Repositório Colecção:http://hdl.handle.net/11144/9742024-03-29T11:16:39Z2024-03-29T11:16:39ZAsset-based structured finance of infrastructure projectsPinto, João M.Santos, Mário João Coutinho doshttp://hdl.handle.net/11144/68182024-03-06T14:30:50Z2023-09-24T00:00:00ZTítulo: Asset-based structured finance of infrastructure projects
Autor: Pinto, João M.; Santos, Mário João Coutinho dos
Resumo: Over the last decades, OECD countries have steadily reduced their level of infrastructure investment.
Furthermore, the economic and financial shocks that occurred in the last decade have adversely
affected many economies around the world, in terms of fiscal deterioration and public debt buildup.
Under this context, governments around the world are going to invest massively in new projects to
sustain economic and social development, with private capital becoming considerably relevant in
complementing public investment. Therefore, governments have been resorting to various forms of
asset-based structured finance solutions to finance public infrastructure projects. This paper examines
how project finance, asset securitization, and structured leases can support the financing of public
infrastructure projects, namely, to improve resilience and meet the Sustainable Development Goals.
We provide an overview of the theoretical and empirical background of infrastructure investment as
an asset class and the core financial economic foundations of asset-based structured finance. In
addition, we characterize the main structured finance instruments and present the main reasons behind
and limitations of their usage. Finally, we describe the recent trends in asset securitization, nonrecourse project financing (project finance and PPPs), and structured leasing markets, and examine the
deals originated in the worldwide markets over the 2000-2020 period.2023-09-24T00:00:00ZEfeito nas cotações do anúncio de novas emissões de acções de bancos portuguesesSantos, Mário Coutinho doshttp://hdl.handle.net/11144/68142024-03-06T12:41:16Z2006-11-01T00:00:00ZTítulo: Efeito nas cotações do anúncio de novas emissões de acções de bancos portugueses
Autor: Santos, Mário Coutinho dos
Resumo: O presente estudo investiga o efeito nas
cotações das acções de bancos Portugueses, do
anúncio de uma amostra de trinta novas
emissões de acções realizadas entre Novembro
de 1993 e Fevereiro de 2001.
Em linha com os resultados de trabalhos
similares anteriormente realizados, a evidência
empírica apresentada é consistente com a
hipótese de que o anúncio de novas ofertas de
subscrição de acções por parte de bancos
provoca reacções negativas no preço das suas
acções, embora de magnitude inferior às
documentadas na literatura para empresas não
financeiras, especialmente se não expostas a
jurisdição regulatória.2006-11-01T00:00:00ZThe impact of the Covid-19 pandemic on the hotel Industry s economic performance: Evidence from PortugalSantos, Mário Coutinho dosMagano, JoséMota, Jorgehttp://hdl.handle.net/11144/68132024-03-04T16:12:38Z2023-05-01T00:00:00ZTítulo: The impact of the Covid-19 pandemic on the hotel Industry s economic performance: Evidence from Portugal
Autor: Santos, Mário Coutinho dos; Magano, José; Mota, Jorge
Resumo: This paper estimates the impact of the Covid-19 pandemic on the economic and financial performance of the Portuguese mainland hotel industry. For that purpose, we implement a novel
empirical approach to gauge the impact of the pandemic during the 2020–2021 period in terms of
the industry’s aggregated operating revenues, net total assets, net total debt, generated cash flow,
and financial slack. To that end, we derive and estimate a sustainable growth model to project the
2020 and 2021 ‘Covid-free’ aggregated financial statements of a representative Portuguese
mainland hotel industry sample. The impact of the Covid pandemic is measured by the difference
between the ‘Covid-free’ financial statements and the historical data drawn from the Orbis and
Sabi databases. An MC simulation with bootstrapping indicates that the deviations of the deterministic from the stochastic estimates for major indicators vary between 0.5 and 5.5%. The
deterministic operating cash flow estimate lies within plus or minus two standard deviations from
the mean interval of the operating cash flow distribution. Based on this distribution, we estimate
the downside risk, measured by cash flow at risk, at 1294 million euros. Overall findings shed
some light on the economic and financial repercussions of extreme events such as the Covid-19
pandemic, providing us with a better understanding of how to design public policies and business strategies to recover from such an impact.2023-05-01T00:00:00ZLeadership, Innovation and Performance in Portuguese Hotel SectorLeitão, Cláudia FerreiraGomes, Jorge VaredaSantos, Denise Capela dosMaia, Brunohttp://hdl.handle.net/11144/68122024-02-27T10:06:16Z2023-01-01T00:00:00ZTítulo: Leadership, Innovation and Performance in Portuguese Hotel Sector
Autor: Leitão, Cláudia Ferreira; Gomes, Jorge Vareda; Santos, Denise Capela dos; Maia, Bruno
Resumo: Leadership, innovation, and performance are essential factors to achieve the desired sustainable profitability of companies. The relationship between these variables is one of the keys to the
organizational success, although their study has proved to be complex. The purpose of this article
is to analyse the impact of leadership on the relationship between innovation and performance in the
Portuguese hotel sector. To answer to this challenge, a survey was carried out to top and middle managers of four-star and ve-star hotel units. The existence of a positive correlation between innovation
and performance was found; however, leadership has not been shown to have a moderating effect on
the relationship. The work highlights several important contributions to the hotel industry and identi-
fies aspects that, when well implemented and developed, can lead to better performance in organizations.2023-01-01T00:00:00Z