CARME - Comunicações em conferências com publicação em atas
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- Emissions trading market : from the theoretical ideal to the cumbersome realityPublication . Fernandes, Maria EduardaTo comply with the commitments assumed under the Kyoto Protocol the European Union (EU) has in July 2003 decided to create an emissions trading market for CO2. The Directive (Directive between the European Parliament, the Commission and the Council of Environmental Ministers, CEC, 2003) that establishes the market for CO2 permits will be enforced after January 2005 in all member-states including the youngest ones from the Eastern Europe. It was also determined that emission permits would be grandfathered, and that each member state is committed to undertake domestic programs including the definition of the criterions for the national allocation of those permits (...)
- Do emission permits markets' original advantages still hold?Publication . Fernandes, Maria Eduarda; Pinto, Lígia; Botelho, AnabelaEmission permits markets have been implemented all over the world but in very different conditions than those assumed in the original models developed by Dales (1968) or Montgomery (1972). This paper summarizes the assumptions that are violated when implementing this policy instrument. Reviewing the most significant literature in the area, we analyse the consequences of these violations for the outcome of emission permits markets, and derive conclusions about whether the traditional advantages associated with this instrument still hold. The major solutions that have been suggested for the identified market failures are also described. We find that despite the conflicting results reported in the literature, there are some conclusions unanimously accepted. Importantly, we find that the characteristics of market institutions are significant determinants of the outcome of these markets, which means that these aspects may no longer be treated as a mere detail as within the neoclassical approach. In addition, we find that these characteristics have important impacts on many other “market failures” identified in this paper. Since these aspects were not included in the original models, their predictions differ from the results effectively achieved with the implementation of an emissions permit market.
- Diferentes métodos de distribuição inicial dos direitos de emissão de CO2 na União Europeia : impacto sobre a eficiênciaPublication . Fernandes, Maria Eduarda; Botelho, Anabela; Pinto, LígiaPara lidar com o problema das alterações climáticas globais a escolha tem recaído, sobretudo, em instrumentos de política ambiental baseados no funcionamento do mercado. O Protocolo de Quioto e o mercado europeu para transacção de direitos de emissão de CO2 (EU ETS – European Union Emissions Trading Scheme) são exemplos claros dessa mesma opção. Tendo em conta a sua importância e carácter inovador como política de combate a uma externalidade negativa ao nível global, um conhecimento mais profundo deste instrumento de política é essencial (...)
- Understanding the relationship between insider ownership and performance in EuropePublication . Lisboa, Inês; Esperança, José PauloThis paper discusses the impact of insider ownership on performance for two European regions: South and Central Europe. To our knowledge, no prior study has made a similar comparison. We confirm that performance increases as the firm’s owner sustains its control because the interests of managers and owners are aligned. Furthermore we find that insider ownership is more valuable in South European countries due to the weaker enforcement of the legal system. However we also corroborate that corporate ownership varies in ways consistent with the maximization of the firm performance and these inferences may be affected.
- European Union's CO2 emission permits market : an experimental studyPublication . Fernandes, Maria Eduarda; Pinto, Lígia; Botelho, AnabelaGlobal warming is a major issue on international political agendas regardless of the uncertainties and divergences still remaining on the real dimension of the problem. Scientific community disagreement on its true consequences for human life is even bigger but public opinion urges for action. Anthropogenic greenhouse gases (GHG) emissions became the target and its mitigation compulsory, as they are pointed as key responsible for the sudden and severe global climate change we are facing. Therefore, to choose the best policy instrument to achieve this environmental goal while minimizing the consequences for economies competitiveness is a crucial task (...)
- Grandfathering vs. auctioning in the EU ETS : an experimental studyPublication . Botelho, Anabela; Fernandes, Maria Eduarda; Pinto, LígiaThe present paper is the first to simultaneously include rules and parameters that try to parallel the EU ETS in the laboratory. To study the adequacy of the institution chosen for the EU ETS is our goal as well as testing the impact of changing the initial allocation rule: auctioning instead of grandfathering, in two different experimental treatments. The use of auctions as a rule for the initial allocation method for CO2 emission permits, in the next stages of the EU ETS (European Union Emissions Trading Scheme) is a subject the European Commission and its Member-States are currently discussing and evaluating. This paper is the first to experimentally test the Ausubel (2004) auction for the case of CO2 emission permits in the EU ETS, a theoretically efficient dynamic design for multiple units with results equivalent to the Vickrey auction. Our experimental results suggest that the Ausubel auction does not allocate CO2 emission permits efficiently but at the end total abatement cost minimization is still achieved in the auctioning treatment. The importance of the secondary market, and its functioning rules, is highlighted in this experimental treatment. Moreover, we conclude efficiency is the same whether emission permits are initially auctioned or grandfathered.
- O impacto da liderança autêntica no desempenho dos colaboradores: o papel mediador do empenhamento afetivoPublication . Marques, Alzira; Ribeiro, Neuza; Nunes, Sandra
- Como as percepções de climas autentizóticos explicam os comportamentos inovadores e o desempenho individualPublication . Matos, Joana; Ribeiro, NeuzaO presente estudo procura investigar como as perceções de climas autentizóticos (espírito de camaradagem; confiança e credibilidade do líder; comunicação aberta e franca com o líder; oportunidades de aprendizagem e desenvolvimento pessoal; equidade/justiça; conciliação trabalho-família) explicam os comportamentos inovadores e o desempenho individual. Foram analisados os dados referentes a um questionário aplicado a 128 colaboradores de uma multinacional. Os resultados sugerem que (1) a perceção de espírito de camaradagem por parte dos colaboradores explica os seus comportamentos inovadores; (2) a perceção de equidade/justiça e de comunicação aberta e franca com o líder explica o desempenho individual; (3) o comportamento inovador influencia o desempenho individual. Pesem embora as limitações do estudo, a evidência empírica sugere que as organizações devem promover o clima autentizótico, nomeadamente o espírito de camaradagem, a equidade/justiça e a comunicação aberta e franca com os líderes se pretendem que os colaboradores adotem mais comportamentos inovadores e melhorem os seus desempenhos individuais.
- O impacto da justiça organizacional nas intenções de turnover: um estudo em Portugal e Cabo-VerdePublication . Freire, Manuela; Semedo, Suzete; Ribeiro, Neuza
- Regional planning insights from a portuguese bi-regional input-output model – the potential impact of agri food industryPublication . Sargento, Ana; Ramos, Pedro; Barata, Eduardo; Cruz, LuísIn Portugal, the public debate at regional level is typically engaged in the discussion of asymmetries amongst the ‘interior’ and the ‘coast’. What is often discussed, with political and social relevance, is the extent of the interior’s delay (in terms of development) comparatively to the coastal region, and into what extent the dynamics of the economy, or eventually the ‘bias’ introduced by public policies, contributes to this drawback. Interestingly, however, the Portuguese regional science has miscarried this debate, largely on the grounds that the official statistics do not include this cleavage. Indeed, the design of the NUTS II in Portugal splits the country horizontally, forgetting the vertical gap that splits the interior regions from the coastal ones. The first objective of this paper is therefore to refocus the debate - in scientific terms – on the actual territorial disparity in Portugal: the contrast Coast-Interior. Accordingly, this paper starts by presenting the structure of a bi-regional Input-Output (IO) model for the Portuguese Economy. We consider a rectangular IO model (431 products by 125 industries), decomposing the Portuguese economy into two regions with comparable territorial sizes (the Coastal Region, comprising 44% of the Portuguese continental area, and the Interior Region). the model is ‘closed’ for the private consumption of households below 65 (which is supposed to be endogenous, as it depends on regional employment and therefore on households’ earnings. Multi-regional IO models describe the inter-sectoral dependencies both within the region and between the regions. The main aim is then to assess how the effects of a shock that hits only one of the regions are ‘distributed’ among the two regions. In particular, we intend to analyse at a greater detail the role of the agri-food sector in the Interior Region. Overall results illustrate the dependence of the Interior on the Coastal region, and that the (positive or negative) effects of a shock that hits the Interior Region tend to leak significantly to the Coastal Region, while an exogenous event in the Coastal Region tends to see its effects relatively more contained within the region.Thus, this analysis can be particularly relevant to policy-makers in dealing with regional and territorial planning, as they are better informed about the root causes of some outcomes. Accordingly, a summary of the key lessons learned and a discussion of their policy relevance, both at regional and national levels, will be offered.