Liliana Almeida

This study examines capacity-building initiatives within the Envolver project to improve access to finance for micro, small, and medium-sized enterprises in Angola. Emphasizing the role of financial literacy and human capital development, it analyzes training methodologies tailored to diverse stakeholder groups within the financing ecosystem. The study characterizes target audiences, trainer profiles, and pedagogical approaches, highlighting the use of hybrid delivery models and context-specific learning tools. Attention is given to establishing a common language among stakeholders, including entrepreneurs, financial institutions, incubators, and public entities. The findings underscore the need for differentiated training strategies, practical and context-based learning resources, and interactive methodologies to enhance knowledge transfer and application. Overall, the results show that well-designed capacity-building programs can strengthen competencies, improve coordination among stakeholders, and increase access to financing and private-sector development in emerging economies.

This study examines the determinants of increased competitiveness among companies applying to the SME Qualification Incentive Program, focusing on both firm and application characteristics. Three dimensions are considered: value added, internationalization, and financial structure. The results show that firm structural characteristics, particularly sector and regional location, play a dominant role in explaining value added. The application characteristics exhibit limited overall explanatory power, but remain relevant for specific outcome dimensions. Innovation-related variables emerge as key determinants, especially marketing innovation, which is positively associated with value added and financial structure but negatively associated with export intensity. Market-related variables and organizational factors primarily drive export intensity, whereas financial structure appears less directly explained by observable characteristics. The findings suggest that policy instruments may influence outcomes not only through firm selection but also through the characteristics of applications.

This study examines the determinants of firm competitiveness by analyzing the impact of firm and application characteristics associated with the EU-funded, specifically the Innovation Incentive System. Using a sample of 60 firms that applied to the Innovation Incentive System, the analysis employs multiple regression models to assess effects on value creation, internationalization, and financial sustainability. The results show that firm characteristics play a dominant role, while project characteristics provide additional explanatory power. Evidence also reveals trade-offs between innovation, internationalization, and financial performance. These findings contribute to understanding the effectiveness of public support policies in enhancing firm competitiveness.

This study investigates whether Bitcoin may act as a safe haven in the capital markets, including France (CAC 40), Germany (DAX 30), the US (DJI), the UK (FTSE 100), Italy (FTSE MIB), Hong Kong (HANG SENG), Spain (IBEX 35), South Korea (KOSPI), Russia (IMOEX), and Japan (NIKKEI 225), as well as in commodities such as gold (GOLD HANDY HARMAN) and petroleum (WTI), and U.S. 10-year sovereign yields, during the 2020-2022 events. The authors analyze the financial integration and movements of markets to understand how BTC behaves during periods of global economic uncertainty. During the stress period, BTC did not integrate with the analyzed markets, suggesting that BTC exhibits properties of a hedge and a safe haven. BTC has properties of a hedge and a safe haven, and investors in these markets can benefit from investing in it as a secure asset and hedge. It is affected by CAC 40, FTSE 100, HANG SENG, and NIKKEI 225 stock indexes, and investors must carefully evaluate their investment strategies and risk tolerance when including BTC in their portfolio. Request access from your librarian to read this chapter's full text.

This chapter aims to analyze the price efficiency of Bitcoin (BTC), DASH, EOS, Ethereum (ETH), LISK, Litecoin (LTC), Monero, NEO, QUANTUM, RIPPLE, STELLAR, and ZCASH in their weak form between March 1, 2018 and March 1, 2023 and determine whether they experience overreactions. The results show that cryptocurrencies exhibit positive and negative autocorrelations, which can reduce volatility and moderate price fluctuations. The results also show persistence in cryptocurrency returns, suggesting long-term trends or market patterns that individual and institutional investors can exploit. It is essential to recognize that cryptocurrencies are characterized by a high degree of complexity and instability. Investors need to monitor market trends and make the necessary adjustments to their investment strategies to anticipate market changes. Request access from your librarian to read this chapter's full text.