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A Constituição Portuguesa foi em grande parte adotada pelos novos países africanos de expressão portuguesa que surgiram dos movimentos independentistas da segunda metade do século XX, assim como aconteceu com alguma da restante legislação destas novas nações. Também o quadro legal em Timor-Leste é baseado essencialmente na legislação portuguesa e nas suas adaptações pelos contextos africanos, incluindo a constituição e o quadro legal do sector da comunicação social. Neste estudo pretende-se perceber quais foram as preocupações e prioridades no processo de criação da moldura legislativa da comunicação social em Timor-Leste, que alterações foram introduzidas ao longo das adaptações da legislação que serviu de modelo e inspiração e analisar as suas especificidades para verificar se estas, eventualmente, refletem uma ideologia resultante da aplicação a um contexto cultural diferente. Nesse sentido, é feita uma análise comparativa entre o quadro legal do sector da comunicação social em Timor-Leste, focando essencialmente a Lei N.º 5/2014, de 19 de Novembro, Lei da Comunicação Social, e o Decreto-lei 25-2015, de 5 de Agosto, que cria o Conselho de Imprensa e aprova o seu estatuto, e o dos restantes países e territórios de expressão portuguesa que têm adotado o modelo português como inspiração, recorrendo à legislação homóloga em vigor no momento de criação das leis timorenses. The Portuguese Constitution was largely adopted by the new Portuguese-speaking African countries that emerged from the independence movements of the second half of the 20th century, as was also the case of a significant part of the legislation of these new nations. The legal framework in Timor-Leste is also based essentially on Portuguese legislation and its adaptations by the African countries, including the constitution and legal framework of the media sector. In this study, the goal is to understand what were the concerns and priorities in the process of creating the legislative framework for the media in Timor-Leste, which changes were introduced during the adaptations of the legislation that served as a model and inspiration, and to analyze their specificities to verify whether these eventually reflect an ideology resulting from the application to a different cultural context. In this sense, a comparative analysis is made between the legal framework of the media sector in Timor-Leste, focusing essentially on Law No. 5/2014, of 19 November, Social Communication Law, and Decree-Law 25/2015, of 5 August, which creates the Press Council and approves its statute, and that of the other Portuguese-speaking countries and territories that have adopted the Portuguese model as an inspiration, using the homologous legislation at the time the Timorese laws were created.

Pedro Brinca is grateful for financial support from the Portuguese Science and Technology Foundation, grants number SFRH/BPD/99758/2014, UID/ECO/00124/2013 and UID/ECO/00145/2013. Miguel H. Ferreira is grateful for financial support from the Portuguese Science and Technology Foundation, grant number SFRH/BD/116360/2016. Hans A. Holter is grateful for financial support from the Research Council of Norway, Grant number 219616; the Oslo Fiscal Studies Program. Following the Great Recession, many European countries implemented fiscal con- solidation policies aimed at reducing government debt. Using three independent data sources and three different empirical approaches, we document a strong positive re- lationship between higher income inequality and stronger recessive impacts of fiscal consolidation programs across time and place. To explain this finding, we develop a life-cycle, overlapping generations economy with uninsurable labor market risk. We calibrate our model to match key characteristics of a number of European economies, in- cluding the distribution of wages and wealth, social security, taxes and debt, and study the effects of fiscal consolidation programs. We find that higher income risk induces precautionary savings behavior, which decreases the proportion of credit-constrained agents in the economy. Credit-constrained agents have less elastic labor supply re- sponses to fiscal consolidation achieved through either tax hikes or public spending cuts, and this explains the relationship between income inequality and the impact of fiscal consolidation programs. Our model produces a cross-country correlation between inequality and the fiscal consolidation multipliers, which is quite similar to that in the data. N/A

We use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also a strong and significant correlation between business cycle dissimilitudes and the distance between each pair of states, consistent to gravity type mechanisms where distance affects trade. Trade, in turn, increases business cycle synchronization. Finally we show that a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economy.

We use wavelet analysis to investigate to what extent individual U.S. states' business cycles are synchronized. The results show that the U.S. states are remarkably well synchronized compared to the previous findings w.r.t. the Euro Area. There is also a strong and significant correlation between business cycle dissimilitudes and the distance between each pair of states, consistent to gravity type mechanisms where distance affects trade. Trade, in turn, increases business cycle synchronization. Finally we show that a higher degree of industry specialization is associated with a higher dissimilitude of the state cycle with the aggregate economy, COMPETE, QREN, FEDER, Fundação para a Ciência e a Tecnologia (FCT)

The recent experience of a Great Recession has brought the effectiveness of fiscal policy back into focus. Fiscal multipliers do, however, vary greatly over time and place. between wealth inequality and the magnitude of fiscal multipliers. To explain this finding, we develop a life-cycle, overlapping generations economy with uninsurable labor market risk. We calibrate our model to match key characteristics of a number of OECD economies, including the distribution of wages and wealth, social security, taxes and debt and study the effects of changing policies and various forms of inequality on the fiscal multiplier. We find that the fiscal multiplier is highly sensitive to the fraction of the population who face binding credit constraints and also negatively related to the average wealth level in the economy. This explains the correlation between wealth inequality and fiscal multipliers.

In the first essay, Distortions in the Neoclassical Growth Model: A Cross Country Analysis, I show that shocks that express themselves as total factor productivity and labor income taxes are comparably more synchronized than shocks that resemble distortions to the ability of allocating resources across time and states of the world. These two shocks are also the most important to model. Lastly, I document the importance of international channels of transmission for the shocks, given that these are spatially correlated and that international trade variables, such as trade openness correlate particularly well with them. The second essay is called Monetary Business Cycle Accounting for Sweden. Given that the analysis is focused in one country, I can extend the prototype economy to include a nominal interest rate setting rule and government bonds. As in the previous essay, distortions to the labor-leisure condition and total factor productivity are the most relevant margins to be modeled, now joined by deviations from the nominal interest rate setting rule. Also, distortions do not share a structural break during the Great Recession, but they do during the 1990’s. Researchers aiming to model Swedish business cycles must take into account the structural changes the Swedish economy went through in the 1990’s, though not so during the last recession. The third essay, Consumer Confidence and Consumption Spending: Evidence for the United States and the Euro Area, we show that, the consumer confidence index can be in certain circumstances a good predictor of consumption. In particular, out-of-sample evidence shows that the contribution of confidence in explaining consumption expenditures increases when household survey indicators feature large changes, so that confidence indicators can have some increasing predictive power during such episodes. Moreover, there is some evidence of a confidence channel in the international transmission of shocks, as U.S. confidence indices help predicting consumer sentiment in the euro area.

Aproximar os cidadãos do jornalismo foi o objetivo principal do projeto “Jornalismo na Escola”, lançado pela Setúbal na Rede, Associação para a Cidadania, e com visibilidade através do portal “Setúbal na Rede”. E aquelas críticas que se ouviam amiúde dirigidas aos jornalistas, apareceram sistematizadas na boca dos adolescentes que foram chamados a participar nas iniciativas desenvolvidas nas escolas. Onze escolas e agrupamentos, do primeiro ciclo do ensino básico ao secundário, aderiram no primeiro ano do projeto. A ideia foi de criar um conjunto de jovens repórteres em cada escola ou agrupamento, formados e acompanhados a partir de workshops da responsabilidade do “Setúbal na Rede” e com o envolvimento dos professores. Não se pretende formar jornalistas, mas bons consumidores de informação. Se é verdade que o jornalismo desempenha um papel fundamental na sociedade, como garante da democracia, da cidadania e dos direitos individuais e coletivos, também é certo que só faz sentido se tiver leitores, ouvintes e espetadores minimamente interessados. Mais do que dominarem a tecnologia mediática, é preciso que os cidadãos percebam a gramática, a estrutura narrativa, o encadeamento das informações. Há, no fundo, uma linguagem própria do jornalismo que, tal como o inglês, é essencial para interagir com o mundo moderno e tem que ser difundida por todos. A Setúbal na Rede – SNR, Associação para a Cidadania, nasce com o objetivo de complementar a atividade do jornal e do portal regional “Setúbal na Rede” naquilo que é a sua vertente mais ligada à responsabilidade social, à componente cultural e à promoção de valores na sociedade, objetivos que se identificam claramente como não tendo propósitos lucrativos. Foi neste âmbito que surgiu, de uma forma natural mas adiado durante muito tempo, o desafio de colaboração com as escolas do distrito. Um projeto que avança para o seu segundo ano., SOPCOM: Associação Portuguesa de Ciências da Comunicação, 2013: 8º SOPCOM: "Comunicação Global, Cultura e Tecnologia"

For most academics and policy makers, the depth of the 2007-09 financial crisis, its longevity and its impacts on the real economy resulted from an erosion of confidence. This paper proposes to assess empirically the link between consumer sentiment and consumption expenditures for the United States and the euro area. It shows under which circumstances confidence indicators can be a good predictor of household consumption even after controlling for information in economic fundamentals. Overall, the results show that the consumer confidence index can be in certain circumstances a good predictor of consumption. In particular, out-of-sample evidence shows that the contribution of confidence in explaining consumption expenditures increases when household survey indicators feature large changes, so that confidence indicators can have some increasing predictive power during such episodes. Moreover, there is some evidence of a "confidence channel" in the international transmission of shocks, as U.S. confidence indices lead consumer sentiment in the euro area. JEL Classification: C32, E17, F37, F42

The traditional approach towards analyzing the impact of public investment has been through including public capital as a third input factor in a Solow-model production function. Nonetheless, such approach implies several problems both at the theoretical and empirical level. Given such problems, econometric models that require as few theoretic assumptions as possible become important. It is in this framework that the Vector Autoregressive model is introduced and explained. An application to the Swedish economy is consequently conduced as it is interesting to verify the impact of public investment in a country known for its comparably large public sector.

Why is good good and bad bad? Kant's categorical imperative (KCI) and instrumental rationality are analyzed under the game-theoretical framework of the folk theorem. Prescribing different courses of action under the one-shot game, Kant's categorical imperative emerges as instrumentally rational provided that the conditions of the folk theorem are observed and the norms and values underlying KCI are presented as selective advantages of the group of reference in which the individual belongs. Norms and values are argued to be instrumental in nature and KCI and instrumental rationality become two faces of the same coin.

This work combines a financial ratio analysis of the "Big Three" Portuguese clubs with the primary objective to develop and implement a strategy for the financially most robust Portuguese Club. Furthermore, the paper aims to identify if the Balanced Scorecard is a useful strategic tool for Club Managers to make well-founded decisions striving for competitive advantage among European Top Clubs. According to the analysis of the financial data and the inclusion of strategic frameworks as well as the existing literature there are indications that the Balanced Scorecard meets the requirements in this industry.

In an emerging sports market such as India, professional sports leagues across various sports have started coming up. The growing interest in football throughout the country prompted the AIFF to introduce ISL in 2013 with an aim to revolutionize Indian Football. This paper focusses on a single team in the ISL and aims to understand if there is a growth in the team since the very beginning, looking at itsfinancialstatements and player value data to conclude. In the end, it can be concluded that the team is growing which subsequently shows the growth of the league.

The objective of this thesis is to analyse the financial statements of Manchester United and pursue an equity valuation in order to issue a recommendation to buy, sellor hold recommendation as of 30thof June 2021.To do so, the author decided to use the DCF model because Manchester United is not expected to change their debt-to-equity ratio and is a flexible model where all the assumptions about the company can be included. It also allows to do a sensitivity analysis what will help to understand the changes between the inputs and outputs. To support the result of the DCF model, the author has also employed a multiples valuation with the EV/EBITDA multiple. The author got a target price of Manchester United shares of 13.99£through DCF valuation and 12.44£using the multiples valuation, what indicate us that the share is under valued since the market price was 10.94£.

Portuguese football is known for its quality and ability to sell some of the world’s best players. Never the less, it seems far behind the 5 major European leagues in what concerns getting their brand recognized abroad and capitalizing on it. This work looks at how Portuguese football, as a late mover, can internationalize, using other countries’ examples and data as a basis. For being able to successfully manage the expected boom caused by the centralization of broadcasting rights, both teams and the league must put measures into placethat combine national opportunities and strengths.

The project’s goal is to redesign a financial literacy programme, in partnership with SJPF, considering the challenges of COVID-19. In fact, the programme could not be successfully implemented due to the players’ lack of motivation, PNFF requirements, lack of HR availability and CNSF complexity. Taking in to account the project’s goal, internal and external factors were studied to assess the programme’s current situation. These were followed by quantitative and qualitative analyses as well as an external benchmarking, from which several recommendations were developed. SJPF could implement an advertisement plan considering existing social media platforms, the power of word- of- mouth and the delegates.

This project deals with the organizational challenge “how to activate and monetize mascots as a marketing tool of a professionals ports club”. The challenge was provided by the marketing director of FC Porto, Tiago Gouveia. The paper is structured in a diagnosis, analysis ,results plus solution, and a conclusion. First, the diagnosis introduces the client with its core values, mission, its two mascots ‘Draco’ and ‘Viena’ and contains a ‘SWOT’ analysis. Second, the analysis presents best practices from major leagues in the United States, European success stories, on-site and in-store observations. Third, the results evaluate which findings may be adapted to the Portuguese market, comparing countries with the Hofstede insights, and coming up with an action plan including mascot appearances, activations with children, opportunities with sponsors, merchandising, content marketing and digital. It is expected that mascots will be used more sophisticated in the future and by implementing this plan, FC Porto can act as an early mover in Europe.