This paper applies likelihood-based panel cointegration techniques to examine the existence of a long run relationship between GDP, tourism earnings per tourist and total trade volume for a panel of European countries over the period 1988{2010. Removing the cross dependency, our panel...

This paper addresses firms' decisions on Corporate Social Responsibility (CSR) investments as a function of the prevailing macroeconomic context, namely under an economic crisis, a relevant scenario for many world economies nowadays. We focus on the corporate giving dimension of CSR. Under...

This paper examines whether going concern audit opinions (GCO) affect the stock price performance of the announcing firms and their industry rivals. Our original evidence clearly suggests that such accounting event is asymmetrically perceived by the market depending on whether the firm is...

The redistributive effect of the Portuguese welfare state through pensions, benefits and taxes is investigated in detail over the 2006-10 period using disposable income as benchmark. All social and fiscal policy instruments analysed contribute significantly to the reduction in inequality and...

The Portuguese elderly poverty rate has decreased significantly in recent years as elderly incomes have increased, and inequality and material deprivation levels have converged to their national levels. This paper investigates whether this improved situation is widespread across the elderly, but...

The reaction of EU bond and equity market volatilities to sovereign rating announcements (Standard & Poor’s, Moody’s, and Fitch) is investigated using a panel of daily stock market and sovereign bond returns. The parametric volatilities are filtered using EGARCH specifications. The...

A Social Accounting Matrix (SAM) will be proposed as a working instrument for studying the (macro-)impacts of government policy on the distribution of income. A numerical version of the SAM, constructed from the System of National Accounts (SNA), will serve as the basis for the construction of...

This article seeks to contribute to the discussion on the current state of knowledge with regard to the clustering of European welfare states, especially the Mediterranean countries. We want to demonstrate that the reforms be carried out well, to varying degrees, over the period 1990-2006 may...

I use a panel of semi-annual vintages of growth and fiscal forecasts of the European Commission, covering the period 1998:II-2008:II, to assess its effects on 10-year government yields for 14 EU countries. Results show that yields increase with better growth forecasts, and with decreases in...

This paper analyzes the early retirement decisions made by Portuguese workers aged 50 to 64. It investigates the main characteristics of early retirees, and the main determinants of their decision, based on the eight waves of the European Community Household Panel for Portugal, from 1994 to...