The reputational impact of a public scandal in the portuguese banking sector

When new information is released in the market, investors’ reactions are reflected in stock prices, according to the assumption of efficient markets of the semi-strong form. Baring this in mind, this thesis’ objective is to measure the reputational effect a public scandal has on Portuguese banks’ stock performance. The tested hypothesis is that the announcement that the banks have engaged in some kind of financial fraud or crime will impact its market value as a consequence of the reputational damage. The approach deployed to investigate the effects on the bank’s financial performance is the event study methodology, as it allows to measure any reputational effect in the form of extra financial loss/gain beyond the expected. The event selected will be the first time it was official that the banks engaged in some kind of fraud or misconduct. The actions that took place after the day of the scandal will be equally studied resourcing to multivariate regressions. The banks chosen to be studied were Millennium bcp and Banco Espírito Santo, since both banks got themselves into two of the biggest banking scandals in Portuguese history. The results proved the initial hypothesis to be correct, as the majority of the results in the event window showed an overall statistically significant negative impact on the stocks’ expected returns.Quando nova informação circula no mercado, as reações dos investores são refletidas nas cotações das ações, segundo a hipótese dos mercados eficientes na forma semi-forte. Assim, esta tese objetiva quantificar o efeito reputacional que um escândalo público tem na cotação das ações dos bancos portugueses. A hipótese testada é como é que o conhecimento público de algum tipo de fraude ou crime financeiro cometido por um banco, irá impactar o seu valor de mercado, sob a forma de estragos reputacionais. A abordagem para investigar os efeitos causados na performance financeira do banco baseia-se na metodologia de um event study, uma vez que permite medir o efeito reputacional na forma de perdas ou ganhos financeiros, além do expectável. O evento selecionado é o dia em que se tornou oficial que os bancos tinham atuado de forma fraudolenta. As ações tomadas nos dias seguintes ao escândalo são igualmente analisadas, com recurso a regressões multivariadas. Os bancos escolhidos para este estudo são o Millenium bcp e o Banco Espírito Santo, já que ambos estiveram envolvidos em dois dos maiores escândalos da banca portuguesa. Os resultados provararam que a hipótese colocada se confirma, dado que a maioria dos resultados na event window mostraram ter um efeito negativo e estatisticamente significante nos retornos esperados das ações em estudo

Internationalization strategy of Shoes Closet to the United Kingdom

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and EconomicsThis Work Project analyzes the internationalization strategy of Shoes Closet, a Portuguese footwear SME, to the United Kingdom. It was based on fundamental support information provided by the company’s founder, on desk research and on market research. It tackles the domestic market, with a comprehensive internal and market scanning. It also analyses the British market, justifying the country choice and studying the competitive environment. Subsequently, this Work Project concludes that it is necessary to consider Portugal as a tactical market, implementing a deep change to foster the sustainable development of the company, to enter in the British market afterwards

Lie structure on the Hochschild cohomology of a family of subalgebras of the Weyl algebra

For each nonzero h ∈ F[x], where F is a field, let Ah be the unital associative algebra generated by elements x; y, satisfying the relation yx - xy = h. This gives a parametric family of subalgebras of the Weyl algebra A1, containing many well-known algebras which have previously been studied independently. In this paper, we give a full description of the Hochschild cohomology HH·(Ah) over a field of an arbitrary characteristic. In case F has a positive characteristic, the center Z(Ah) of Ah is nontrivial and we describe HH·(Ah) as a module over Z.(Ah). The most interesting results occur when F has a characteristic 0. In this case, we describe HH·(Ah) as a module over the Lie algebra HH1(Ah) and find that this action is closely related to the intermediate series modules over the Virasoro algebra. We also determine when HH·(Ah) is a semisimple HH1.Ah/-module.Fil: Lopes, Samuel. Universidad de Porto; PortugalFil: Solotar, Andrea Leonor. Consejo Nacional de Investigaciones Científicas y Técnicas. Oficina de Coordinación Administrativa Ciudad Universitaria. Instituto de Investigaciones Matemáticas "Luis A. Santaló". Universidad de Buenos Aires. Facultad de Ciencias Exactas y Naturales. Instituto de Investigaciones Matemáticas "Luis A. Santaló"; Argentin

Neural correlations during brain activation in arithmetical tasks – an approach using electroencephalographic data

Dissertação apresentada na Faculdade de Ciências e Tecnologiea da Universidade Nova de Lisboa, para obtenção do Grau de Mestre em Engenharia BiomédicaThe present study aims at examining the correlation among different brain areas while the subjects performed an arithmetical task, and how these differ from the mental relations in the same subjects during a resting state. In order to this, both linear and nonlinear methods were used, i.e., both algorithms capable of detecting linear relations and algorithms capable of detecting correlations without assuming any type of parametric relationship between the signals were implemented. The first algorithm that was implemented was the cross-correlation function, which gives an estimate of how much two signals are linearly correlated, and estimates the delay between them, thus permitting to make inferences on causality. Furthermore, this algorithm was validated using the statistic method called surrogation, in order to test for the applicability of the algorithm on the signals that were to be processed. The next part of the study consisted on implementing two analogous algorithms, the coefficient of determination and the nonlinear regression coefficient. These coefficients both measure the fraction of reduction of variance that can be obtained by estimating the relationship between two signals according to a fitted line, the difference being that the former assumes a linear relation between both sets of samples and the latter doesn‟t previously assume any type of relationship between the signals. The main differences in correlation that were observed between the state of mental rest and between the arithmetic task performance were that in the former more brain sites were correlated, whereas during the task this synchrony was mainly verified between frontal and parietal areas, showing a decrease in the other locations. Furthermore, the estimates provided by the linear and nonlinear algorithms were very similar, suggesting that in this case the relationships among different neural networks were mainly linear, and thus validating the application of linear methods in this type of analysis in particular cases. Regarding the estimation of delays between signals and inferences on causality, no conclusive results were attained

Loss given default : a backtesting exercise

Mestrado em Mathematical FinanceAfter January 2018, the new accounting standard IFRS 9 Financial Instruments was mandatory practice for all Financial Institutions. Introducing the new impairment model, which focus on expected credit losses (ECL) instead of incurred losses established previous in IAS 39 Measurement and Recognition. According to the new standard, the risk parameters involved in the computation of the ECL are required to be periodically revised. The Loss Given Default (LGD) is a risk input which represents the loss in case of a financial instrument defaults. Hence, the aim of the present report is to validate the risk input through a back testing exercise, considering statistical tests.info:eu-repo/semantics/publishedVersio

Felmini, the success of a Portuguese footwear company in the Italian market

NSBE - UN

Breve Compendio de Grammatica Portugueza – Frei Joaquim do Amor Divino Caneca

This grammar, unknown in these days, belongs to the group of the philosophical grammars published in Brazil in the first half of the XIX century. It has the advantage of being one of the first – probably the first – pedagogical grammar written by a Brazilian author.Esta gramática, desconhecida hoje, insere-se no conjunto das gramáticas filosóficas publicadas no Brasil na primeira metade do século XIX. Tem o mérito de ter sido uma dasprimeiras, senão a primeira, gramática pedagógica escrita por um brasileiro

Text linguistics: memory and representation

A Linguística Textual inicia-se no Brasil na década de 80 do século XX. O primeirotrabalho de que se tem notícia é de 1981 , de autoria do Prof. Ignácio Antônio Neiss, intituladoPor uma gramática textual, ao qual se seguiram dois outros, em 1983: Linguística textual: o queé e como se faz, do Prof. Luiz Antônio Marcuschi e Linguística textual: introdução de LeonorLopes Fávero e Ingedore Villaça Koch. O prof. Neiss mostra como as tentativas iniciais da linguísticatextual estavam, de modo geral, ligadas às gramáticas estruturais e gerativas. A obra doProf. Marcuschi concentra-se na análise de algumas definições de texto e no estudo de aspectosteóricos em função de sua aplicabilidade. Já Leonor Lopes Fávero e Ingedore V. Koch têm comoobjetivo apresentar ao leitor brasileiro uma visão da linguística textual na Europa, então umrecente ramo da ciência da linguagem. O trabalho insere-se na História das Idéias Linguísticas,parte da História Cultural, que procura identificar o modo como em diferentes momentos, umarealidade social é construída, pensada, dada a luz (Chartier, 1990).Text Linguistics originates in Brazil in the 80s of the twentieth century. The first work that we know of is from 1981, authored by Prof. Ignacio Antonio Neiss, entitled Por uma gramática textua, which was followed by two other in 1983: Linguística textual: o que é e como se faz, by Prof. Luiz Antônio Marcuschi and Linguística textual: introdução by Leonor Lopes Favero and Ingedore Villaça Koch. Professor Neiss shows how initial attempts to textual linguistics, were generally related to structural and generative grammars. The work of Prof. Marcuschi focuses on the analysis of some text definitions and on the study of theoretical aspects in relation to their applicability. Leonor Lopes Favero and Ingedore V. Koch aim to provide the Brazilian reader with an overview of text linguistics in Europe, a recent branch of language science then. This work is part of the History of Linguistic Ideas, part of the Cultural History, which seeks to identify how at different times , a social reality is constructed, designed, and enlightened (Chartier, 1990)

Sentido e Gramáticas no Século XVIII

Dans ce travail on étude quelques caractéristiques du mouvement de l’Illustration au Portugal, notamment le rôle exercé par Vemey que réprésente une rupture des tendances cartésiennes entre les “estrangeirados” de la première moitié du XVni*™ siècle et de la mentalité barroque — c’est la chute de la métaphysique et l’ascension de la logique. On éxamine aussi dans ce travail les critères utilisés par les grammariens dans l’étude du mot et dans l’arrangement des mots dans lequel les arguments logiques se combinent avec des critères formels. L’étude revèle encore comme ses auteurs ont été insérés dans leur contexte historique et ont été soumis plusieurs fois aux désirs du pouvoirEste trabalho examina algumas características do movimento ilustrado em Portugal, especialmente o papel desempenhado por Vemey que representa um corte com as tendências cartesianas dos estrangeirados da primeira metade do século XVIII e com a mentalidade barroca: é o declínio da metafísica e a ascensão da lógica. Estuda ainda os critérios utilizados pelos gramáticos no estudo da palavra e no arranjo das mesmas, no qual argumentos lógicos se combinam com critérios formais. O estudo mostra também como os autores estiveram inseridos em seu contexto histórico e se submeteram muitas vezes aos desejos do pode