Recursos de colección

UTL Repository Universidade Técnica de Lisboa (37.000 recursos)

O Repositório Institucional da Universidade Técnica de Lisboa desenvolvido no âmbito do projecto RCAAP. Este repositório destina-se a recolher, preservar e disponibilizar o acesso às publicações científicas e didácticas de seis: Escolas da UTL: Faculdade de Medicina Veterinária, Instituto Superior de Agronomia, Instituto Superior de Economia e Gestão, Instituto Superior de Ciências Sociais e Políticas , Faculdade de Motricidade Humana, Faculdade de Arquitectura. O Instituto Superior Técnico, igualmente Escola Da UTL, tem repositório independente.

Mostrando recursos 1 - 4 de 4

  1. Crime and social norms

    Garoupa, Nuno
    In this paper, we develop a general equilibrium model of crime. It is shown that law and norms are substitutes in achieving a stable equilibrium. Here we offer a new interpretation of different theories of social norms in the context of crime and deterrence. The law and economics theory is presented as an ‘opportunism- limiting’ approach to norms whereas the evolutionary theory is presented as an ‘opportunity cost’ approach.
    - 26-may-2018

  2. Takeover bids : evidence from the Portuguese market

    Rodrigues, Vasco
    Throughout the nineties, a number of tender offers occurred in the Por- tuguese market. This article employs event study methodology to investigate their effects on the involved firms’ shareholders. On average, these operations increased the market value of the involved firms by 2% to 3%. However, target sharehold- ers appropriated most of this gain, earning 18% over their firms’ previous value, whereas bidder shareholders seem to have gained nothing. These averages bent in bidders shareholders favour, however, when bidders held significant positions in the targets’ capital before the bid.
    - 26-may-2018

  3. Maturity and volatility effects on UK smiles or dying smiling?

    Duque, João L.C.; Lopes, Patrícia Teixeira
    The “smile effect” is a result of an empirical observation of the options’ implied volatility with the same expiration date, across different exercise prices. However, its shape has been under discussion seeming to be dependent on the option underlying security. In this paper, and filling up a scarce empirical research on the topic, we used liquid equity options on 9 stocks traded on the London International Financial Futures and Options Exchange (LIFFE) between August 1990 and December 1991. We tested two different hypothesis for testing two different phenomena: (1) the increase of the “smile” as maturity approaches; (2) and the...
    - 26-may-2018

  4. Real exchange rates and target interest rates in a simple VAR model

    Mollick, André Varella
    This paper proposes a simple vector autoregressions (VAR) model with (real) output and exchange rate shocks on interest rates. Rather than assuming non- recursive identification schemes, we test the identifying assumption of the error term decompositions. Applying the model to quarterly data on major currencies against the U.S. dollar (USD) from 1974 to 1997, interest rate shocks explain – after 3 years – 16% of Canadian dollar/USD (CAD) real exchange rate variations and less than 2% for the mark/USD and yen/USD. Positive innovations of interest rates bring about (transitory) CAD real appreciations in differences and (permanent) appreciations in levels. Canadian...
    - 26-may-2018

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