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This research work aims to understand the dynamics of influence among CEEC stock market indices and between these and the US, German, UK and Chinese indices. Through a nonlinear approach, based on ...

With the demographic and workforce ageing, ageism has been reflected in the work context. Ageism can be defined as stereotypes, prejudice and/or age-based discrimination. It is a form of devaluation and non-inclusion of workers, which materialises in a decent work deficit. It affects workers and organisations. The present literature review aims to provide a comprehensive and accurate picture of empirical research on worker-related ageism. We searched the word ageism in the title or abstract of articles indexed in the EBSCOhost and Web of Science. Fifty-eight peer-reviewed articles were retrieved (March 2020). Some of these articles report more than one empirical study. Thirty-two articles include quantitative design studies, 20 qualitative design, three mixed methods, two experimental and three instrument development and/or validation. The focus of the studies is mostly about negative ageism on older workers. The main findings present several facets of ageism and show different experiences, whether implicit or explicit. Ageism acts in a plurality of aspects, such as obstacles in the hiring process, employability and performance evaluation of older workers. We found research gaps such as determinants and interventions aiming at ageism prevention and proposed corresponding future research.

This paper studies the strongly asymmetrical distribution of the population, quality of life and economic development in Portugal. It identifies homogeneous areas supported by an analysis of competitiveness, cohesion and environmental quality dimensions. Drawing on a multivariate approach, its findings reveal differences in terms of development across the country. The study identified groups of regions with common characteristics that go beyond the standard north–south or coastal–inland distinctions. Metropolitan areas and export-oriented regions are clearly distinguishable from the remainder of the country. Economic agglomeration indicators, as gross domestic product per capita, population density, resident foreign population and youth index, among others, are those that reveal greater diversity across the country.

Research Purpose: The aim of the present study is threefold. First, it intends to describe workers’ psychological empowerment in a sample of Portuguese workers. Secondly, to describe empowering leadership perceived by employees about their hierarchical superiors. Finally, to examine the relationships between psychological empowerment dimensions and empowering leadership dimensions.Method: A cross-sectional survey design was adopted with a convenience sample of Portuguese workers (N = 125). Cronbach’s alpha was utilized to examine the reliability of the dimensions. Pearson’s correlation coefficient and simple linear regressions were used to analyze the association between empowering leadership and psychological empowerment dimensions.Measuring Instruments: Spreitzer’s Psychological Instrument and the Empowering Leadership Scale were administered.Main findings: The results revealed significant and positive correlations between empowering leadership and psychological empowerment dimensions, especially employee self-determination.Implications/limitations: This research demonstrates that leaders can have an active role in increasing employee psychological empowerment, which can be an antecedent of positive employee attitudes and work outcomes. It is suggested in future studies to use more extensive and more representative samples. Furthermore, longitudinal and experimental research designs will verify if there is a significant causal relationship between empowering leadership and psychological empowerment.Value of the paper: This study empirically confirms that empowering leadership is associated with employees’ psychological empowerment among Portuguese workers.Keywords: empowering leadership, psychological empowerment, Portuguese workers, Pearson’s correlation coefficient, linear regressionType of paper: Research paper

Cryptocurrencies are relatively new and innovative financial assets. They are a topic of interest to investors and academics due to their distinctive features. Whether financial or not, extraordinary events are one of the biggest challenges facing financial markets. The onset of the COVID-19 pandemic crisis, considered by some authors a “black swan”, is one of these events. In this study, we assess integration and contagion in the cryptocurrency market in the COVID-19 pandemic context, using two entropy-based measures: mutual information and transfer entropy. Both methodologies reveal that cryptocurrencies exhibit mixed levels of integration before and after the onset of the pandemic. Cryptocurrencies displaying higher integration before the event experienced a decline in such link after the world became aware of the first cases of pneumonia in Wuhan city. In what concerns contagion, mutual information provided evidence of its presence solely for the Huobi Token, and the transfer entropy analysis pointed out Tether and Huobi Token as its main source. As both analyses indicate no contagion from the pandemic turmoil to these financial assets, cryptocurrencies may be good investment options in case of real global shocks, such as the one provoked by the COVID-19 outbreak.

Submitted by CVPortalegre Deposit (cv_ipportalegre@cienciavitae.pt) on 2021-11-13T00:10:16Z No. of bitstreams: 2 Regional_and_global_integration_of_Asian_stock_markets.pdf: 1552516 bytes, checksum: 764022197c850697cbc9b78635d82064 (MD5) package.zip: 1285942 bytes, checksum: 887219561298dd968611e6d65f6b6749 (MD5) Approved for entry into archive by Catarina Dias (catarina.dias@ipportalegre.pt) on 2021-11-13T00:16:29Z (GMT) No. of bitstreams: 2 package.zip: 1285942 bytes, checksum: 887219561298dd968611e6d65f6b6749 (MD5) Regional_and_global_integration_of_Asian_stock_markets.pdf: 1552516 bytes, checksum: 764022197c850697cbc9b78635d82064 (MD5) Approved for entry into archive by Catarina Dias (catarina.dias@ipportalegre.pt) on 2021-11-13T00:16:42Z (GMT) No. of bitstreams: 2 package.zip: 1285942 bytes, checksum: 887219561298dd968611e6d65f6b6749 (MD5) Regional_and_global_integration_of_Asian_stock_markets.pdf: 1552516 bytes, checksum: 764022197c850697cbc9b78635d82064 (MD5) Made available in DSpace on 2021-11-13T00:16:42Z (GMT). No. of bitstreams: 2 package.zip: 1285942 bytes, checksum: 887219561298dd968611e6d65f6b6749 (MD5) Regional_and_global_integration_of_Asian_stock_markets.pdf: 1552516 bytes, checksum: 764022197c850697cbc9b78635d82064 (MD5) Previous issue date: 2019-12 N/A

The energy markets have recently undergone important transformations (e.g. deregulation, technological progress, renewable energy deployment and changing energy consumer behaviour) and witnessed a variety of crisis periods, affecting the relationships among energy commodities and their interactions with clean energy indices. This has implications for price discovery, asset allocation and risk management, which requires in-depth analysis to uncover and identify which energy indices (or forms of energy) lead others or are the most influential, while accounting for asymmetry and non-linearity characteristics. To uncover the complex structure of the relationship across the returns of seven different energy commodities and two clean energy stock indices, we apply Granger causality and transfer entropy in both static and dynamic approaches. The results from the Granger causality analysis identify the influence of the other energy products on natural gas, whereas the transfer entropy analysis reveals the importance of WTI oil and the influence of clean energy indices. Diesel is the most influenced energy commodity. A rolling windows analysis confirms those findings and shows evidence of a time-variation that reflects the impacts of crisis periods, especially the pandemic, on the dynamics of relationships.

Cryptocurrency investments are often perceived as uncertain and risky. In this study, we assessed if this is indeed the case, using a sample of seven cryptocurrencies and considered a period that encompassed the first real global shock in the life of these relatively new financial assets, the COVID-19 pandemic. Uncertainty was evaluated using Shannon’s symbolic entropy. To measure risk, we use value-at-risk and conditional value-at-risk. The results indicate that, except for Tether, the analyzed cryptocurrencies’ returns exhibited similar patterns of uncertainty and risk. Levels of uncertainty were close to the maximum values, but high uncertainty is not always associated with high risk. During the pandemic crisis, uncertainty increased while risk decreased, suggesting that the considered assets may have safe haven properties.

Submitted by CVPortalegre Deposit (cv_ipportalegre@cienciavitae.pt) on 2021-11-12T23:13:07Z No. of bitstreams: 2 Are_Mobility_and_COVID-19_Related_A_Dynamic_Analysis_for_portuguese_districts.pdf: 9669668 bytes, checksum: 358fb2008fd75ea20b53dc79cde82c8b (MD5) package.zip: 8838532 bytes, checksum: d1817012708aab349042988b38bcbc9c (MD5) Approved for entry into archive by Catarina Dias (catarina.dias@ipportalegre.pt) on 2021-11-12T23:36:27Z (GMT) No. of bitstreams: 2 package.zip: 8838532 bytes, checksum: d1817012708aab349042988b38bcbc9c (MD5) Are_Mobility_and_COVID-19_Related_A_Dynamic_Analysis_for_portuguese_districts.pdf: 9669668 bytes, checksum: 358fb2008fd75ea20b53dc79cde82c8b (MD5) Approved for entry into archive by Catarina Dias (catarina.dias@ipportalegre.pt) on 2021-11-12T23:36:42Z (GMT) No. of bitstreams: 2 package.zip: 8838532 bytes, checksum: d1817012708aab349042988b38bcbc9c (MD5) Are_Mobility_and_COVID-19_Related_A_Dynamic_Analysis_for_portuguese_districts.pdf: 9669668 bytes, checksum: 358fb2008fd75ea20b53dc79cde82c8b (MD5) Made available in DSpace on 2021-11-12T23:36:42Z (GMT). No. of bitstreams: 2 package.zip: 8838532 bytes, checksum: d1817012708aab349042988b38bcbc9c (MD5) Are_Mobility_and_COVID-19_Related_A_Dynamic_Analysis_for_portuguese_districts.pdf: 9669668 bytes, checksum: 358fb2008fd75ea20b53dc79cde82c8b (MD5) Previous issue date: 2021-06-21 N/A

The main objective of this research is to analyse the serial dependence of high frequency data for G7 stock indices. The authors use two different periodicities, and with linear and nonlinear approaches, they evaluate the stock markets' behaviour and conclude about the higher or lower dependence levels of the stock markets in the periods before and after the COVID-19 pandemic declaration. They use mutual information and the global correlation coefficient based on that measure, comparing results with the linear coefficient. The results are clear, showing that nonlinear dependence exists and could be an important factor in terms of historical information, especially for very high frequency data. Results are mixed in regard to the effect of the pandemic declaration in the dependence of stock markets.

This paper aims to analyse financial integration in the emerging markets of Latin America in the context of the dot-com and subprime financial crises. To do so, different approaches were adopted to answer two questions, namely: (i) the financial markets of Latin America show significant levels of integration in periods of financial crisis? and (ii) if there are persistent long memories in the data series, will portfolio risk diversification be called into question? The results obtained suggest that the markets are partially integrated in crisis and non-crisis periods. In addition, financial series do not present significant persistent long memories arising from the subprime crisis. The 2008 crisis was found to have a greater impact on the cross correlation coefficients of the Latin American stock markets than the dot-com crisis. In terms of conclusion, it is considered that the financial markets of Latin America were affected by the dot-com and subprime crises. However, there was a re-balance in these regional markets which could create conditions for possible diversification strategies.

The economic growth of China has been driven by the development of its real estate market, especially after the 2008 crisis. This growth is mostly related to the huge housing bubble and growing amounts of sovereign debt that have been redirected to corporations in the sector. Evergrande is one of those corporations; it is a Chinese company in the construction and real estate sector, a global giant with investments in many parts of the world. Its bond default in September 2021 sounded alerts in financial markets. Several news outlets spoke of the “next Lehman Brothers”, and apprehension was very high, especially in Asian markets. This research work aims to evaluate the impact of Evergrande’s bond default on six Asian stock markets, using an event study approach. The results show a strong reaction from the markets towards the event in study, even anticipating it. Furthermore, it is worth mentioning a quick reversion to “normal” behavior, indicating the rapid absorption of information by the markets.

The economic crisis triggered by the coronavirus exposed the gaps in the European Monetary Union (EMU) governance, creating fears to repeat the sovereign debt crisis. In view of the magnitude of the crisis and the financial interdependence inside that union, strong policy coordination and central measures are crucial. The discussion on debt mutualisation continued to be based on clashing political positions. This chapter identifies the instability recorded in sovereign spreads at the beginning of the crisis and reviews the structural factors that caused it. We discuss the limited role of the ECB answer. So, the issue of Eurobonds is revisited, bringing new arguments since the EMU faces an exogenous shock. We sustain that the approval of the European Commission’s original Next Generation EU programme on the European Council in July 21, could anchor a new governance model for the EMU, based on the principle of subsidiarity and the refusal of moral hazard arguments.

For this paper, we dynamically analysed the comovements between three major stock markets&mdash, Germany, the UK, and the US&mdash, and the countries of the European Union, divided into two groups: Eurozone and non-Eurozone. Correlation coefficients based on a detrended cross-correlation analysis (DCCA) were used, and the respective temporal variation was evaluated. Given the objective of performing a dynamic analysis, sliding windows were used in an attempt to represent short and long-term analyses. Critical moments in financial markets worldwide were also taken into account, namely the subprime debt crisis, the sovereign debt crisis, and Brexit. The results suggest that Germany and other Eurozone countries generally share high levels of comovements, although the Brexit decision reduced those connections. The subprime crisis also increases comovements among markets.

Based on the Internet of Things (IoT) and Smart Technologies, manufacturing industries are witnessing the fourth Industrial Revolution, the Industry 4.0 (I4.0), and digital transformation is a keystone in this change. Cyber-Physical Systems (CPS) are strategic in thoroughly digitalizing companies, and I4.0 operations depend on CPS efficiency. Digital plants are held by digital technologies that provide excellent tools for improving product security and supply chain security but requires structured information management to maintain the CPS in its highest level of efficiency. These systems are overly complex and hard to handle when several CPS need to be combined as in a large factory, where several machines must work together to achieve a common goal. This research addresses these issues, and we propose an information management framework of industrial CPS that, towards the industrial efficiency, affords an increase in value for all stakeholders. The framework structures the information through the introduction of two innovative value co-creation concepts: (i) Fingerprint (FP-I4.0), a virtual vehicle that can carry two types of structured information and (ii) Cockpit4.0, an interaction entity between the various service systems, applied from cradle-to-cradle. Validated through the Service Science Theory, we conclude that the proposed empirical framework may boost up CPS efficiency and, from it, I4.0 operations will be more effective info:eu-repo/semantics/publishedVersion

Submitted by CVPortalegre Deposit (cv_ipportalegre@cienciavitae.pt) on 2021-11-12T22:15:33Z No. of bitstreams: 2 Is_Brazilian_music_getting_more_predictable.pdf: 3287915 bytes, checksum: 64f05c0b2f6ce40549ff0f292ec9eb11 (MD5) package.zip: 2280241 bytes, checksum: 4873a2fc63c379f9ec72b43ecb8f1540 (MD5) Approved for entry into archive by Catarina Dias (catarina.dias@ipportalegre.pt) on 2021-11-12T23:21:04Z (GMT) No. of bitstreams: 2 package.zip: 2280241 bytes, checksum: 4873a2fc63c379f9ec72b43ecb8f1540 (MD5) Is_Brazilian_music_getting_more_predictable.pdf: 3287915 bytes, checksum: 64f05c0b2f6ce40549ff0f292ec9eb11 (MD5) Approved for entry into archive by Catarina Dias (catarina.dias@ipportalegre.pt) on 2021-11-12T23:21:39Z (GMT) No. of bitstreams: 2 package.zip: 2280241 bytes, checksum: 4873a2fc63c379f9ec72b43ecb8f1540 (MD5) Is_Brazilian_music_getting_more_predictable.pdf: 3287915 bytes, checksum: 64f05c0b2f6ce40549ff0f292ec9eb11 (MD5) Made available in DSpace on 2021-11-12T23:21:39Z (GMT). No. of bitstreams: 2 package.zip: 2280241 bytes, checksum: 4873a2fc63c379f9ec72b43ecb8f1540 (MD5) Is_Brazilian_music_getting_more_predictable.pdf: 3287915 bytes, checksum: 64f05c0b2f6ce40549ff0f292ec9eb11 (MD5) Previous issue date: 2021-12 N/A

This paper proposes that the dynamics of bond volatility may be understood by studying textual news sentiments. In this new approach, a modified framework is used to understand the atypical characteristics of bond market news. The paper proceeds in two steps. First, a word list of sentiment terms is generated using three sentiment word lists to determine negative and positive news sentiment scores. Second, four measures of volatility are estimated and combined with a nonlinear technique adapted from information theory to understand the correlation and direction of causality between sentiment scores and measures of volatility. This paper shows that sentiments extracted from textual news published in the newspapers can explain bond returns volatility or the quicksilver. The empirical results support that news sentiment is highly correlated with the measures of volatility and that information flows unidirectionally from news to volatility. This study, perhaps the earliest work in text mining to examine the run of causality between news signals and bond return volatility, adapts a nonlinear technique from information theory to describe the nonlinear behavior of Indian debt markets and understand the volatility dynamics of the benchmark bond.

The aim of this paper is to present a systematic literature revision (SLR) that shows the relationship between the concept of employer branding (EB) and talent management (TM). Based on the EB model proposed by Backhaus and Tikoo in 2004, and the macro-contingent model for talent management introduced in 2019 by King and Vaiman, we intend both to analyse the theory correlating the EB concept and TM, and to identify TM dimensions that are reflected on the EB concept. A systematic literature revision was carried out using the Preferred Reporting Items for Systematic Reviews (PRISMA) protocol in order to identify and sum up the most relevant studies of the last 10 years concerning these topics. Findings show that scientific literature on the subject grew considerably in the last four years, reflecting the rising concern over the creation of an employer brand at the organisational level. EB explores talent attraction and retention particularly, though, unexpectedly, is also becoming a concept explored by nations to attract a qualified workforce. Analysing selected articles, we may conclude that EB is clearly considered as a tool within the largest process of talent management. info:eu-repo/semantics/publishedVersion

Economic growth and convergence remains a topical issue. This study uses a crisp-set qualitative comparative analysis of data from European Union countries in order to establish which conditions could be considered necessary and sufficient to make these countries converge. Based on six different conditions (GDP, secondary education, life expectancy, fertility rate, government consumption and inflation rate), this study finds that the main conditions affecting convergence are government consumption ratio (lower levels will increase convergence), education levels and life expectancy (both with a positive influence on convergence). The first two conditions show quite interesting results: in fact, reduction of government expenditure and budget constraints are an open debate; and the European Union’s aim to become a more competitive economy can only be attained with higher levels of education.

A presente dissertação tem como principal objetivo a identificação dos entraves que as empresas da Região de Leiria consideram importantes à implementação da economia circular (EC), tratando-se, portanto, de um estudo de natureza exploratória. Com base nos resultados de pesquisas anteriores e revisão de literatura, são identificadas 30 barreiras e agrupadas em 5 categorias: barreiras culturais e de mercado (BCM), barreiras financeiras (BF), barreiras políticas e regulamentares (BPR), barreiras estruturais e tecnológicas (BET) e barreiras organizacionais e de gestão (BOG). Posteriormente, incluem-se 17 das 30 barreiras inicialmente identificadas num questionário, colocado às empresas da Região de Leiria. Com base nas respostas obtidas conclui-se que as 3 principais barreiras à implementação da EC para as empresas são: (1) a falta de cooperação e colaboração entre empresas (BOG); (2) os clientes não se preocupam com questões relacionadas com o ambiente (BCM); e (3) falta de subsídios ou benefícios fiscais para investir em sistemas produtivos circulares (BPR). A escala utilizada ao nível da categorização das barreiras foi validada com recurso à análise fatorial e os resultados revelam que as empresas da região de Leiria não priorizam nenhum tipo de barreira comparativamente com os outros. No entanto, o presente estudo permite destacar algumas ações prioritárias a realizar, a fim de facilitar a implementação generalizada da EC nas empresas da Região de Leiria.

This study assesses contagion from the USA subprime financial crisis on a large set of frontier stock markets. Copula models were used to investigate the structure of dependence between frontier markets and the USA, before and after the occurrence of the crisis. Statistically significant evidence of contagion could only be found in the European region, with the markets of Croatia and Romania being affected. The remaining European markets in our sample and the others, located in America, Middle East, Africa, and Asia, appear to have been isolated from the subprime crisis impact. These results are useful for international investors interested in enlarging the geographical diversification of their portfolios, but also for the considered countries&rsquo, policymakers who should attempt to improve the attractiveness of stock markets for domestic and foreign investors while simultaneously attempting to maintain their relative level of insulation against future foreign crises.

We analyze the auto-correlations of all European Union (EU) indices and the cross-correlation between the UK stock market and the other EU markets. This analysis took into account the BREXIT referendum, on the 23rd of June 2016 and the entire period was partitioned in two periods, before and after the BREXIT referendum. First of all, we applied the Detrended Fluctuation Analysis method (with the regular and with a sliding windows approach) in order to evaluate market efficiency. In this case, we found that in general the referendum did not change efficiency levels significantly. With the main purpose of measuring the markets interdependence in relation to the UK index, following the referendum, we calculated the Δ ρ D C C A coefficient. Our results point to a decrease in the cross-correlation coefficient ( Δ ρ D C C A 0 ), meaning that the UK is more segmented now, in relation to other EU partners, than in the past. With Δ ρ D C C A it was possible to identify how much the referendum influenced the interdependence, but not the efficiency, of European markets.

Purpose: The purpose of this article is to present a systematic literature review that synthesizes the investigations made into the use of Gamification in Knowledge Management processes in recent years, and a conceptual model for analysis of the Gamification of Knowledge Management Systems. Theories: Since the last decade the Gamification - defined by the application of game design principles in a non-game context - as a management practice has become increasingly challenging for researchers. At the height of the Knowledge Age, in which we live today, knowledge and the organizational capacity to create, disseminate and retain it is one of the most important sources of competitive advantage for organizations. As employees’ knowledge is critical for companies, it is essential to find effective mechanisms to encourage collaborators to share knowledge. In this field, gamification is a dynamic to be considered as an enabler of successful knowledge management systems. Methodology: A systematic review of the literature was carried out, analyzing the scientific articles obtained through electronic databases, manual research and the cross-referencing of bibliographic references to identify and synthesize studies on the use of gamification in Knowledge Management processes in the period from 2015 to 2018. Results: This study demonstrates that the use of gamification in knowledge management processes has a positive impact on employees’ motivation and involvement with these systems, while promoting the creation, transfer and sharing of knowledge in the organization. A conceptual model for the gamification of knowledge management systems is proposed, intended to be a valid contribution to the operationalization of future studies on the link between gamification and knowledge management. info:eu-repo/semantics/publishedVersion

Improving Industry 4.0 is a hot topic, once in a global study about that concept adoption, conducted by PWC (2016), 72% of the companies expected to be fully operating in Industry 4.0 mode in 2020. This research aims to conceptualise a theoretical methodology to compute value given to concerns of main stakeholders involved and assess the innovation outcomes throughout the service process when the operations shift to Industry 4.0. The literature review showed that service science (S-S) is an inter-disciplinary scientific field that combines organisation with technological knowledge, with a view into categorising, innovating and creating value for service-systems. As a conclusion, operationalising stakeholders' concerns into key concern indicators (KCI) has been developed in a conceptual and theoretical methodology supported by service science theory to compute value, given the concerns of multiple stakeholders involved in the interactions.

This study tests weak form efficiency in frontier markets. Mutual information and detrended fluctuation analyses are performed to assess global correlation and long range dependence in the stock markets of twenty three countries. The results indicate that Slovenia is the only case where there is evidence compatible with weak form efficiency. The relatively less inefficient markets are mainly located in Europe and America, and the relatively more inefficient mainly in the Middle East. This information is useful for investors, but also for the assessed countries’ regulators as they indicate that relevant impediments are preventing the exploitation of potential profitable opportunities.

In recent years, entrepreneurship has been seen as one of the keys to a country’s economic growth and development. From one perspective, this relationship exists because entrepreneurship can be explained as an economic dynamic from Schumpeter’s creative destruction paradigm. This dynamic can be explained by both macroeconomic and behavioural factors. For instance, some macroeconomic variables, like investments in human capital, have influence in entrepreneurship (and not only infrastructure investments). According to the Global Entrepreneurship Monitor (GEM), entrepreneurial behaviours and attitudes are also important in determining entrepreneurship rates. Among these, the GEM identifies self-perceptions (perceived opportunities, perceived capabilities, fear of failure and entrepreneurial intention), motivations and expectations (high job creation). In this chapter, we propose to use qualitative comparative analysis to verify which of these entrepreneurial behaviours, perceptions and attitudes (conditions) are more important for higher entrepreneurship rates. Using longitudinal information from GEM, we investigate the influence of those conditions over time. The combination of a large sample with the methodology we use are innovative features of this chapter. Our main results, using fuzzy-set qualitative comparative analysis, point that most important conditions are entrepreneurial intentions, and good perceptions about opportunities and one’s own capabilities.

The historical dependence in stock markets it is a very explored issue, especially in developed markets. In this paper we try to address the question of global dependency in African stock markets, and for that purpose we use a global approach able to capture the long-term dependencies being linear or non-linear ones. Are there significant differences in terms of results compared to the major international markets? Results point to an affirmative answer. The Hurst exponent shows that long-term dependence is probably linked not only to size or liquidity.

This study examines port and container terminal characteristics, and assesses how they affect performance. Little research has addressed the relationship between location, physical infrastructure (hard) and service (soft) characteristics, and container terminal performance. The present study fills this research gap. Performance is explained using a holistic perspective involving multivariate factors. A questionnaire sent to 12 container terminals in Portugal and Spain yielded 122 responses. Structural equation modelling confirmed the influence of port and terminal characteristics on container terminal performance. Performance was measured in terms of efficiency, activity and customer satisfaction. Five main characteristics were found to influence container terminal performance: regional and continental location, sea and land access, maritime shipping services, dynamism of port authorities, and terminal organization and logistics integration.

Everaldo Guedes thanks the FAPESB (Fundacao de Amparo a Pesquisa do Estado da Bahia) (Grant BOL 0976/2016) and Gilney Zebende thanks the CNPq (Conselho Nacional de Desenvolvimento Cientifico e Tecnologico) (Grant 309288/2013-4), Brazilian agencies. Paulo Ferreira and Andreia Dionisio are pleased to acknowledge financial support from Fundacao para a Ciencia e a Tecnologia (Grant UID/ECO/04007/2013) and FEDER/COMPETE (POCI-01-0145-FEDER-007659).

Both sub-prime and Eurozone debt crisis problems caused severe financial crisis, which affected European markets in general, but particularly the banking sector. The continuous devaluation of bank shares in the financial sector caused a great decrease in market capitalization, and in citizen and investor confidence. Panic among investors led them to sell shares, while other agents took the opportunity to buy them. Therefore, the study of bank shares is important, particularly of their efficiency. In this paper, adopting a sliding windows detrended fluctuation approach, we analyse the efficiency concept dynamically with 63 European banks (both in and outside the Eurozone). The main results show that the crisis had an effect on changing the efficiency pattern.

Stock market comovements are examined using cointegration, Granger causality tests and nonlinear approaches in context of mutual information and correlations. Underlying data sets are affected by non-stationarities and trends, we also apply AMF-DFA and AMF-DXA. We find only 170 pair of Stock markets cointegrated, and according to the Granger causality and mutual information, we realize that the strongest relations lies between emerging markets, and between emerging and frontier markets. According to scaling exponent given by AMF-DFA, $h(q=2)>1$, we find that all underlying data sets belong to non-stationary process. According to EMH, only 8 markets are classified in uncorrelated processes at $2\sigma$ confidence interval. 6 Stock markets belong to anti-correlated class and dominant part of markets has memory in corresponding daily index prices during January 1995 to February 2014. New-Zealand with $H=0.457\pm0.004$ and Jordan with $H=0.602\pm 0.006$ are far from EMH. The nature of cross-correlation exponents based on AMF-DXA is almost multifractal for all pair of Stock markets. The empirical relation, $H_{xy}\le [H_{xx}+H_{yy}]/2$, is confirmed. Mentioned relation for $q>0$ is also satisfied while for $q, Comment: 16 pages, 13 figures and 4 tables, major revision and match to published version

This study explores the Asian Emerging and Frontier equity markets, integrated regionally or globally. In undertaking the empirical analysis, data from twelve Asian equity markets indices are utilize. The study employed residual based co-integration test proposed by Gregory and Hansen (1996) and Detrended Cross Correlation Analysis (DCCA). Findings indicate, most of the Asian emerging equity markets integrated with global market, whereas most of the frontier markets integrated with the regional market. However, the results from DCCA are more explanatory. The results also reveal that integration in Asia region is not complete. Asia region has an economically potential and fastest growing in the world. However, there is still so much to unlock the full potential, and the one way to achieve this growth is to continue on the road of financial integration.

Football is a sport that moves thousands of people and millions of euros. Since 1983, several clubs entered the stock markets with shares, and now twenty two clubs are listed in the Stoxx Football Index. In this study, we analyse the behaviour of the return rates of such shares, with Detrended Fluctuation Analysis and Detrended Cross-Correlation Analysis (and its correlation coefficient). With Detrended Fluctuation Analysis, we are able to observe that the shares of several clubs are far from the behaviour of a random walk, which is expected by the theory. Using Detrended Cross-Correlation Analysis, we calculate the cross correlations of clubs’ returns with national indexes and then with the Stoxx Football Index. Although almost all of them are positive, they do not seem to be strong.

A elaboração do presente artigo tem como principal objectivo analisar as potencialidades do mercado da aviação chinesa que se encontra em franca expansão no âmbito do desenvolvimento do aeroporto internacional de Lisboa através de uma análise empírica baseada em modelos com dados de painel aplicados ao contexto dos transportes, nomeadamente o sector do transporte aéreo. Para além do objectivo apresentado anteriormente foi analisado o conceito de nível de circuito e, pela primeira vez, aplicado ao contexto português de forma a verificar o seu carácter benéfico para o desenvolvimento e adequado aproveitamento das condições geográficas da principal infra-estrutura aeronáutica portuguesa. Utilizou-se dois modelos gravitacionais com dados em painel. Estes modelos econométricos permitem o estudo da atractividade entre a origem e o destino no transporte aéreo. Neste trabalho encontra-se uma breve reflexão e introdução de um conceito ainda pouco explorado na bibliografia mundial e nomeadamente no sector do transporte aéreo, o nível de circuito. A aplicabilidade deste conceito no presente trabalho de investigação permitiu aferir a qualidade geográfica de um conjunto de infra-estruturas aeroportuárias que servem de hub em determinadas rotas, concluindo-se que quanto menor for este parâmetro melhor a qualidade de serviço deste hub, sendo como tal possível afirmar que nenhum outro desvio de rota permite transportar os passageiros num período de tempo mais reduzido.

This article uses several tests to analyse serial dependence in financial data, trying to confirm the existence of some kind of nonlinear dependence in stock markets. In an attempt to provide a better explanation of the behaviour of stock markets, we used tests based on mutual information and detrended fluctuation analysis (DFA). Applying these tests to the series of stock market indexes of 10 countries, we concluded for the absence of linear autocorrelation. However, with other tests, we found nonlinear serial dependence that affects the rates of return. With DFA, we found out that most return rate series have long-range dependence, which appears to be more pronounced for Spain, Greece and Portugal. To confirm the inefficiency of those markets, based on our results, we should prove the existence of abnormal profits.

In this paper we propose to study the auto and the cross-correlation between open-close stock market indexes. Our choice took into account the main indexes around the world: North America (Dow Jones and NASDAQ — USA; IPC — MEXICO), South America (BOVESPA — Brazil; MERVAL — Argentina), Asia (Nikkei_225 — Japan; SSE — China; Hang Seng — Hong Kong), Europe (IBEX_35 — Spain; CAC_40 — French; DAX — German; FTSE_100 — England). Thus, for the opening and closing stock market index and its respective return, we applied the DFA method for measuring auto-correlation, as well as, the cross-correlation between these signals with DCCA cross-correlation coefficient. Our results show that for auto-correlation there is long-range (power-law) auto-correlations with: α D F A > 1 . 0 for the original index and α D F A ≃ 0 . 5 for the return. For cross-correlations we found perfect DCCA cross-correlation between open and close indexes at long time-scale, but in short time-scale there are differences between the stock markets. From the point of view of the return, DCCA cross-correlation coefficient between open and close values showing lower DCCA cross-correlation levels. In this case the open returns are not related with the close returns, evidencing the time independence of these observations in this time-scale, for some stock markets.

Territories and respective political agents recognize now the importance of being attractive, not only because of tourism, but also because this is an important feature to attract investment and even new residents. Based on this evolution, the concept of territory branding has been developed, with rankings like the Portugal City Brand measuring it. With the objective of explaining the most important conditions for territories to attain higher city branding and based on a large dataset, a factor analysis was applied to identify possible components to be used. With those components and using a fuzzy-set qualitative comparative analysis, the main conditions for a better position in the ranking are identified. Results point to better identification of conditions to distinguish lower positioned municipalities, namely lack of economic conditions, of general conditions and low demographic indicators. Moreover, it is possible to conclude that the conditions of the different sub-rankings are different from the ones of the main ranking.