PurposeThis study explores whether the unique organizational form of family firms helps to mitiga... more PurposeThis study explores whether the unique organizational form of family firms helps to mitigate the negative effects caused by the announcement of product recalls.Design/methodology/approachThe authors use an event study, for a sample of 2,576 product recalls in the United States (US) automobile industry, between January 2010 and June 2021.FindingsThe authors found that stock market's reaction to a product recall announcement is less negative for family firms. This superior performance is partially driven by the family firms' long-term investment horizons and higher strategic emphasis on product quality. However, the relationship between family ownership and cumulative abnormal returns around product recall announcements is nonlinear as the impact of family ownership starts by being positive but becomes negative for higher levels of family ownership. The authors also find that family firm's chief executive officer (CEO) and managerial ownership influence positively t...
The search for a pleasant home has concerned people ever since. Paradoxically, people are facing ... more The search for a pleasant home has concerned people ever since. Paradoxically, people are facing strong difficulties in finding a decent place to settle their lives in cities. As such, the housing market regained momentum in connection with the development of Smart Cities, where life quality of residents is strongly emphasized. Well-being in the metropolis is affected by a wide variety of factors with housing supply being among the most important, hence stirred by financing costs, construction costs, vacancy rate, sales delay, inflation rate, housing stock, price of agricultural land, and regulation. The present article reviews empirical studies on housing supply for a better understanding of the dynamics in this market, shedding some light on the expectable outcomes of policy actions in the promotion of sustainable housing towards the smart city transition. Our review shows that the long-run price elasticity of housing supply is larger than the short-run, as well as the existence o...
This paper proposes a new service evaluation model: Consumerex – Consumer Experience Model. The m... more This paper proposes a new service evaluation model: Consumerex – Consumer Experience Model. The model integrates theoretical advances from the fields of service marketing and relationship marketing and uses a multidimensional approach to assess all constructs that typically are considered in the evaluation of a service: quality, satisfaction, perceived value, and loyalty. Moreover, the model includes new sub-dimensions such experiential quality and experiential satisfaction, which are expected to be particularly relevant in services where customers are co-producers. The application of the model in the context of sport marketing is suggested.
This paper endogenizes market coverage in a vertically differentiated duopoly with quality depend... more This paper endogenizes market coverage in a vertically differentiated duopoly with quality dependent marginal production costs, where firms first choose qualities and then prices. When the lowest quality valuation is low, a partial coverage duopoly emerges. For slightly higher lowest quality valuation, a full coverage duopoly with a corner solution holds. For even higher lowest quality valuation, there are multiple equilibria. For highest lowest quality valuation, there is an interior full coverage duopoly. Interestingly, product differentiation increases with quality valuation heterogeneity, given a market configuration, but may decrease when accounting for an endogenous market coverage. JEL classification: L13; L15; D43
This study identifies the importance assigned to the various criteria used by the Portuguese Vent... more This study identifies the importance assigned to the various criteria used by the Portuguese Venture Capitalists (VCs) to evaluate and select early stage venture capital projects. The data was collected through a questionnaire answered by 20 Portuguese VCs. We use descriptive statistics techniques and non-parametric tests to identify the most valued criteria and test differences in the importance assigned to the criteria of several types of VCs and investments. The study reveals that the personality and experience of the entrepreneur and of the management team are the most valued groups of criteria. VCs with a majority of private share capital value more the personality of the entrepreneur and management team than the companies with a majority of public share capital. Additionally, the VCs that did not yet internationalize consider the personality of the entrepreneur and management team and the financial aspects, to be more important than the VCs that have already expanded abroad.
The history of western economic growth, especially North American, has been strongly influenced b... more The history of western economic growth, especially North American, has been strongly influenced by farm mechanization. The dramatic increase in productivity which enabled the support of a hugely declining agricultural work force is due to a large extent to the arrival ...
This paper reviews the literature on new housing supply. The paper starts by summariz& ing the re... more This paper reviews the literature on new housing supply. The paper starts by summariz& ing the results of the empirical studies on housing supply, showing that overall these studies reject the hypothesis of a perfectly elastic housing supply and reveal that housing supply is negatively related with financial costs, inflation and sales delay while showing inconclusive results with respect to the construction costs. In addition, we review a recent branch of the literature on housing supply that uses strategic interaction models. ...
This paper presents a static model of adverse selection where the State (principal) aims to minim... more This paper presents a static model of adverse selection where the State (principal) aims to minimize the cost of a Poverty Alleviation Program (PAP) ensuring that all agents have access to a minimum level of income. In a two $ type $ agent model (Rich and Poor) in which agents only differ in their income generating ability, we study the effectiveness of workfare and monitoring as tools to prevent fraud in PAP. We show that the optimal PAP depends on the fraction of Rich agents, the costs of monitoring and the productivity gap ...
PurposeThis study explores whether the unique organizational form of family firms helps to mitiga... more PurposeThis study explores whether the unique organizational form of family firms helps to mitigate the negative effects caused by the announcement of product recalls.Design/methodology/approachThe authors use an event study, for a sample of 2,576 product recalls in the United States (US) automobile industry, between January 2010 and June 2021.FindingsThe authors found that stock market's reaction to a product recall announcement is less negative for family firms. This superior performance is partially driven by the family firms' long-term investment horizons and higher strategic emphasis on product quality. However, the relationship between family ownership and cumulative abnormal returns around product recall announcements is nonlinear as the impact of family ownership starts by being positive but becomes negative for higher levels of family ownership. The authors also find that family firm's chief executive officer (CEO) and managerial ownership influence positively t...
The search for a pleasant home has concerned people ever since. Paradoxically, people are facing ... more The search for a pleasant home has concerned people ever since. Paradoxically, people are facing strong difficulties in finding a decent place to settle their lives in cities. As such, the housing market regained momentum in connection with the development of Smart Cities, where life quality of residents is strongly emphasized. Well-being in the metropolis is affected by a wide variety of factors with housing supply being among the most important, hence stirred by financing costs, construction costs, vacancy rate, sales delay, inflation rate, housing stock, price of agricultural land, and regulation. The present article reviews empirical studies on housing supply for a better understanding of the dynamics in this market, shedding some light on the expectable outcomes of policy actions in the promotion of sustainable housing towards the smart city transition. Our review shows that the long-run price elasticity of housing supply is larger than the short-run, as well as the existence o...
This paper proposes a new service evaluation model: Consumerex – Consumer Experience Model. The m... more This paper proposes a new service evaluation model: Consumerex – Consumer Experience Model. The model integrates theoretical advances from the fields of service marketing and relationship marketing and uses a multidimensional approach to assess all constructs that typically are considered in the evaluation of a service: quality, satisfaction, perceived value, and loyalty. Moreover, the model includes new sub-dimensions such experiential quality and experiential satisfaction, which are expected to be particularly relevant in services where customers are co-producers. The application of the model in the context of sport marketing is suggested.
This paper endogenizes market coverage in a vertically differentiated duopoly with quality depend... more This paper endogenizes market coverage in a vertically differentiated duopoly with quality dependent marginal production costs, where firms first choose qualities and then prices. When the lowest quality valuation is low, a partial coverage duopoly emerges. For slightly higher lowest quality valuation, a full coverage duopoly with a corner solution holds. For even higher lowest quality valuation, there are multiple equilibria. For highest lowest quality valuation, there is an interior full coverage duopoly. Interestingly, product differentiation increases with quality valuation heterogeneity, given a market configuration, but may decrease when accounting for an endogenous market coverage. JEL classification: L13; L15; D43
This study identifies the importance assigned to the various criteria used by the Portuguese Vent... more This study identifies the importance assigned to the various criteria used by the Portuguese Venture Capitalists (VCs) to evaluate and select early stage venture capital projects. The data was collected through a questionnaire answered by 20 Portuguese VCs. We use descriptive statistics techniques and non-parametric tests to identify the most valued criteria and test differences in the importance assigned to the criteria of several types of VCs and investments. The study reveals that the personality and experience of the entrepreneur and of the management team are the most valued groups of criteria. VCs with a majority of private share capital value more the personality of the entrepreneur and management team than the companies with a majority of public share capital. Additionally, the VCs that did not yet internationalize consider the personality of the entrepreneur and management team and the financial aspects, to be more important than the VCs that have already expanded abroad.
The history of western economic growth, especially North American, has been strongly influenced b... more The history of western economic growth, especially North American, has been strongly influenced by farm mechanization. The dramatic increase in productivity which enabled the support of a hugely declining agricultural work force is due to a large extent to the arrival ...
This paper reviews the literature on new housing supply. The paper starts by summariz& ing the re... more This paper reviews the literature on new housing supply. The paper starts by summariz& ing the results of the empirical studies on housing supply, showing that overall these studies reject the hypothesis of a perfectly elastic housing supply and reveal that housing supply is negatively related with financial costs, inflation and sales delay while showing inconclusive results with respect to the construction costs. In addition, we review a recent branch of the literature on housing supply that uses strategic interaction models. ...
This paper presents a static model of adverse selection where the State (principal) aims to minim... more This paper presents a static model of adverse selection where the State (principal) aims to minimize the cost of a Poverty Alleviation Program (PAP) ensuring that all agents have access to a minimum level of income. In a two $ type $ agent model (Rich and Poor) in which agents only differ in their income generating ability, we study the effectiveness of workfare and monitoring as tools to prevent fraud in PAP. We show that the optimal PAP depends on the fraction of Rich agents, the costs of monitoring and the productivity gap ...
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Papers by Cesaltina Pires