El Estado en la Iglesia y la Iglesia en el Estado Contaminaciones, dependencias y disidencia entre la monarquía y la Iglesia del reino de Portugal (1495-1640)

El objetivo primordial de este artículo es mostrar cómo, durante el período analizado, hubo una profunda contaminación entre el Estado y la Iglesia, lo cual contribuyó a la existencia de relaciones de mutua dependencia entre ambos. Esta aproximación parte de una perspectiva que haga posible poner en relación la utilidad de los conceptos de confesionalización y disciplinamiento social para conocer mejor la realidad política, social y religiosa de Portugal, discutiendo, igualmente, algunas de sus propuestas. Se asume la necesidad de analizar las relaciones entre la Iglesia y el Estado, no como si fuesen dos entidades absolutamente autónomas una de la otra y con fronteras de actuación y competencias claramente definidas, sino más bien como dos universos que vivían en profunda ósmosis. En ese sentido, se propone una sistematización de las áreas y formas de intervención del Estado en la actividad de la Iglesia y de esta en el ejercicio de la actividad política del Estado, procurando poner en claro los motivos que justifican el interés de cada una de estas formaciones en mantener una vinculación tan fuerte de la una con la otra.L'objectiu primordial d'aquest article és mostrar com, durant el període analitzat, hi va haver una profunda contaminació entre l'Estat i l'Església, la qual cosa contribuí a l'existència de relacions de mútua dependència entre tots dos. Aquesta aproximació parteix d'una perspectiva que fa possible posar en relació la utilitat dels conceptes de confessionalització i disciplinament social per conèixer millor la realitat política, social i religiosa de Portugal, tot discutint, també, algunes de les seves propostes. S'assumeix la necessitat d'analitzar les relacions entre l'Església i l'Estat, no com si fossin dues entitats absolutament autònomes una de l'altra i amb fronteres d'actuació i competències clarament definides, sinó més aviat com dos universos que vivien en profunda osmosi. En aquest sentit, es proposa una sistematització de les àrees i formes d'intervenció de l'Estat en l'activitat de l'Església i d'aquesta en l'exercici de l'activitat política de l'Estat, mirant d'esclarir els motius que justifiquen l'interès de cadascuna d'aquestes formacions per mantenir una vinculació tan forta entre l'una i l'altra.The objective of this article is to show the strong relation among Church and State during the analyzed period, which contributed to the existence of mutual dependences between both entities. This approach sets off the utility of the concepts «confessionalisation» and «social discipline» to know better the political, social and religious reality of Portugal, discussing also some of their proposals. That is assumed by the analysis of the relationship between Church and State not as if they were two autonomous entities with clear frontiers of performance and competences, but as two universes that live in deep osmosis. In this sense, a systematization of the areas and forms of governmental intervention in the activity of the Church and of this in the exercise of the political activity of the State is suggested, to clarify the reasons that justify the interest of these two institutions in maintaining a strong link with the other one

Philip IV of Spain and the Portuguese Inquisition (1621–1641)

The historiography of the Iberian Inquisitions has focused on analyzing relations between the Holy Office and the secular authorities in the society in which it operated. The Inquisition was not an island, it influenced and was influenced by society. This line of inquiry will be reprised to study relations between the Crown and the Portuguese Inquisition in a complex and difficult period in the history of the Hispanic monarchy, namely the reign of Philip IV, during which the kingdom of Portugal regained full independence in 1640. It will offer a holistic view of the institution (not restricted to policies designed to repress heresy), and a detailed reconstruction of events in order to demonstrate the dynamic nature of these processes. The essential problem will be to determine the impact of the Crown’s offensive, launched in an attempt to dominate the Tribunal, and the strategies and results of the response of the Inquisition, commanded by its Grand Inquisitors and the General Council of the Holy Office

The importance of politics in analyzing stock market reaction to U.S. companies´ misconducts: an event study

This paper addresses the noteworthy relevance of U.S. Politics in explaining the impact of corporate misconducts on stock returns. Using a database of regulatory violations in the U.S., the Event Study framework was employed to quantify, for each mis behavior, the resultant effect on the felonious firm’s stock. Those effects were then regressed on focal dummy variables, mirroring the acting political landscape. Ultimately, it is proven mis conducts happening under one party control of both Executive and Legislative branches tended to result in higher stock returns than if there is division of any sort. This research is among the first attempts to directly relate regulatory violations and Politics

Empirical evidence of the relation between ESG performance and financial returns

Investor’sinterestinEnvironmental,SocialandGovernance(ESG)factorshasbeenincreasinginrecentyears.However,ifatfirstmanyinvestorsandcompaniesseektobealignedwithsuchprinciplesonlytoshowtheywere,nowadaysmoreandmoreseethepotentialfinancialbenefitsoftakingESGcriteriaintoconsideration.Theideathatcompanies’effortstobecomemoresustainablereducethefutureprospectsofgrowthisbasedonmainlyunjustifiedassumptions. Inthissense,theaimofthepresentresearchistoenlighteninvestorsaboutthefinancialgainsthatmayarisefromincludingESGcriteriaintheinvestmentdecisionprocess. Sincethisisasignificantlynewtopicamongfinancialstudies,anintroductiontotheassetclassisofforemostimportance.Then,basedonformerliteraturereviewanddrivenbyhistoricalperformanceanalysisandportfolioevidence,empiricalresultswerecomputed. BasedonMSCIdata,andmakingaseparationbetweenEmergingandDevelopedcountries,portfoliosofstocksthatperformgood(best-in-class)andbad(worst-in-class)intermsofESGwerebuiltandanalyzedagainstboththeirrespectivebenchmarksandtheFama-French(FF)threefactormodel.TheaforementionedportfoliosofstocksthathavehighandlowESGratingswerequarterlyrebalancedsothateachquarterthecompaniesintegratingtheportfoliosarethebestESGperformers. Thebest-in-classportfoliosyieldedanannualizedreturn(from2007to2017)of11.7%forEMand5.4%forDM,outperformingthebenchmarksthatreturned2.6%and1.9%respectively.Throughouttheanalysis,theresultsforEMwerealwaysmoresignificant. RegardingtheregressionsagainsttheFFthreefactormodel,andwiththegoaloffindingabnormalreturns,thebest-in-classportfoliosgeneratedapositivealpha(significantforEM)whilefortheworst-in-classthisvariablewasnegative(asonewasexpecting).Also,iswasconsideredtobeimportanttoincludetheMomentumfactorinordertoseeiftherewasapartoftheportfolios’returnsthatcouldbeexplainedbythisextrafactor.TheresultsachievedwereambiguousandmoreusefulforDevelopedMarketsportfolios. Finally,andasasupplementanalysis,anlong/shortstrategythatbuysthebestESGperformersandsellstheworstESGperformerswasanalyzed.Ityieldedpositivesignificantabnormalreturns