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- Impacto da terapia de reminiscências com recurso à realidade virtual ao nível da sintomatologia psicológica e comportamental de pessoas com demênciaPublication . Santos, Mariana; Coelho, Tiago; Portugal, PaulaObjetivo: Comparar o impacto de um programa de terapia de reminiscências (TR) com recurso à realidade virtual (RV), com o impacto de um programa de TR com recurso a um estímulo tradicional, ao nível da manifestação de sintomatologia psicológica e comportamental em pessoas com demência, durante as várias sessões. Métodos: Ensaio clínico randomizado, com um desenho do tipo experimental, em que foi realizado o acompanhamento de uma amostra de 14 idosos recrutados por conveniência, divididos por dois grupos de intervenção: TR tradicional (controlo) e TR com recurso à RV (experimental). A intervenção foi constituída por 8 sessões, com frequência bissemanal. Durante cada sessão foi preenchida uma grelha de observação sobre a manifestação de sintomatologia comportamental e psicológica e sobre o envolvimento do participante. Foi ainda utilizado o Simulator Sickness Questionnaire, administrado antes e após a exposição ao vídeo, de forma a avaliar o aumento do grau da manifestação de sintomatologia adversa associada à simulação. Resultados: Não se verificam diferenças significativas entre os grupos no que concerne ao sexo, nível de escolaridade, idade, grau de independência, nas AVD’s e AVDI’s e declínio cognitivo, bem como ao nível da manifestação sintomatológica comportamental e da sintomatologia adversa durante as sessões. No que diz respeito ao envolvimento na experiência, os comportamentos observados foram globalmente positivos, havendo partilha de memórias maioritariamente positivas e um registo de ligeiramente maior envolvimento dos participantes expostos a ambientes imersivos (RV), do que no grupo de controlo. Conclusão: De uma forma geral, o impacto dos diferentes programas de intervenção parece ser semelhante. Através deste estudo, gerou-se evidência acerca da segurança e viabilidade da aplicação de RV neste tipo de intervenção, validando a continuidade da sua utilização.
- A Non-Linear relation between Working Capital Management and Stock LiquidityPublication . Coelho, Tiago; Oliveira, Célia; Lisboa, InêsPurpose – Working capital management (WCM) is related to how the firm manages its credits and inventories to achieve a trade-off between its benefits and costs. It shows the manager and the firm’s efficiency, which impacts its profitability and risk. The higher the firm’s efficiency, the better investors’ perception about the firm which can impact stock liquidity. This study aims to analyze if there is an optimal point between WCM and stock liquidity. Design/Methodology/Approach – For this purpose, a panel of 1,145 firms listed on five Euronext exchanges (Amsterdam, Brussels, Dublin, Lisbon, and Paris), between 2011 and 2019, is analyzed. Stock liquidity is captured using two alternative measures – Amihud (2002) and Fong et al. (2017). Working capital management is measured through the cash conversion cycle (CCC), and its components (days sales outstanding, DSO; days sales inventory, DSI; and days payable outstanding, DPO). Non-linear relations are estimated using fixed effects models. Findings – Results reveal an inverse U-shaped relation between cash conversion cycle, and its specific component days sales inventory, and stock liquidity, suggesting that there is an optimal value of CCC and DSI that maximize stock’s liquidity. Originality/Value – Most studies focus on the impact of WCM on operational profitability or stock’s return. The impact on stock’s illiquidity is less explored, so this study contributes to the debate whether being efficient in managing working capital can influence the transaction of stocks. Two alternative measures of liquidity are used since there is no consensus about which is better. This allows us to have different perspectives of liquidity, and to capture not only the breadth and depth of stocks, but also stock rigidity. Finally, instead of analyzing a single market, this work focuses on five European stock exchanges. The study insights are important for managers, investors, and shareholders, emphasizing the potential improvement in stock liquidity through effective WCM.
- Optimal Working Capital Management and Stock Returns: Evidence from European Listed FirmsPublication . Coelho, Tiago; Oliveira, Célia; Lisboa, InêsBased on the working capital management trade-offs, this paper investigates the existence of an optimal point not only of the cash conversion cycle, but also of its components, which maximizes the stock returns of European listed firms. Most studies analyze the non- linear relationship between working capital management and accounting profitability. Studies analyzing stock returns focus on a linear relationship. Therefore, this work adds new knowledge for the literature. The relation between working capital management and stock returns is analyzed with panel data models, in which the quadratic function of cash conversion cycle, or of its components (days sales outstanding, days sales inventory, and days payable outstanding), is considered to capture the existence of an optimal point. The results confirm the existence of an optimal cash conversion cycle point that maximizes stock returns. The conclusions are relevant for managers, investors, and shareholders, as they prove that firms able to efficiently manage working capital trade-offs reward shareholders with higher returns.
- Is there an optimal working capital management that minimizes European stock risk?Publication . Coelho, Tiago; Lisboa, Inês; Oliveira, CéliaPurpose: This paper investigates the existence of an optimal point of the cash conversion cycle (CCC) and its components, which minimizes firms’ stock risk. Methodology: This study applies fixed effect models to a sample of firms listed in Euronext exchanges, from 2011 to 2019. Stock risk is proxied by the standard deviation of stock returns. The quadratic function of the CCC and its components (days sales outstanding – DSO, days sales inventory – DSI, and days payable outstanding – DPO) is applied to capture an optimal point of the working capital management (WCM). Results: Results show the existence of a U-shaped relation between WCM and stock risk, suggesting the existence of an optimal CCC and DSI point that minimizes stock risk Originality: To the best of our knowledge, this is the first paper that explores the existence of an optimal CCC point and also an optimal point of its components (DSO, DSI, and DPO), which minimizes stock risk. This paper is also the first to assess the impact of WCM on stock risk of firms listed in European stock exchanges. The results are also relevant to managers, shareholders, and investors since they demonstrate that firms can minimize the risk of their stocks by practicing an optimal WCM.