Publicações

Purpose – This paper aims to examine the relationship between regulation, market discipline and banking distress.

Design/methodology/approach – To address the empirical question put forward above, a multivariate logit model is applied to an international sample of 586 banks from 21 European countries in the period between 2000 and 2012. To give robustness to the results, different variables have been used to test the role played by market discipline and regulation as well as an alternative methodology known as duration/survival analysis.

Findings – It can be found that market discipline is a good indicator in signalling banking distress, that is, market discipline has penalized more banks with a higher likelihood of being in distress. Nonetheless, as broadly acknowledged, market discipline was not sufficient per se to avoid banking distress in Europe. With regard to regulation, this paper evidences that the adoption of other regulatory measures beyond the simple transposition of changes occurred in the EU Directives such as borrower- based measures and limits on pre-emptive exposures’ concentration, have contributed toward reducing the probability of distress of EU banks, showing that the introduction of this kind of measures was necessary and relevant. In addition, in this paper, it can be found that the NPL ratio, size, capital (including the well-known regulatory capital ratio, as well as the novel leverage ratio which discards the risk weights present in the former one) and liquidity are good indicators of banking distress which lead us to conclude that the new regulatory framework known as Basel III is on the right path to mitigate the probability that a new banking crisis similar to the last one takes place again.

Research limitations/implications – The first limitation regards the period of time chosen, that is, from 2000 to 2012, empirically neglecting, to some extent the important regulatory changes occurred after the aforementioned period. Nonetheless, as mentioned in the Data and Methodology section, the period ends in 2012 because it is difficult to flag a reasonable number of banks’ bailouts afterwards, to properly run the type of model used in this paper. The second limitation is the fact that the possible changes in the risk management and risk assessment by institutions and in the behaviour of investors, acknowledge as weak and inappropriate before the on-set of the global financial crisis, albeit very relevant, are not in the scope of this paper.

This paper intends to assess the existence of confirmatory variables of conservatism based on the disclosures made in the financial report. Data were collected from the annual accounts for 2013 and 2014 disclosed by 137 listed entities (non-financial groups) in the European Union (EU) stock indexes: Portuguese Stock Index (PSI)-20, Iberian Index (IBEX)-35, Financial Times Stock Exchange (FTSE)- 100, German Stock Index (DAX)-30 e Stockholm Stock Exchange (OMX)-S30. The content analysis was used as a methodology. After applying multiple linear regression models, the findings indicate that the assessment of the conservatism based on relevance is consistent with the associations suggested in the literature. One of the main contributions of this research is the consideration of the impact of culture on financial reporting, namely through the proposal of a new proxy for the measurement of conservatism based on the financial report.

The macroeconomic context is an extremely important factor for the growth and development of companies, and for the hotel sector, being expected that the performance of hotel companies should be strongly dependent on the conditions and the macroeconomic environment where they are inserted.

Using a panel data methodology, this research analyzed the growth of hotel companies, the size of hotel companies, total number of guests in the sector, total revenues, and total income of the sector, with the corporate indebtedness variable, given by total liabilities/total assets ratio. It is concluded that 91.5% of the average variation in the corporate indebtedness is determined by the remaining variables of the study, with the remaining 8.5% variation explained by other factors not specified. It is also concluded that there is no statistically significant difference between the values of the corporate size variable throughout the study, existing a negative relation between this variable and the variables corporate size, number of guests, and tourism revenue, and a positive relation with the variables corporate growth rate and total income of the hospitality industry.

This research provides a great contribution and enrichment of existing literature because with a detailed knowledge concerning these topics, managers’ can base their decision making on these cause and effect relationships, looking for the best decisions that will provide the highest profitability.

Knowledge about mathematical physics models and scientific computation methods is of fundamental importance for contemporary modelling processes in science, technology, engineering and mathematics (STEM). Physics teaching in STEM education should thus envision the integration of learning sequences with computational physics that ensure epistemological and cognitive balance between experimentation, computation and theory, and foster the development of meaningful knowledge in physics, mathematics and scientific computation, in ways appropriate to the different STEM contexts. We discuss a teaching approach where such learning sequences involve interactive engagement activities with computational modelling designed to (1) explore various kinds of modelling, from exploratory to expressive modelling, (2) introduce scientific computation progressively without requiring prior development of a working knowledge of programming, (3) generate and resolve cognitive conflicts in the understanding of physics concepts and mathematical methods, and (4) develop performative competency in the different and complementary representations of the mathematical models of physics. To illustrate we describe a learning sequence about rotational dynamics created for introductory physics students of STEM university courses.

Knowledge about mathematical physics models and scientific computation methods is of fundamental importance for contemporary modelling processes in science, technology, engineering and mathematics (STEM). Physics teaching in STEM education should thus envision the integration of learning sequences with computational physics that ensure epistemological and cognitive balance between experimentation, computation and theory, and foster the development of meaningful knowledge in physics, mathematics and scientific computation, in ways appropriate to the different STEM contexts. We discuss a teaching approach where such learning sequences involve interactive engagement activities with computational modelling designed to (1) explore various kinds of modelling, from exploratory to expressive modelling, (2) introduce scientific computation progressively without requiring prior development of a working knowledge of programming, (3) generate and resolve cognitive conflicts in the understanding of physics concepts and mathematical methods, and (4) develop performative competency in the different and complementary representations of the mathematical models of physics. To illustrate we describe a learning sequence about rotational dynamics created for introductory physics students of STEM university courses.