CEEAplA Working Paper Series 2009
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Browsing CEEAplA Working Paper Series 2009 by Author "Couto, Gualter"
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- Os determinantes da estrutura de capital de empresas do PSI-20Publication . Couto, Gualter; Ferreira, Sofia C.In this paper, the intention is to analyse the capital structure features of the companies operating in the Portuguese Capital Market (PSI-20). A panel analysis allows the studying of relationships between debt level and those factors which financial literature considers as determining for capital structure: size, tangibility, growth opportunities, operational risk, non-debt tax shields, profit, dividend payout, and stock price performance. This empirical study purports to describe the effects of these variables on the companies' debt level.
- Dinâmicas de empreendedorismo e microcrédito nos AçoresPublication . Couto, Gualter; Ponte, João Crispim Borges daEste estudo versará a análise de estatísticas nacionais e regionais que nos permitirão tecer algumas considerações relativamente ao perfil do empreendedor utilizador do microcrédito, designado microempreendedor, na Região Autónoma dos Açores, procurando também perceber quais os sectores de maior procura. Os resultados sugerem que os projectos de microcrédito nesta região são principalmente vocacionados para o comércio a retalho e são liderados por indivíduos do sexo masculino residentes na ilha de São Miguel, com uma idade compreendida entre os 25 e os 34 anos de idade, numa situação de desemprego, que terminaram ou frequentaram o ensino secundário.
- Portfolio performance evaluation : the case of the portuguese mutual funds marketPublication . Couto, Gualter; Brandão, Rita Marques; Roque, NunoIn this work, we investigate the portfolio performance evaluation of Portuguese mutual funds market. For that purpose, we used different models with daily data, where we tested different hypotheses: the existence of alphas with or without selectivity, and the existence of betas with or without timing. There are differences induced by the use of unconditional and conditional models based on non-temporal variation in profitability and risk. The results suggest that fund managers have some capacities of selectivity but not of timing.