Pacheco, Luís Miguel
Loading...
Email Address
Birth Date
Job Title
Last Name
Pacheco
First Name
Luís Miguel
Name
Luís Miguel Pacheco
Biography
Doutorado em Economia pela Universidade Técnica de Lisboa, mestre em Economia Monetária e Financeira e licenciado em Economia. Docente universitário desde 1994, leccionando unidades curriculares em curso de licenciatura, mestrados e doutoramento na área económica e financeira. Membro integrado da unidade de investigação REMIT. Desenvolve atividades de investigação na área financeira e na área do turismo, com publicações em diversas revistas científicas internacionais.
Afiliação:
REMIT (Research on Economics, Management and Information Technologies) e DEG (Departamento de Economia e Gestão)
BF16-0EF2-107B
55945343700
E-5193-2010Research Projects
Organizational Units
REMIT – Research on Economics, Management and Information Technologies
Centro de investigação que que tem como objetivo principal produzir e disseminar conhecimento teórico e aplicado que possibilite uma maior compreensão das dinâmicas e tendências económicas, empresariais, territoriais e tecnológicas do mundo contemporâneo e dos seus efeitos socioeconómicos. O REMIT adota uma perspetiva multidisciplinar que integra vários domínios científicos: Economia e Gestão; Ciências e Tecnologia; Turismo, Património e Cultura.
Founded in 2017, REMIT – Research on Economics, Management and Information Technologies is a research unit of Portucalense University. Based on a multidisciplinary and interdisciplinary perspective it aims at responding to social challenges through a holistic approach involving a wide range of scientific fields such as Economics, Management, Science, Technology, Tourism, Heritage and Culture.
Grounded on the production of advanced scientific knowledge, REMIT has a special focus on its application to the resolution of real issues and challenges, having as strategic orientations:
- the understanding of local, national and international environment;
- the development of activities oriented to professional practice, namely in the business world.
116 results
Search Results
Now showing 1 - 10 of 116
Publication Open Access International diversification of SMEs: The role of foreign capital2019-10 - Pacheco, Luís Miguel; Maldonado, Isabel; Lobo, Carla AzevedoThe aim of this paper is to empirically examine the relationship between the firms’ ownership and control structure, in particular the presence of foreign capital, and their internationalization levels. The internationalization of Portuguese SMEs depends on a multitude of factors, being the impact of foreign investment inflows directed to industrial SMEs a usually forgotten factor. This paper fills that gap using a balanced panel data of 5,722 firms for an eight year period beginning in 2010, researching if the presence of foreign capital influences the level and scope of internationalization, and controlling for the effects of variables such as profitability, age, size, indebtedness and sector of activity. The country of origin of the foreign capital is considered and possible non-linear effects are also tested. The results evidence that the presence in SMEs of foreign shareholders positively influences internationalization. Also, there seems to exist a non-linear relation between the development level of the country of origin of the share capital and internationalization, with the results indicating that firms with capital originated from more advanced countries attain a higher degree of internationalization.Publication Open Access Preferences in university residences: a confirmatory study2019-02 - Almeida, Luís A. Gomes; Pacheco, Luís Miguel; Tavares, Fernando OliveiraThe main objective of this paper is to identify and confirm the characteristics of university residences most valued by the students. The study was carried out in the university residences of a Portuguese public university, for a sample of 342 students. Confirmatory factorial analysis reveals five determining factors in student preferences: the unique experience and experience provided, the interior and location amenities, academic performance, environmental awareness and safety. Fundamentally, it is observed that students prefer residences in the vicinities of the department where they study and other academic spaces and also close to the local markets.Publication Open Access Trading rule discovery using technical analysis and a template matching technique for pattern recognition: Evidence from the Chinese stock market2023-08-01 - Lobão, Júlio; António, Fernandes; Pacheco, Luís MiguelThis paper examines the potential profit of bull flag trading rules in the Shangai Stock Exchange Composite Index (SSE) using a template matching technique based on price pattern recognition. This paper fills a gap in the literature by applying a template matching technique for the recognition of bull flag patterns in the Shangai Stock Exchange Composite Index (SSE) during the period of 1991–2021. To the best of our knowledge, no previous study has applied bull flag trading rules to the Chinese stock market. Our results indicate that bull flag trading rules can correctly predict the price movement direction of the index most of the time, achieving significantly positive excess profits. Moreover, shorter fitting windows and better quality of price fit values for lower holding periods are associated with better performance. This research may have relevant practical implications for investors who opt for this indicator in their asset allocation decisions.Publication Open Access Foreign Presence and Export Performance: The Role of Portuguese Commercial Diplomacy2021-04-06 - Matos, André; Pacheco, Luís MiguelThis article studies whether export supporting activities developed by Portuguese diplomatic representations in the last decade have had any impact on Portugal’s international trade. It used data for 187 destination countries, for the period of 2008 to 2017, controlling for other determinants of trade through a gravity model. Complementing the econometric analysis of the macro data, a survey was applied to 238 Portuguese exporting firms. The results imply a less relevant role for embassies and consulates in export promotion and facilitation. These results highlight the necessity to change the way that national diplomatic representations interact with exporting firms, in particular SMEs.Publication Open Access Drivers of and barriers to the SME internationalisation process in a small open economy2020-11 - Brochado, Ana; Maldonado, Isabel; Lobo, Carla Azevedo; Pacheco, Luís MiguelSmall and medium-sized enterprises (SMEs) have actively increased their participation in international markets. This research's primary objective was to identify, based on 11 case studies, the main barriers to and drivers of the SME internationalisation process in a small open economy. Content analysis of in-depth interviews used Leximancer software to identify 7 themes that describe both internal and external barriers and 12 themes that characterise drivers, which were classified into five groups: SME human capital, technology, institutional support, networks and other drivers.Publication Open Access The dividend puzzle: Testing the signalling hypothesis in an European context2020-03-26 - Lobão, Júlio; Lajas, Tiago; Pacheco, Luís MiguelDividend policy continues to puzzle researchers in the discipline of finance. In this paper we test the signalling effects of the dividend payout for a set of European firms that had sustained earnings growth for a minimum period of five years with a decline in the last year. To the best of our knowledge this is the first paper to run and compare the results of several different models including the recently created Simultaneous-Equation Model in its linear and nonlinear forms alongside a simple OLS based estimation. Our results show that managers change dividends to signal equity-scaled earnings prospects instead of asset-scaled earnings. We also find evidence that managers change dividends for signalling previous earnings changes and may distribute dividends to reduce agency costs. These findings suggest that managers identify shareholders as the accepters of dividends and the most direct targets to signalling information.Publication Open Access Quando a demografia encontra as finanças: do risco de longevidade aos instrumentos do Life Market2022-12 - Quelhas, Ana Paula; Pacheco, Luís MiguelO objetivo do artigo é o de apresentar e discutir as caraterísticas dos denominados instrumentos financeiros de longevidade, ou instrumentos do life market, nomeadamente das obrigações de longevidade e dos derivados de longevidade. A criação de tais instrumentos deveu-se à amplitude das transformações demográficas e à necessidade de cobertura do risco de longevidade por parte das entidades gestoras de produtos de previdência. O artigo sustenta-se na apreciação crítica e na sistematização dos contributos de artigos científicos, bem como na consulta de informação estatística produzida por organismos nacionais e internacionais. Para além dos fatores determinantes das sucessivas transições demográficas, apresentam-se as tendências que se perspetivam neste domínio. Mas, sobretudo, o artigo evidencia as caraterísticas dos instrumentos financeiros de longevidade, bem como sublinha as dificuldades que se colocam à sua adoção enquanto mecanismo de cobertura de risco, entre as quais se colocam a determinação do preço e a fraca adesão que podem encontrar junto dos investidores.Publication Open Access Early internationalization enhancing factors: Comparative study for Portuguese firms between 2014 and 20192020 - Maldonado, Isabel; Pacheco, Luís Miguel; Lobo, Carla AzevedoCom base numa revisão exaustiva da literatura esta investigação pretende averiguar qual a importância atribuída a diversos fatores considerados potenciadores/indutores do processo de internacionalização por parte das empresas que se internacionalizam cedo no seu ciclo de vida, utilizando a avaliação das opiniões dos próprios empresários. São considerados fatores como as redes relacionais, as competências específicas dos empresários e a experiência internacional dos colaboradores. Esta investigação pretende, para além de determinar quais os fatores impulsionadores da estratégia de internacionalização destas empresas, aferir, através de um estudo comparado entre as perspetivas dos empresários em 2014 e em 2019, das possíveis oscilações nas estratégias internacionais dos empresários portugueses, durante o período de crise económica (2014) e um período pós-crise (2019). Para atingir estes objetivos utilizamos os dados de um questionário enviado para as “empresas exportadoras e/ou com interesse em exportar” da Base de Dados da AICEP - Portugal Global, em 2014 e posteriormente em 2019. Pretende-se assim confirmar os anteriores resultados em que foram encontradas evidências da importância para os empresários portugueses das Redes Relacionais, bem como das Competências Específicas dos Colaboradores, da Experiência Internacional dos Colaboradores, em consonância com a Teoria das Redes, a Teoria do Capital Humano, a Teoria das International New Ventures, a Population Ecology Approach e com a Attention Based View.Publication Open Access Price clustering in bank stocks during the global financial crisis2019 - Lobão, Júlio; Alves, Luís; Pacheco, Luís MiguelMarket anomalies are one of the most intriguing and fascinating phenomena observed in financial markets. This paper examines the incidence of price clustering in US and European bank stocks during the Global Financial Crisis. The results reveal a significant level of price clustering in European and US banks’ samples, which is difficult to reconcile with the Efficient Market hypothesis. The Attraction hypothesis and the Price Resolution/Negotiation hypothesis seem to be the best explanations for the clustering effect. However, the results also suggest that the uncertainty associated with the crisis did not have a significant impact in the clustering levels, which is at odds with the recently proposed Panic Trading hypothesis. Surprisingly, we observe a tendency to have less price clustering during the period of crisis and banks located in countries mostly affected by the European sovereign debt crisis exhibit lower levels of price clustering. These results are consistent with the idea that investors tend to be more analytical in their appraisals in periods of negative sentiment.Publication Open Access Determinantes do price-to-earnings ratio: Uma aplicação ao mercado Português2019-07-22 - Almeida, Luís A. Gomes; Tavares, Fernando Oliveira; Pacheco, Luís MiguelO presente artigo aborda o Price-to-Earnings Ratio como instrumento de avaliação de ativos, tendo como objetivo identificar as determinantes deste indicador das empresas não financeiras do mercado de capitais Português no período de 2002 a 2013, contribuindo assim para resolver a divergência existente nos vários estudos teóricos e empíricos sobre este tema, proporcionando aos investidores o conhecimento de outros indicadores aquando da avaliação do Price-to-Earnings Ratio. O artigo baseia-se nas teorias mais relevantes para a explicação das determinantes do Price-to-Earnings Ratio, após aplicação da metodología de Regresão Linear Múltipla, os resultados sugerem a existência de vários indicadores significativos, tais como a política de dividendos, que influencia positivamente, o rendimento dos dividendos, o rating soberano e as oportunidades de crescimento. Estes três últimos indicadores influenciam negativamente o valor do indicador. Este estudo contribui para a compreensão dos fatores determinantes do Price-to-Earnings Ratio das empresas cotadas na Euronext Lisboa, visando um maior conhecimento científico no contexto da compreensão dos fatores determinantes deste indicador, bem como como auxiliar na tomada de decisões das corporações e dos investidores.