http://hdl.handle.net/10174/959 Sat, 04 Apr 2026 14:23:49 GMT 2026-04-04T14:23:49Z http://hdl.handle.net/10174/41390 Title: How to measure banking regulation and supervision Authors: Pereira Pedro, Cristina; Ramalho, Joaquim; Vidigal da Silva, Jacinto Abstract: This paper uses data from 141 countries to identify the variables that best characterize worldwide banking regulation and supervision practices. We apply a nonlinear principal components analysis with optimal variable transformation to deal with the variables’ mixed measurement levels and reduce data dimensionality. The robustness of the results is tested for different subsamples. The findings indicate that deposit insurance, liquidity, diversification requirements, complementary banking activities, and market discipline are the most reliable indicators to measure regulation. In contrast, resolution activities, the mandate of the head of the supervisory agency, and the report of prudential regulation infractions assume the same role for banking supervision. Capital requirements and ownership are of minor relevance and are sensitive to a country’s development level. China and Germany display the most distinct regulation practices, while China and the UK adopt the most stringent policies regarding supervision. Mon, 21 Aug 2023 23:00:00 GMT http://hdl.handle.net/10174/41390 2023-08-21T23:00:00Z http://hdl.handle.net/10174/41350 Title: Mergers and acquisitions in the insurance sector Authors: Ceita, Luciley; Amado, Carla; Vidigal da Silva, Jacinto Editors: Holovenko, Inna Abstract: Mergers and acquisitions (M&A) are increasingly popular transactions in financial markets, often seen as a faster and safer way to achieve growth and create value. However, research focusing exclusively on the insurance industry remains limited. This research article aims to synthesize the characteristics of existing studies, describe the methods and variables used, present the results regarding the impact on the value and performance of the companies involved, identify the main determinants of this impact, and finally, highlight the main gaps and directions for future research. Studies published up to 2025 were collected from the Web of Science and Scopus databases, resulting in a final sample of 28 articles. The analysis shows that the Journal of Banking & Finance, Journal of Risk and Insurance, and Journal of Risk Finance are the leading publication outlets, with J. David Cummins emerging as the most influential author. Publication peaks occurred in 2008 and 2011, although no sustained upward trend was observed. Most studies focus on non-life insurers and use U.S. data. Methodologically, event studies and DEA models dominate the literature, focusing respectively on shareholder value creation and firm efficiency. Findings remain mixed, since M&A transactions are theoretically expected to create value, yet empirical evidence shows considerable variation across contexts. Identified determinants of M&A performance include company size, prior M&A experience, geographic or sectoral diversification, payment method, ownership and business type, governance, and human resources. Mon, 01 Dec 2025 00:00:00 GMT http://hdl.handle.net/10174/41350 2025-12-01T00:00:00Z http://hdl.handle.net/10174/41182 Title: Tracking oil price shocks and airline stock reactions using entropy-based approaches Authors: Aslam, Faheem; Ferreira, Paulo; Oliveira, Márcia; Almeida, Dora Abstract: The relationship between oil prices and the airline industry is economically important yet empirically complex, presenting significant challenges, with prior research yielding conflicting evidence on the nature, strength, and direction of their interaction. This study contributes to the literature moving beyond traditional linear assumptions, applying Shannon and Rényi transfer entropy to evaluate the nonlinear and state-dependent information flow between oil, oil volatility, and six international airline indices. The empirical findings reveal a significant but heterogeneous information flow between West Texas Intermediate (WTI) and airline indices, suggesting a relationship of mutual influence, where the directional information flow from WTI to airline indices consistently surpasses the reverse flow. In the case of the Crude Oil Volatility Index (OVX), results show a dominant flow of information from each airline index to the OVX index, indicating that sector-specific shocks can shape market expectations of oil volatility. The Rényi entropy analysis further uncovers tail-driven dynamics: at low orders of Rényi entropy, the entropy values remained predominantly negative between WTI and airline indices, while they remained predominantly positive, particularly from OVX to airline indices. However, at very high orders of entropy, there is a more traditional flow of information from WTI to airline indices. These findings enable policymakers to develop more effective, targeted, and economically sound energy policies for the transportation sector and the wider economy. Thu, 12 Feb 2026 00:00:00 GMT http://hdl.handle.net/10174/41182 2026-02-12T00:00:00Z http://hdl.handle.net/10174/41126 Title: Risk without borders: a transfer entropy analysis of geopolitical spillovers in low- and lower-middle-income markets Authors: Almeida, Dora; Ferreira, Paulo; Aslam, Faheem Abstract: Abstract How geopolitical risk affects stock markets in low and lower-middle-income countries remains an area often overlooked. This study analyzes daily data from 2014 to 2025 for 16 stock markets and two geopolitical risk subindices, acts and threats. The transfer entropy is applied in a dynamic framework to measure asymmetric and time-varying information flows. The findings reveal a heterogeneous influence of acts and threats, varying by country-income level, geographic region, and over time, and suggest an increased sensitivity of financial markets after 2020, particularly in response to acts rather than threats. This highlights distinct geopolitical risk transmission, requiring tailored investment strategies and policy responses Thu, 01 Jan 2026 00:00:00 GMT http://hdl.handle.net/10174/41126 2026-01-01T00:00:00Z