synchronization features of aggregate output in the 27 EU countries using annual data for the period 1970-2009. In particular, we compute measures of synchronisation for private consumption, government spending, gross fixed capital formation, exports and imports. Our results show a rise in synchronization over the full period, and although private consumption is the biggest component of GDP, external demand tends to be a more important determinant of business cycle synchronization.EU, business cycle synchronization.

Value of intangibles arising from R&D activities

This paper develops an empirical approach using econometric techniques for panel data which aims to contribute to the reduction/elimination of the deviation between the book and market value of firms. Based on 20 of the firms with the largest number of patents granted between 1996 and 2006, the results show that: (i) the increase in the return on equity following from an increase in the share of investment in R&D is greater in the long run; (ii) there is a positive relationship between the results (and the value of firms) and R&D activities; (iii) by updating the additional periodical results generated by investment in R&D, the present value of the intangible asset can be determined.R&D, Financial information, Value of intangibles, Market value, Panel Data

Efeito das Ações de Marketing na Escola sobre o Comportamento de Consumo

Our study aims to analyze the effect of marketing actions in schools, driven by health-food companies, on the consumption behavior of students to understand whether they (a) show higher preference for healthy food and drinks; (b) choose to take such goods home; are aware that consuming these goods is a healthy habit; and (c) realize that sales of the companies that produce such health foods and drinks improve. We wish to contribute to the literature by using an experimental exercise in three schools in Porto district, Portugal. Our sample included 307 students aged from 6 to 16 years old, with 153(154) students belonging to the experimental (control) group. The regression results confirm our hypotheses. In particular, we found that the level of education of parents did not seem to have an impact, the results across male and female students are very close and that students’ age did not affect the results between groups, but did affect score values.Este estudo tem como objetivo analisar o efeito das ações de marketing nas escolas, conduzidas por empresas de alimentos saudáveis, sobre o comportamento de consumo dos estudantes. O objetivo é entender se essas ações levam os estudantes a preferir alimentos e bebidas saudáveis, se passam a aconselhar esses alimentos e bebidas em casa, se estão cientes de que o consumo desses bens melhora a saúde, e se têm a perceção de que as empresas de alimentos e bebidas saudáveis melhoram as vendas com essas ações. Para o efeito conduziu-se um exercício experimental em três escolas do distrito do Porto, Portugal. A amostra incluiu 307 estudantes dos 6 aos 16 anos. Os estudantes pertencentes ao grupo experimental (controle) foram 153 (154) e foi usado um questionário para obter os dados quantitativos necessários. Os resultados, obtidos por meio de técnicas estatísticas e econométricas, confirmam as hipóteses. Os resultados são independentes da escola, do nível de educação dos pais, do sexo e da idade dos estudantesinfo:eu-repo/semantics/publishedVersio

Teacher training processes and teachers' competence : A sociological study in the primary school

The paper describes part of a study whose aim was to investigate the relation between modalities of teacher training and modalities of pedagogic practice implemented in the science classroom. The study is focused on primary school context and analyses the evolution of teachers performance in terms of their acquisition of recognition and realisation rules, i.e. coding orientation, to specific scientific learning contexts. Theoretically, the study is based on Bernstein’s theory of pedagogic discourse (1999, 2000)which provided the concepts to characterise the modalities of teacher training and of classroom pedagogic practices and to analyse teachers’ evolution in terms of recognition and realisation rules. The sample was made up of four teachers and their four socially heterogeneous school classes. An action-research methodology was followed.The results suggest that the teacher training implemented was favourable to the teachers’ professional development and their competence to lead all children to a high level of scientific development. The efficiency of the training process has to be mostly attributed to the strong classification of the researcher-teachers relation and to the strong framing of evaluation criteria, selection and sequence, together with weak framing of hierarchical rules and pacing.Fundação Calouste Gulbenkian, Instituto de Inovação Educacional e Fundação para a Ciência e Tecnologia (FCT)

Economic performance and international trade engagement: the case of Portuguese manufacturing firms

By combining economic and financial data for Portuguese manufacturing firms with data of their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms’ performance. In line with recent theoretical and empirical developments in the international trade literature: (i) we testify that Portuguese international trade is highly concentrated, especially on the import side, and both in inter- and intra-sector terms; (ii) we corroborate previous studies and theses according to which two-way traders outperform only importers, only exporters and above all domestic firms; (iii) we find that the greater the diversification of markets and goods (especially with regard to imports) the better the performance achieved by internationalized firms; (iv) we also present evidence that destination markets, for exports, and, origin markets, for imports, are also important in explaining the performance of firms.International trade, Firm performance, Diversification

Which Portuguese Manufacturing Firms Learn by Exporting?

Using a longitudinal database (1996-2003) at the plant level, this paper aims to shed light on the causal nexus between international trade engagement and productivity in Portugal. We analyse in particular the learning-by-exporting hypotheses. In line with recent empirical literature, we apply mainly the Propensity Score Matching and a differences-in-differences estimator. In post-entry years we find a higher growth of labour productivity and total factor productivity for new exporting firms when compared to firms that, although having similar characteristics, have decided not to begin exporting in that year. Moreover, in an attempt to uncover the channels through which the learning effects are driven to new exporters, we applied the same methodology to some sub-samples. We found that learning effects are higher for new exporters that are also importers or start importing at the same time. Other important factors influencing that learning ability are found in firms that export to more developed markets, in those that achieve a certain threshold of export intensity and particularly for those firms that belong to sectors in which Portugal is at a comparative disadvantageExports, Imports, Self-Selection, Learning-by-exporting, Matching

Do Portuguese manufacturing firms self select to exports?

Using a longitudinal database (1996-2003) at the plant level, this paper aims to shed light, on the thesis that most productive domestic firms self select to export markets. Self selection and learning by exporting are two non-mutually exclusive theses that try to explain the high correlation between international trade involvement of firms and their superior performance, relative to domestic firms. In general, we find evidence of a self-selection to exports. However, there is a significant heterogeneity according to the destination of sales, to firms’ import status before exporting and to the specificities of sectors firms’ belong to.Exports, Imports, Self selection

Learning-by-exporting: what we know and what we would like to know

This paper revises the thesis that exporting firms learn to be more innovative and efficient as they have contact with certain information flows from their foreign activity (e.g., from buyers, suppliers or competitors). The paper begins by exploring the connections between two distinct concepts: Self-Selection (of more efficient firms into exports) and Learning-by-Exporting. The study then proceeds with a comparative analysis of the most recent literature and presents common facts and evidence, as well as key issues still open to debate. Learning-by-Exporting should be measured directly using firms´ innovative performance. However, given the lack of suitable data on firms’ innovative activities most studies have followed an indirect approach, using productivity measures. Several methodologies have been employed to estimate Total Factor Productivity and to test the Learning-by-Exporting hypothesis, but so far no final consensus has been reached on the best way to do it.Learning-by-exporting, self selection, total factor productivity

Which Portuguese firms are more innovative? The importance of multinationals and exporters

In this study we test the trade Global Engagement hypothesis in which firms more globally engaged – either multinationals or exporters – are more innovative. The test is applied to 4818 Portuguese enterprises´ data for the period 2002-2004 through the use of the fourth Portuguese Community Innovation Survey. We estimated several Knowledge Production Functions assuming that knowledge outputs result from the combination of some knowledge inputs with the flow of ideas coming from existing stock of knowledge. We found that more internationally exposed firms create more knowledge output, than their domestic counterparts; indeed, more globalized firms use more inputs and have the opportunity to use a larger stock of knowledge. Notwithstand, the observed superiority of more internationally exposed firms is also the result of their globalized nature, not directly connected with knowledge inputs or information flows.Multinational firms, exporting, knowledge-production functions, Portugal

Economic performance and international trade engagement: the case of Portuguese manufacturing firms

By combining economic and financial data for Portuguese manufacturing firms with data on their exports and imports, we uncover some aspects of the relationship between international trade engagement and firms’ performance. In line with recent theoretical and empirical developments in the international trade literature: (i) we testify that Portuguese international trade is highly concentrated, especially on the import side, and both in inter- and intra-sector terms; (ii) we corroborate previous studies and theses according to which two-way traders outperform only importers, only exporters and above all domestic firms; (iii) we find that the greater the diversification of markets and goods (especially with regard to imports), the better the performance achieved by internationalised firms; (iv) we notice that the higher the intensity of international trade of firms (especially imports), the better the performance of firms; (v) we also present evidence that destination markets, for exports, and, origin markets, for imports, are also important in explaining firm performance.International trade, Firm performance, Diversification