Do Low Cost Carriers Have Different Corporate Governance Models?

In this paper, we investigate whether different business models in the same industry (passenger air transportation) lead to different corporate governance models. We found that low cost carriers (LCCs) organise their boards differently from full service carriers (FSCs), in order to achieve lower costs and the faster decision-making process that is required by their business model. We also found that LCCs and FSCs solve their potential agency cost problems differently. FSCs have more board committees in order to monitor management, and LCSs have a closer coincidence of interests between shareholders and management.corporate governance, low cost carriers

Water-stone interaction in contemporary works of the built environment

It is presented an overview of observations of features related to water-stone interactions in contemporary works of the built environment at several Portuguese locations, aiming to assess their relative importance and discuss their relation to engineering and architectural options.The Fundação para a Ciência e Tecnologia supports the Lab2PT, Landscape, Heritage and Territory Laboratory (UID/ECI/04028/2013, funds from Portuguese Republic and European Union, FEDER, Programa Operacional Factores de Competitividade – COMPETE 2020 – Programa Operacional Competitividade e Internacionalização, POCI, POCI-01-0145-FEDER-007528) and the CERENA - Centro de Recursos Naturais e Ambiente (UID/ECI/04028/2013, Portuguese funds).info:eu-repo/semantics/publishedVersio

Does market concentration of downstream buyers squeeze upstream suppliers’ market power?

Using a theoretical model, we examine both the relationship between a downstream dominant firm’s market share and an upstream monopoly’s Lerner index and the relationship between upstream and downstream price elasticities of demand, in a regulated industry context. We undertake an empirical study that confirms our theoretical predictions, namely that the market share of a leader downstream firm is significant in explaining the upstream producers’ Lerner indexes. Also in accordance with the results of the theoretical model, the Lerner index is negatively influenced by the competition that suppliers face and by the level of economies of density, amongst other variables.vertical relations, buyers’ market power

Are mutual fund investors in jail?

The absence of investor reaction to the poor performance of mutual funds is a widely reported phenomenon. This paper investigates the role of load costs as an explanation for the phenomenon and concludes that back-end load fees are an obstacle to reaction. We find that investors with a high likelihood of undergoing a liquidity crisis, preferring liquidity in decision making, act contrary to the reaction hypothesis, and investors with broader investment horizons do not react to poor performances due to the fact that they are “imprisoned” by back-end load fees.Mutual Fund, Performance Reaction, Load Costs, Investor Behaviour

Mutual fund flows’ performance reaction: does convexity apply to small markets?

In this paper we study the performance reaction of investors in a small market context. Instead of the asymmetrical investors’ reaction to winners and losers, as usually documented for the US, an absence of risk-adjusted performance reaction was observed. The absence of reaction can be attributed to either lower investor sophistication, conflicts of interests in the context of the Portuguese universal banking industry, or the existence of relevant back-end load cost which prevent investors from reacting. A high persistence of net investment flows was also noted. Our results are consistent with the idea that the financial groups with larger market shares have the capacity “to drive” their customers to funds with larger fees. This practice emerges as a non-transparent means of increasing prices.Mutual Funds, Performance Reaction, Investor Behaviour, Small Markets and Regulation

A study of salt weathering cycles impact on limestones

Here are discussed results of salt weathering laboratory tests on specimens of three limestones, two grainstones (designated as Semi-rijo and Moca Creme) and a travertine, considering parameters related to an initial ma ss in creasing phase and to mass differences between cycles in the mass decreasing phase. Results show a good ordinal correlation between final mass loss and maximum difference between cycles that differentiates the considered rock types.The Lab2PT, Landscape, Heritage and Territory Laboratory (UID/ECI/04028/2013) of the University of Minho and the CERENA - Centro de Recursos Naturais e Ambiente (UID/ECI/04028/2013) of the Instituto Superior Técnico, University of Lisbon are supported by the FCT - Fundação para a Ciência e Tecnologia (Portugal), with Portuguese funds and funds from the European Union (FEDER, Programa Operacional Factores de Competitividade – COMPETE 2020 – Programa Operacional Competitividade e Internacionalização, POCI, POCI-01-0145-FEDER-007528). The experimental data here discussed were obtained in the context of the Project PORENET (POCTI/CTA/44940/2002) also funded by the FCT. Acknowledgments also to Eng. Teresa Luís, Eng. Sónia Pereira, and Enterprise Mármores Galrão for the rock blocksinfo:eu-repo/semantics/publishedVersio