Roman Legal Tradition and the Mismanagement of Hunting Resources

Hunting and game-preservation are interrelated: hunting must respect the intentions of game-preservation, and game-preservation must rely on hunting as one method to achieve its intentions. HASENKAMP (1995) applied the Economic Theory of Common Resources to the problem to provide conclusions about the management and conservation of hunting resources. These conclusions are reflected in the existing relevant legal hunting setting in Germany. German Law contains legal principles that confronts the hunter with the objectives of hunting preservation and held him the responsibility for pursuing these goals. In our paper, we derive a model of hunting management, adapting the GORDON/SCHAEFER fisheries model. The conclusions of the model, similar with those of Hasenkamp, are confronted with Portuguese hunting regulation. We conclude that Portugal has a Roman legal tradition with respect to hunting propertyrights. To the Roman conception, the wild animals constitute res nullius (things without owner) that all men can appropriate by ocupatio. The classification of free land implicates the idea that the hunter has the freedom of access to hunt in other’s land, although respecting imposed norms. This tradition of open access is the root-cause of hunting depletion. But, at the same time, the legislator sees it as a form of giving the hunters without land, the possibility of enjoying this activity. This is compatible with the Portuguese tradition, which almost attributes a personality right to the right of hunting.

Future entrepreneur’s profile

Given that entrepreneurship plays a key role in the development of a country’s economy, governments should stimulate entrepreneurial orientation, particularly among youngsters in their formative years; schools must play a pertinent role in the promotion and support of these capacities. Indeed, the European Commission advises that schools foster such skills. In this context, we apply a frame to screen school populations in the Azores Islands, Portugal, for prospects of entrepreneurship and to study the profiles of those who noticeably show entrepreneurial orientations. Knowing the ideal combination of personality traits that foretell young entrepreneurs, schools can develop the syllabuses that are best aimed at promoting entrepreneurship and increasing the capacities of those who prove to be entrepreneurially oriented. This work leads to the following main findings: first, that one quarter of all senior students in high school in the Azores Islands bears prospects for entrepreneurship and, second, this same group shows a well-defined psychological profile that may vary depending on one’s willingness to expend effort.info:eu-repo/semantics/publishedVersio

Prediction of entrepreneurship : an ordered regression approach

Entrepreneurship is a popular research topic over the last several decades. Various authors study the characteristics that best define future entrepreneur profiles. In this paper, we apply a framework to screen school populations in the Azores Islands, Portugal, for prospects of entrepreneurship and to study the profiles of those who show noticeably entrepreneurial orientations. The contribution of the paper consists of applying ordered regression to explain the entrepreneurial prospects of students in high school.N/

A Multi-Agent Model Inspired in Soft-Power

Soft-power is a relatively new player in the foreign affairs sciences. Instead of using coercion, characteristic of hard-power, it grows on the attraction of shared values. Multi-agent simulations are a tool of choice to study the social nature of soft-power, where realistic scenarios requiring heterogenous agents, acting rationally with respect to their own, individual, rewards can be explored. The work described here is an experiment where deliberation results from a simple individual markov decision process that tries to incorporate elements inspired by soft-power. The resulting policies are then analyzed and tested in a virtual multi-agent simulation

Customer preferences for their journey into the future of the automotive industry

The automotive industry is currently experiencing the biggest transformation in its history. Pressure from technological disruption, the emergence of new competitors and changing consumer demands require established OEMs to revise and innovate their business models. This work project takes four deep dives to investigate automotive innovation from an external and internal perspective in the context of German premium OEMs. Firstly, through collecting primary data on consumer preferences, it discloses major trends in their changing demands and emphasizes its driving force on the innovation process. As a further external perspective, the influence of (alternative) M&A announcements on the automotive OEM’s equity value is proposed to be examined by means of an event study to shed light on the shareholders’ evaluation of external innovation. In contrast, the third section looks at organizational innovation from the inside. By reviewing a practical case, it elaborates on the importance of organizational separation for corporate venturing to exploit existing capabilities to prepare for future challenges. Lastly, it provides a real-world example of corporate innovation by examining the case of integrating circular practices in the product lifecycle. In a critical comparison with recent literature, recommendations for such transformations are drawn. Overall, this work project provides insights into different sections of automotive OEMs and their innovation processes to defend their position as industry leader

A vila de Carvoeiro: do rural ao urbano (de 1960 à actualidade)

Dissertação de mest., Economia, Faculdade de Economia, Universidade do Algarve, 2007A presente dissertação discute a evolução urbanística, paralelamente ao desenvolvimento turístico no Algarve, tendo como objecto de estudo, o caso específico da freguesia de Carvoeiro, no concelho de Lagoa. Para além da pesquisa bibliográfica, foi utilizado o método de “Estudo de Caso” e a análise, qualitativa, incidiu sobre entrevistas semi-directivas, dirigidas a testemunhas privilegiadas deste processo, como forma de testar as hipóteses escolhidas. Os principais objectivos foram, em primeiro lugar, a avaliação dos impactes do desenvolvimento da indústria turística, no concelho de Lagoa, em particular na freguesia de Carvoeiro. Em segundo, a identificação e caracterização das causas, que podem explicar a manutenção das características urbanas, da mesma freguesia, ao contrário do que se verificou na maior parte do litoral algarvio. Os resultados conduziram à compreensão da tipologia urbanística de Carvoeiro, chegando-se à conclusão de que esta resultou, essencialmente, da conjugação de factores como a morfologia do solo e a estrutura da propriedade, as construções pioneiras, o papel orientador da Câmara Municipal, os instrumentos de planeamento urbanístico adoptados e o tipo de produto e promotor turístico que se desenvolveram na zona. Concluiu-se também que a referida evolução, urbanística e turística, teve impactes económicos, demográficos, sócio-culturais e ambientais, entre outros. A nível regional, esta mudança nem sempre foi alvo de uma orientação consciente, apesar disso, veio trazer desenvolvimento, dando a conhecer o Algarve ao mundo

Finding simple strategies for high returns

My objective throughout this paper is to provide useful insights to investors on simple ways to obtain high return focusing on Value & Momentum strategies applied to the US Market. Opposite from most existing literature, we were not able to prove the existence of both Price and Earnings Momentum. However, we see that past returns are explanatory of future for the same stock, as predicted by Moskowitz, Ooi and Pederson (2012). We observe that Value yield positive and abnormal returns, confirming past literature. Nonetheless, both strategies seem to be underperforming as they are not able to efficiently distinguish between true and false winners and losers. In order to solve this problem, I double sorted Value & Momentum using financial ratios and short-term trend indicators (acceleration indexes). For Momentum, generally, double sorting was either slightly or ineffective at all. For Value, double sorting improved returns suggesting that Price Earnings and Price to Cash-flow add complementary information to each other. After Accelerating Value & Momentum, we were able to establish the most profitable returns. However, the best possible risk-adjusted solution is the one proposed by Asness, Moskowitz & Pedersen (2013): an equal-weighted combination of returns.O objetivo principal deste paper é providenciar formas simples de obter retornos elevados focando em estratégias Value & Momentum aplicadas ao mercado Americano. Contrario à literatura existente, não pudemos provar a existência de Price e Earnings Momentum. Contudo, observamos que para a mesma Ação (Stock), retornos passados são indicadores relevantes de retornos futuros, tal como mencionado por Moskowitz, Ooi and Pederson (2012). Para além disso, podemos verificar que estratégias Value providenciam retornos anormais e positivos, confirmando os resultados de literatura existente. No entanto, ambas as estratégias Value e Momentum apresentam resultados aquém do esperado, uma vez que não são significativamente capazes de distinguir entre os verdadeiros e falsos winners e losers. De modo a resolver este problema, Value e Momentum foram filtrados duplamente utilizando rácios financeiros e indicadores de tendência de curto prazo (Índices de Aceleração). Momentum filtrado duas vezes por rácios financeiros, foi geralmente ineficiente. Por outro lado, para Value, pudemos observar que a dupla filtragem melhorou os resultados gerais, sugerindo que os rácios Price-Earnings e Cash-Flow to Price adicionam informação complementar um ao outro. Depois de acelerar Value e Momentum, fomos capazes de observar as estratégias com maior retorno. Contudo, a melhor solução ajustada ao risco é a mesma sugerida por Asness, Moskowitz & Pedersen (2013): uma combinação com pesos iguais de Value e Momentum, embora neste caso acelerados

The impact of the negative interest rate policy on bank´s profitability : the portuguese experience

Dissertation presented as the partial requirement for obtaining a Master's degree in Information Management, specialization in Knowledge Management and Business IntelligenceA maior herança da Grande Recessão (crise financeira de 2007/08 e crise das hipotecas subprime dos EUA de 2007/09) é definitivamente a queda da indústria bancária e a incapacidade dos países de reembolsar a sua dívida soberana e aumentar o seu PIB. As ligações são inegáveis e os Bancos Centrais foram responsáveis por uma resposta rápida para reverter essa queda a pique. Esta dissertação pretende analisar o efeito de taxas de juro baixas acrescido de uma política específica adotada pelo Banco Central Europeu (BCE), a saber, a Política de Taxas de Juros Negativos (Negative Interest Rate Policy - NIRP) na rentabilidade dos bancos em Portugal. Em essência, o principal objetivo desta dissertação é entender como a Política de Taxas de Juros Negativas moldaram o setor bancário em Portugal. Identificamos e analisámos os cinco principais canais pelos quais o NIRP impacta a rentabilidade dos bancos, nomeadamente o Canal de Taxa de Juros, o Canal de Crédito, o Canal de Carteira de Ativos, o Canal de Reflação e o Canal de Câmbio. Utilizámos modelos de Regressão Linear Múltipla combinados com uma Regressão Stepwise para identificar as variáveis mais significativas na explicação da rentabilidade e desempenho dos bancos. Este método é comumente usado em estudos similares. Considerámos múltiplas variáveis explicativas, incluindo taxas de juro diretoras do BCE (taxas de facilidade permanente de depósito e de facilidade permanente de cedência marginal de liquidez), taxas de juros do mercado monetário interbancário, variáveis específico do setor financeiro (por exemplo, rácio custo / rendimento, rácio Crédito / Depósito) e variáveis macroeconómicas (Crescimento real do PIB, taxa de desemprego). Recorremos a dados publicamente disponíveis, para 35 bancos diferentes, de 2010 a 2017, fornecidos pela Associação Portuguesa de Bancos (APB), pelo Banco de Portugal (BdP), pelo BCE e pelo Instituto Europeu para os Mercados Monetários (EMMI). Durante este período, os bancos portugueses fizeram algumas mudanças nas suas estratégias de negócio, aumentando o foco nas comissões e comissões de serviço e maiores retornos da gestão de carteiras. Depois de executar os modelos e analisar os resultados, podemos concluir que quando o BCE decidiu utilizar o NIRP, como forma de recuperar a economia europeia, os canais que mais afetaram a rentabilidade do banco português foram o Canal de Taxa de Juro, o Canal de Crédito e o Canal de Carteira de Ativos.The aftermath of the Great Recession (financial crisis of 2007/08 and U.S. subprime mortgage crisis of 2007/09) and the Euro Zone Sovereign Debt Crisis is definitely the fall of the Banking industry and the countries incapability of repaying their debts. The world economy suffered a major setback and Governments and Central Banks had to provide actions to regain the financial strength they once had. A quick response was demanded in order to reverse this tsunami of downfalls that jeopardized the economical actors. This paper intends to analyse the effects of negative interest rates plus a specific policy adopted by the European Central Bank (ECB), namely the Negative Interest Rates Policy (NIRP), on banks’ profitability in Portugal. We identified and analysed the five main channels by which NIRP impacts on banks’ profitability, namely the Interest Rate Channel, the Credit Channel, the Portfolio Channel, the Reflation Channel and the Exchange Rate Channel. We used Multiple Linear Regression models combined with a Stepwise Regression to identify the most significant variables in explaining bank's profitability and performance. This method is commonly used in similar related studies. We considered multiple explanatory variables, including ECB key interest rates (deposit and facility rates), Interbank Money Market Interest Rates, Bank Specific covariates (e.g., Cost-to-Income ratio, Loan-to-Deposit ratio) and macroeconomic variables (e.g., real GDP Growth, unemployment rate). We use publicly available data for 35 different banks from 2010 to 2017 provided by Portuguese Banking Association (Associação Portuguesa de Bancos, APB), Bank of Portugal (Banco de Portugal, BdP), ECB and European Money Markets Institute (EMMI). During this period Portuguese banks made some changes in their business strategies, increasing the focus on servicing fees and commissions and higher returns from portfolio management. After executing the models and analysing the results, we can conclude that when ECB decided to use NIRP, as a mean to recover the European economy, the channels that most affected Portuguese bank’s profitability, were the Interest Rate Channel, the Credit Channel and the Portfolio Channel