2008, Volume XIII, nº 2
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- Dilution and dividend effects on the portuguese equity warrants marketPublication . Correia, José Eduardo; Duque, JoãoThe aim of this study is to analyse the impact of dilution and dividends on the goodness of fit of warrant pricing valuation models, to the Portuguese warrants market. In order to avoid modelling bias over the research design, and to test dividend and dilution effects we decided to keep this.empirical research under the Black-Scholes framework. Therefore,four pricing models were used: the original Black-Scholes model and three derivations. Using these four models we empirically estimate values for actual warrant prices, computing the mean percentage error for each (the difference between model prices and market prices). We found that the original Black-Scholes model when adjusted to account for dilution as well as for dividends works best in the Portuguese market. The analysis uses data collected from the Euronext Lisbon, between 1998 and 2000.
- The relationship between human resources strategies and business outcomes : a configurational approachPublication . Peña Pardo, Isidro; Hernandez Perlines, FilipeThe configurational perspective refers to the need for integration and coherence among different applied human resources practices, or "internal fit", as well as the need to adapt those practices to a series of organisational factors, or "external fit". Using a sample of 48 organisations, we shall attempt to show how applying the coherent systems proposed by Delery and Doty (1996), matching those systems to business strategies, and integrating human resources into a company's strategic processes have positive repercussions on business outcomes.
- Creating value from intellectual capital : an approach based on the specification of modelsPublication . Cabrita, Maria do Rosário; Vaz, Jorge Landeiro deOrganizations are facing new competitive paradigms associated with the ability to create, use, combine, and manage intellectual assets. Intellectual capital is the primary driver in an innovation economy as it "processes" and leverages organizational value and improves creativeness. The purpose of this study is to examine the interrelationships among intellectual capital components within the Portuguese banking context and to identify the paths to a superior performance through the specification of models. These models are assessed using a PLS (Partial Least Squares) approach, because it is able to treat complex models and it requires less stringent assumptions. Empirical findings from this study support the proposition that intellectual capital is an important driver of organizational value. Moreover, intellectual capital is a phenomenon of interrelationships among human capital, structural capital and relational capital.
- Organizational innovation : research into the information / training paths of decision-makers within hospitalsPublication . Nogueira, Fernanda; Marques, Carla SusanaInnovation is fundamental for the development of any organization, being achieved not only through the new products/services and the renewed processes offered, but also through managerial practices. In order to introduce innovative practices, an organization should adopt a managerial model of innovation that includes organizational innovation processes based on professional competences, people management skills and their influence on the decision-making process. It is with this in mind that we propose a model that provides room for reflection on the reality of the health service organization. The model allows us to conclude that the path to be followed by these health units in the public health sector will be a long and arduous one if they are to achieve an efficient implementation of the innovation process at the knowledge level of professions, together with a real and effective organizational performance.