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Browsing IPS - ESCE – DCF by Author "Alexandre, Paulo"
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- Analysing Comovements Between Dirty and Green Energies: An Econometric ApproachPublication . João, Esperança; Dias, Rui; Galvão, Rosa; Alexandre, Paulo; Teixeira, Nuno; Gonçalves, SidalinaThis study analyses the movement patterns between clean energy indices and oil benchmarks such as Brent and WTI from 7 January 2022 to 8 November 2024, intending to verify whether clean energy indices can serve as effective risk diversification instruments. The research focuses on the Nasdaq Clean Edge Green Energy (CELS), S&P Global Clean Energy (SPGTCLEN), Clean Energy Fuels (CLNE) indices and the Invesco Wilderhill Clean Energy (PBW) ETF. The results show that Brent influences the prices of the CELS, CLNE and PBW indices but is unaffected by SPGTCLEN or WTI. WTI has a broad influence, influencing all the other indices. CELS only affects WTI and CLNE, while SPGTCLEN influences CELS and CLNE without influencing the oil markets. CLNE affects CELS, SPGTCLEN and PBW but not Brent or WTI. PBW influences WTI and CLNE but does not affect the other markets. WTI is a key indicator that affects all the other indices, while Brent is the most independent. This indicates that investors can reduce their exposure to oil risk by investing in clean energy indices such as CELS and CLNE, which have limited influences on each other. In conclusion, this study has contributed to understanding the dynamics of movement between clean energy indices and oil benchmarks over the period analysed, offering relevant implications for risk management and portfolio diversification.
- Are Precious Metals Hedging Assets for Clean Energy Indices?Publication . Amândio, Helena; Dias, Rui; Galvão, Rosa; Alexandre, Paulo; Gonçalves, Sidalina; Leote, FranciscoThis study aims to analyse whether precious metals can be hedged assets concerning green energy indices from 8 January 2019 to 6 December 2024. About precious metals, the futures market was analysed: copper (HGH5) and silver (SIH5), the gold spot market (XAU) was also included to provide robustness, and the green indices are S&P Global Clean Energy (SPGTCLEN), NASDAQ Clean Edge Green Energy (CELS), and the iShares Global Clean Energy ETF (ICLN). The sample was divided into four sub periods: 8 January 2019 to 31 December 2019, referred to as Pre-Covid-19; the second sub-period, referred to as the first Covid-19 Wave, comprises the period from 2 January 2020 to 31 December 2020; the second Covid-19 Wave includes the years from 2 January 2021 to 23 February 2022; Finally, the last sub-period, called Conflict, covers the years from 24 February 2022 to 6 December 2024. The green indices (CELS, ICLN, SPGTCLEN) showed extremely high correlations with each other in all periods, reducing the effectiveness of diversification in the sector. Gold remained a consistent, safe haven asset, with negative or very low correlations with the green indices, especially during global crises. Silver evolved from moderate to negative correlations with the green indices, reinforcing its usefulness as a hedging asset. Copper, initially positively correlated with green indices, has exhibited negative correlations recently, making it a strategic asset in portfolios with green energy assets. It was also found that only copper (HGH5) was contagious during the first wave of COVID-19, which validates the evidence found earlier through unconditional correlations. In conclusion, these results highlight that gold and silver effectively protect against market shocks, while copper can be used as a diversifying asset in green energy portfolios, thus requiring differentiated strategies to maximise diversification benefits.
- O desempenho empresarial numa ótica de caixa: estudo comparativo entre as PME’s excelência e as médias empresas portuguesasPublication . Carreira, Francisco José Alegria; Alexandre, Paulo; Pardal, PedroO tecido empresarial português é constituído, essencialmente, por pequenas e médias empresas e no atual contexto de incerteza em que estas desenvolvem a sua atividade, o fator liquidez, é uma das principais preocupações dos gestores. Neste contexto destacam-se as PME Excelência, que constituem a “nata” das PME’s em Portugal. Este estudo tem por objetivo comparar o desempenho entre as PME Excelência’16 e o universo das empresas portuguesas de média dimensão, numa perspetiva de caixa pelo que se recorreu a um conjunto dos indicadores suportado na Demonstração de Fluxos de Caixa, ao invés de uma abordagem mais tradicional. Constatamos que, por um lado, as PME Excelência apresentam uma maior capacidade de gerar caixa por unidade vendida, um maior esforço de investimento e financiamento com maior recurso aos fluxos gerados pelo seu negócio em detrimento de financiamento por parte de sócios/acionistas ou empréstimos bancários e, por outro lado, apresentam um rácio inferior na qualidade dos resultados (transformação de volume de negócios e EBITDA em fluxos monetários recebidos).
- A divulgação de informação nos websites: estudo comparativo das IPSS dos concelhos de Beja e de SetúbalPublication . Pereira, Fernanda; Carreira, Francisco José Alegria; Pardal, Pedro; Alexandre, PauloA economia do terceiro setor apresenta hoje um peso significativo no PIB nacional, o que por si só justifica um olhar atento sobre a divulgação da sua informação. Acontecimentos recentes e a crescente exigência da sociedade no que respeita à accountability tem feito com que este setor esteja sob forte escrutínio (Pardal et al, 2019). O caso de estudo que aqui apresentamos constitui a aplicação de índice construído às Instituições Particulares de Solidariedade Social do Concelho de Beja. Este mesmo índice foi desenvolvido por Pedro et al (2019), mas aplicado às IPSS do concelho de Setúbal, pelo que iremos em capítulo próprio comparar os resultados obtidos para cada um dos concelhos e analisar as respetivas diferenças. No que se refere ao concelho de Setúbal foram avaliadas 47 IPSS, das quais 35 divulgam informação financeira. Comparativamente no concelho de Beja temos um conjunto de 22 IPSS avaliadas, das quais 19 divulgam informação financeira. A dimensão dos números em análise está intimamente ligada à densidade populacional (503,8 em Setúbal e 29,4 em Beja no ano de 2018)1 , ao PIB per capita (25821,7 Setúbal e 18446,6 para Beja)2 e claro ao envelhecimento da população em cada um dos cada um dos concelhos.
- Do investors tend to overreact when investing in clean energy stock indices?Publication . Dias, Rui; Galvão, Rosa; Cruz, Sandra; Gonçalves, Sidalina; Irfan, Mohammad; Teixeira, Nuno; Alexandre, Paulo; Palma, Cristina; Almeida, LilianaDue to climate change, investors are increasingly interested in clean energy stocks attracting many investors due to clean energy prospects. This paper analyses investor overreactions to long-term prices in various clean energy stock indices, such as Clean Energy Fuels (CLNE), Global Clean Energy (GCEI), as well as the Dow Jones Industrials (DJI) stock index, over the period from 24 February 2022 to 23 May 2024. The results show that the Global Clean Energy (GCEI) clean energy stock index rejects H0 at the 16-day lag at a significance level of 1%; similarly, the Clean Energy Fuels (CLNE) index rejects the null hypothesis at lags 8, 9, 10, 11 and 12 days, both indices show negative serial autocorrelation, which means that price movements are not entirely random and are influenced by prior price movements. This evidence could mean that investors overreact to the information that reaches the market. On the other hand, the ETF (PWYF) and the Dow Jones Industrial Stock Index (DJI) show that the random walk hypothesis has not been rejected. In other words, these markets show that they are in equilibrium and that the existence of exaggerated reactions on the part of investors is not significant. The answer to the research question was partially accepted, so the Russian invasion of Ukraine in 2022 led to the partial presence of overreactions in these stock indices. In conclusion, investors operating in these markets should exercise caution and consider their risk tolerance before investing. Investors should, therefore, continue to monitor market trends and adjust their investment strategies accordingly.
- Efficiency of traditional and green cryptocurrencies: A comparative analysisPublication . Dias, Rui; Galvão, Rosa; Filho, Aloísio Machado da Silva; Teixeira, Nuno; Alexandre, Paulo; Gonçalves, SidalinaThe main objective of this research is to evaluate the efficiency, in its weak form, of digital currencies classified as "dirty", such as Bitcoin (BTC) and Ethereum (ETH), and the green ones, namely Lisk (LISK), Metaverse (METAVERSE), Quantum (QTUM), Litecoin (LTC), Augur (REP), Cardano (ADA), Dash (DASH), EOS (EOS), Quantum (QTUM), Litecoin (LTC), Ripple (XRP), Augur (REP), Cardano (ADA), Dash (DASH), EOS (EOS), IOTA (IOTA), Monero (XMR), Neo (NEO), Omisego (OMG), Stellar (XLM) and Zcash (ZEC), for the period from 1 January 2018 to 23 November 2023. The results show that Bitcoin (BTC), Metaverse, Litecoin (LTC) and Cardano (ADA) have persistent behaviour with a long memory, which favours long-term strategies. Long memories indicate that markets are less efficient, where trends tend to continue, making long-term strategies more effective. On the other hand, cryptocurrencies such as Lisk, Quantum, Ethereum (ETH), Ripple (XRP), Augur, Dash, EOS, IOTA, Monero, Neo, Omisego, Stellar and Zcash show antipersistent behaviour, with rapid correction of deviations, suggesting more efficient markets, but with less predictability. This favours short-term strategies such as arbitrage and scalping. The analysis reveals that cryptocurrencies with long memory, such as BTC, LTC and ADA, are more predictable in the long term, while most others, such as ETH and XRP, are more suitable for short-term trading, reflecting structural differences in the market.
- O grau de divulgação de informação nos websites das IPSSPublication . Pardal, Pedro; Carreira, Francisco José Alegria; Alexandre, PauloO terceiro setor, onde se enquadram as IPSS, tem vindo nas últimas décadas a crescer em dimensão e peso na economia portuguesa. A accountability destas entidades, tem estado sob forte escrutínio da sociedade onde se inserem e vão para além das obrigações legais. Esta investigação, ainda que exploratória e de âmbito limitado - apenas as IPSS do concelho de Setúbal - tem como objetivo analisar como as IPSS utilizam a internet para se darem a conhecer e divulgar informação. Deste modo, propomos um índice para avaliar o nível da informação prestada através dos websites dessas Instituições, o que nos permitiu constatar que existem um grande espaço de progressão na divulgação de informação financeira e não financeira (em cinco perspetivas: institucional, atividades ou projetos, prestação de contas, navegabilidade e acessibilidade), de modo a alcançarem no global, uma posição razoável de transparência na difusão da informação perante todos os stakeholders.
- The influence of the international oil price on the EUR/USD exchange ratePublication . Dias, Rui; Galvão, Rosa; Alexandre, Paulo; Teixeira, Nuno; Palma, Cristina; Leote, FranciscoThe study analyses the influence of the international oil price, focusing on the CBOE Crude Oil Volatility Index and Brent crude oil, on the main exchange rates: EUR/GBP, EUR/USD, GBP/USD, USD/CHF and USD/JPY. The analysis covers the period from 3 January 2022 to 8 December 2024 to examine the relationship between fluctuations in the oil market and the behaviour of exchange rates. The results show that the CBOE index directly impacts the EUR/GBP currency pair, reflecting the influence of global volatility on financial markets. The EUR/USD pair is influenced by the behaviour of the USD/JPY currency pair, showing the interconnection between the major currencies. Brent futures significantly affect the USD/CHF and USD/JPY currency pairs due to the importance of oil as a strategic commodity and the sensitivity of currencies such as the Yen and Swiss franc to fluctuations in energy prices. These relationships show the strong interconnectedness of global markets, highlighting the importance of informed risk management and decision-making strategies in interdependent environments.
- The role of perceived organisational support in predicting organisational commitment and organizational citizenship behavior in professional organizationsPublication . Singh, Sandhya; Dias, Rui; Irfan, Mohammad; Galvão, Rosa; Alexandre, Paulo; Gonçalves, SidalinaThe study examined the "role of perceived organisational support in predicting organisational commitment and organisational citizenship behaviour in professional organisations". The primary data was acquired through a questionnaire from 200 respondents (employees from the finance and technology sectors) via a stratified random sampling technique. Excel and SPSS 26 were utilised for data analysis, and Statistical tools such as Anova, regression and correlation were used. The results demonstrated that perceived organisational support (POS) positively influences organisational commitment. Moreover, it has been found that perceived organisational support (POS) and organisational citizenship behaviour (OCB) in professional organisations have a substantial correlation, and there are significant differences in the perception of organisational support, commitment, and OCB among professionals working in the technology and finance sectors. This study can assist decision-makers and managers in the finance and technology sector in creating a comprehensive plan for organisational support and development programs that effectively include employees in their job responsibilities. The study provides valuable insights into the importance of perceived organisational support in fostering organisational commitment and citizenship behaviour.
- Testing the diversifying asset hypothesis between clean energy stock indices and oil pricePublication . Dias, Rui; Galvão, Rosa; Cruz, Sandra; Irfan, Mohammad; Alexandre, Paulo; Gonçalves, Sidalina; Teixeira, Nuno; Palma, Cristina; Almeida, LilianaIn theory, geopolitical risk and political uncertainty can directly affect energy markets. Fluctuations lead to the cost of clean energy sources as they compete with traditional energy. The purpose of this study is to analyse financial integration and test the diversifying asset hypothesis between clean energy indices, specifically the Clean Energy Fuels (CLNE), Nasdaq Clean Edge Green Energy (CELS), S&P Global Clean Energy (SPGTCLEN), TISDALE Clean Energy (TCEC.CN), Wilderhill (ECO) and West Texas Intermediate (WTI) stock indices, over the period from 1 January 2018 to 23 November 2023. Analysing the results reveals a scenario where most of the clean energy indices show cointegration with each other, indicating long-term relationships that reflect common trends in the clean energy sector. However, the relative independence of the WTI suggests that Oil still acts as an important and potentially diversifying external factor for investors focused on sustainable energy. Structural breaks in 2021 and 2022 in several indices point to significant events that have altered market dynamics, possibly including changes in environmental policies, technological innovations and the impacts of the COVID-19 pandemic. The cointegration evidence and structural breaks provide valuable information for building investment portfolios. Investors can consider the WTI to diversify portfolios dominated by clean energy assets, taking advantage of Oil’s relative independence. On the other hand, the high correlation between clean energy indices suggests that, within this sector, diversification options are more limited, requiring careful analysis of the specific characteristics of each index and the macroeconomic forces affecting them.