Payout and firm’s catering

This paper is built upon the predictions of the catering theory of dividends and examines whether investor sentiments exert significant influence on corporate dividend policy. Accordingly, we propose a dividend model that incorporates a variable at the firm-level proxy for the catering effect. Estimation of the model using the GMM shows that firms in Eurozone countries cater to their investors’ sentiments, and the model provides evidence supporting the catering model. Additionally, we show an interaction effect between catering and firm characteristics, particularly liquid assets, investment opportunities, and levels of free cash flow.This work is supported by: European Structural and Investment Funds in the FEDER component, through the Operational Competitiveness and Internationalization Programme (COMPETE 2020) [Project No. 006971 (UID/SOC/04011)]; and national funds, through the FCT – Portuguese Foundation for Science and Technology under the project UID/SOC/04011/2013.peer-reviewe

Are ETFs good vehicles for diversification? New evidence for critical investment periods

This paper discusses the real effects of diversification, risk, and performance for country-specific exchange-traded funds (ETF) investment vehicles, using a sample of twenty-two iShares for the period 2004–2015, which covers the global financial crisis. Typically, the delimitation of the periods of crises is based on noteworthy events, such as the collapse of Lehman Brothers. In this context, we consider an alternative approach to define the time frames to obtain a more detailed characterization of crisis periods, using a nonhierarchical clustering technique. This method comprises the clustering of the dates with similar ETF prices across countries, which allows the formation of relatively sequential time frames as a function of price volatility. We conclude that the benefits of diversification through this investment vehicle are limited, particularly in times of crisis, indicating the existence of contagion between funds that are indexes.publishe

Addressing the patient experience in myocardial perfusion scintigraphy

Background: Myocardial Perfusion Scintigraphy is a medical exam whose purpose is to evaluate myocardial perfusion. This examination due to their procedures can generate some anxiety in patients that can disturb the good performance of the exam. The main objective of this study is to perform an analysis of patient's undergoing myocardial perfusion scintigraphy experience, assess patient`s anxiety and check Nuclear Medicine Department communication and information effectiveness. Material and methods: For this study, the State-Trait Anxiety Inventory (STAI) and two Scan Experience Questionnaires were used. Sixty patients answered the questionnaires before and after myocardial perfusion scintigraphy. Results: Patients reported medium levels of scan-related anxiety and trait anxiety before the myocardial perfusion scintigraphy. After the scan, there is a slight decrease in patients' anxiety. Results of the scan, radiation used, duration of the scan and the injection of the radiopharmaceutical are the most relevant patients' concerns before the scan. 15% of the sample did not receive the necessary information or the most effective way. Conclusions: The results suggest that there are several factors that tend to trigger the patient's experience and anxiety. Strategies to improve patient myocardial perfusion scintigraphy experience at Nuclear Medicine Department are presented.info:eu-repo/semantics/publishedVersio

Determinants of Dividends in the Telecommunications Sector

Purpose – Telecommunications stocks are known to be defensive stocks, which are less susceptible to volatility in the global financial markets and usually pay higher dividends than in other industries. In this context, this paper intends to study the influence of some specific characteristics of these companies on the payment of dividends. Design/methodology/approach – To achieve the proposed objective, the panel data methodology was used, specifically the GMM estimation method for a sample consisting of 34 companies listed in Western Europe and North America in the period between 2007 and 2016 and in the sub-period between 2008 and 2013, which comprises the global financial crisis. Findings – The results show that specific factors such as investment in fixed capital, indebtedness, price to book value ratio, free cash flow (FCF), liquidity, and dividends paid in the previous year are decisive in explaining the dividends distributed in the entire period. For the financial crisis period, the sign and significance of the variables remain almost unchanged, suggesting that these companies pay dividends regardless of economic cycles, covering the absence of FCF with adequate liquidity levels to satisfy investors during recessive periods. Originality/value – Our study contributes to a better understanding of the telecommunications sector and the dividend policy carried out by managers in this sector, and it can assist in the analyses of investors, other managers, financial analysts, and researchers on the subject

Global environmental equities and investor sentiment: the role of social media and Covid-19 pandemic crisis

According to researchers, information generated from social media provides useful data for understanding the behaviour of various types of financial assets, using the sentiment expressed by these network users as an explanatory variable of asset prices. In a context in which investment based on sustainability and environmental preservation values is vital, there is no known scientific work that analyses the relationship between social networks and environmental investment, which is closely related to the 2030 Agenda for Sustainable Development. In this study, we aim to identify how investor sentiment, generated from social networks, influences environmental investment and whether this influence depends on the time variable, as well the role of the pandemic crisis and the Russia-Ukraine war. Our results show different forms of behaviour for the different periods considered, with the proximity between the two types of variables being time-varying. For shorter periods, proximity occurred mainly during the pandemic crisis, repeatedly revealing that sentiment is a risk factor in environmental investment and in particular how important the information generated from social networks can be in pricing environmental assets. For longer periods, no common stochastic trends were identified. The mechanisms generating the series are thus characterised by a certain autonomy.info:eu-repo/semantics/publishedVersio

Fatores ambientais que influenciam a plasticidade do SNC

The central nervous system (CNS) possesses a complex neural net, with highly specialized cells, making thousands of connection at every moment; these cells determine sensitivity and motor activity, translated into behavior. Following lesion, a derangement of this neural net occurs, and the CNS begins processes of reorganization and regeneration. Neural plasticity refers to the NS’s capacity to alter some of its morphological and functional properties in response to environmental changes. Analysis of the plastic aspects of the CNS, allows us to relate them to factors like among others, environmental influences, emotional condition, and cognitive level interfering direct or indirectly with CNS plasticity and the rehabilitation of the neurological patient. By searching for theoretical support, we now expect to bring basic knowledge to clinical practice and new views on the perspectives for rehabilitation of this patient.O SNC possui uma rede neural complexa, com células altamente especializadas, que fazem milhares de conexões a todo momento e determinam a sensibilidade e as ações motoras, traduzindo-as em comportamento. Na presença de lesões, há um desarranjo nesta rede neural e o SNC inicia seus processos de reorganização e regeneração. A plasticidade neural refere-se à capacidade que o SN possui em alterar algumas das suas propriedades morfológicas e funcionais em resposta às alterações do ambiente. A análise dos aspectos plásticos do SNC permite-nos relacioná-los a vários fatores, como a influência do meio ambiente, o estado emocional, o nível cognitivo, entre outros, que interferem direta ou indiretamente na plasticidade do SNC e, conseqüentemente, na reabilitação do paciente neurológico. Assim, por meio da revisão da literatura, procuramos uma fundamentação teórica, a qual trará bases para a prática clínica, buscando uma nova visão sobre as perspectivas de reabilitação do paciente neurológico adulto

Bank Credit and Trade Credit: The Case of Portuguese SMEs from 2010 to 2019

Small companies face significant difficulties in accessing finance, and the use of bank credit and trade credit are the primary sources of financing, specifically in small countries, with little market liquidity, and focused on the banking system, as is the case of Portugal. The main objective of this article is to identify significant drivers of bank and trade credit, as well as investigate the complementary or substitutive relationship between them, considering that both constitute an essential source of financing for small and medium-sized enterprises (SMEs). The sample comprises 5860 companies, and the analysis was performed using panel data methodology (2010–2019). The results suggest that, during the period in which the financial crisis was most felt in the country (2010–2013), companies intensified their demand for trade credit, and in the following years for bank credit. Our evidence does support the substitution hypothesis between trade and bank credit.info:eu-repo/semantics/publishedVersio

Rational development of liposomal hydrogels: A strategy for topical vaginal antiretroviral drug delivery in the context of HIV prevention

HIV/AIDS stands as a global burden, and vaginal microbicides constitute a promising strategy for topical pre-exposure prophylaxis. Preceding the development of a microbicide containing tenofovir disoproxil fumarate (TDF) and emtricitabine (FTC), in silico and in vitro studies were performed to evaluate the physicochemical characteristics of both drugs, and to study their biophysical impact in lipid model systems. Results from these pre-formulation studies defined hydrogels as adequate vehicles to incorporate TDF-loaded liposomes and FTC. After studying interactions with mucin, zwitterionic liposomes with a mean diameter of 134 ± 13 nm, an encapsulation TDF efficiency of approximately 84%, and a transition temperature of 41 °C were selected. The chosen liposomal formulation was non-cytotoxic to HEC-1-A and CaSki cells, and was able to favor TDF permeation across polysulfone membranes (Jss = 9.9 μg·cm−2·h−1). After the incorporation of TDF-loaded liposomes and FTC in carbomer hydrogels, the drug release profile was sustained over time, reaching around 60% for both drugs within 3–6 h, and best fitting the Weibull model. Moreover, liposomal hydrogels featured pseudoplastic profiles that were deemed suitable for topical application. Overall, the proposed liposomal hydrogels may constitute a promising formulation for the vaginal co-delivery of TDF/FTC.Funding for this work was provided by Fundação para a Ciência e Tecnologia (FCT) in the framework of the Strategic Funding UID/FIS/04650/2019 and in the ambit of the project POCI-01-0145-FEDER-032651 and PTDC/ NAN-MAT/326512017, co-financed by the European Regional Development Fund (ERDF), through COMPETE 2020, under Portugal 2020, and FCT I.P. This work was also supported by the strategic program UID/BIA/04050/2019 and project ERA-IB-2-6/0004/2014 funded by national Portuguese funds through FCT I.P. M. Lúcio thanks FCT and ERDF for doctoral position Ref. CTTI-150/18-CF(1) in the ambit of the project CONCERT (POCI-01-0145-FEDER-032651 and PTDC/NAN-MAT/326512017). This work was further supported by Institute for Research and Innovation in Health Sciences (UID/BIM/04293/2019), by Programa Gilead GÉNESE, Gilead Portugal (refs. PGG/046/2015 and PGG/002/2016), and by CEB (UID/BIO/04469/2019)