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Uniform Price Market and Behaviour Pattern: What Does the Iberian Electricity M...
Marques, Vítor; Soares, Isabel; Fortunato, AdelinoThe electricity spot markets can be considered as capacity constrained markets (Kreps and Scheinkman, 1983), where market price definition depends on the quantity strategies. In this theoretical framework, the main target of the present paper is to show to what extent a spot market organized like a Uniform Price Auction (UPA) is naturally inclined to develop anti-competitive practices, in particular through qua...
Water Losses and Hydrographical Regions Influence on the Cost Structure of the ...
Martins, Rita; Coelho, Fernando; Fortunato, AdelinoThere is a consensus that the emphasis on the management of water resources should be put on demand side policies. However, some questions remain to be solved on the supply side, which are frequently absent from empirical studies based on the estimation of cost functions. This paper aims to fill to some extent this gap in the literature by focusing the consequences of water losses reduction and the management o...
The dynamics of the growth of firms: evidence from the services sector
Oliveira, Blandina; Fortunato, AdelinoAbstract Using a dynamic panel data model with serial correlation in the error term, the purpose of this paper is to examine if Gibrat’s Law can be rejected for the services sector as it has been for manufacturing. The aim of this paper is also to improve the understanding of the empirical determinants of firm growth by extending the literature to include a new variable related to foreign participation. In add...
Cost Structure of the Portuguese Water Industry: a Cubic Cost Function Application
Martins, Rita; Fortunato, Adelino; Coelho, FernandoThe main scope of this paper is to confirm, or otherwise, the idea usually presented in national reports and strategic programmes for the water sector that the Portuguese water market is a natural monopoly. Based on a multi-product approach (considering the m3 of potable water delivered and wastewater collected as the outputs) we use a cubic functional specification to estimate water utilities cost function, an...
Firm Growth and Liquidity Constraints: A Dynamic Analysis
Oliveira, Blandina; Fortunato, AdelinoAbstract Using a large unbalanced panel data set of Portuguese manufacturing firms surviving over the period from 1990 to 2001, the purpose of this paper is to examine whether liquidity constraints faced by business firms affect firm growth. We use a GMM-system to estimate a dynamic panel data model of firm growth that incorporates cash flow as a measure of liquidity constraints and persistence of growth. The ...
Igor Filatotchev and Mike Wright (eds): the life cycle of corporate governance
Fortunato, AdelinoWithout Abstract ; http://dx.doi.org/10.1007/s00191-006-0016-6
Horizontal Differentiation and the survival of Train and Coach modes in medium ...
Fortunato, Adelino; Murta, DanielThe Portuguese transport system as a whole suffers from the dominance of personal transportation, this being generally less efficient. Coaches and trains struggle to stay in the business. This model explains the markets’ performance beyond price differentials, bundling the transport modes’ appeal in one index for each. The differentiated transport cost approach accounts for product differentiation, economies of...
Firm Growth and Persistence of Chance: Evidence from Portuguese Microdata
Oliveira, Blandina; Fortunato, AdelinoConsidering a dynamic firm growth model with serial correlation this work studies the effects of R&D activities and investment, both physical and R&D, on the growth of firms. The main hypotheses maintain that firms with a strong commitment to R&D have higher rate of growth and investment has a positive effect on firm growth. We investigate such relations with reference to an unbalanced panel data set of Portugu...
Residential water demand under block rates: a Portuguese case study
Martins, Rita; Fortunato, AdelinoA residential water demand equation is estimated using a panel data sample of 5 Portuguese local communities and 72 months, corresponding to a total number of 360 observations. Because of the presence of multi-part tariffs, we use as explanatory variables the two common price-related variables: marginal price and difference. To prevent the simultaneity bias from using observed quantities to determine the values...
Testing Gibrat’s Law: Empirical Evidence from a Panel of Portuguese Manufacturi...
Oliveira, Blandina; Fortunato, AdelinoThe purpose of this paper is to use Dynamic Panel Data (DPD) models to see if Gibrat’s law holds and to analyse the empirical determinants of firm growth. This paper makes significant contributions to the empirical literature on the dynamics of firm growth, since it updates the work carried out by previous researchers in this field using micro panel data and GMM estimators. To conduct this study we use an unbal...
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