Papers by João Carlos Pinto
O ransomware é uma das mais alarmantes ameaças digitais enfrentadas actualmente pelas empresas. E... more O ransomware é uma das mais alarmantes ameaças digitais enfrentadas actualmente pelas empresas. Este malware invade e criptografa dados, exigindo pagamento de resgate para libertar o acesso aos mesmos. Neste artigo, examinamos o impacto devastador do ransomware nas operações empresariais e discutimos estratégias de prevenção e resposta de forma a proteger, eficazmente, as organizações contra esta crescente e perigosa ameaça.
Este texto centra-se na temática da segurança das Jornadas Mundiais da Juventude - Lisboa
2023, e... more Este texto centra-se na temática da segurança das Jornadas Mundiais da Juventude - Lisboa
2023, evento organizado pela Igreja Católica com a participação esperada de mais de um
milhão de peregrinos. Através de uma análise abrangente, que engloba as perspetivas da
criminologia, ciberinteligência e cibersegurança, identificam-se riscos potenciais, com foco
para a prevenção de eventos terroristas. Com uma abordagem integrada, o texto visa
contribuir para um ambiente seguro e fraterno durante as JMJ Lisboa 2023.
O behaviorismo é uma abordagem psicológica com ênfase no estudo do comportamento humano e a sua r... more O behaviorismo é uma abordagem psicológica com ênfase no estudo do comportamento humano e a sua relação com o ambiente. Como escola de pensamento consolidada teve o seu prelúdio no início do século XX. Uma das figuras mais influentes foi o psicólogo americano John B. Watson (1878-1958). Em 1913, Watson publicou o artigo "Psychology as the Behaviorist Views It", no qual defendia que a psicologia se deveria concentrar exclusivamente no estudo do comportamento observável e mensurável, abandonando os processos mentais internos. Esta perspectiva tem sido amplamente aplicada em diversas áreas, incluindo a criminologia, cuja interacção é o tema transversal deste trabalho.Ao analisar as causas e consequências do comportamento criminal, o "behaviorismo" oferece alguns insights valiosos para entender e abordar questões relacionadas à criminalidade.
O behaviorismo é uma abordagem psicológica com ênfase no estudo do comportamento humano e a sua r... more O behaviorismo é uma abordagem psicológica com ênfase no estudo do comportamento humano e a sua relação com o ambiente. Como escola de pensamento consolidada teve o seu prelúdio no início do século XX. Uma das figuras mais influentes foi o psicólogo americano John B. Watson (1878-1958). Em 1913, Watson publicou o artigo "Psychology as the Behaviorist Views It", no qual defendia que a psicologia se deveria concentrar exclusivamente no estudo do comportamento observável e mensurável, abandonando os processos mentais internos. Esta perspectiva tem sido amplamente aplicada em diversas áreas, incluindo a criminologia, cuja interacção é o tema transversal deste trabalho.Ao analisar as causas e consequências do comportamento criminal, o "behaviorismo" oferece alguns insights valiosos para entender e abordar questões relacionadas à criminalidade.
This paper examines the pricing of project finance (PF) and non-project finance (non-PF) loans an... more This paper examines the pricing of project finance (PF) and non-project finance (non-PF) loans and examines the factors that influence the borrower's choice between project financing and corporate financing. Using a sample of 210,273 syndicated loans closed between 2000 and 2014, we find that PF and Non-PF loans are influenced differently by common pricing characteristics and that PF loans in the U.S. and W.E. are priced in segmented markets. Borrowers choose PF when they seek long-term financing and funding cost reduction. We find that transaction cost considerations, the financial crisis and country risk affect the financing choice. Our results document that publicly traded sponsors who prefer project financing to corporate financing are larger, less profitable, more financially distressed and have a higher asset tangibility. Finally, privately held firms that choose off-balance sheet financing are smaller and less profitable and use PF to raise relatively larger amounts of debt.
SSRN Electronic Journal, 2017
This is the first study comparing the financial characteristics and pricing processes of asset se... more This is the first study comparing the financial characteristics and pricing processes of asset securitization (AS) and covered bonds (CB). Using a sample of 6,191 AS bonds and 11,471 CB issued by Western European banks between January 1, 2000 and October 31, 2012, we find that AS and CB are not priced in integrated bond markets. Our results show that credit spreads are higher for ABS than for public CB in both pre-and crisis periods. Considering bonds backed by mortgages, we only find evidence of CB credit spreads being lower than those of AS bonds during the pre-crisis period. Both AS and CB credit spreads are driven by collateral type, credit rating is the most important pricing factor for AS bonds, and we document that not only specific effects related to issuance, but also macro factors and exogenous events are relevant drivers for CB credit spreads. Furthermore, while the first CB purchase programme led to lower mortgage CB credit spreads, the second programme did not have the ECB's desired effects. Finally, we find that the ECB's second programme reduces ABS spreads significantly for tranches issued by non-German banks.
SSRN Electronic Journal, 2016
This paper examines the pricing of project finance (PF) and non-project finance (non-PF) loans an... more This paper examines the pricing of project finance (PF) and non-project finance (non-PF) loans and examines the factors that influence the borrower's choice between project financing and corporate financing. Using a sample of 210,273 syndicated loans closed between 2000 and 2014, we find that PF and Non-PF loans are influenced differently by common pricing characteristics and that PF loans in the U.S. and W.E. are priced in segmented markets. Borrowers choose PF when they seek longterm financing and funding cost reduction. We find that transaction cost considerations, the financial crisis and country risk affect the financing choice. Our results document that publicly traded sponsors who prefer project financing to corporate financing are larger, less profitable, more financially distressed and have a higher asset tangibility. Finally, privately held firms that choose off-balance sheet financing are smaller and less profitable and use PF to raise relatively larger amounts of debt.
SSRN Electronic Journal, 2014
This paper surveys the literature examining securitization. Besides describing the economic motiv... more This paper surveys the literature examining securitization. Besides describing the economic motivation for the use of securitization, the paper provides details on securitization characteristics and players, presents the recent trends of securitization markets, describes the role played by securitization in the 2007-2008 financial crisis, and compares the financial characteristics of securitization transactions for a large cross-section of ABS, MBS and CDO tranches issued during the 2000-2011 period. Securitization creates value by increasing liquidity, reducing the cost of funding, allowing originators to diversify funding sources, improving originators' risk management, and allowing originators to benefit from regulatory arbitrage and to improve key financial ratios. However, securitization transactions are complex undertakings, they are expensive to set up, and increase the deadweight transaction costs associated with principalagent and asymmetric information problems when used inappropriately.
SSRN Electronic Journal, 2014
We examine the factors that influence nonfinancial firms' choice of issuing standard corporate bo... more We examine the factors that influence nonfinancial firms' choice of issuing standard corporate bonds vis-à-vis contracting structured finance transactions, in the form of project finance or asset securitization deals. Using a data set of deals closed by 4,700 European borrowers between 2000 and 2016, we find that informational and agency problems, and issuance costs, affect public firms' borrowing source choices. Findings also suggest that firms choose structured finance borrowings when they are less profitable and have lower asset tangibility. Our findings document that transaction cost considerations lead firms that use both structured finance and corporate bond deals during our sampling period, to choose structured finance for new borrowings. Additionally, firms resorting to project finance are less creditworthy than corporate bond issuers are and, on average, asset securitization deals have a funding cost advantage of 87.6 basis points over corporate bond deals.
SSRN Electronic Journal, 2013
This paper examines the pricing of structured finance (SF)asset-backed securities (ABS), mortgage... more This paper examines the pricing of structured finance (SF)asset-backed securities (ABS), mortgage-backed securities (MBS), and collateralized debt obligations (CDO)and straight debt finance transactions. Using a cross-section of 24,525 European bonds issued by financial and nonfinancial firms in the 2000-2016 period, we show that although ratings are the most important pricing determinant for SF and corporate bonds (CB) at issuance, investors rely on other contractual, macroeconomic, and firms' characteristics beyond these ratings. We find that CDO tranches have, on average, higher credit spreads than similarly rated CB, while investors are not compensated for facing higher systematic risk components in relation to investment-grade ABS and MBS. Our results also support the hypothesis of SF transactions as mechanisms of reducing funding costs: SF transactions' weighted average spread is lower than that of comparable CB and originating firms' creditworthiness does not deteriorate when compared to a sample of matched firms.
SSRN Electronic Journal, 2014
A structured leasing is a new and highly flexible transaction that develops synergies between fun... more A structured leasing is a new and highly flexible transaction that develops synergies between funding policy, risk management of the underlying assets, and tax benefits. It is used in particular transactions involving complex and large-scale assets, such as airplanes, ships, industrial plant and equipment, and large real estate projects. As in other tax-based techniques, the implementation of a structured leasing transaction, either a leveraged lease or a synthetic lease, is more significant when the value of the asset is large and allows for a potentially greater tax benefits' appropriation. Structured leasing creates value by increasing liquidity and funding, reducing the funding costs, allowing sponsors to attain greater leverage and to increase tax shields, improving lessees' risk management, and allowing lessees to maintain financial flexibility, by improving or maintaining financial ratios. Although all of the above-mentioned economic advantages, structured leasing also has problems. The most commonly referred problems of structured leases are complexity, offbalance sheet treatment, higher transaction costs, and wealth expropriation. Besides describing the economic motivations and problems of structured leasing, this paper provides details on the characteristics of structured leasing activity and reviews the most influential papers, summarizes their results, and associates them with the existing empirical evidence.
SSRN Electronic Journal, 2018
We examine the factors that influence non-financial firms' choice between corporate financing (CF... more We examine the factors that influence non-financial firms' choice between corporate financing (CF) and structured finance (SF). Using a sample of 4,970 Western European deals closed between 2000 and 2016, we find that floatation costs, information asymmetry, and renegotiation and liquidation risks affect firms' financing decisions. Findings also suggest that firms choose SF when they are less creditworthy and seek long-term financing, and that firms resorting to project finance are smaller and less profitable and have lower short-term debt, lower asset tangibility, and less growth opportunities than corporate bond issuers have. Firms that prefer asset securitization to corporate bonds tend to be smaller, more levered, and less profitable and have lower proportions of fixed assets. Finally, findings are consistent with the hypothesis that firms choose asset securitization to reduce funding costs.
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Papers by João Carlos Pinto
2023, evento organizado pela Igreja Católica com a participação esperada de mais de um
milhão de peregrinos. Através de uma análise abrangente, que engloba as perspetivas da
criminologia, ciberinteligência e cibersegurança, identificam-se riscos potenciais, com foco
para a prevenção de eventos terroristas. Com uma abordagem integrada, o texto visa
contribuir para um ambiente seguro e fraterno durante as JMJ Lisboa 2023.
2023, evento organizado pela Igreja Católica com a participação esperada de mais de um
milhão de peregrinos. Através de uma análise abrangente, que engloba as perspetivas da
criminologia, ciberinteligência e cibersegurança, identificam-se riscos potenciais, com foco
para a prevenção de eventos terroristas. Com uma abordagem integrada, o texto visa
contribuir para um ambiente seguro e fraterno durante as JMJ Lisboa 2023.