Evaluating debt repurchases: what are the alternative to investment?

In this paper a general model of debt repurchases is built which reconciles most of the points raised in the literature on debt buybacks. It is shown that results previously found in the literature can be obtained from this general model and are strongly dependant on assumptions made on its parameters. The condition that determines whether or not buybacks are an attractive solution from the point of the debtor nations is derived. Additionally it is shown that if there are other assets safer than investment, a debt buyback will always lead to an increase in investment and a reduction in the holdings of such other assets. This result holds independently of the source of the resources used for the buyback, unlike previous suggestions. With a buyback out of current resources, optimal reserves levels fall by more than what is used for the buyback, releasing extra resources for investment purposes, while current consumption does not fall. (JEL F34

Evaluating debt repurchases: what are the alternative to investment?.

In this paper a general model of debt repurchases is built which reconciles most of the points raised in the literature on debt buybacks. It is shown that results previously found in the literature can be obtained from this general model and are strongly dependant on assumptions made on its parameters. The condition that determines whether or not buybacks are an attractive solution from the point of the debtor nations is derived. Additionally it is shown that if there are other assets safer than investment, a debt buyback will always lead to an increase in investment and a reduction in the holdings of such other assets. This result holds independently of the source of the resources used for the buyback, unlike previous suggestions. With a buyback out of current resources, optimal reserves levels fall by more than what is used for the buyback, releasing extra resources for investment purposes, while current consumption does not fall. (JEL F34)Debt Overhang; Debt Repurchases; Investment Incentives;

Credit Markets in Brazil: The Role of Judicial Enforcement and Other Institutions

Although much progress has been made in understanding the importance of institutional failure in explaining creditors` unwillingness to finance firms and individuals, the pertinent empirical literature still has an important shortcoming: it does not separate out the effects of legal protection, accounting standards and judicial enforcement. This paper tries to overcome this gap by analyzing the discrete effect of the quality of judicial enforcement on the performance of credit markets.

Incentives for cost reducing innovations under quantitative import restraints

The effect of quotas on fmns' incentive to invest in cost-reducing R&D is studied in a two-stage price-setting duopoly. A domestic and a foreign firm choose initially R&D efforts and then set the prices of their differentiated products in the domestic market. With a quota imposed at, or close to, the free-trade level of imports, the domestic fmn faces less competition than under free-trade and chooses to invest less in R&D. Contrarily, the constrained foreign fmn invests more in R&D as the negative strategic effect of a reduction in its cost is now absent. These results differ from the Coumot duopoly case in which R&D expenditures are lower for both fmns. We also show that as the quota becomes more restrictive, the domestic fmn increases and the foreign fmn decreases its expenditures in R&D. Finally, we show that domestic welfare is a1ways higher under free-trade than under any quota regardless of the degree of product substitutability

Community integration and shame of mental health problems, in a group of psychiatric patients from the Azores, Portugal

7th World Congress of Cognitive and Behavioural Therapies, "Bringing Cultures Together for a Better Quality of Life". Lima, Peru July 22-25, 2013 (Poster).O presente estudo foi desenvolvido com o objetivo de se perceber a influência do estigma na integração comunitária de uma amostra de indivíduos com problemas psiquiátricos da Região Autónoma dos Açores- Portugal.N/

The role of commitment and the choice of trade policy instruments

The incentives for governments to impose subsidies and tariffs on R&D and output is analyzed in a differentiated good industry where firms invest in a cost saving technology. When government commitment is credible, subsidies to R&D and output are positive both under Bertrand and Cournot competition. In the absence of government commitment the policy instrument is a tariff under Bertrand, and a subsidy under Cournot, competition. However, welfare under free trade is always greater than imposing a tariff unilaterally, or bilaterally, and hence non-committal under price competition is never an equilibrium. If a government has to choose either a subsidy on R&D (or on output) then, independent of price or quantity competition, it subsidies R&D for low levels of product substitutability and output for higherlevels of substitutability

Incitations à l'innovation afin de réduire les coûts de production sous des restrictions quantitatives à l'importation.

The effect of trade quotas on firms’ incentive to invest in cost-reducing R&D is studied in a two-stage price-setting duopoly game. A domestic and a foreign firm first choose R&D levels and then set the prices of their differentiated products in the domestic market. With a quota imposed at, or close to, the free-trade level of imports, the domestic firm faces less competition than under free-trade and invests less in R&D. Contrarily, the constrained foreign firm invests more in R&D as the negative strategic effect of a reduction in its cost is now absent. These results differ partially from the Cournot duopoly case in which R&D expenditures are lower for both the firms. As the quota becomes more restrictive, the domestic firm increases and the foreign firm decreases its expenditures on R&D. Domestic welfare is always higher under free-trade than under any quota regardless of the degree of product substitutability.-------------------------------------------------------Dans cet article, une firme nationale et une firme étrangère choisissent leurs niveaux de R&D dans un premier temps, puis fixent les prix de leurs produits différenciés sur le marché national. Si le quota imposé est égal ou est suffisamment proche du niveau des importations sous libre échange, la firme nationale investit moins en R&D. La firme étrangère contrainte investit plus, vu que l’effet stratégique négatif de la réduction des coûts par la R&D disparaît. On montre aussi que le niveau de bien-être national est toujours plus élevé sous libre échange indépendamment du degré de substituabilité des produits.Kujal and Petrakis acknowledge support from the DGICYT grant PB95-287 and financial support from the grant Accio´ n Integrada Hispano-Portuguesa 1996, 29 B. Cabral acknowledges financial support from the grant Açôes Integradas Luso- Espanholas E-63/96.Publicad

Pharmacy, quina and quinine in Portugal (18th-20th centuries)

We begin by a study case on the use of quina at Teaching Hospital of University the Coimbra at the turn of the 19th century. Next we discuss the isolation of cinchonine in Portugal and the polemics to which it gave rise among scientists from Coimbra and Lisbon (1810-­‐‑1812), as well as several of the most relevant studies of quina and quinine conducted in Portugal at the turn of the 20th centuries. Finally, we approach the problems posed by the cultivation of cinchona plants and quinine extraction in the former Portuguese colonies

O impacto das redes sociais na reputação das organizações em contexto B2B

A presente tese de mestrado é um projeto-empresa que se propõe avaliar a possibilidade de empresas B2B (business-to-business) comunicarem nas redes sociais e o impacto que estas plataformas poderão ter na reputação das organizações. Neste caso a empresa avaliada é a Portway, uma empresa prestadora de serviços de ground handling no mercado da aviação. Depois de expostos os desafios e a problemática do projeto, a primeira parte do trabalho baseiase na exposição e análise teórica que vários autores têm sobre a problemática (revisão de literatura), seguida da análise de pontos fortes e fracos da empresa e, oportunidades e ameaças das redes sociais, concluídos após análise interna, pesquisa concorrencial e de benchmarketing, e estudo do target. O forte desenvolvimento tecnológico e a necessidade de envolvimento com o público-alvo força a Portway a aderir às redes sociais. Neste cenário, de mundo global digital é necessário perceber as tendências das plataformas digitais e selecioná-las de forma estratégica, assim como a aplicação de planos organizacionais e procedimentos internos que permitam o controlo da reputação da organização, evitando situações de crise que afetam a imagem da marca. Neste âmbito, estudar os perfis de comportamento do target favorece um maior envolvimento com as organizações. A tese permite compreender que evitar as redes sociais não é solução, no entanto tornou-se evidente a necessidade de uma preparação cuidada e a definição de uma estratégia sólida por parte das empresas para alcançarem sucesso nas redes sociais, sempre com o propósito de proteger e valorizar a boa reputação da organização.The present master’s thesis is a company-project focused on a B2B (business-to-business) companies, more specifically on the company Portway, which provides ground handling services in the aviation industry. The aim is to evaluate how to communicate in social media and to assess the impact on a company’s reputation. After an introductory note, exposing the challenges and the problematic of the project, the first part of this study is centred on the literature review, i.e. the theoretical exposition and analysis of the problematic. The second part presents an internal analysis, competition research, benchmarking and target examination, in order to determinate, not only, the strengths and opportunities, but also the weaknesses and threats by communicating through social media. The strong technological development and the need to engage with the target, compels Portway to be prepared to engage in social media. In this digital global world, it is crucial to recognize digital platforms trends and to strategically select them. Furthermore, it is fundamental to establish organizational plans and internal procedures to allow the company to be in control of their reputation and to avoid situations of crisis that can affect the brand’s image. In this context, studying the behavioral profile of the target requires a bigger involvement with the organizations. The present thesis shows that avoiding social media is not a solution and demonstrates the need for a careful preparation and definition of a solid corporate strategy in order to protect the organizational reputation and to achieve success through social media

Dieta, crecimiento y reproducción de cuatro especies de peces planos en la costa portuguesa

Four flatfish species were collected between January 2003 and June 2005 from commercial fishing vessels operating with gill nets and bottom trawls along the Portuguese coast in order to examine feeding habits, age and growth and reproduction. Citharus linguatula (Linnaeus, 1758), Lepidorhombus boscii (Risso, 1810) and Microchirus azevia (de Brito Capello, 1867) fed mainly on crustaceans, whereas Platichthys flesus (Linnaeus, 1758) fed mainly on echinoderms and crustaceans. Feeding activity was highest in spring and summer; females and small individuals showed the lowest vacuity index values. For all the species, significant differences were found in the proportion of prey items according to season, sex and size class. M. azevia had the largest diet spectrum. Ages were determined from sagittal otoliths. The von Bertalanffy growth equation coefficients differed between sexes. The asymptotic length L∞ of females was higher than that of males, except in C. linguatula. The lowest growth coefficient was obtained for P. flesus (k=0.11 for males and k=0.10 for females) and M. azevia showed the highest growth coefficient estimates (k=0.40 for females and k=0.30 for males). The highest proportion of individuals at spawning stage was recorded in winter for L. boscii, P. flesus and M. azevia, and in autumn for C. linguatula.Cuatro especies de peces planos fueron capturadas desde enero de 2003 hasta junio de 2005 por embarcaciones comerciales operando con redes de enmalle y arrastre de fondo, a lo largo de la costa portuguesa, con objeto de examinar los hábitos alimenticios, la edad, el crecimiento y el ciclo sexual. Citharus linguatula (Linnaeus, 1758), Lepidorhombus boscii (Risso, 1810) y Microchirus azevia (de Brito Capello, 1867), se alimentaron sobre todo de crustáceos. La dieta de Platichthys flesus (Linnaeus, 1758) estuvo compuesta principalmente por equinodermos y crustáceos. La mayor actividad alimenticia se observó en la primavera y el verano. Las hembras y los individuos más pequeños presentaron valores de índices de vacuidad más bajos. Para todas las especies se encontraron diferencias significativas en la proporción de ítems alimenticios según la estación, el sexo y la talla. M. azevia presentó el espectro más amplio de dieta. Las edades fueron determinadas a partir de los otolitos sagittae. Los coeficientes de la ecuación de crecimiento de von Bertalanffy fueron diferentes para los dos sexos. La talla asintótica L∞ de las hembras fue mayor que la de los machos, excepto para C. linguatula. El coeficiente de crecimiento más bajo se observó para P. flesus (k=0.11 para los machos y k=0.10 para las hembras), M. azevia presentó el mayor coeficiente de crecimiento (k=0.40 para hembras y k=0.30 para machos). La mayor proporción de individuos maduros en L. boscii, P. flesus y M. azevia se observó en invierno y en C. linguatula en otoño