7. FINANCIAL MARKETS, INSTRUMENTS & INSTITUTIONS

Victor Mendes (coordinator); Mário Coutinho dos Santos; José Magano; Bruno Maia; Rui Neves; António Cabeças; Cristina Nunes.

ISEG – University of Lisbon (M. Abreu); Rui Fonseca; CMVM (national surveys from 2015, 2020 and 2023 and CMVM/Universities surveys).

ISEG – University of Lisbon (M. Abreu); Rui Fonseca; CMVM (national surveys – Financial literacy and financial well-being: pathways of objective and perceived capacity and contextual moderation in Portugal, with three representative surveys (N = 3,648) — Journal of Risk and Financial Management (2026).
– Financial literacy, financial resilience and participation in securities markets: moderated mediation by income and education — Journal of Risk and Financial Management (2025).
– Stability and change in the determinants of savings and portfolio allocation around COVID-19 — Journal of Behavioral and Experimental Finance (2026).
– Financial literacy and sustainability of young adults in Portugal (communication at the XL Annual Meeting of AEDEM; article in preparation).
– Stochastic processes, critical phenomena, physics and economics (Rui Neves): application of statistical physics to the dynamics of economic systems — criticality, phase transitions, scale invariance and renormalization group in the analysis of financial time series; work in progress with PSI-20 data (equations (Chapman-Kolmogorov and Fokker-Planck for log-returns and volatility); includes STEM education with interactive computational modeling, with publication in proceedings indexed in Scopus (Newtonian dynamics; AIP Conference Proceedings).
– In development: 2021–2025 longitudinal study on financial literacy and market participation in the university ecosystem; sociodemographic and behavioral determinants of risk and loss aversion (VI CMVM/Universities survey).

of 2015, 2020 and 2023 and CMVM/Universities surveys).

Three articles published in journals indexed in Scopus/Web of Science and two publications in proceedings of international conferences (one of them in proceedings indexed in Scopus); three articles in development and a project in statistical physics and financial markets underway.

Abreu, M., Mendes, V., & Coutinho dos Santos, M. (2026). Stability and Change: The Evolution of Saving Determinants Through COVID-19. Journal of Behavioral and Experimental Finance, 51, 101234. https://doi.org/10.1016/j.jbef.2026.101234

Magano, J., Mendes, V., & Coutinho dos Santos, M. (2026). Financial Literacy and Financial Wellbeing: Dual Capability Pathways and Contextual Moderation in Portugal. Journal of Risk and Financial Management, 19(7), 459. https://doi.org/10.3390/jrfm19070459

Abreu, M., Mendes, V., & Coutinho dos Santos, M. (2025). Financial Literacy, Financial Resilience and Participation in Securities Markets: Evidence from Portugal. Journal of Risk and Financial Management, 18(12), 677. https://doi.org/10.3390/jrfm18120677

Nunes, C., Cabeças, A., & Fonseca, R. (2026). Financial Literacy and Its Impact on Financial Well-being and Financial Sustainability: Evidence from Young Adults in Portugal. Livro de Atas da XL Annual Meeting da AEDEM, Córdoba.

Neves, R., & Neves, A. (2025). Newtonian Dynamics, Conservation Laws, Billiard Balls, and Interactive Computational Modelling. AIP Conference Proceedings, 3315, 250001 (atas indexadas na Scopus). https://doi.org/10.1063/5.0286183

Nunes, C., Cabeças, A., & Fonseca, R. (2026). Financial Literacy and Its Impact on Financial Well-being and Financial Sustainability: Evidence from Young Adults in Portugal. XL Annual Meeting da AEDEM, Córdoba, 10–12/6/2026.

CICEE Research Seminar Series, 25/2/2026 — «Financial Literacy, Financial Resilience and Participation in Securities Markets: Evidence from Portugal», Victor Mendes (CMVM / CICEE-UAL).

Victor Mendes (coordinator); Mário Coutinho dos Santos; Bruno Maia; Rui Neves; António Cabeças; Cristina Nunes.

– “Sociodemographic and Behavioral Determinants of Risk and Loss Aversion and Participation in Financial Markets” (Abreu, Coutinho dos Santos, and Mendes): data from the 6th CMVM/Universities survey (October–November 2025); ordered logit/probit models and quantile regression; submission to an international scientific journal.

– “Financial Literacy and Securities Market Participation in the University Ecosystem: A Five-Wave Longitudinal Study (2021–2025)” (Mendes, Coutinho dos Santos, and Maia): online surveys with students, professors, and administrative staff in five waves; submission to the European Review of Business Economics.

– “Financial Literacy and Financial Sustainability among Young Adults in Portugal: Implications for Financial Well-being” (Nunes, Cabeças, and Fonseca): preparation and submission. – Stochastic processes, critical phenomena, physics and economics (Rui Neves): scale analysis of PSI-20 data, comparison and correlation with other European and world indices, pricing of options with non-Gaussian fluctuations and analysis of anomalous or extreme events; preparation of two STEM education articles with interactive computational modeling (Maxwell-Boltzmann distribution; introduction to real options and Monte Carlo simulations in business economics, in conjunction with line 3).
Objectives: submit the three articles, continue the statistical physics and financial markets project and maintain the CMVM/Universities research series as the basis for research in this line.

ISEG – University of Lisbon (M. Abreu); CMVM (CMVM/Universities surveys); Rui Fonseca.

Sept. 2026: ICNAAM 2026, Heraklion, Crete (September 16–21) — organization of Symposium 43 on STEM education with computational modeling, moderation and presentation (Rui Neves).
Sept. 2026 – Feb. 2027: analysis of data from the VI survey and longitudinal study; writing of articles.
Mar. – Aug. 2027: submission of the three articles; a seminar in the CICEE Research Seminar Cycle (Victor Mendes).

Expected completion date: August 31, 2027.

Três artigos submetidos (dois a revistas internacionais indexadas e um à ERBE); dois artigos de educação STEM em preparação; uma comunicação internacional e organização de simpósio na ICNAAM 2026; um seminário do CICEE.