Eficiência do mercado de capitais

Mestrado em Economiainfo:eu-repo/semantics/publishedVersio

El voluntariado corporativo. Un modelo de responsabilidad empresarial para el desarrollo social

Corporate or business volunteerism is the best manifestation of the exercise of the social responsibility in the organizations when they want to implement its social action programs for the development. Free and voluntary collaboration of the employees of an organization, performing activities aimed at improving the welfare of other people or social groups must respond to a proper planning in order to optimize the effectiveness of their efforts. At the same time, volunteering is a key business for the improvement of relations between the company and its internal stakeholders, promoting integration, cohesion and motivation of its employees, and so it should be strategically designed to achieve these purposes.El voluntariado empresarial, denominado también corporativo, constituye la mejor manifestación del ejercicio de la responsabilidad social de las organizaciones al poner en práctica sus programas de acción social para el desarrollo. La colaboración voluntaria y libre de las personas vinculadas laboralmente a una organización, realizando actividades destinadas a la mejora del bienestar de otras personas o grupos sociales, debe responder a una adecuada planificación con el objetivo de optimizar la eficacia de sus esfuerzos. Al mismo tiempo, el voluntariado empresarial es un instrumento fundamental para la mejora de las relaciones entre la empresa y sus públicos internos, propiciando la integración, la cohesión y la motivación de sus empleados, y como tal debe ser estratégicamente diseñado para el cumplimiento de estos fines.L’entreprise volontaire, appelée également entreprise est la meilleure manifestation de l’exercice de la responsabilité sociale des organisations, de mettre en pratique leur action sociale pour les programmes de développement. Les volontaires de collaboration gratuits sont des personnes professionnellement liées à une organisation, qui mènent des activités visant à l’amélioration du bien-être des autres personnes ou de groupes sociaux, et dont la contratation doit répondre à une planification appropriée dans le but d’optimiser l’efficacité de leurs efforts. Au même temps, le bénévolat corporatif est un instrument essentiel pour l’amélioration des relations entre la compagnie et son public interne, pour favoriser l’intégration, la cohésion et la motivation de ses employés et comme telle, il doit être stratégiquement conçu pour ces fins

The impact of hedge fund indices on portfolio performance

The purpose of this paper is to assess the combination of investable hedge funds indices with a traditional portfolio of 60% stocks and 40% bonds. The S&P 500 Index, the Barclays US Aggregate Bond Index, and three investable hedge fund indices, the MEBI Maximum Sharpe Ratio L1 Index, the MEBI Zero Beta Strategy L1 Index, and the Eurekahedge ILS Advisers Index, were considered to conduct performance comparison, using time windows of two, five and ten years, from the 1st of January, 2006, to the 1st of February, 2016. Significant reduction of the beta of the overall portfolio is reached. The findings showed that the investable hedge fund indices under analysis can be used as an easy way to protect a portfolio during different market conditions, diversifying the risks of the traditional investment portfolios. The paper provides evidence of how investable hedge fund indices lead to an improvement in the performance results, when compared with the traditional global equity-bond portfolio alone.info:eu-repo/semantics/publishedVersio

Markowitz efficient frontier and capital market line : evidence from the portuguese stock market

This paper estimates the efficient frontier and the capital market line using listed stocks of the Portuguese capital market that are part of the PSI20 index, considering two different periods - before and after the 2008 financial crisis, known as the Global Financial Crisis. The results show the impact of the 2008 financial crisis on the global minimum variance portfolio and on the market portfolio. The sensitivity analysis of the results to the inclusion or not of the year 2008 is also consideredinfo:eu-repo/semantics/publishedVersio

Why do manufacturing industries invest in energy R&D?

Energy R&D can have major social and economic impacts and is a critical factor in addressing the challenges presented by climate change mitigation policies. As well as the energy utilities themselves, firms in other sectors also invest in energy R&D; however, while various studies have examined the determinants of R&D in the former, there are no analyses of energy R&D drivers in other industries. This paper seeks to fill this gap by examining the determinants of investment in energy R&D in non-energy industries. We focus on manufacturing industries where we can differentiate between energy and non-energy R&D related expenditure. The empirical analysis is carried out for 21 sectors in Spain for the period 2008–2013. To overcome problems of data availability, we construct a comprehensive database from several surveys. The data show the importance of taking into account the efforts devoted to energy R&D by the manufacturing sectors in order to have more complete information about the total investment made in energy R&D. The results of the estimations indicate the importance of the energy R&D developed by firms that supply the energy utilities

Analysis Of Employment And Job Profiles Of Renewable Energy: The Case Of The European Union

In recent years, the European Union (EU) is involved in a process of intense development of renewable energy.One of the basic aims is to reduce atmospheric pollution.However, this type of production technologies also entails important social-economic implications including employment creation.The objective of this paper is to analyze the creation of employment due to the development of the main clean production technologies in the EU.In addition, we will study the main characteristics of the necessary job profiles in this new industry where their main skills and educational background will be analyzed

Risk-taking by banks : evidence from European Union countries

The aim of this paper is to study the relation between banks’ ownership structure and their risk-taking behavior. Additionally, we examine the impact of banking regulation on banks’ approach to taking risk. The empirical analysis considers a sample of listed banks from EU countries over the period of 2011 to 2016. We found that the structure of the board of directors can influence bank risk behavior but not the ownership concentration. No significant relation was found between the influence of the regulatory environment and bank risk, i.e., stricter regulation has no effect on risk taking by banks.info:eu-repo/semantics/publishedVersio

Uloga obnovljivih izvora energije na određivanje cijene električne energije u Španjolskoj. Ekonometrički pristup maksimalne entropije

The liberalization of electricity markets in Europe aims to increase competition, thus decreasing electricity prices for the consumers, including households. Moreover, the electricity generated from renewable energies (RES-E) is physically integrated into the electricity market and can influence electricity prices. This paper presents the impact of the liberalization process in the Spanish electricity market and the impact of RES-E on household electricity prices. However, as the electricity market liberalization is relatively recent, the related data is limited, and even when trying to estimate the electricity price models through regression procedures a dimensionality problem presents itself. Therefore, in this paper a Maximum Entropy Econometric approach is used that allows for the estimation of models when information is limited. The obtained results suggest that the use of wind energy in electricity generation can contribute to the reduction of electricity prices. However, the electricity generated from hard coal increases the electricity prices. Results also reveal that energy dependence also has an important effect on electricity prices.Cilj liberalizacije tržišta električne energije u Europi je povećanje konkurencije čime bi se smanjila cijena električne energije za potrošače, uključujući i kućanstva. Štoviše, električna energija dobivena iz obnovljivih izvora energije (OIE-E) je fizički integrirana u tržište te može utjecati na cijenu. Ovaj članak prikazuje utjecaj procesa liberalizacije na španjolsko tržište električne energije i utjecaj OIE-E na cijenu električne energije u kućanstvima. Pošto je liberalizacija tržišta električne energije relativno nov pojam, relevantni podatci su ograničeni i kad se pokušavaju koristiti modeli procijene cijena električne energije regresijom, javlja se problem veličine. Zbog toga je u ovom članku primijenjen ekonometrički pristup maksimalne entropije koji dozvoljava korištenje modela procijene čak i kad su podatci ograničeni. Dobiveni rezultati ukazuju na to da bi korištenje energije vjetra moglo doprinijeti smanjenju cijene električne energije dok ju korištenje antracita povećava. Rezultati također otkrivaju da ovisnost o uvozu energije također ima značajan utjecaj na cijenu

Asset liability management : evidence from the Banco de Portugal defined benefit pension fund

The level of financing of pension funds and the inherent risk of default is an issue which has assumed increasing relevance, due to the difficulties that pension funds have been facing over recent years, which mainly result from changes in demographic conditions, such as the ageing of the population and increasing longevity, compounded by the 2008 financial crisis and the Great Recession. Asset Liability Management (ALM) models can be employed to optimise assets and liabilities, and at the same time minimise the risks of a fund, whereby the choice of the best model for a fund depends on the fund’s specific characteristics and riskreturn profile. This paper is mainly a theoretical study, where a literature review is first carried out both on pension plans and pension funds and also on the importance of ALM. This is followed by an analysis of the evolution of this risk management instrument and a description of the selected models is then presented. To conclude, an analysis of the application of ALM for a pension fund, the Banco de Portugal defined benefit pension fund, is carried out.info:eu-repo/semantics/publishedVersio