David Justino's research while affiliated with Universidade NOVA de Lisboa and other places
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Publications (7)
Corporate Finance is a fashionable field in schools of Economics throughout the World. Although the main epistemological break to identify its scientific character may be established in the decade of the 1950s, this paper demonstrates how much developed financial thought there was in Europe before the First World War. Thanks to considerable growth...
This paper addresses the legal features of the Lisbon Stock Exchange. It gives special attention to the trade networks, global performance, and economic growth that have influenced that stock market over the centuries, ultimately determining shareholder protection, market transparency, and economic efficiency according to prevailing politics. Under...
Country profiles_51 Portugal Land of discoverors In the 15th century, during The Age of the Discoveries, a rudimentary form of centralized market existed in Lisbon. It solved two problems: how to assemble the large amounts of money necessary to finance the fleets and the voyages; and how to agree the premia for insurance contracts to cover the asso...
Credit Suisse Global Investment Returns Sourcebook 2014 147 CHAPTER 20 Portugal The data for Portuguese equities come from a three-year study by Maria Eugénia Mata and José da Costa; see da Costa, Mata, and Justino (2012) for an interim report. They have created an all-share weekly index for the Lisbon stock exchange starting from 3 January 1900 (h...
In spite of the importance of having a figure for the domestic average Cost of Capital to base the estimates of the discount rates used in a number of longterm investments, the fact is that Portugal does not yet know with confidence its own value. Part of the answer might be attached to the number of profound impacts that affected and disturbed its...
The oldest Portuguese share index still being calculated is the BVL/PSI-General, one which started the daily series on 5/Jan/1988 with a base value of 1000 points. Everyday a single value is computed based on the closing prices of all the shares included in the sample. Also, all corporate events affecting the price of any share beyond market sentim...
Citations
... Our study contributes to the literature in several ways. Firstly, we are the first to use the historical database recently collected by Mata et al. (2017) to test the AMH. This new database covers nearly 120 years of Portuguese stock market history. ...
![[object Object]](https://i1.rgstatic.net/ii/profile.image/278625145376786-1443440819599_Q64/Maria-Mata-7.jpg)
![[object Object]](https://i1.rgstatic.net/ii/profile.image/278965605421058-1443521991183_Q64/Jose-Costa-13.jpg)
... In a broad sense, it is one of the areas in economic science in the field of financial support for business. This is a popular part of world economic schools (Mata, da Costa, & Justino, 2018). Corporate finance is considered even more broadly -as an independent field of knowledge and as the result of scientific research in the science of finance. ...
... We also used the database of risk-free rates created by Mata et al. (2017), which comprises short-term interest rates. Once again, we completed the database for the most recent period (2015-2020) using the Euro interbank overnight index average (EONIA), as suggested by Da Costa et al. (2012). EONIA was obtained from the EURIBOR online statistics database. ...
... The final sample is composed of 219 different stocks, which were traded during some period of time between 1988 and 2008. The number of stocks in our sample ranges between a minimum of 69 in 2008 and a maximum of 168 in 1994.The return of the market portfolio is proxied by the equally-weighted return of all stocks available in each month of the sample 1 .Since Portugal did not have short-term government securities during most of the period covered by this study, we proxy the risk-free rate of return by the equivalent monthly Interbank Money Market (IMM) Overnight (O/N) interest rate as suggested byCosta et al. (2009). Data on IMM O/N interest rate is taken from Banco de Portugal (www.bportugal.pt). ...
