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- Mercados obrigacionistasPublication . Pinho, Carlos; Tavares, Susana1. Conceitos fundamentais 2. Modalidades de obrigações 3. Valorização de obrigações 3.1. Obrigações de Taxa Fixa 3.2. Obrigações de Taxa Indexada 4. Medidas de rendibilidade 4.1. Yield to Maturity e yield curve 4.2. Taxa de Retorno Efectiva 5. Medidas de Risco 5.1. Rating 5.2. Duração 5.3. Convexidade 6. Imunização
- A teoria da estrutura de capitalPublication . Pinho, Carlos; Tavares, Susana1. Perspetiva geral sobre o financiamento 1.1. O Passivo 1.2. O Capital Próprio 2. A Teoria da Estrutura de Capital 2.1. Modelos Estáticos: 2.1.1 As preposições I e II de Modigliani e Miller num mercado perfeito 2.1.2 As preposições I e II de Modigliani e Miller numa economia com impostos sobre as empresas. 2.2. Modelos desenvolvidos posteriormente a Modigliani e Miller 2.2.1. Modelos baseados nas relações de agência 2.2.2. Modelos baseados na assimetria de informação 2.2.3. Modelos Baseados nas Interacções Produto/Input 2.2.4. Modelos Baseados em Considerações de Controlo 2.3. O custo do capital depois de imposto (WACC- Weighted average cost of capital)
- Why auditors increasingly rely on analytical procedures : an empirical approach in PortugalPublication . Pinho, Carlos; Santos, Paula; Martins, António Eduardo Pais Falcão BarbosaThe increasing sophistication and quantity of transactions considered to be financial facts included in accounting records and financial statements raises additional issues in terms of financial auditing. Finding more corroborating evidence for the claims made in balances, transaction classes and disclosures is naturally made more difficult by the fact that accounting information and financial reports are increasingly complex both in terms of the corroborative strength of the evidence and its quantity. Auditing work therefore relies increasingly on statistical and non-statistical data and on the auditor's use of substantive analytical review procedures, or, to put it briefly, analytical procedures. The conclusions of this empirical study point to the fact that, in general terms, the increasing use of analytical procedures stems from a risk-based approach to auditing together with reasons that have to do with time pressure and the need to carry out more efficient audits with fewer substantive detail tests as well as improvements in the interpretation of standards applicable to auditing work
- Introdução aos instrumentos derivadosPublication . Pinho, Carlos; Tavares, Susana1. Conceitos fundamentais 2. Principais Instrumentos derivados 2.1. Opções 2.1.1. Opções de compra e opções de venda 2.1.2. O que determina o valor das opções 2.1.3. Valorização de opções através da fórmula de Back-Sholes 2.1.4. Estratégias utilizando a detenção combinada de opções 2.2. Futuros 2.3. Swaps
- A análise financeiraPublication . Pinho, Carlos; Tavares, Susana1. Objetivos da Análise Financeira 2. A Preparação das Demonstrações Financeiras para Análise Financeira 2.1. O Balanço Funcional 2.2. A Demonstração dos Resultados 3. Indicadores de Análise Financeira 3.1. Indicadores de Liquidez 3.2. Indicadores Económicos 3.3. Indicadores de Funcionamento 3.4. Indicadores de Endividamento 3.5. Análise de Rendibilidade 3.6. Indicadores de Risco 3.7. O Equilíbrio Financeiro 3.8. Indicadores de Mercado 4. A elaboração de um Relatório de Análise Financeira
- Perspectives of online educationPublication . Reis, Felipa Lopes dos; Pinho, Carlos; Negas, Mário Carrilho; Martins, António Eduardo Pais Falcão BarbosaThe objective of this article is to bring up a reflexion on the nature of online education and its specific characteristics. The reality and development level of Information and Communication Technologies are both fundamental for the success and maturity of more evolved teaching processes. These processes assume themselves increasingly as facilitators and active agents of the diffusion of knowledge.
- Assessing eLearning : finding a model for higher educationPublication . Martins, António Eduardo Pais Falcão Barbosa; Reis, Felipa Lopes dos; Negas, Mário Carrilho; Pinho, CarlosLike every form of education or training, e-learning must be assessed with respect to various criteria, bearing in mind that it is undergoing a constant process of improving and progressing towards its goals. However, it is difficult to define a single model for assessing e-learning as technology is evolving all the time, in addition to the fact that Web 2.0 has created new ways for internet users to relate to each other. Therefore, it will be important to analyse the ways in which assessment 2.0 of e-learning is undertaken, bearing in mind that it will correspond to an evolution in the assessment of the mode of e-learning that could be designated "e-learning 1.0", whose most important points are described below. In assessing e-learning, it is often usual to compare it to exclusively presential models, ignoring the fact that e-learning is about what could be called e-pedagogy, in which new standards of communication, collaboration and group behaviour co-exist. In e-learning, new models of learning are used, involving the way that learners interact not only among themselves but also with the educational resources available, both online and offline, resulting in a change in the way they perceive the learning context in which they are involved. The evaluation of e-learning should be tackled in a very pragmatic way. It should be appropriate to the learning project in question and not become a highly complex study resulting in a large amount of complicated data, in which the aims of the evaluation end up being unclear to users. A proper assessment of e-learning must therefore have objectives, indicators, and goals that are explicit and easy to grasp, making it possible to respond to the questions that users wish to see solved. Above all, it should create methods of presenting the results of the assessment in a way that is easily understood by all parties concerned.
- A adopção das IPSAS em Portugal conduzirá necessariamente ao relato de informação financeira comparável no âmbito do Sector Público Administrativo?Publication . Santos, Paula Gomes dos; Pinho, CarlosAs demonstrações financeiras públicas podem ser menos comparáveis do que os seus utilizadores, habitualmente, presumem. Face à expectativa de implementação das IPSAS em Portugal, este estudo pretende contribuir para determinar se a sua adopção conduzirá, necessariamente, ao relato de informação comparável. As principais conclusões prendem-se com a necessidade de harmonizar a informação orçamental no que respeita quer aos modelos das demonstrações financeiras e aos conceitos envolvidos, quer quanto aos métodos de mensuração das receitas e das despesas. Tenha-se presente que as IPSAS não contemplam as diversas questões estudadas sendo as mesmas definidas pela variada, dispersa e contraditória legislação em vigor.
- The impact of audit reports on auditor change: verification of the determining factors for auditor change in the portuguese contextPublication . Heliodoro, Paula; Lopes, Manuel Mouta; Pinho, Carlos; Ramos, Maria do RosárioThe issue of auditor change and its relation with the opinions issued in financial audit reports is a topic which has been gaining increasing importance in the accounting and auditing areas. The financial audit report represents the final materialization of an external and independent audit. As such, one expects that the opinion expressed by the auditor is not always that forecast by the shareholders or the management of the company being audited. This work attempts to ascertain whether or not a determining relation between a change in auditor and the issuance of qualified audit reports really exists in the Portuguese context, or, on the contrary, if other equally influential factors exist in relation to the said change. The conclusions drawn point to the existence of a significantly positive association between a qualified audit report and a change in auditor, although other relevant factors exist such as the company’s growth rate, governance model and the sector in which it operates
- The financial crisis impact on the composition of an optimal portfolio in the stock market: study applied to portuguese index PSI 20Publication . Pinho, Carlos; Melo, AugustoIn order to maximize their utility function, investors select some assets over others, choosing the portfolio that will allow them to maximize their wealth. Each asset is chosen considering the relationship between the risk of that particular investment (usually measured by variance) - and the profitability it can offer, as well as the risk between this and other assets (measured by covariance). The purpose of this study consisted of constructing the minimum variance portfolio, using data from the PSI-20 (2008-2016) representative asset quotation, where investors are risk reluctant and wish to minimize risk while maintaining the same level of profitability, or on the other hand, maintaining the same level of risk but maximizing expected profit. In order to do this, a comparison of the optimal portfolio in 2004-2017 was carried out, compared to the minimum variance portfolio after the financial crisis (2008-2016). The method used to estimate each asset’s expected profitability that makes up the PSI-20 consists of extracting the obtained historical quotations. The optimal portfolio composition, in the period after the financial crisis, shows that the energy sector has an optimal portfolio weight reduction of 39.15%, that the big distribution sector (23.85%) was introduced into the portfolio and by last, the industrial sector stands its ground in the composition of the optimal portfolio.
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