ESTiG - Artigos em Revistas Indexados à WoS/Scopus
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- 2024 U.S. presidential elections: An event study for U.S. and non-U.S. fossil fuel and renewable listed firmsPublication . Martins, António Miguel; Albuquerque, Bruno; Sardinha, Luís; Moutinho, NunoThis study examines the short-term market effect of Donald Trump' victory in the 2024 US presidential election on largest US and non-US listed worldwide fuel fossil and renewable firms. Employing an event study methodology, we observe a negative and statistically significant stock price reaction for worldwide renewable listed firms. An analysis by economic zones reveals the existence of negative abnormal returns for renewable energy firms in the US, Europe, India and in the rest of the world. In the case of China, abnormal returns are not statistically significant. With respect to worldwide fossil fuel listed firms, abnormal returns are generally not statistically significant. However, regarding US firms, we observe positive and statistically significant abnormal returns. These abnormal returns are explained by the change of US energy policy (pro-oil and gas policy) and the expected cut in subsidies and lower profitability of investments in green energies. Finally, our study provide insight into which firm-specific characteristics emerge as value drives around US presidential elections. The results show that despite the change in environmental policy in the US, favourable to fossil energy, the stock markets reward firms with high environmental ratings. Overall, our results indicate that 2024 US presidential election, for implying a change in US energy policy, has relevant policy implications for energy listed firms.
- Analyses of pandemics’ quantitative data and economic indicatorsPublication . Carvalho, Kathleen; Reis, Luis Paulo; Teixeira, João PauloThe proposed work is a study that attempts to evaluate the financial impacts of pandemic mitigation strategies in order to be part of a central model that forecasts different scenarios in pandemic situations considering the impact of mitigation procedures in the Economic System and Healthcare System. Economic fluctuations impose a more significant challenge on prediction models, and pandemic modeling methodologies are primarily concerned with the variability of epidemic features, the efficiency of control measures over time, and the development of different viral variants. In this context, this paper correlates economic indicators with quantitative parameters of the last three respiratory virus pandemics, specifically the GDP and the unemployment rates, with a sample encompassing three European countries, the United Kingdom (UK), France, and Germany, that pass through the pandemics under study. The results provide intriguing information, such as the moderated and weak correlation factor between deaths with GDP in the Spanish flu and Swine flu, and the WWI and the 2009 crises can explain which. On the other hand, the correlation factors associated with COVID-19 show a weak to moderate correlation parameter with GDP and unemployment rates but present interesting numbers when the number of people fully vaccinated is compared with GDP. Also, as the correlation factor does not presente a strong relation between daily deaths and GDP, this indicates a necessity for comparison with other economic parameters.
- The impact of hotel operational factors and crises on corporate debtPublication . Pereira, Rita; Alves, Jorge; Moutinho, NunoTourism is an important sector for the development and economic growth of a country and the work and dynamism of hotels in this context is fundamental. Therefore, companies may take on debt to enable greater investment, which can enhance the quality of their operational activities in the hotels they manage. Bearing this in mind, this study seeks to identify the operational factors – specifically hotel characteristics - that affect the debt of Portuguese hotel companies, also during periods of crisis. Based on a sample of 9842 observations from 1191 hotel companies between the years 2005 to 2020, both descriptive and inferential analysis were conducted using the ordinary least squares method. The results show that a hotel’s debt is positively influenced by its star rating but negatively affected by its ownership. For younger companies, the relationship with debt is positively influenced by ownership and negatively impacted by the hotel's brand. The study also concludes that the debt of these companies tends to increase during periods of economic or financial crisis.
- A simple 3D orthotropic model for the tensile response of geogrids: in-isolation and soil–geogrid interaction applicationsPublication . Paiva, Lucas; Pinho-Lopes, Margarida; Valente, Robertt; Paula, António MiguelThe short-term tensile response is one of the key aspects in designing geogrid-reinforced soil structures. In this paper a simple data-driven 3D orthotropic model for the short-term tensile response is proposed. The Hill48 yield model is chosen to represent the orthotropic behaviour of the geogrid, and a procedure to obtain the necessary parameters, from simple tensile test data, is presented. The model is then implemented in ABAQUS, and validated against a realistic problem where the geogrid is embedded in soil. The influence of the orthotropy (against isotropy) on both the reinforcement and the overall soil-geogrid structure is evaluated. The results show that the orthotropic model can accurately predict the tensile response of the geogrid in different directions, with the orthotropy having a significant influence on the reinforcement and the overall structural response, especially in highly orthotropic materials. The study further examined stress redistribution capabilities in geogrids with notches, revealing enhanced stabilization performance using the orthotropic model. Parametric tests indicated that traditional isotropic assumptions might underpredict or overpredict reinforcement performance, emphasizing the advantages for accurate orthotropic characterization. The proposed 3D framework provides a robust, straightforward method for evaluating and optimizing geogrid designs, enabling better prediction of reinforced soil behaviour in geotechnical applications.
- Smart tourism destination advances through qualitative research and further research avenues: a systematic literature reviewPublication . Vaz, Roberto; Carvalho, João Vidal de; Teixeira, Sandrina Francisca; Castanho, RuiSmart tourism destinations have emerged in the last decade as a recent evolution of destination. These denote innovative tourist spaces based on hyper-connected technological infrastructures that promote sustainable development, efficient resource management, improved tourist experiences and meaningful interactions with residents, contributing to enhancing destinations' competitiveness in the tourist sector. However, its widespread understanding and operationalization benefiting from qualitative research practices remains poorly explored. This article provides a comprehensive systematic literature review combined with thematic analysis to examine 43 studies on smart tourism destination advancements through qualitative approaches in detail and identify critical research trends that require urgent attention. The results provide multiple theoretical and practical implications related to employing qualitative methods to advance this emerging field; the most representative geographic scope covered and others demanding attention; the fundamental themes addressed for the economic, sociocultural, environmental, managerial, political, and tourism informatics dimensions of smart tourism destinations; and several future research avenues to extend and shape the future of this area of knowledge.
- Stock market effects of CrowdStrike IT outage on largest listed hotel companiesPublication . Albuquerque, Bruno; Cró, Susana; Moutinho, Nuno; Martins, António MiguelThis study analyses the short-term market effect of CrowdStrike IT outage in the 100 largest worldwide listed hotel companies. Using an event study methodology, the paper analyses how hotel companies are penalized by the market to the biggest IT disruption in history. Our results evidence a statistically significant negative reaction around the event date. This result is explained by the adverse impact caused by IT failures in the hotel’s business operations (reservation, payment, technical systems) and supply chain processes, which result in financial losses. We also observe a highest negative stock market reaction for hotel companies located in Western countries and for hotels with a low cyber risk rating. Finally, this study identifies hotel-specific characteristics that drive value during an IT outage. The research evidence that larger and more profitable hotel companies, with lower leverage and higher cyber risk ratings are more resilient to the adverse effects of IT outages.