After many months of work and research by the regulatory authorities into the Portuguese capital markets, Decree Law 486/99 of November 13 was published, implementing the new Portuguese Capital ...Markets Code. The CVM was prepared on the basis of 5 principles: 1. codification, 2. simplification, 3. flexibility, 4. modernization, and 5. internationalization.
Portugal sets the stage for securitization Smithson, William; Alexandra Maia de Loureiro
International Financial Law Review,
04/2002, Letnik:
21, Številka:
4
Trade Publication Article
Securitization has been an expanding market in Portugal since the first asset-backed securities (ABS) transaction was done in 1997 for Tecnicredito. It has evolved rapidly to involve various asset ...classes. All transactions to date, with the exception of the Magellan transaction in December 2001, have been structured and implemented in a legal environment which did not contain specific securitization legislation. It is expected that several new transactions using the fund structure as envisaged in the Portuguese securitization law for both RMBS and ABS will come to the market in the first half of 2002 with more to follow in the second half of 2002. Additionally, it is anticipated that trade receivable transactions are likely to come to the market in 2002.
Portugal: Securities investment funds Smithson, William; Alexandra Maia Loureiro
International Financial Law Review,
11/2000, Letnik:
19, Številka:
11
Trade Publication Article
Decree Law 323/99, of August 13, was published to amend the legal regime applicable to securities investment funds, as implemented by Decree Law 276/94, of November 2. The SIFs are defined as ...patrimonios autonomos which belong jointly to various individuals or entities, which are not in any event responsible for the liabilities of the SIFs or of the SIFs management company.
Obesity is increasing all over the world, its morbidity justifying a serious effort to improve the situation. Diet and physical exercise constitute major measures to fight obesity. We aimed to ...investigate the effect of acute exercise intensity over plasma insulin, growth hormone and somatostatin responses. Plasma levels of insulin, growth hormone, somatostatin and glucose were measured at baseline, after 15 minutes of moderate intensity exercise and after 15 minutes of high intensity exercise in a group of young healthy volunteers. Insulin, growth hormone and somatostatin were measured by immunoradioassay and glucose by a glucose oxidase method. After moderate intensity exercise plasma insulin levels tended to decrease, growth hormone tended to increase and somatostatin did not change. A similar period of high intensity exercise led to a similar decrease of plasma insulin, a much higher increase of growth hormone plasma level and no change of somatostatin. Glycemia suffered no significant change throughout the experiment. We conclude that hormonal changes induced by physical exercise depend on the intensity of exercise. When comparing moderate with high intensity exercise, a similar response of plasma insulin and a lower growth hormone/somatostatin ratio may support a healthier cardiovascular effect for moderate intensity exercise.
The objective of the work package 4 is to investigate consumers’ knowledge and expectations regarding low pesticides products, their preferences regarding different labelling concept. Consumers’ ...perceptions of organic produce is also investigated. To lead this work, the deliverable D 4.1 proposes a literature review on consumers’ perceptions and expectations on health risks derived from pesticides use.
Much work has been done in economics to appraise consumers’ environmental characteristics valuations. Economists have employed several methods to determine how consumers value the environmental ...characteristics of foodstuffs. In this study, we used an experimental market to determine consumer’s willingness to pay (WTP) for produce grown with different pesticide levels. We worked on apples grown with different production types: conventional apples, Integrated Pest Management (IPM) apples and organic apples. Experimental markets are carried out in Portugal, France (for the period May 2008 to October 2009) and then in Greece and Holland (2010). The pesticides use complies with legal norm in the conventional apple. The pesticide quantity use is lower in the IPM apples and there is no synthesis pesticide in the organic apple. In this experimental market, we evaluated the consumers’ WTP under different information conditions. There is a consumer willingness to pay higher for produces grown with less pesticides and the preferred certification is the zero synthesis pesticides (i.e. organic produce). We show the following results. i) In Portugal, the premium against a regular product is 53.6 % for Integrated Pest Management (IPM) and 96.4% for organic products. ii) In France the premium is 43.6% for IPM and 72.5% for organic products. However, in both two countries, premium increase is lower for a processed product.
This deliverable presented a literature review about the role of extrinsic cues for the pesticide reduction. The results of one experimental market focused on consumers’ willingness to pay for apples ...with different labels (public and private labels) that signalling the reduction of pesticides were presented. We showed that the most valuated cues for pesticide reduction is organic label. In Portugal, the premium for organic is 96.4% and for France is 72.5%. IPM certifications have also a high premium. However, producer’s guarantee is more credible than retailer’s. Moreover, we noted that sensory information may have a strong impact which should not be overlooked.
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