José Santos
Universidade de Lisboa, Centro de História, Department Member
It is widely held that most Jesuit priests in Japan did not know enough of Japanese to be able to effectively preach and teach the Christian religion during the 16th and 17th centuries. Most support for this belief derives from comments... more
It is widely held that most Jesuit priests in Japan did not know enough of Japanese to be able to effectively preach and teach the Christian religion during the 16th and 17th centuries. Most support for this belief derives from comments found in some letters and other documents written by the missionaries. It is argued here that a more accurate source of information concerning the language ability of non-Japanese Jesuit missionaries may be found in some of the catalogues that describe the mission personnel. The information found in the catalogues compiled in 1579, 1593, 1603 and 1614 is reproduced, classified, and tabulated. The picture that emerges from this exercise suggests that the number and proportion of Jesuit priests fluent in the language was indeed quite low during the first 30 years of the mission, but that the situation changed markedly with the introduction of systematic language training for Jesuit priests coming to Japan by Valignano in the early 1580s. The assumption that the Jesuit missionaries were not proficient in Japanese during the 1590s and 1600s is an error.
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This article is a transcript of a presentation with the same title at the 'Newer Stage for Namban Historical Studies' International Conference held at Waseda University, January 2020. Its purpose is to draw attention to the distinction... more
This article is a transcript of a presentation with the same title at the 'Newer Stage for Namban Historical Studies' International Conference held at Waseda University, January 2020.
Its purpose is to draw attention to the distinction between catechesis and doctrine, to argue that much of what was taught in Jesuit catechesis was not uniquely Christian but was mainly the exposition of the basic tenets of the then mainstream western philosophical thought, and to claim that the debates between Buddhists and Christians, as described in Nanban historical sources, were mainly philosophical discussions
Its purpose is to draw attention to the distinction between catechesis and doctrine, to argue that much of what was taught in Jesuit catechesis was not uniquely Christian but was mainly the exposition of the basic tenets of the then mainstream western philosophical thought, and to claim that the debates between Buddhists and Christians, as described in Nanban historical sources, were mainly philosophical discussions
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Marco Jorge's Doutrina Cristã was the most popular doctrine written in Portuguese. It was repeatedly reprinted in Portugal and translated into several other languages. This article, after making the distinction between doctrine and... more
Marco Jorge's Doutrina Cristã was the most popular doctrine written in Portuguese. It was repeatedly reprinted in Portugal and translated into several other languages. This article, after making the distinction between doctrine and catechism, gives a short account of the history of this Doutrina and of its translations, and provides a brief description of the illustrations used in its several editions.
(accepted for publication on February 5, 2014 by the Bulletin of Portuguese-Japanese Studies)
(accepted for publication on February 5, 2014 by the Bulletin of Portuguese-Japanese Studies)
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マルコス・ジョルジェMarcos Jorge, S. J.（一五二四─ 七一）著『ドクトリナ・クリスタン』Doctrina... more
マルコス・ジョルジェMarcos Jorge, S. J.（一五二四─ 七一）著『ドクトリナ・クリスタン』Doctrina Christaãとは、一五六六年にリスボンにおいて初版が刊行された作品である。この小さな書物は、かつてポルトガルで刊行されたもののうち、おそらく最も人気の高いドクトリナとなった。それはまた、短期間のうちに、ヨーロッパ言語だけでなく、コンゴ語、トゥピ語（ブラジル）、コンカニ語、マラバール語およびタミル語（インド）、日本語、中国語といった非ヨーロッパ言語にも翻訳されたので、当時、他にわずかな書物しか成し得なかった、世界規模の流通を成し遂げた作品であった。しかしながら、おびただしい数の挿絵の付けられた版が刊行されたのは、初版刊行から五〇年を経てようやく、一六一六年のことであった。本稿の目的は、本書『ドクトリナ・クリスタン』の出版の歴史を概観し、一六一六年版に焦点を当てながら初期の諸版に用いられた挿絵についての素描を提供することである。
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The Kenkon Bensetsu is a Japanese treatise on Western cosmology written in the middle of the seventeenth century. In his preface to this work, Mukai Gensho describes how it came into being. This article provides basic information about... more
The Kenkon Bensetsu is a Japanese treatise on Western cosmology written in the middle of the seventeenth century. In his preface to this work, Mukai Gensho describes how it came into being. This article provides basic information about the personages named therein, and suggests an explanation for the choice of the title.
『乾坤弁説』は十七世紀に日本で書かれた西洋宇宙論の書籍である。この本がどの風に作られたのかは向井玄松が序で述べている。この論文では、そこに登場する人物について基本的な事実を紹介し、玄松が表題をどのように選んだのかに関する説明を提案する。
『乾坤弁説』は十七世紀に日本で書かれた西洋宇宙論の書籍である。この本がどの風に作られたのかは向井玄松が序で述べている。この論文では、そこに登場する人物について基本的な事実を紹介し、玄松が表題をどのように選んだのかに関する説明を提案する。
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This purpose of this presentation is to drwa attention to the Genna Kōkaiki, a seventeenth century Japanese nautical manual, which provides evidence to: 1. An episode of very accurate transmission of Western technical knowledge on... more
This purpose of this presentation is to drwa attention to the Genna Kōkaiki, a seventeenth century Japanese nautical manual, which provides evidence to:
1. An episode of very accurate transmission of Western technical knowledge on navigational astronomy to a culture with a very different astronomical tradition;
2. A serious attempt to improve on the Western techniques and instruments received;
3. An effort to systematize a correspondence between two very different calendrical systems, the Gregorian calendar and the Senmyō (Xuan Ming, 宣明暦) calendar;
4. A repertoire of seamen’s practical knowledge in 124 short adages;
5. An awareness of the importance this alien techno-practical knowledge to the future of the Japanese nation.
1. An episode of very accurate transmission of Western technical knowledge on navigational astronomy to a culture with a very different astronomical tradition;
2. A serious attempt to improve on the Western techniques and instruments received;
3. An effort to systematize a correspondence between two very different calendrical systems, the Gregorian calendar and the Senmyō (Xuan Ming, 宣明暦) calendar;
4. A repertoire of seamen’s practical knowledge in 124 short adages;
5. An awareness of the importance this alien techno-practical knowledge to the future of the Japanese nation.
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The Genna Kōkaiki is an example of early-modern reception, adaption and improvement of Portuguese technico-practical knowledge in Japan. This nautical treatise shows that: 1. The transmission and reception of nautical know-how were made... more
The Genna Kōkaiki is an example of early-modern reception, adaption and improvement of Portuguese technico-practical knowledge in Japan. This nautical treatise shows that:
1. The transmission and reception of nautical know-how were made in an exact and precise way;
2. There was an attempt to improve what was received;
3. There was an effort to make a correspondence between two calendrical traditions;
4. There was an awareness of the strategical importance of Western navigational techniques to Japan.
1. The transmission and reception of nautical know-how were made in an exact and precise way;
2. There was an attempt to improve what was received;
3. There was an effort to make a correspondence between two calendrical traditions;
4. There was an awareness of the strategical importance of Western navigational techniques to Japan.
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It has been argued that the choice of the words used in the Dochirina Kirishitan (Amakusa, 1591), the Japanese translation of the Doutrina Christaã by Padre Marcos Jorge (Lisbon, 1566), might have lead its Japanese readers to misinterpret... more
It has been argued that the choice of the words used in the Dochirina Kirishitan (Amakusa, 1591), the Japanese translation of the Doutrina Christaã by Padre Marcos Jorge (Lisbon, 1566), might have lead its Japanese readers to misinterpret the Christian creed. On one hand there was the adoption of some words of Buddhist origin, what might have generated confusion with the doctrines of some particular Buddhist sects. On the other hand, the choice by the Jesuit translators to leave some Portuguese and Latin terms un-translated might have left sizable portion of the text incomprehensible to its Japanese readers. The validity of the arguments supporting these claims will be examined.
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Marco Jorge’s Doutrina Cristã was the most popular doctrine written in Portuguese. It was repeatedly reprinted in Portugal and translated into several other languages. In this presentation, after making the distinction between doctrine... more
Marco Jorge’s Doutrina Cristã was the most popular doctrine written in Portuguese. It was repeatedly reprinted in Portugal and translated into several other languages. In this presentation, after making the distinction between doctrine and catechism, I gave a short account of the history of this Doutrina and of its translations, and provided a brief description of the illustrations used in its early editions giving a special emphasis to the one made in 1616 at Augsburg.
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This is the Portuguese translation of the Catechismus Christianae Fidei of Alessandro Valignano (1539-1606), with an introductory study, and footnotes to the text.
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Reprinting of the 1616 Augsburg edition of the Doutrina Cristã authored by Marcos Jorge S.J. (1524-1571).
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Durante séculos atribuído a São Tomás de Aquino (1225-1274), este opúsculo é uma meditação muito simples das várias e extraordinárias qualidades atribuídas a Deus que podem, em alguma medida, ser imitadas com vantagens por nós.
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This work shows that the transmission of European natural philosophy by Christian missionaries in Japan during the sixteenth and seventeenth centuries was made in a systematic way, even if at an elementary level. The Kenkon Bensetsu is... more
This work shows that the transmission of European natural philosophy by Christian missionaries in Japan during the sixteenth and seventeenth centuries was made in a systematic way, even if at an elementary level. The Kenkon Bensetsu is used as main evidence of this. This text was introduced into Japan by Antonio Rubino, on the orders of Inoue Masashige it was translated by Sawano Chūan, at the request of Kainoshō Masanobu it was transliterated by Nishi Kichibei and Mukai Genshō, and this last one also wrote a commentary on its theories from a neo-Confucian perspective.
The historical setting and the process that led to the production of the Kenkon Bensetsu are described. From this it is established that the Japanese of all walks of life were curious about the causes of natural phenomena; that the missionaries had the ability to provide those explanations, drawing from the pool of theories provided by sixteenth century Aristotelian natural philosophy, adjusted to the interests and talents of their audience; and that the Japanese authorities considered that these theories were important in some way and thus took the necessary steps to ensure that that they would not be consigned into oblivion as a consequence of their efforts to stamp out Christianity.
The text is integrally translated following explicit criteria, therefore opening the way to further exploration by many researchers. Some of its most striking characteristics concerning content and style are analysed.
The historical setting and the process that led to the production of the Kenkon Bensetsu are described. From this it is established that the Japanese of all walks of life were curious about the causes of natural phenomena; that the missionaries had the ability to provide those explanations, drawing from the pool of theories provided by sixteenth century Aristotelian natural philosophy, adjusted to the interests and talents of their audience; and that the Japanese authorities considered that these theories were important in some way and thus took the necessary steps to ensure that that they would not be consigned into oblivion as a consequence of their efforts to stamp out Christianity.
The text is integrally translated following explicit criteria, therefore opening the way to further exploration by many researchers. Some of its most striking characteristics concerning content and style are analysed.
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Research Interests: Peace and Conflict Studies, War Studies, Democratization, Diplomacy, China, and 9 moreDemocracy, China studies, Contemporary China, China's foreign policy, Taiwan, Security and Peace Studies, Cross-Strait (China-Taiwan) Relations, Diplomacy and international relations, and Peace and Conflicts Studies
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The Berkeley police department offers symbolic arrests to those who wish a photo opportunity. Are we witnessing the emergence of new paradigm for public services?
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This article uses a recent case to discuss the ethicality of neutrality when one is witness to threats of violence toward third parties.
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Contrary to what happens in most countries, public servants in Portugal have higher wages than workers in the private sector with similar work and responsibilities. As workers in the private sector have weaker work stability in most... more
Contrary to what happens in most countries, public servants in Portugal have higher wages than workers in the private sector with similar work and responsibilities. As workers in the private sector have weaker work stability in most countries they enjoy higher wages. What can explain this wage anomaly? We offer a possible answer using an analogy from the Chinese classic Zhuangzi 荘子.
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Was the taking of the head of Taira no Atsumori 平敦盛 (1169—1184) by Kumagai no Naozane 熊谷直実 (1141—1208) a free act? We argue that it was not and draw some ethical considerations from this episode.
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A short-story about Sorori Shinzaemon and the art of advising well and faithfully.
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In this article a popular story about credit is deconstructed.
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The novel "Silence" by Endo Shusaku is not a book of history. It is fiction.
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It is usually thought that higher pay induces better results. We criticize this assumption based on some well known results of behavioral economics' research.
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Some laws are necessary to the just and orderly working of society. But the vast majority of laws and regulations do not seem necessary in a society of free and responsible citizens. What for are these laws?
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The proposed tax on real-estate in Portugal will disincentive the renting business and will increase renting costs for businesses and/or their required investment in real-estate.
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As poupanças acumulam-se no patrimonio pessoal; por isso, a tributação do património é equivalente à tributação das poupanças e uma tributação indireta aos rendimentos do trabalho.
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Religion should not be defined as belief in supernatural beings. Rather, religion is an attachment to something that holds priority over everything else. Using this definition it is argued that neo-Marxism is a religion and consequently... more
Religion should not be defined as belief in supernatural beings. Rather, religion is an attachment to something that holds priority over everything else. Using this definition it is argued that neo-Marxism is a religion and consequently groups expounding this doctrine should be barred from political activity in a secular state.
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Confucius proposes that men in authority should lead through example, not legislation (Analects 2, 3). Using the recent limitation of sale of "unhealthy food" we argue that the opposite is occurring in in Portugal.
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The Chinese classify their leaders in two categories: the good and the bad. King Tang of the Shang dynasty is classified among the first for his virtue. We examine here one of his most well known episodes and try to draw analogies to the... more
The Chinese classify their leaders in two categories: the good and the bad. King Tang of the Shang dynasty is classified among the first for his virtue. We examine here one of his most well known episodes and try to draw analogies to the present Portuguese political situation.
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What is the best strategy when dealing with an adversary that will try to imitate you? An insight from the live of Kinokuniya Bunzaemon 紀伊国屋文左衛門 (1669—1734) is offered.
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The price mechanism works well in regulating demand and supply for a wide range of products. Why not using it for piped water?
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This piece tries to answer the following questions:
1. What is the present value of Portuguese taxes?
2. How do they compare with the value of public services?
1. What is the present value of Portuguese taxes?
2. How do they compare with the value of public services?
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How much is it worth a political appointment to the people? To answer this question the answer given by Nasruddin Hodja is discussed.
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How much is it worth a political appointment? To answer this question the life and work of Lu Buwei 呂不韋 (291—235 a.C.) are explored.
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To understand and use well anything one needs to try to answer a fundamental question "what for is it?"
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The Catechismus Christianae Fidei, by Alessandro Valignano, is a very important work in the intercultural relations between Europe and Asia for two reasons. First, it served as a systematic presentation of Christianity that was studied by... more
The Catechismus Christianae Fidei, by Alessandro Valignano, is a very important work in the intercultural relations between Europe and Asia for two reasons. First, it served as a systematic presentation of Christianity that was studied by several hundreds of Japanese in the Jesuits Colleges in Japan. Second, it was the first printed introduction of Japanese religions to European intellectuals. It was thus unfortunate that no translation into an European language had been unavailable until recently.
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An analysis on the state of property rights in Portugal after having been eroded for almost a century.
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In a crisis, in Portugal, everybody asks for more government or for better government. However, the historical record shows that neither is a solution. Two alternatives are suggested.
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Using a traditional Japanese folk story it is argued that there should be an equilibrium between the virtue of prudence and the virtue of compassion in the management of publi fife.
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Flexibility is key not only in corporate life but also in living in an age of terrorism and violence.
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Haverá um nível abaixo do qual as pessoas fogem à evasão fiscal? E quando os governos começarem a ter em conta este limite, e tributarem de modo socialmente aceitável, que será dos paraísos fiscais?
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Zilu (542-480 BC) was one of the foremost disciples of Confucius (551-479). Making use of some selected episodes of the Zuo Zhuan his attitude towards treason is presented.
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This article argues that there are alternative ways to finance the provision of public goods other than taxes.
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Non-monetary gifts are not an efficient way to transfer value.
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Zhuangzi (c 369-286 bC) was a philosopher with a deep understanding of the political process, whose lessons can be heeded even today with profit.
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Tentar tributar os mais ricos é tão pueril como tentar encher de água um buraco na areia: eles escapam-se.
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A comment on the expected macroeconomic impact of the recently proposed shishohizei in Japan.
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There should be equilibrium between virtues: kindness without prudence is folly
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Both efficiency and resiliency are important in economic policy and business management.
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What should be the principle in helping others?
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Slave markets in ancient Greece were supported by rapacious credit concession operators. It is suggested that injustice committed in one market was parallel to the injustice committed in the other, and that both went against natural law... more
Slave markets in ancient Greece were supported by rapacious credit concession operators. It is suggested that injustice committed in one market was parallel to the injustice committed in the other, and that both went against natural law and what was commonly perceived to be just.
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This article presents a social arrangement in Uttarakhand where credit plays a central role in the lives of most people.
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Slavery is an ancient institution present in most societies of the World. However, from ancient times it was widely recognized to be against the natural order of things. What other institutions share with slavery today its characteristics... more
Slavery is an ancient institution present in most societies of the World. However, from ancient times it was widely recognized to be against the natural order of things. What other institutions share with slavery today its characteristics of legal acceptance and the widespread revulsion it causes?
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Negotiation techniques are culturally non transferable.
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Financial ratios are useful analytical tools in business management, but when not properly used they may create distorted perceptions.
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On the importance of correspondence between speech and reality.
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Which are the most dangerous enemies of an organization? The external, or the internal? Evidence points to greater aversion by markets to internal threats.
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Imitation plays an important role in financial markets, as well as in many other areas of human behavior. It is argued that imitation may be alienating and irrational.
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Using a famous episode of Toyama Kagemoto this article argues for the importance of transparency in business and governance.
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Short sales play a useful social and economic role by signalling problems in the management of a firm. Solv-Ex is used as an example.
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The social and economic functions of short sales
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What should be the balance between personal freedom and social solidarity?
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Brief considerations on the universality of Fukuzawa's thought.
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In the natural law tradition it is a requirement for the validity of positive law its promulgation.
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Regulatory rules often have unintended consequences. The Liquidity Coverage ratio (LCR) provides an example.
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Politics should not be only about economics. When elected officials choose to focus only in the economy they fall under the spell of Esau, the son of Isaac.
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O que acontece quando o dinheiro não serve a sua função de reserva de valor? Este artigo apresenta um caso recente das consequencias da inflação.
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As an example that the size of the economic pie is not fixed we present an example where the entrance into the market of a product that is a close substitute pushes the price of the incumbent product upwards.
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A Covid 19 vai deixar atrás de si uma crise inédita diferente da Grande Depressão da bolha das dotcom ou da Grande Recessão É cedo para perceber quais e quantas empresas irá condenar mas já há sinais. Os enormes apoios estatais vão salvar... more
A Covid 19 vai deixar atrás de si uma crise inédita diferente da Grande Depressão da bolha das dotcom ou da Grande Recessão É cedo para perceber quais e quantas empresas irá condenar mas já há sinais. Os enormes apoios estatais vão salvar muitas mas as companhias aéreas e retalhistas tradicionais estão entre as mais expostas e que já caem.
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Brief interview concerning the reprinting of Doutrina Cristã by Marcos Jorge, S.J. (1524-1571)
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A short 2012 view of the Portuguese crisis.
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Short economic and social analysis of post 2011 Tohoku earthquake and tsunami in Japan.
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Short social analysis of post 2011 Tohoku earthquake and tsunami in Japan.
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On the distinction between knowledge and wisdom, and on the possibility of training for wisdom.
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We present an example where a decrease in the value added tax rate (vat) in a section of Lisbon all but eliminated tax evasion in that part of the city, while in the other part, where the high rate is still applied, tax evasion goes on as... more
We present an example where a decrease in the value added tax rate (vat) in a section of Lisbon all but eliminated tax evasion in that part of the city, while in the other part, where the high rate is still applied, tax evasion goes on as before. We wonder whether there a threshold of tax rates below which people start to want to avoid tax evasion?
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This volume presents comprehensive research on how southern European Catholics and the Japanese confronted each other, interacted and mutually experienced religious otherness in early modern times. In their highly variable and asymmetric... more
This volume presents comprehensive research on how southern European Catholics and the Japanese confronted each other, interacted and mutually experienced religious otherness in early modern times.
In their highly variable and asymmetric relations, during which the politi¬cal-military elites of Japan at times not only favoured, but also opposed and strictly controlled the European presence, missionaries – particularly the Jesuits – tried to negotiate this power balance with their interlocutors.
This collection of essays analyses religious and cultural interactions between the Christian missions and the Buddhist sects through processes of coopera¬tion, acceptance, confrontation and rejection, dialogue and imposition, which led to the creation of new relational spaces and identities.
This book is available in open access: https://www.peterlang.com/document/1190560
In their highly variable and asymmetric relations, during which the politi¬cal-military elites of Japan at times not only favoured, but also opposed and strictly controlled the European presence, missionaries – particularly the Jesuits – tried to negotiate this power balance with their interlocutors.
This collection of essays analyses religious and cultural interactions between the Christian missions and the Buddhist sects through processes of coopera¬tion, acceptance, confrontation and rejection, dialogue and imposition, which led to the creation of new relational spaces and identities.
This book is available in open access: https://www.peterlang.com/document/1190560
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Background: Value in healthcare is becoming an important paradigm in the drafting of health policies, the management of healthcare institutions, the financing of healthcare provision , and the choice of technologies in healthcare... more
Background: Value in healthcare is becoming an important paradigm in the drafting of health policies, the management of healthcare institutions, the financing of healthcare provision , and the choice of technologies in healthcare delivery. Several different metrics have been proposed and are currently used by academics and practitioners in this field. Summary: There are many challenges, both ethical and method-ological, in the attempt to measure value in healthcare. One arises from the close relationship between health and life.
Research Interests: Concepts of Value in Health Care, Quality of Healthcare Services, Cost-Benefit Analysis, Healthcare, Healthcare Administration, and 8 moreTheory of Value, Healthcare Management, Cost Effectiveness Analysis, Public Heath, Labour Theory of Value, Value in Healthcare, Financial Theory, and Porter Framework
Although there is a vast body of research on corporate governance and corporate boards, no one seems to have addressed yet the following question: What should corporate board members know of financial theory and practice to properly... more
Although there is a vast body of research on corporate governance and corporate boards, no one seems to have addressed yet the following question: What should corporate board members know of financial theory and practice to properly discharge their fiduciary responsibilities? The lack of reflection on this issue is somewhat surprising given the central role financial matters are supposed to play in board’s discussions and decision making. The objective of this study is to offer a first reflection on this question. Different views of what a corporation is and who “owns” it, whether it is only shareholders or also a broader set of other stakeholders, result in different requirements concerning the financial knowledge board members should have. One such view is agency theory which considers that the main role of management is to create value for shareholders. From this perspective it will follow that board members should understand primarily the dynamics of value creation, with the concomitant focus on long-term strategy formulation. Another view is stakeholder theory which stresses the importance of the survival of the corporation. In this case the board should be conversant primarily with short term financial management, specially cash or liquidity management. The counterintuitive result is that when the board gives priority to the interests of shareholders, in opposition to the interests of other stakeholders beyond what law and good commercial and management practice recommends, it should focus primarily on long time value creation, while the more inclusive stakeholder view requires more attention on short-term cash management.
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この本には小村衆統先生との共著である「金融機関の経営統合統合効率性」及び「公的金融とヨーロッパの貯蓄金融機関」が含まれている。
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The focus of this article is corporate employment strategies in Japan for the period 1991–2003. Making use of aggregate data relating to the engagement and separation processes, two themes are examined: the use made of interestablishment... more
The focus of this article is corporate employment strategies in Japan for the period 1991–2003. Making use of aggregate data relating to the engagement and separation processes, two themes are examined: the use made of interestablishment transfer and the employment of contingent workers, represented by female and part-time employees. The aim is to investigate the extent to which the use of both changed over a period in which there were dramatic changes in the external economic environment of organisations. Inter-establishment transfer was found to be more prevalent in some industries than others. However, its incidence did not change over the time period of the study. There was also no change in the percentage of women hired. However, there was an increase in the percentage of part-time employees hired, especially within the tertiary sector post-1998.
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Healthcare management systems are undergoing dramatic changes. These changes are being driven by several factors, one of which are the ideas originating in the field of value-based healthcare. However, the concept of value in the... more
Healthcare management systems are undergoing dramatic changes. These changes are being driven by several factors, one of which are the ideas originating in the field of value-based healthcare. However, the concept of value in the value-based healthcare paradigms means different things to different researchers and practitioners. Furthermore, there are many challenges in the attempt to measure value in healthcare in monetary units. These do not preclude that some aspects of human life and health improvements be evaluated monetarily, and that other non-monetary measures be developed. Moreover, as in any other economic endeavor, value is created by both improving outcomes and/or reducing costs. Although cost measurement in the healthcare sector has all the complexity of costing in any other industry, the real complexities are in measuring the benefits, especially when these are defined to be related to individual welfare and preferences. Some considerations concerning a number of widely used methodologies in healthcare economics attempt to contribute to the development of an acceptable definition of value that may be helpful to the development of value-based healthcare management.
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Superstition plays a role in many human activities. Might it not play a role in financial decision making? Behavioral finance has provided varied evidence that economic agents do not act always as rational wealth maximizers. This paper... more
Superstition plays a role in many human activities. Might it not play a role in financial decision making? Behavioral finance has provided varied evidence that economic agents do not act always as rational wealth maximizers. This paper adds to this evidence by looking at whether superstition might not also play a role in stock market trading. It is argued that, since superstitions are culturally idiosyncratic, the impact on stock returns by different superstitious beliefs should differ across stock markets in different cultures. We present evidence on the effect of two superstitions, one foreign and another indigenous, on Japanese stock returns.
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This paper investigates what financial knowledge members of the board of directors should possess to discharge appropriately their functions. The answer to this question depends on the basic view one has of what a corporation is and who... more
This paper investigates what financial knowledge members of the board of directors should possess to discharge appropriately their functions. The answer to this question depends on the basic view one has of what a corporation is and who “owns” it: stockholders only or a broader set of stakeholders. The former case is represented by agency theory which considers that the main role of management is to create value for stockholders. From this view it follows that board members should understand the dynamics of value creation, with the concomitant focus on long-term strategy formulation. The latter case is represented by stakeholder theory which stresses the importance of the survival of the corporation. In this case the board should be conversant with short term financial management, specially cash or liquidity management. The counterintuitive result is that the more importance the board puts on the interests of shareholders, in opposition to the interests of other stakeholders beyond what law and good commercial and management practice recommends, the less will be the danger of imposing short term focus and inefficient cash hording on management.
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Case study on the short-term financial management of a retailer of Asian food in the greater Lisbon area.
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This technical note presents the basic concepts pertaining to preferred stock.
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This technical note presents the basic concepts pertaining to bonds and their valuation.
Research Interests: Capital Markets and Bonds
This case study looks at the takeover attempt of Myojo Foods, a Tokyo Stock Exchange listed Japanese food manufacturer, by Steel Partners, a hedge fund.
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This technical note presents how to use real options in conjunction with other capital budgeting instruments.
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This technical note presents the basics of option trading and valuation.