Inverse market reaction to dividend changes in the european context

This study tries to understand why the market sometimes reacts negatively/positively to dividend increases/decreases, showing an inverse market reaction to dividend change announcements; using samples from three European markets (Portuguese, French and British). The results are different across these three countries. Data from a small country, Portugal, suggests that the inverse market reaction to dividend change announcements takes place because the market does not understand the signal given by firms through dividend-change announcements. For the UK market, the results have some success in explaining the inverse signalling effects. Finally, the results suggest that in the UK investors can better predict future earnings based on dividends than in Portugal or France

Herding behaviour and sentiment: Evidence in a small European market

AbstractThis work studies herding behaviour in a small European market, by analysing the stocks that constituted the Portuguese stock PSI-20 index, for the period between 2003 and 2011. The two different approaches used to measure herding intensity led to different results, suggesting that measurements of the herding phenomenon are sensitive to the method used. Consequently, there is a need for further research into the methodology used to test this phenomenon. Additionally, the study analyses the relationship between herd behaviour and investor sentiment, an area that has been little explored. In applying causality tests to the impact of sentiment on herd behaviour, only weak evidence is found that sentiment influences herding

The interaction among capital structure, dividend policy and ownership structure: evidence from the iberian markets

The objective of this study is to explore the interrelationship among ownership structure, capital structure and dividend policy, because prior empirical studies analysed the capital structure or the dividend policy in isolation, but these two corporate finance decisions can be interrelated, affecting each other. Finding this gap, this paper analyses the interrelationship among ownership structure, capital structure and dividend policy, using approaches to remove simultaneous bias. In order to analyse the association among these companies’ decisions, we consider a sample of Portuguese and Spanish listed firms, for the period between 1992 and 2016, employing panel data regression, as well as the two stage least squares (2SLS) and the three stage least squares (3SLS) in order to address for endogeneity issues. Different estimation methods are implemented and compared by means of a robust residual analysis. The results indicate that the firm´s payout is affected by the firm size. Also, we find evidence that managerial ownership and firms’ profitability have an impact on leverage, which is in accordance with the pecking order theory.publishe

Influência de diferentes parâmetros na diminuição da actividade extra-miocárdica nos estudos Gated-SPECT

A imagem de perfusão do miocárdio por tomografia computorizada de emissão de fotão único (SPECT, do acrónimo inglês Single Photon Emission Computed Tomography) é um dos exames complementares de diagnóstico mais indicados na cardiologia clínica. Os dois agentes tecneciados mais utilizados são o 99mTc-tetrofosmina e o 99mTc-sestamibi. Estes permitem avaliar a distribuição do fluxo sanguíneo no músculo cardíaco. O mecanismo de fixação é idêntico nos dois radiofármacos (RF’s). São excretados, do organismo, a partir do sistema hepatobiliar para o duodeno e para o intestino. Assim, o RF está presente tanto no coração como nos órgãos adjacentes. O coração encontra-se localizado sobre o diafragma, logo acima do lobo esquerdo do fígado e nas proximidades do estômago. Deste modo, os fotões difusos provenientes desses órgãos podem interferir com a interpretação das imagens SPECT, principalmente na parede inferior do ventrículo esquerdo, traduzindo-se na redução da razão alvo-fundo e na qualidade da imagem. Deste modo, a sensibilidade e a especificidade da Cintigrafia de Perfusão do Miocárdio (CPM) diminuem. Têm sido descritos na literatura vários métodos e técnicas para minimizar o efeito da actividade extra-miocárdica, como: a aquisição de imagens mais tardias, a ingestão de líquidos ou alimentos ricos em lípidos. Outras técnicas apontam para a alteração do posicionamento do paciente durante a aquisição. Assim, o objectivo deste estudo é identificar o protocolo da CPM a nível nacional e avaliar a percentagem de repetições de exames provocadas pela interferência de actividade extra-miocárdica

Influence of different parameters on the decrease of extra-myocardial activity Gated-SPECT studies

Introdução – A cintigrafia de perfusão do miocárdio (CPM) é um dos exames complementares de diagnóstico mais indicados na patologia cardiovascular. A atividade extramiocárdica é um problema recorrente na aquisição e avaliação da imagem. Parâmetros como o radiofármaco (RF) administrado, o tipo de esforço, a ingestão de alimentos, o posicionamento e o processamento de imagem influenciam a atividade extramiocárdica na CPM. O objetivo deste estudo é identificar o protocolo da CPM a nível nacional e avaliar a percentagem de repetições das aquisições provocadas por este problema. Metodologia – Para a realização deste estudo, a população selecionada foram os Serviços de Medicina Nuclear (SMN) em Portugal Continental. Foram analisados 15 questionários, respondidos pelos Técnicos Coordenadores dos vários SMN. Foi realizada a associação do comportamento das variáveis, através da estatística descritiva e do Coeficiente de Correlação de Spearman. Resultados – A percentagem de repetições é menor com o uso da 99mTecnécio(Tc)-Tetrofosmina, aquisição de imagens tardias, ingestão de diversos alimentos (água, leite, sumo, pão com manteiga) e com a correção de atenuação. Conclusão – Os resultados obtidos demonstram que a maioria das soluções aplicadas nos SMN resultam numa diminuição das repetições.ABSTRACT: Introduction – Myocardial perfusion imaging (MPI) is one of the most indicated complementary diagnostic exams in cardiovascular disease. Extra myocardial activity is a recurrent problem in the acquisition and evaluation of functional image. Parameters like the radiotracer (RT), the stress protocol, the ingestion of different aliments; the positioning and imaging processing interfere in extra-myocardial activity in MPI. The aim of this study is to identify the protocol of MPI at the national level and assess the percentage of repetitions of acquisitions caused by this problem. Methodology – For this study, the population selected were the Nuclear Medicine Services (NMS) in Continental Portugal. Were analyzed 15 surveys answered by the Technical Coordinators of the various NMS. Association of behavior of the variables has been made using descriptive statistics and the Spearman Correlation Coefficient. Results – The percentage of repetitions decrease with 99mTechnetium (Tc)-Tetrofosmine, delayed imaging, eating (water, milk, juice, bread with butter) and with attenuation correction. Conclusion – The results achieved in this study demonstrate that the majority solutions in NMS produce a decrease of exam repetitions

Caracterización de la opinión, el conocimiento y la percepción de las necesidades de capacitación de los nutricionistas portugueses en relación con los alimentos genéticamente modificados

Introduction: Genetically modified (GM) foods have been approved in the European Union. These foods have been questioned for their actual benefits and risks. This is especially relevant in the case of the nutritional dimension, where consumers are confronted with daily decisions about how to best feed their families. Within this complex framework, health professionals are called upon to intervene and respond to the questions on opinion, attitude and science their clients bring in. The objective of this study was to evaluate the knowledge and opinion of nutritionists on the subject of transgenic foods and their perception of training needs. Material and Methods: Quantitative research. A questionnaire was applied between March and July 2016, and 248 individuals participated. The variables studied were opinion, knowledge, and training. Descriptive calculations and multiple correspondence analysis were performed to obtain the respondents' profiles. Results: With regard to opinion and knowledge results show that nutritionists are mostly unfavorable to genetically modified foods, even without knowing the technology in detail. They are aware of this illiteracy, which was confirmed by their answers to a number of objective questions about the national reality. Multiple correspondence analysis showed four different nutritionists' profiles are sufficient to group all participants. These profile types differ in interest and confidence levels relatively to the GM technology. Portuguese nutritionists do not have a unanimous position on GM foods but mostly agree that specific training in this area should take place at the university level. Conclusions: This article highlights the different profiles of opinion, knowledge, and training needs of health professionals, nutritionists, in relation to genetically modified foods. Lifelong learning and interdisciplinary training supported by specific research, associations of health professionals and interference in public policies may strengthen attitudes towards the thematic.Introducción: Los alimentos modificados genéticamente (AGM) han sido aprobados en la Unión Europea. Estos alimentos, han sido cuestionados en cuanto a sus beneficios y riesgos reales. Esto es especialmente relevante en el caso de la dimensión nutricional, donde los consumidores se enfrentan a decisiones diarias sobre cómo alimentar mejor a sus familias. En este marco complejo, los profesionales de la salud deben intervenir y responder a las preguntas sobre opinión, actitud y ciencia que tienen sus clientes. El objetivo de este estudio fue evaluar el conocimiento y la opinión de los nutricionistas sobre el tema de los alimentos transgénicos y su percepción de las necesidades de capacitación. Materiales y métodos: Investigación cuantitava. Se aplicó un cuestionario entre marzo y julio de 2016, y participaron 248 personas. Las variables estudiadas fueron opinión, conocimiento y formación. Se realizaron cálculos descriptivos y análisis de correspondencia múltiple para obtener los perfiles de los encuestados. Resultados: Con respecto a la opinión y el conocimiento, los resultados muestran que los nutricionistas son en su mayoría desfavorables a los alimentos modificados genéticamente, incluso sin conocer la tecnología en detalle. Son conscientes de este desconocimiento, que fue confirmado por sus respuestas a una serie de preguntas objetivas sobre la realidad nacional. El análisis de correspondencia múltiple mostró que cuatro diferentes perfiles de los nutricionistas son suficientes para agrupar a todos los participantes. Estos tipos de perfil difieren en niveles de interés y niveles y confianza en relación con la tecnología de AGM. Los nutricionistas portugueses no tienen una posición unánime con respecto a los alimentos transgénicos pero en su mayoría están de acuerdo en que la capacitación específica en esta área debería realizarse a nivel universitario. Conclusión: Este artículo destaca los diferentes perfiles de opinión, conocimiento y formación de profesionales, nutricionistas, en relación con los alimentos modificados genéticamente. El aprendizaje permanente y la formación interdisciplinaria apoyada por investigaciones específicas, asociaciones de profesionales de la salud e interferencia en las políticas públicas pueden fortalecer las actitudes hacia la temática.info:eu-repo/semantics/publishedVersio

Pilot study: the training of health professionals about genetically modified food from the perspective of the Science, technology and society

The objective of this work was to establish and assess a training module for Nutrition Sciences and Medical Sciences in relation to transgenic food, and additionally to contribute to the construction of a comprehensive learning concept involving scientific, technological and social knowledge. This module is an integrative and multidisciplinary proposal that studies the transgenic foods currently on the market through an integrated scientific, technological and societal approach. The topics offered in the module were: genetics, health, the environment, legislation, ethics, controversies, concerns, visions of the various stakeholders, the scientific method, uncertainty and the precautionary principle. Was evaluated from September to December 2018 through a questionnaire and interview. Were analyzed in the program SPSS, and the interviews in the program Nvivo using content analysis techniques. Participants include: 7 nutritionists and 7 physicians. The structure of the training module presented is innovative and has its genesis in the current Transgenic food state of art. It has been found that both physicians and nutritionists agree with most of the topics. For both nutritionists and physicians, topics with a greater level of agreement were related to “Health” and the lowest level of agreement regarded “Stakeholders’ insight”. For the interviewees, the module’s contents are well structured, comprehensive, well explained and organized by topic. With unanimity, the individuals involved in this study agree and consider the themes presented in the module structure to be important, although there is a difference between the courses of nutrition science and medicine regarding the way in which training is offered as well as differences in some content.info:eu-repo/semantics/publishedVersio

Governance with complex structures: evidence from Western European countries

This paper investigates if the existence of complex structures plays an important role in corporate governance. It uses GMM estimation on a panel of Western European firms. We find that the presence of a second and third large shareholder has a significant positive effect on firm value. This study underlines the importance of the number of blockholders as a determinant of firm value, when taken as a moderator of the contestability effect. It shows that the legal context and company-specific characteristics play a crucial moderating role for contestability. In contrast to previous research, we find that contestability plays a less relevant role in family firms. We also find that this last result does not vary significantly with the identity of the remaining elements of the coalition. Also, our study suggests that contestability is less important in companies led by majority shareholders

Liposomal formulations loaded with a eugenol derivative for application as insecticides: encapsulation studies and In silico identification of protein targets

Supplementary Materials can be downloaded at: https://www.mdpi.com/article/10.3390/nano12203583/s1,A recently synthesized new eugenol derivative, ethyl 4-(2-methoxy-4-(oxiran-2-ylmethyl)phenoxy)butanoate, with a high insecticidal activity against Sf9 (Spodoptera frugiperda) insect cells, was encapsulated in the liposomal formulations of egg-phosphatidylcholine/cholesterol (Egg-PC:Ch) 70:30 and 100% dioleoylphosphatidylglycerol (DOPG), aiming at the future application as insecticides. Compound-loaded DOPG liposomes have sizes of 274 ± 12 nm, while Egg-PC:Ch liposomes exhibit smaller hydrodynamic diameters (69.5 ± 7 nm), high encapsulation efficiency (88.8% ± 2.7%), higher stability, and a more efficient compound release, thus, they were chosen for assays in Sf9 insect cells. The compound elicited a loss of cell viability up to 80% after 72 h of incubation. Relevantly, nanoencapsulation maintained the toxicity of the compound toward insect cells while lowering the toxicity toward human cells, thus showing the selectivity of the system. Structure-based inverted virtual screening was used to predict the most likely targets and molecular dynamics simulations and free energy calculations were used to demonstrate that this molecule can form a stable complex with insect odorant binding proteins and/or acetylcholinesterase. The results are promising for the future application of compound-loaded nanoliposome formulations as crop insecticides.This research was funded by project PTDC/ASP-AGR/30154/2017 (POCI-01-0145-FEDER 030154) of the COMPETE2020 program, co-financed by the FEDER and the European Union. The authors also acknowledge the Foundation for Science and Technology (FCT, Portugal) and FEDERCOMPETE QREN-EU for financial support to the research centers CQUM (UID/QUI/00686/2021), CF-UM-UP (UIDB/04650/2020) and REQUIMTE (UIDB/50006/2020). Renato B. Pereira acknowledges PRIMA Foundation (H2020-PRIMA 2018—Section 2, Project MILKQUA) and FCT (PTDC/QUI-QFI/2870/2020) for additional funding. The NMR spectrometer Bruker Avance III 400 is part of the National NMR Network and was purchased within the framework of the National Program for Scientific Re-equipment, contract REDE/1517/RMN/2005, with funds from POCI 2010 (FEDER) and FCT