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- Dynamical analysis of the global business-cycle synchronizationPublication . Lopes, António M.; Machado, Jose Tenreiro; Huffstot, John; Mata, Maria Eugénia; NOVA School of Business and Economics (NOVA SBE); PLOS - Public Library of ScienceThis paper reports the dynamical analysis of the business cycles of 12 (developed and developing) countries over the last 56 years by applying computational techniques used for tackling complex systems. They reveal long-term convergence and country-level interconnections because of close contagion effects caused by bilateral networking exposure. Interconnectivity determines the magnitude of cross-border impacts. Local features and shock propagation complexity also may be true engines for local configuration of cycles. The algorithmic modeling proves to represent a solid approach to study the complex dynamics involved in the world economies.
- Multilevel impacts of iron in the brainPublication . Ferreira, Ana; Neves, Pedro; Gozzelino, Raffaella; Centro Interdisciplinar de Ciências Sociais (CICS.NOVA - NOVA FCSH); NOVA School of Business and Economics (NOVA SBE); NOVA Medical School|Faculdade de Ciências Médicas (NMS|FCM); Molecular Diversity Preservation International (MDPI)Iron is a critical element for most organisms, which plays a fundamental role in the great majority of physiological processes. So much so, that disruption of iron homeostasis has severe multi-organ impacts with the brain being particularly sensitive to such modifications. More specifically, disruption of iron homeostasis in the brain can affect neurophysiological mechanisms, cognition, and social behavior, which eventually contributes to the development of a diverse set of neuro-pathologies. This article starts by exploring the mechanisms of iron action in the brain and follows with a discussion on cognitive and behavioral implications of iron deficiency and overload and how these are framed by the social context. Subsequently, we scrutinize the implications of the disruption of iron homeostasis for the onset and progression of psychosocial disorders. Lastly, we discuss the links between biological, psychological, and social dimensions and outline potential avenues of research. The study of these interactions could ultimately contribute to a broader understanding of how individuals think and act under physiological and pathophysiological conditions.
- Wind balancing costs in a power system with high wind penetration – Evidence from PortugalPublication . Frade, Pedro M.S.; Pereira, João Pedro; Santana, J. J. E.; Catalão, J. P. S.; NOVA School of Business and Economics (NOVA SBE); Elsevier Science B.V., Amsterdam.The growth of intermittent renewable power generation has been drawing attention to the design of balancing markets. Portugal is an interesting case study because wind generation already accounts for a high fraction of demand (23% in 2012–2016), but still there are no economic incentives for efficient wind forecasting (wind balancing costs are passed to end consumers). We analyze the evolution of the balancing market from 2012 to 2016. Using actual market data, we find wind balancing costs around 2 euros per MWh of generated energy. One main reason for these low costs is the existence of a robust transmission grid, which allows for the compensation of positive with negative wind imbalances across the system. Nevertheless, the results suggest that final consumers could save several million euros per year if wind generators were made responsible for the economic cost of their imbalances, in line with other European markets.
- An analysis of over-the-counter and centralized stock lending marketsPublication . Huszár, Zsuzsa R.; Prado, Melissa Porras; NOVA School of Business and Economics (NOVA SBE); Elsevier Science B.V., Amsterdam.We provide new insights about centralized and OTC stock lending in the context of Tokyo Stock Exchange listed stocks from July 2006 to December 2009. We find that not only the demand drivers in the two markets are significantly different but also the pricing efficiency implications of the alternative markets are different. Specifically, we find that higher OTC stock lending activity is associated with greater pricing efficiency and better liquidity. The benefits of the centralized market on average is less clear, but when the OTC market is constrained, it is shown to relax short-sale constraints and improve liquidity.
- The allocation of capital within firmsPublication . Sengul, Metin; Costa, Afonso Almeida; Gimeno, Javier; NOVA School of Business and Economics (NOVA SBE); Academy of ManagementThe allocation of capital within firms is a core managerial function, yet a topic that only recently has resurged in management research. We review research across disciplines dealing with how firms allocate capital, with an emphasis on the relevant research in strategy and management. We integrate relevant research across multiple disciplines and theoretical perspectives to bring forth a theoretically grounded conceptualization of capital allocation within a firm as (i) a process of determination, comparison, and selection among multiple investment alternatives, (ii) taking place across organizational levels of the firm, and (iii) influenced and constrained by the external context in which the firm is situated. We conclude by discussing some important implications for future research.
- Basis-momentumPublication . Boons, Martijn; Prado, Melissa Porras; NOVA School of Business and Economics (NOVA SBE); WileyWe introduce a return predictor related to the slope and curvature of the futures term structure: basis-momentum. Basis-momentum strongly outperforms benchmark characteristics in predicting commodity spot and term premiums in both the time series and the cross section. Exposure to basis-momentum is priced among commodity-sorted portfolios and individual commodities. We argue that basis-momentum captures imbalances in the supply and demand of futures contracts that materialize when the market-clearing ability of speculators and intermediaries is impaired, and that it represents compensation for priced risk. Our findings are inconsistent with alternative explanations based on storage, inventory, and hedging pressure.
- The “script” of a new urban layout: mobility, environment, and embellishment in Lisbon’s streets (1850–1910)Publication . Silva, Álvaro Ferreira da; Sousa, M. Luísa; NOVA School of Business and Economics (NOVA SBE); DCSA - Departamento de Ciências Sociais Aplicadas; CIUHCT - Centro Interuniversitário de História das Ciências e da Tecnologia; Johns Hopkins University PressThis article is at the crossroads of two scholarly traditions: the history of technology studying urban infrastructures and the history of urban planning. Using the Actor Network Theory’s concept of “script,” it analyzes the strategic role played by the street to overcome nineteenth-century urban problems. The street was simultaneously the epicenter of the “urban question” and the key to its solution. This role explains why urban planning played a unifying part in the agenda of urban improvements, as a response to mobility, environment, and embellishment problems. However, urban planners did not dictate the evolution of Lisbon. This article argues that Lisbon’s transformation was the result of tensions and compromises between different actors (public authorities, technicians, businessmen), and of diverse impulses (sanitary, economic, and emulative). Moreover, it argues that the heterogeneous character of nineteenth-century Lisbon demonstrates the need to zoom in on the street. ANT provides the heuristic framework for understanding these interactions.
- Predictors of student success in Higher EducationPublication . Cerdeira, José Miguel; Nunes, Luis Catela; Balcão Reis, Ana; Seabra, Maria Carmo; NOVA School of Business and Economics (NOVA SBE); John Wiley and Sons Inc.In many countries entrance to Higher Education is determined by the performance of students in secondary school and/or the scores obtained in national exams. The relative weight of these two scores on the admission decision is a relevant policy topic, given its implication on who is admitted to university. The purpose of this paper is to investigate the relative predictive power of these two measures on the academic performance of students in Higher Education. It makes use of a dataset of Bachelor students from Portuguese Higher Education institutions with detailed information about their characteristics and past achievement results. The measure of academic achievement considered is the Bachelor's final average score. The main finding is that the scores given by teachers in secondary school are better predictors of subsequent performance than the access exam scores. The relevance of factors like working status, social support and gender vary with the reputation of the degree and the type of Higher Education institution, university versus polytechnic. A noteworthy result is that the added predictive contribution of parents' education is always negligible when past success measures are already taken into account.
- Uncovering the role of cross-border strategic alliances and expertise decision centralization in enhancing product-service innovation in MMNEsPublication . Vendrell-Herrero, Ferran; Gomes, Emanuel; Bustinza, Oscar F.; Mellahi, Kamel; NOVA School of Business and Economics (NOVA SBE); ElsevierResearch is needed on effective servitization by multinational enterprises. This study examines whether Manufacturing Multinational Enterprises (MMNEs) can obtain better servitization outcomes by partnering with Knowledge Intensive Business Service (KIBS) firms and or by internationalizing their service function. In addition, the paper analyses the centralization of management decisions of human resources as an organizational mechanism to overcome coordination failure between product and service units. Our primary research data contain survey responses from 285 MMNEs collected in cooperation with an industry partner. Results show that cross-border strategic alliances and expertise decision centralization are critical to enhance product-service innovation.
- Real transfers and the Friedman rulePublication . Adão, Bernardino; Silva, André C.; NOVA School of Business and Economics (NOVA SBE); Springer Science Business MediaWe find that the Friedman rule is not optimal with real government transfers and distortionary taxation. As transfers cannot be taxed, a positive nominal net interest rate is the indirect way to tax the additional income derived from transfers. This result holds for heterogeneous agents, standard homogeneous preferences, and constant returns to scale production functions. The presence of real transfers changes the standard optimal taxation result of uniform taxation. Higher transfers imply higher optimal inflation rates. We calibrate a model with transfers to the US economy and obtain optimal values for inflation substantially above the Friedman rule.