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 mega-events such as the Olympic Games, the World and the European Football Cups and World Exhibitions. First, we evaluate the abnormal returns of winning bidders at (and around) the announcement date at market and industry-levels. Second, we analyze the determinants of the variation in abnormal returns across events and industries 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. Our initial results suggest that the abnormal returns 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 megaevents is associated with a positive stock 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

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

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

Efeitos de Estratégias de Rega Deficitária Sobre os Parâmetros Ecofisiológicos da Casta Touriga Franca na Região do Douro

Maddalon Philippe. Linda Arcelin-Lécuyer, Droit de la concurrence. Les pratiques anticoncurrentielles en droit interne et européen, 2e éd., 2013 (Coll. «Didact Droit » ). In: Annuaire français de droit international, volume 59, 2013. p. 688

Deteção de pessoas para Smart Autonomous Mobile Units

Dissertação de mestrado integrado em Engenharia Eletrónica Industrial e de ComputadoresO interesse por veículos autónomos tem aumentado nos últimos tempos. São veículos dotados com alguma inteligência que lhes permite decidir sempre qual o percurso a tomar para atingir o alvo, sem requerer ajuda de operadores ou de uma marcação explícita do caminho a seguir. Para terem sucesso nestas tarefas, estes veículos devem possuir sistemas de perceção do ambiente circundante que sejam robustos e precisos, de modo a otimizar as rotas e a evitar potenciais obstáculos que se encontrem ao seu redor. O caso de estudo para o tema desta dissertação é a perceção do ambiente em redor de um veículo autónomo de movimentação interna de materiais num chão de fábrica. Esta tarefa é parte integrante do projeto da IFactory que resulta de uma parceria entre a Universidade do Minho e a Bosh car Multimedia Portugal, S.A.. O principal objetivo é a aplicação deste veículo numa zona de produção da Bosh Car Multimédia Portugal, S.A.. Neste tipo de ambientes industriais existem inúmeros obstáculos que se podem opor à rota do veículo. Para além de ser necessário a deteção dos mesmos é ainda requerida a sua identificação, pois mediante o tipo de obstáculo o comportamento a exibir pelo veículo poderá ter de ser diferente. São várias as tecnologias que têm vindo a ser desenvolvidas que podem ser usadas neste tipo de aplicações. Apesar das inúmeras vantagens que cada uma das tecnologias possui, estas mesmas por si só não são suficientes para garantir segurança e robustez, sendo então necessário usar várias em simultâneo e recorrer a métodos de fusão sensorial. Outro fator também muito importante são os algoritmos e os métodos a utilizar. Estes vão permitir a análise ou o tratamento da informação obtida dos sensores, para serem retiradas as devidas informações. Para a comunicação entre os vários algoritmos e os sensores do veículo recorreu-se ao middleware ROS, fornecendo este bibliotecas e ferramentas de suporte de modo a simplificar todo o desenvolvimento de software. O sistema de perceção proposto nesta dissertação foca-se na deteção de pessoas. Este recorre a sensores LiDAR 2D para a deteção de um padrão de pernas e a uma câmara 3D para a deteção da parte superior do corpo humano. Neste documento, é realizada toda a implementação dos algoritmos assim como a descrição do funcionamento. Por fim são apresentados todos os resultados e conclusões dos métodos utilizados.In the last years the interest for autonomous vehicles has increased. They are vehicles with some intelligence that allows them to always decide which route to take to reach the target without requiring the help of operators or any explicit marking on the way to follow. In order to be successful in these tasks, these vehicles must have environment perception systems that are robust and accurate, so that their navigation system always choose the best route and avoid potential obstacles that can be found around them. The case study for the topic of this dissertation is the environment perception around an autonomous vehicle for material transport in a factory floor. This task is an integral part of the IFactory project that results from a partnership between the University of Minho and Bosh car Multimedia Portugal, S.A.. The main objective is to apply this vehicle in a production area of Bosh car Multimedia Portugal, S.A.. In this type of environment there are numerous obstacles that can oppose the route of the vehicle. In addition to the need of detecting them, it is still required to identify them, because the behavior of the vehicle may change, depending on the type of obstacle. There are several technologies that can be used in this type of applications. Despite the many advantages that each technology has, these alone are not enough to guarantee security and robustness, so it is necessary to use several technologies simultaneously and use sensor fusion methods. Other important factors are the algorithms and methods to implement. They will allow obtaining all sensor data and perform all the analysis and processing required for that information. The communication between the algorithms and the sensors of the vehicle is done by the middleware ROS. This middleware provides libraries and support tools that will allow simplifying all the software development. The perception system proposed in this dissertation focused on people detection. This uses 2D LiDAR sensors for the detection of a leg pattern and a 3D camera for the detection of the human upper body. All the implementation of the algorithms, as well as the description of the operation are carried out in this document. Finally, all the results and conclusions for the methods used are presented

A casa de Ceuta em Lisboa

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