Event Study Tests: A brief survey

In this paper, I describe some of the main parametric and non-parametric tests used in event studies to assess the significance of abnormal returns or changes in variance of returns.Event Studies

Market Impact of International Sporting and Cultural Events

This paper investigates the impact of international sporting and cultural events on national stock markets. We study market reaction to the announcements of the selected country hosting the Summer and Winter Olympic Games, the World Football Cup, the European Football Cup and World and Specialized Exhibitions. We also measure the market effects of the announcement of the nomination of the European Cultural City. First, we evaluate the abnormal returns of winning bidders at (and around) the announcement date using an event study methodology. We study the impact at market and industry-levels. Second, we analyze the determinants of the variation in abnormal returns across events and industries on the basis of a set of variables found important by previous studies and control for the prior probability of observing the event. Third, on the basis of a simple model of partial anticipation, we reexamine the abnormal returns observed for the winning and losing countries and perform a series of tests to disentangle the different theoretical arguments that could account for the observed stock market behavior. Our initial results suggest that the abnormal returns measured at the announcement date and around the event are not consistently different from zero. Further, when we look at particular industries, we find no evidence supporting that industries, that a priori were more likely to extract direct benefits from the event, observe positive significant effects. Yet when we control for the prior expectations, the announcement of these mega-events is associated with a positive market reaction in the nominated country and a negative reaction in the losing country. Overall we interpret our findings as supportive of rational asset pricing and partial anticipation.Market efficiency; Event studies; Mega-events

Impacto da conclusão da graduação em funcionários administrativos de uma faculdade particular do DF

O presente estudo teve como alicerce principal a Psicodinâmica do Trabalho. Através da pesquisa exploratória procurou-se responder o seguinte problema de pesquisa: qual o impacto da conclusão da graduação em funcionários administrativos de uma faculdade particular do DF? Os objetivos específicos da pesquisa foram: descrever o trabalho prescrito, identificar o trabalho real e analisar sobre a manutenção desse funcionário. Os dados da pesquisa foram coletados através de entrevistas semiestruturadas, realizadas com quatro funcionários da faculdade em questão e posteriormente transcritas e analisadas pela analise de conteúdo. Eles gostam do ambiente de trabalho, valorizam a cultura da empresa, mas estão insatisfeitos com a remuneração salarial que não condiz que o serviço real e com a falta de oportunidade de crescimento dentro da empresa

EU housing markets: the role of institutional factors

Using cluster analysis this study reveals significant heterogeneity in the institutional characteristics of European mortgage markets. Distinct clusters are formed which can be related to differences in the mortgage credit system, the relative importance of the owner-occupation and the property specific fiscal system. The paper then tests for multiple structural breaks. We find evidence that structural breaks in European housing markets often coincide with a changes in housing market policy

Residential property loans and bank performance during property price booms: evidence from Europe

Understanding the performance of banks is of the utmost importance due to the impact the sector may have on economic growth and financial stability. Residential mortgage loans constitute a large proportion of the portfolio of many banks and are one of the key assets in the determination of their performance. Using a dynamic panel model, we analyse the impact of residential mortgage loans on bank profitability and risk, based on a sample of 555 banks in the European Union (EU-15), over the period from 1995 to 2008. We find that an increase in residential mortgage loans seems to improve bank’s performance in terms of both profitability and credit risk in good market, pre-financial crisis, conditions. These findings may aid in explaining why banks rush to lend to property during booms because of the positive effect it has on performance. The results also show that credit risk and profitability are lower during the upturn in the residential property cycle

House price dynamics and bank herding: European empirical evidence

This paper investigates the behavior of residential property and examines the linkages between house price dynamics and bank herding behavior. The analysis presents evidence that irrational behaviour may have played a significant role in several countries, including; United Kingdom, Spain, Denmark, Sweden and Ireland. In addition, we also provide evidence indicative of herding behaviour in the European residential mortgage loan market. Granger Causality tests indicate that non-fundamentally justified prices dynamics contributed to herding by lenders and that this behaviour was a response by the banks as a group to common information on residential property assets. In contrast, in Germany, Portugal and Austria, residential property prices were largely explained by fundamentals. Furthermore, these countries show no evidence of either irrational price bubbles or herd behaviour in the mortgage market. Granger Causality tests indicate that both variables are independent

Narrativas entrelaçadas no ensino superior - Como nos constituímos enquanto comunidade e produzimos colaborativamente conhecimento emancipatório sobre investigação baseada em artes?

ABSTRACT. This article sets up a collaborative narrative of three elements from the Group Study on Participatory and Artistic Processes in Research and Education (GEPPAIE), composed of researchers in academic and professional development (professors, doctoral and master's students in Education areas). It begins with a question: how have we experienced, as a higher education study group, our meeting spaces for the production of emancipatory knowledge about research, especially about arts-based research? This question unfolds into others and drives us to what has already been produced collectively, but also boosts the new writings and reflections in this text. It is also part of Ana Serra Rocha's PhD, focused on the problematization of The book’s experience as a place of epistemological reflection in artistic education, aiming at a broader reflection in the field of artistic education and in doctoral studies. It speculates on the participatory processes of collaborative creation and on some issues that have been debated at GEPPAIE, namely of a relational and methodological nature, with a view to (des/re)construction of knowledge and its forms of written and visual representation.ABSTRACT. This article sets up a collaborative narrative of three elements from the Group Study on Participatory and Artistic Processes in Research and Education (GEPPAIE), composed of researchers in academic and professional development (professors, doctoral and master's students in Education areas). It begins with a question: how have we experienced, as a higher education study group, our meeting spaces for the production of emancipatory knowledge about research, especially about arts-based research? This question unfolds into others and drives us to what has already been produced collectively, but also boosts the new writings and reflections in this text. It is also part of Ana Serra Rocha's PhD, focused on the problematization of The book’s experience as a place of epistemological reflection in artistic education, aiming at a broader reflection in the field of artistic education and in doctoral studies. It speculates on the participatory processes of collaborative creation and on some issues that have been debated at GEPPAIE, namely of a relational and methodological nature, with a view to (des/re)construction of knowledge and its forms of written and visual representation.  RESUMEN. Este artículo configura una narrativa colaborativa de tres elementos del Grupo de Estudios en Procesos Artísticos y Participativos en Investigación y Educación (GEPPAIE), integrado por investigadores en formación (profesores, estudiantes de doctorado y máster en áreas de Educación). Comienza con una pregunta: ¿cómo hemos vivido nosotros, como grupo de estudio de educación superior, nuestros espacios de encuentro para la producción de conocimiento emancipatorio sobre la investigación, es decir, sobre la investigación basada en las artes? Esta pregunta se desdobla en otras y es el lema para presentar lo ya producido colectivamente, pero también para crear los nuevos escritos y reflexiones que se reflejan en este texto. También forma parte del doctorado de Ana Serra Rocha, centrado en la problematización de El lugar de la experiencia del libro como lugar de reflexión epistemológica, en el contexto de la educación artística, con el objetivo de ampliar la reflexión sobre el campo de la educación artística y sobre los estudios de doctorado desarrollados en este ámbito. Tiene como objetivo reflexionar sobre los procesos participativos de creación colaborativa y sobre algunos temas que se han debatido en GEPPAIE, es decir, de carácter relacional y metodológico, con miras a la (des/re) construcción del conocimiento y la problematización de sus formas de escritura y organización visual.ABSTRACT. This article sets up a collaborative narrative of three elements from the Group Study on Participatory and Artistic Processes in Research and Education (GEPPAIE), composed of researchers in academic and professional development (professors, doctoral and master's students in Education areas). It begins with a question: how have we experienced, as a higher education study group, our meeting spaces for the production of emancipatory knowledge about research, especially about arts-based research? This question unfolds into others and drives us to what has already been produced collectively, but also boosts the new writings and reflections in this text. It is also part of Ana Serra Rocha's PhD, focused on the problematization of The book’s experience as a place of epistemological reflection in artistic education, aiming at a broader reflection in the field of artistic education and in doctoral studies. It speculates on the participatory processes of collaborative creation and on some issues that have been debated at GEPPAIE, namely of a relational and methodological nature, with a view to (des/re)construction of knowledge and its forms of written and visual representation.Este artigo configura uma narrativa colaborativa de três elementos do Grupo de Estudos em Processos Participativos e Artísticos em Investigação e Educação (GEPPAIE), composto por investigadores em formação (docentes, doutorandos e mestrandos em áreas da Educação). Parte da interrogação: como temos vivido, enquanto grupo de estudos do ensino superior, nossos espaços de encontro(s) para a produção de conhecimento emancipatório sobre a investigação, nomeadamente sobre a pesquisa baseada em artes? Esta interrogação desdobra-se noutras e é mote para apresentarmos o já produzido coletivamente, mas também para criarmos as novas escritas e reflexões que estão vertidas neste texto. Integra-se, ainda, no doutoramento de Ana Serra Rocha, centrado na problematização de A experiência do lugar do livro como um lugar de reflexão epistemológica na educação artística, visando ampliar a reflexão sobre o campo da educação artística e sobre os estudos doutorais desenvolvidos nesta área. Tem por objetivo refletir sobre os processos participativos de criação colaborativa e sobre algumas questões que se têm vindo a debater no GEPPAIE, nomeadamente de ordem relacional e metodológica, tendo em vista a (des/re)construção do conhecimento e a problematização das suas formas de organização escrita e visual. Palavras-chave: comunidade relacional, construção dialógica de conhecimento, narrativas colaborativas, cardografia, tese de doutoramento.   Intertwined narratives in higher education - How do we constitute ourselves as a community and collaboratively produce emancipatory knowledge about arts-based research? ABSTRACT. This article sets up a collaborative narrative of three elements from the Group Study on Participatory and Artistic Processes in Research and Education (GEPPAIE), composed of researchers in academic and professional development (professors, doctoral and master's students in Education areas). It begins with a question: how have we experienced, as a higher education study group, our meeting spaces for the production of emancipatory knowledge about research, especially about arts-based research? This question unfolds into others and drives us to what has already been produced collectively, but also boosts the new writings and reflections in this text. It is also part of Ana Serra Rocha's PhD, focused on the problematization of The book’s experience as a place of epistemological reflection in artistic education, aiming at a broader reflection in the field of artistic education and in doctoral studies. It speculates on the participatory processes of collaborative creation and on some issues that have been debated at GEPPAIE, namely of a relational and methodological nature, with a view to (des/re)construction of knowledge and its forms of written and visual representation. Keywords: relational community, dialogic knowledge construction, collaborative narratives, cardography, doctoral thesis.   Narrativas entrelazadas en la educación superior: ¿cómo nos constituimos como comunidad y producimos en colaboración conocimiento emancipatorio sobre la investigación basada en las artes? RESUMEN. Este artículo configura una narrativa colaborativa de tres elementos del Grupo de Estudios en Procesos Artísticos y Participativos en Investigación y Educación (GEPPAIE), integrado por investigadores en formación (profesores, estudiantes de doctorado y máster en áreas de Educación). Comienza con una pregunta: ¿cómo hemos vivido nosotros, como grupo de estudio de educación superior, nuestros espacios de encuentro para la producción de conocimiento emancipatorio sobre la investigación, es decir, sobre la investigación basada en las artes? Esta pregunta se desdobla en otras y es el lema para presentar lo ya producido colectivamente, pero también para crear los nuevos escritos y reflexiones que se reflejan en este texto. También forma parte del doctorado de Ana Serra Rocha, centrado en la problematización de El lugar de la experiencia del libro como lugar de reflexión epistemológica, en el contexto de la educación artística, con el objetivo de ampliar la reflexión sobre el campo de la educación artística y sobre los estudios de doctorado desarrollados en este ámbito. Tiene como objetivo reflexionar sobre los procesos participativos de creación colaborativa y sobre algunos temas que se han debatido en GEPPAIE, es decir, de carácter relacional y metodológico, con miras a la (des/re) construcción del conocimiento y la problematización de sus formas de escritura y organización visual. Palabras clave: comunidad relacional, construcción dialógica del conocimiento, narrativas colaborativas, cardografía, tesis de doctorado