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This study aims to explain how delinquency shocks in one type of debt contaminate the others. That is, the authors aim to shed light on the time pattern of delinquencies in different debt types.

This study analyzes the interdependencies between mortgage, credit card and auto loans delinquency rates in the USA from 2003 to 2019, using a panel VAR-X, the panel Granger causality tests and the Geweke linear dependence measures. The authors also compute the impulse response functions of a shock to one kind of debt on the others and decompose the variance of the forecast errors.

The authors find a statistically significant bidirectional Granger causality between the delinquencies. The Geweke measures of linear dependence and the Dumitrescu and Hurlin Granger non-causality tests support that mortgage predominantly causes credit card and auto loan delinquencies. Auto loans also cause credit card delinquencies. The impulse response functions confirm this pattern. This scenario aligns with a sequence where debtors consider rational first to default on credit cards, second on auto loans and only on mortgages in the last instance. Indeed, credit card delinquencies Granger-cause delinquencies in other debts when it occurs.

To the best of the authors’ knowledge, this is the first study to focus on the temporal pattern of delinquency rates for all the US states, using panel data. Furthermore, the results call for policymakers to design regulations to break the transmission channel from debt delinquencies.

This work uses survey data from the Portuguese Securities Market Commission (Comissão de Mercado de Valores Mobiliários – CMVM) to examine financial literacy and literacy bias. The main objective of this study is to shed light on this issue by identifying the individual characteristics that are associated with financial literacy, namely overconfidence and underconfidence, which in turn might help explain individuals' financial decisions. The study distinguishes two groups, i.e. students and nonstudents, and considers several characteristics that are usually employed in this stream of research.

The data are based on a survey conducted by a partnership between the CMVM and a consortium of Portuguese universities. This paper has a three-fold aim. First, it studies the main individual features associated with objective financial literacy. Second, it analyzes the relationship between those variables and the bias between self-perceived and objective literacy, distinguishing overconfidence and underconfidence. Third, and most originally, this framework was also used to examine the differences between students and nonstudents. Those aims are pursued using cross-sectional ordinary least squares (OLS) regressions, except for the study of the literacy bias, for which the authors use an ordered probit.

Literacy is higher in individuals of the male gender who are older, have higher incomes, live in metropolitan areas, are highly educated, have a field of study related to finance and have high self-perceived literacy. Younger people are more overconfident. Unconditionally, women are less overconfident than men, but conditionally, they overestimate their knowledge. People holding securities and with a field of study related to finance are more overconfident. The gender effect is mainly driven by students, and the impact of a field of study and of holding securities on overconfidence decreases and increases, respectively, for students. The results highlight the importance of financial education.

Due to the way that the questionnaire was made available, there is no guarantee that the sample is representative of the Portuguese general population, or, for that matter, representative of the typical Portuguese retail investors or households. Also, there is no guarantee that the same individual did not answer the questionnaire more than once, although this is highly improbable. The link to the online questionnaire was only transmitted within e-mail databases owned by the CMVM and Portuguese universities, so the authors cannot guarantee its unbiasedness.

The authors' results may help the National Plan for Financial Education (the acronym in Portuguese is PNFF) fine-tune the required actions towards different target groups and, most importantly, highlight that different groups may require different approaches aiming to narrow the gap between objective and perceived literacy. The first step should be creating procedures to provide feedback on the objective and perceived literacy of those who enroll in financial formation programs.

The study distinguishes two groups, students and nonstudents, providing additional insights that might guide policymakers on how to structure financial education to enhance individual financial behavior. This is especially important in a country such as Portugal which has the lowest objective financial literacy in the Eurozone.

This study contributes to the financial literacy literature, in particular to the stream of research that focuses on psychological biases, by shedding light on the factors associated with both individual overconfidence and underconfidence. Differentiating between students and nonstudents provides additional insights, which might guide policymakers on how to structure financial education to enhance individual financial behavior.

The study aims to show that ambiguity aversion exerts a non-negligible effect on the investors' decisions, especially due to the possibility of sharp declines in stock prices.

The vast majority of previous studies on life-cycle consumption and asset allocation assume that the equity premium is constant. This study evaluates the impact of rare disasters that shift the stock market to a low return state on investors' consumption and portfolio decisions. The author assumes that investors are averse to ambiguity relative to the current state of the economy and must incur a per period cost to participate in the stock market and solve their optimal consumption and asset allocation problem using dynamic programming.

The results show that most young investors choose not to invest in stocks because they have low accumulated wealth and the potential return from their stock market investments would not cover the participation costs. Furthermore, ambiguity-averse investors hold considerably fewer stocks throughout their lifetime than ambiguity-neutral ones. The fraction of wealth invested in stocks over the typical consumer's life is hump-shaped: it is low for a young individual, peaks at his early 30s and then decreases until his retirement age.

To the best of the author’s knowledge, this is the first study that assesses the impact of negative stock price jumps on the optimal portfolio of an ambiguity-averse investor.

This paper aims to study whether the industry indexes predict the evolution of the broad stock market in the USA.

The study uses industry indexes to predict the equity premium in the USA. It considers several types of predictive models: constant coefficients and constant volatility, drifting coefficients and constant volatility, constant coefficients and stochastic volatility and drifting coefficients and stochastic volatility. The models are estimated through the particle learning algorithm, which is suitable for dealing with the problem that an investor faces in practice, given that it allows the investor to revise the parameters as new information arrives. The individual forecasts are combined based on their past performance.

The results reveal that models exhibit significant predictive ability. The models with constant volatility exhibit better performance, at the statistical level, but the models with stochastic volatility generate higher gains for a mean–variance investor.

This study’s findings are valuable not only for finance researchers but also for private investors and mutual fund managers, who can use these forecasts to improve the performance of their portfolios.

To the best of the knowledge of the author, this is the first paper that uses particle learning and combination of forecasts to predict the equity premium in the USA based on industry indexes. The study shows that the models generate valuable forecasts over the long time span that is considered.

Analysis of public sources.

The bank named “Novo Banco” (New Bank in Portuguese) was created because of an emergency intervention by the Bank of Portugal to save the “good” assets of the once great but bankrupt Banco Espírito Santo (BES) on August 4, 2014. The toxic assets remained in BES (dubbed “bad bank”). BES was one of the biggest private banks in Portugal, with origins mounting back to the year 1869. In 2013, it was headed by the founder’s great-grandson, Ricardo Salgado, when an external audit revealed several problems with the bank’s accounting and concluded that BES had a severe financial problem (the risky credit represented 11.1% of the bank’s accounts). The bank underwent a public capital increase (endorsed by several public figures, including the Portuguese President at the time, Cavaco Silva) of €1.045m to reposition itself, which was 100% successful (demand of about 160%, with a significant part of foreign investors). However, continued amounts of suspicions led Ricardo Salgado to be replaced by Vitor Bento (via a settlement between BES’s shareholders and the Bank of Portugal) in July 2014. At the end of that same month, BES announced imparities totaling the amount of €4.2535m. This led the European Central Bank to suspend BES’s access to the financial operations, forcing it to reimburse its credit to the Eurosystem in the value of €10.000m. In two days, the stock prices dropped by 80% to around €0.03 per share. It was later proven that the administration led by Ricardo Salgado had disobeyed the Bank of Portugal 21 times between December 2013 and July 2014, apparently acting against the institution’s best interests. Some carousel schemes with companies within the Espirito Santo Group were also detected in BES’ financial movements to improve the bank’s financial statements.

Finance Valuation, Strategy

The purpose of this paper is to perceive the perspective of Portuguese and Czech’ talented athletes regarding: the main reasons pointed to drop out of sport, putting into analysis motivational factors; the conciliation of School and Sport, and how the organization of schools and sports contexts are articulated in relation to the training and promotion of students, athletes and citizens; and the contributions (positive/negative) of sports to daily life and society.

This study uses a qualitative approach to interview eight talented athletes from different sports that had to drop out the practice of sport and explores their narratives regarding experiences and the relational dynamics between sports contexts and schools.

Athletes identify factors that led to drop out: the coach profile or the methodology and dynamics of practicing/training; time consuming; and the impossibility of reconciling sports with school/job. Athletes can identify the sport’s culture, self-development and health being as positive contributions of sports, whereas injuries were referred as the main negative factor of sport. As proposal of changes, athletes referred to the need of a more professional organization of the sport contexts and to more proximity between school policies and sport policies allowing conciliating both.

One limitation that could be pointed to this research is the difference between the Czech and Portuguese socio-cultural and political situation, not only in the concept and organization of sports activities (since scholar years) but also in the general society. This difference could have more visibility when interpreting the data that led to this fact referred above.

It is recommended a more proximity relationship between researchers and the contexts of practice (sport contexts) being that it is important that these contexts should have feedback from the investigations carried out. Only in this way coaches, federations and confederations can be aware of the motivational factors that lead to talented athletes drop out, and make a greater investment in initial formation of the coaches and propose policies that try to establish partnerships with schools or professional contexts which could help the management of athletes’ times outside of sport.

Departing from the athletes’ feelings, concerns and motivations related to sport and the reasons that led to their drop out, we argue for the definition of public policies, in both countries, that promote non-discrimination of young people who wish to maintain a path linked to sports in articulation with other areas of their lives.

Using self-determination theory and individual social responsibility’s (ISRs) association with pure social entrepreneurship, this study aims to answer the following question: How and why have the different actors responded to the crisis caused by the pandemic?

Qualitative research (multiple case studies) was adopted, resorting to interviewees with seven economic and non-economic actors in the Portugal context.

The results obtained, using MAXQDA software, show that those carrying out actions of social responsibility have a high degree of self-determination and intrinsic motivation, and are true social entrepreneurs, which lets them improve the well-being of those around them. In addition, these individuals feel good about themselves by performing these actions, as they measure their performance by the social impact of their actions on society in general.

This study suggest there is a high awareness amongst people to exercise that responsibility in a voluntary way, through humanitarian initiatives and campaigns brought about especially by an unprecedented pandemic. In practice, people joining these initiatives motivate many others towards the causes, creating the will to continue in the future and satisfy unmet needs provoked by social crises.

This study is innovative because it is related to filling the gaps identified, mainly by carrying out an empirical study about ISR, rather than that of firms, where studies are more common.

This chapter introduces the argument that pervades the collection that families are in motion both conceptually and in practice. It articulates the motion of family and families, which are made through space and time, and explains the ways in which the book develops current thinking on family. It also situates the concept and practices of family within wider debates and contexts. The chapter then details the contribution of each of the chapters to this argument, which are organised around three thematic parts: moving through separation and connection; uneven motion and resistance; and traces and potentialities. The chapter draws out six conclusions from the chapters in the collection.

The simple model of Eurocode 3, for the fire resistance evaluation of stainless steel members, are based on the procedures used for carbon steel structural elements. However, due to the existing differences in the constitutive laws of these two materials, it is expected that it would not be possible to use, in both materials, the same formulae for the member stability calculation, as proposed in Eurocode 3. This paper aims at increasing the knowledge on the behaviour of stainless steel axially loaded columns at elevated temperatures. For this purpose, a geometrical and material non linear computer code has been used to determine the buckling load of these elements. The Eurocode formulae are evaluated and a new proposal, that ensures accurate and conservative results when compared with the numerical simulations, is presented.

The adoption and usage of information and communication technology (ICT) has introduced transformation in the tourism arena with ICT applications extensively used in tourism industry. In addition to ICT, an advanced infrastructure is essential for the development of tourism industry. Thus, the goal of present research is to probe the impact of ICT and infrastructure on tourism development (TD) in 28 Asian economies using method of moments panel quantile regression (MM-QR) model introduced by Machado and Silva (2019) applied to a panel data from 2008 to 2020. Empirical findings demonstrate that there is an asymmetric non-linear effect of ICT and infrastructure through all quantile range. This indicates that ICT has negative effect on TD in poor countries while positive impact in rich countries. Negative impact in poor countries may be due to higher establishment cost and information technology (IT) productivity paradox. However, results confirm the importance of ICT and infrastructure in endorsing the development of tourism sector in Asian nations by lessening time and money costs and facilitating travelers.