Browsing by Author "Martins, Francisco"
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- Do borrower country financial system and corporate governance system types influence the spread of syndicated loans?Publication . Moutinho, Nuno; Alves, Carlos Francisco; Martins, FranciscoPurpose – This study aims to analyse the effect of borrower’s country on syndicated loan spreads, featuring countries according to institutional factors, namely financial systems and corporate governance systems. Design/methodology/approach – This study is an empirical investigation based on a unique sample of more than 85,000 syndicated loans from 122 countries. The paper uses standard and 2LS regression analysis to test whether types of financial and corporate governance systems affect loan spreads. Findings – The paper finds that borrowers from countries with financial systems oriented towards the banking-based paradigm pay lower interest rate spreads than those from countries with financial systems oriented towards the market-based paradigm. There is evidence that borrowers from countries with more developed financial systems pay lower spreads. The results also evidence that borrowers from countries with an Anglo-Saxon governance system pay higher spreads than borrowers from countries with a Continental governance system. Originality - The paper highlights the impact of institutional factors on the cost of financing characterizing the countries according to the type of financial system and the type of corporate governance system. The study finds that borrowers from countries with bank-based financial systems pay lower interest rates spreads compared to those from countries with market-based financial systems. The paper also highlights how the level of financial development affects the cost of financing. The paper also focuses on non-financial firms, unlike financial firms which have been the focus of several empirical studies on topics relating to the cost of financing and corporate governance. Research limitations/implications – This study does not consider potential promiscuous relationships, that can arise at the level of ownership structure and governance, between banks and borrowers, that may affect loan spreads. Practical implications – This study suggests that borrower’s financial and corporate governance systems are important factors in the financial intermediation process. The evidence suggests that corporates with higher potential agency cost and higher potential information asymmetry relatively to external loans providers are requested to pay higher spreads. Therefore, the opportunities to such corporates invest optimally tend to be scarcer.
- Sistema didático de baixo custo para soldadura automáticaPublication . Martins, Francisco; Ribeiro, J.E.; Coelho, João PauloO processo de soldadura é um processo muito utilizado na indústria metalomecânica. Um dos métodos de soldadura mais utilizados é o método MIG/MAG (metal inert gas/metal active gas), o qual requer um controlo detalhado dos parâmetros de soldadura, uma vez que estes determinam a qualidade da soldadura. Assim, há a necessidade de estudar a influência dos parâmetros de soldadura na qualidade de uma junta soldada e só há a garantia de que os parâmetros são devidamente controlados recorrendo a sistemas automáticos de soldadura. Contudo, os equipamentos existentes no mercado têm um custo muito elevado, mesmo para aplicações didáticas. Como tal, para contornar este problema e permitir que o IPB (Instituto Politécnico de Bragança) tenha este equipamento optou-se por projetar e fabricar um sistema de soldadura automático para fins didáticos e que, também, ser utilizado em trabalhos de investigação. O princípio básico de funcionamento baseia-se numa mesa tridimensional, com o movimento de três eixos ortogonais (X, Y, Z). A possibilidade dos três graus de liberdade permite o controlo da distância da tocha à peça (eixo Z), utilização de movimentos oscilantes (plano X-Y), velocidade avanço da tocha (eixo Y) controlada e a possibilidade efetuar cordões de soldadura paralelos (eixo X ou Y). O movimento nos eixos é efetuado por motores de passo que garantem velocidades controladas e precisas. Para a modelação da estrutura foi utilizado o software SolidWorks. trabalho. O sistema estrutural foi dimensionado para ter uma elevada rigidez e garantir a flexibilidade suficiente para efetuar uma grande variedade de cordões de soldadura, para tal recorreu-se a simulações com elementos finitos no software SolidWorks, para determinar se a rigidez estrutural era adequada, assim como análises de encurvadura na configuração dos varões.
- The effect of borrower country financial system and corporate governance system types on the spread of syndicated loansPublication . Moutinho, Nuno; Alves, Carlos Francisco; Martins, FranciscoPurpose This study aims to analyse the effect of borrower’s countries on syndicated loan spreads, featuring countries according to institutional factors, namely, financial systems and corporate governance systems. Design/methodology/approach This study is an empirical investigation based on a unique sample of more than 85,000 syndicated loans from 122 countries. The paper uses standard and two-stage least squares regression analysis to test whether the types of financial and corporate governance systems affect loan spreads. Findings The paper finds that borrowers from countries with financial systems oriented towards the banking-based paradigm pay lower interest rate spreads than those from countries with financial systems oriented towards the market-based paradigm. In addition, there is evidence that borrowers from countries with more developed financial systems pay lower spreads. The results also show that borrowers from countries with an Anglo-Saxon governance system pay higher spreads than borrowers from countries with a Continental governance system. Research limitations/implications This study does not consider potential promiscuous relationships that can arise at the ownership structure and governance level between banks and borrowers and may affect loan spreads. Practical implications This study suggests that financial and corporate governance systems are essential factors in the financial intermediation process. Furthermore, the evidence indicates that corporates with higher potential agency costs and higher potential information asymmetry are requested to pay higher spreads. Therefore, the opportunities to such corporates invest optimally tend to be scarcer. Originality/value The paper highlights the impact of institutional factors on the cost of financing, characterising the countries according to the type of financial system and the type of corporate governance system. The study finds that borrowers from countries with bank-based financial systems pay lower interest rate spreads than those from countries with market-based financial systems. The paper also highlights how the level of financial development affects the cost of financing. The paper focusses on non-financial firms, unlike financial firms, which have been the focus of several empirical studies on topics relating to the cost of funding and corporate governance.