Repositório Comunidade:http://hdl.handle.net/11144/9732024-03-28T13:00:21Z2024-03-28T13:00:21ZEx-Dividend Day Pricing in Portugal: Recent EvidenceFonseca,TomásFarinha, Jorgehttp://hdl.handle.net/11144/68412024-03-21T16:41:50Z2023-12-01T00:00:00ZTítulo: Ex-Dividend Day Pricing in Portugal: Recent Evidence
Autor: Fonseca,Tomás; Farinha, Jorge
Resumo: Our study assesses the ex-dividend stock price behavior in the Portuguese stock exchange,
between 2004 and 2017. The most striking captivating characteristic of this period is the fact
that, from 2012 onwards, dividends and capital gains taxes were the same for private investors.
This allowed us to conduct an analysis of the impact of these tax changes on ex-dividend price
formation. Using panel data regression methods, we analyzed a sample of 262 observations
from 23 listed firms. For our full sample period, we find, as expected, a positive relationship
between the dividend yield and ex-dividend price change, i.e., the ex-day price fall is related to
the gross dividend amount. At first, when testing for a tax explanation in the formation of ex dividend prices, our results were not robust enough to support the hypothesis. Nonetheless,
after splitting the sample into the period before and after the 2012 tax change and comparing
both subsamples, we find evidence that points towards the presence of a tax effect. We find no
evidence supporting market microstructure arguments in ex-dividend price behavior. We
tested our first subsample (before the tax changes) for clientele effects, and the observed results
were insignificant2023-12-01T00:00:00ZLinking Brand Experience and Brand Love to Word-of-Mouth in Food RetailAraújo, AdrianaTurčínkova,JanaAraújo, AnaMagano, Joséhttp://hdl.handle.net/11144/68402024-03-21T16:39:47Z2023-12-01T00:00:00ZTítulo: Linking Brand Experience and Brand Love to Word-of-Mouth in Food Retail
Autor: Araújo, Adriana; Turčínkova,Jana; Araújo, Ana; Magano, José
Resumo: Brand love is associated with consumer behavior that affects organizational performance. This
article examines the relationship between brand experience and brand love and between brand
love and positive word-of-mouth among Portuguese consumers in the context of the
international food retail chain LIDL. Specifically, it analyzes how brand experience contributes
to consumers' love for the LIDL brand and how this affects positive word-of-mouth. First, a
narrative review of the literature on brand experience, brand love, and positive word-of-mouth
is presented, followed by a quantitative study based on a sample of 1,049 Portuguese LIDL
customers. Data were processed using descriptive and inferential statistics, including
correlations, structural equation modeling and tests of differences. The results show significant
positive associations between brand experience and brand love, and positive word-of-mouth,
as well as significant differences in gender, generation, and occupational groups. However, the
mediating role of brand love between brand experience and word-of-mouth is not significant.
With a view to boosting positive word-of-mouth, marketers should manage the experience
consumers have in-store and enhance both hedonic and utilitarian values2023-12-01T00:00:00ZAre Passive Exchange-Traded Funds a Catalyst for Market Instability?Alves, CarlosGomes, Diogohttp://hdl.handle.net/11144/68382024-03-21T16:37:01Z2023-12-01T00:00:00ZTítulo: Are Passive Exchange-Traded Funds a Catalyst for Market Instability?
Autor: Alves, Carlos; Gomes, Diogo
Resumo: Exchange-traded funds (ETFs) figure prominently as a notable outcome of financial innovation,
offering a cost-efficient avenue for acquiring a diversified portfolio and enabling frequent
trading. However, the significant expansion of the ETF market has raised concerns among
investors and regulators. The heightened liquidity and passive characteristics of indexed ETFs
have the potential to lead to synchronized movements in stock prices and noise trading, thereby
impacting underlying securities through arbitrage. This research examines the influence of the
escalating ownership of passive ETFs on US stocks and its potential to destabilize the market.
Utilizing the constituents of the S&P 500 index, our findings supported the pivotal role of
passive ETF ownership in shaping price volatility and systematic risk. Moreover, the study
reveals compelling evidence suggesting that issuer concentration in the underlying index may
act as an additional factor contributing to systematic risk2023-12-01T00:00:00ZThe Risk Structure of Portuguese Tourism Industry Subsectors: A PLS-SEM ApproachCosta, RuiMoreira, António CMota, JorgeChim-Miki, Ariana F.http://hdl.handle.net/11144/68372024-03-21T16:33:49Z2023-12-01T00:00:00ZTítulo: The Risk Structure of Portuguese Tourism Industry Subsectors: A PLS-SEM Approach
Autor: Costa, Rui; Moreira, António C; Mota, Jorge; Chim-Miki, Ariana F.
Resumo: This paper examines risk factors that affect the Portuguese tourism industry subsectors,
namely, travel agencies and tour operators, leisure and recreation activities, and tourism events
firms. Additionally, it also assesses the effect of these risks on strategic and operational
responses in the tourism subsectors mediated by a mitigation dimension. In terms of
methodology, we used exploratory factor analysis (EFA) on data collected from 416
questionnaires distributed across the three tourism subsectors complemented by a Multigroup
Analysis (MGA) via partial least squares structural equations modeling (PLS-SEM). The
exploratory factor analysis confirmed distinct risk categories, including organizational,
environmental, competitive, economic, political, infrastructure-related, circumstantial,
business deficiencies, and specific (local) risks. Results documented the different risk impacts
of risks on strategic and operational responses for tourism subsectors. While mitigation efforts
do not significantly differ in their overall effects across subsectors, differences emerge in their
direct effects. Concerning practical implications, this research provides insights for
stakeholders in the tourism industry, supporting them with the knowledge to proactively
understand, anticipate, and manage any risks in their operations, essential for boosting the
resilience and competitive edge of the tourism subsectors in a global environment shrouded by
uncertainty2023-12-01T00:00:00Z