Pedro Nogueira Reis

• Doctor of Business Administration
• Polytechnic Institute of Viseu

This study examines how consumer, investor, and manager sentiment explain US stock excess returns over 23 years. Its novelty resides in integrating the sentiments of three different types of economic and financial agents. It also performs a segmented temporal analysis using rolling window techniques, to assess sentiment’s impact across different ti...

In this study, we provide a thorough analysis, conducted on a company-by-company basis, of the impact of bank concentration and the bank-relative power of banks on firm profitability, financing costs, and capital structure in a small economy like Portugal. Using a sample of 434,990 Portuguese companies, the study spans a time frame of 13 years (fro...

Purpose This paper aims to analyze the impact of the adoption of ISO 14001 and ISO 9001 on the performance of Portuguese companies. The sample includes the companies listed on Euronext Lisbon, with economic, financial and specific information – the specific being environmental information and quality information – for the period between 2015 and 20...

Purpose The purpose of this work is to study the connections generated between stock market indices, representing firms whose practices focus on fighting climate change and several global risk factors in accordance with the sustainability objectives defined in the 2030 Agenda. An endogenous perspective is adopted, considering the spillovers generat...

O Impacto do Sentimento Gerado pela Pandemia COVID-19 na Rentabilidade dos Mercados Financeiros: Uma Abordagem Comparativa dos Mercados dos EUA, China, Japão, Índia e Europa

This research aims to recognise the impact of communication, training, joint commitment, leadership practices, and corporate bonuses as productivity predictors. For this purpose, a questionnaire survey was used to obtain a longitudinal case study involving 147 semi-structured interviews with employees and managers engaging in different roles. Then,...

This paper investigates how bank characteristics (market share, principal shareholders, profitability, and size), and the gender of the company’s board members, along with their supervisory abilities, influence the firm’s performance, cost of debt, and leverage. We extracted relevant data from a sample of nearly 18,300 Portuguese companies in 2020...

With the globalization and internationalization of markets, companies need to be more competitive and offer high-quality guarantees to consumers, suppliers, banking institutions , and shareholders. Thus, the objective of this paper is to measure the impacts that these guarantees, analyzed through quality management, environmental management , and m...

This paper aims to analyze the impact of the adoption of ISO 14001 and ISO 9001 on the performance of Portuguese companies. The sample includes the companies listed on Euronext Lisbon, with economic, financial, and specific information – the specific being environmental information and quality information – for the period between 2015 and 2019, whi...

This work delineates the factors determining investor sentiment in specific regions during the pandemic and the influence of attitudes towards vaccination. The findings show that the reactions of knowledgeable investors in different regions to the economic effects of the pandemic were not uniform but depended on a variety of individual factors. Ris...

This article aims to assess how fiscal and financial incentives and government support conditioned the profitability of Portuguese SMEs between 2010 and 2019. The high tax and financial burdens on SMEs have consequences for sustainability and business development. Thus, the study analyzes different incentives provided by the Portuguese government t...

This paper aims to ascertain how company-specific factors influence the corporate ownership concentration of Portuguese firms. The paper employs several different regression techniques: Generalized Linear Model, Ordered Logit, 2 Stage Least Squares, Ordinary Least Squares, Truncated and Constrained regression. Additionally, to test the model's pred...

This paper proposes an Investor Sentiment Index for the European market and tests its predictability power over returns and volatility. The constructed Investor Sentiment Index for Europe draws upon three well-established and two recent individual sentiment proxies through a novel dynamic factor modeling addressed to behavioral finance. The index i...

Although some studies recently address the association between COVID-19 sentiment and returns, volatility, or stock trading volume, no one conducts an analysis to measure the impact of investor rationality or irrationality on the influence on countries and sectors’ returns. This work creates a text media sentiment and combines its influence with th...

This study assesses the impact of investor sentiment on the volatility of the PSI 20 and IBEX 35 from time series data from January 1988 to May 2019. The impact of investor sentiment on market and portfolio selection has aroused great interest in the literature, however the results obtained are not consensual, considering the different methodologie...

This article investigates the suitability of 13 investor sentiment proxies as causal explanations for monthly stock returns of the European S&P 350 constituents over 45 years. We analyzed a sample of 362 companies covering 16 European countries. Analyses incorporate multiple categories of investor sentiment arising from market or survey data, as we...

This study presents a new European investor sentiment index, EURsent, based on new individual sentiment proxies such as VSTOXX, gold, and the German bond yield spread, and studies the spillover and contagion between the United States and Europe. Furthermore, it analyses the simultaneous influence of this new sentiment measure index on both volatili...

Although some studies recently address the association between COVID-19 sentiment and returns, volatility, or stock trading volume, no one conducts an analysis to measure the impact of investor rationality or irrationality on the influence on countries and sectors’ returns. This work creates a text media sentiment and combines its influence with th...

This longitudinal study examines the impact that terrorist attacks within a representative group of European countries can have on the tourism demand of a South European country with no record of terrorism attacks. In order to analyze the connections between terrorist attacks and tourists' arrivals, occurred between 2002 and the end of 2016, an Unr...

A criação de valor na indústria em países desenvolvidos está a ser direcionada pela quarta etapa de industrialização, denominada Indústria 4.0. As oportunidades são ilimitadas, mas os desafios são inúmeros criando dificuldades para as empresas na adoção dessas tecnologias. Este artigo, para além de uma revisão da literatura sobre a evolução das rec...

The relation between performance and board size (BS) is analysed in the American and European contexts. It is found that return on assets (ROA) depends on BS defined as an endogenous explanatory variable. This potentially non-monotonous effect is modelled by introducing firm size and number of segments by board member as explanatory variables for R...

Academics and practitioners have been applying equity valuation methods mainly based on discount cash flow models, residual income models or dividend discount models combined with balance sheet and income statement multiples of market comparables to analyse share price and to provide price targets for investors or even base for transactions such as...

Introduction: The value creation in industry in developed countries is being driven by the fourth stage of industrialization, denominated by Industry 4.0. The new industrial revolution will be motivated by next-generation information technologies such as Internet of Things (IoT), cloud computing, Big Data and data analysis, robotics, mobile computi...

Purpose: Why do certain companies live longer than others? The average lifespan of a listed north and South American company is over 33 years and in Europe the average age of a company is 52 (Note 1). In 1288, Stora Enso a big pulp and paper company from Sweden issued its first share. According to credit rating agency Tokyo Shoko Research, in Japan...

It isa fact that the uncertainty about a firm's future has to be measured and incorporated into a company's valuation throughout the explicit analysis period - in the continuing or terminal value within valuation models. One of the concerns that can influence the continuing value of enterprises, which is not explicitly considered in traditional val...

Company valuation models attempt to estimate the value of a company in two stages: (1) comprising of a period of explicit analysis and (2) based on unlimited production period of cash flows obtained through a mathematical approach of perpetuity, which is the terminal value. In general, these models, whether they belong to the Dividend Discount Mode...