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EEG Investiga
Escola de Economia, Gestão e Ciência Política
91 episodes
4 days ago
O "EEG Investiga" é um podcast da Escola de Economia, Gestão e Ciência Política da Universidade do Minho, dedicado à divulgação científica produzida na escola. Este programa explora investigações atuais, tendências e desafios, com foco na inovação e impacto social.
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Social Sciences
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All content for EEG Investiga is the property of Escola de Economia, Gestão e Ciência Política and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
O "EEG Investiga" é um podcast da Escola de Economia, Gestão e Ciência Política da Universidade do Minho, dedicado à divulgação científica produzida na escola. Este programa explora investigações atuais, tendências e desafios, com foco na inovação e impacto social.
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Social Sciences
Science
Episodes (20/91)
EEG Investiga
3. Building a health system resilience framework: national, state, regional, and local perspectives

Antonio, M., Paschoalotto, C., Lazzari, E. A., Rocha, R., Massuda, A., & Castro, M. C. (2025). Building a health system resilience framework: national, state, regional, and local perspectives. www.thelancet.com


This study proposes a Health System Resilience (HSR) framework specifically designed for the decentralized context of Brazil’s Unified Health System (SUS). Resilience is defined as the system’s ability to absorb, adapt, and transform its essential functions in order to preserve equity under acute shocks and chronic stressors. The framework was developed and validated through a three-phase qualitative process involving 48 national and international experts, resulting in nine dimensions, 18 subdimensions, and 65 indicators applicable at federal, state, regional, and municipal levels. A key contribution is the clear distinction between routine system performance and resilience capacity, emphasizing dynamic capabilities such as workforce adaptability, real-time monitoring, emergency regulation, and multilevel governance. The model is designed as a practical management tool, proposing a six-step implementation cycle that includes scoping, mapping, scoring, prioritization, planning, and continuous monitoring. Although tailored to the SUS, the framework’s logic is transferable to other decentralized health systems worldwide.

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4 days ago
10 minutes 51 seconds

EEG Investiga
2. Do hospital mergers reduce waiting times? Theory and evidence from the English NHS

Cirulli, V., Marini, G., Marini, M. A., & Straume, O. R. (2025). Do hospital mergers reduce waiting times? Theory and evidence from the English NHS. Journal of Economic Behavior and Organization, 238. https://doi.org/10.1016/j.jebo.2025.107196


The study examines both theoretically and empirically the impact of hospital mergers on waiting times in health care markets with regulated prices, using the English National Health Service (NHS) as a case study. The theoretical model adopts a spatial framework in which patients choose hospitals based on travel distance and waiting times, while hospitals maximize a weighted objective combining profits and patient welfare. The model predicts an ambiguous overall effect of mergers, as they internalize opposing competitive forces: altruistic competition, which may increase waiting times by attracting more patients, and profit-oriented competition, which may reduce waiting times by discouraging the treatment of unprofitable patients. Cost synergies can further lower waiting times when hospitals are sufficiently profit-oriented. Empirically, using 19 years of NHS panel data and a difference-in-differences approach, the study finds that mergers increase waiting times on average by 41%. However, effects are heterogeneous: mergers involving Foundation Trusts reduce waiting times substantially, while mergers among more altruistic hospitals increase them.

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1 week ago
6 minutes 56 seconds

EEG Investiga
1. Storytelling in Sensual Products Marketing: A Content Analysis of Archetypes and Endorsers on Instagram

Jacob, D., Casais, B., & Azevedo, A. (2025). Storytelling in Sensual Products Marketing: A Content Analysis of Archetypes and Endorsers on Instagram. Journal of Creative Communications. https://doi.org/10.1177/09732586251334853


This study analyzes how Brazilian sensual product brands use storytelling on Instagram to market taboo-related products. Through a content analysis of 22 posts from the five largest brands in the sector, the research examines the prevalence of storytelling archetypes and endorser typologies. The findings show that brands mainly rely on the caregiver, jester, and, to a lesser extent, the innocent archetypes. The caregiver archetype dominates by emphasizing guidance, safety, and product education, helping consumers overcome discomfort associated with taboos. The jester archetype uses humor and playfulness to reduce shame and normalize consumption. In contrast, traditionally dominant archetypes such as the hero are largely absent. Regarding endorsers, expert figures—such as sexologists and consultants—are most frequently used, highlighting the importance of credibility and trust. Celebrity and consumer endorsers appear less often. The study also reveals a strong predominance of female endorsers. Overall, the article shows how storytelling and credible female expertise help brands mitigate stigma and facilitate consumer acceptance of taboo products.

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1 week ago
5 minutes 21 seconds

EEG Investiga
88. They (don’t) really care about us youth representation in Portuguese political parties

Jalali, C., Silva, P., & Costa, E. (2025). They (don’t) really care about us: youth representation in Portuguese political parties. European Political Science, 24(4), 862–877. https://doi.org/10.1057/s41304-025-00548-2


This article examines the role of youth wings within Portuguese political parties and how young party elites perceive their capacity to enhance youth representation. Based on 58 semi-structured interviews with senior young members from parties with and without autonomous youth wings, the study shows that youth wings function as a double-edged sword. While they guarantee formal representation in party organs, they often result in the informal segregation and marginalization of young members. Substantive influence over policy and candidate selection depends largely on informal networks, negotiations, and proximity to party leaders rather than on statutory rights. Youth wings are consulted in candidate selection, but their real impact is limited, with young candidates frequently placed in non-eligible positions. Although most respondents joined parties driven by policy-seeking motivations, personal career ambitions grow over time. Finally, youth wings are seen as largely ineffective in mobilizing young people, due to limited resources and weak financial autonomy.

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2 weeks ago
13 minutes 55 seconds

EEG Investiga
87. Speculative-Grade sovereign rating Cycles: Sovereign debt Defaults, restructurings and resolution

Agnello, L., Castro, V., & Sousa, R. M. (2025). Speculative-Grade sovereign rating Cycles: Sovereign debt Defaults, restructurings and resolution. Journal of International Financial Markets, Institutions and Money, 103. https://doi.org/10.1016/j.intfin.2025.102197


The study examines how sovereign defaults, debt restructurings, and resolution strategies affect the duration of periods in which countries remain rated at speculative grade. Using a change-point Weibull duration model applied to a large panel of sovereign credit ratings from Fitch, Moody’s, and S&P, the analysis shows that certain policy choices significantly prolong low-rating spells. Governments that implement nominal debt relief during defaults, rely on multilateral-supported restructurings, or experience prolonged exclusion from international capital markets tend to remain trapped in speculative-grade status for longer periods. Although the probability of exiting speculative grade initially increases over time, this effect fades after a critical threshold of roughly 15 years. Beyond this point, macroeconomic and institutional fundamentals become decisive. Higher GDP growth, improved institutional quality, lower public debt, and stronger external balances shorten speculative episodes, while banking and debt crises lengthen them. Overall, the findings highlight the long-lasting reputational and economic consequences of sovereign debt distress.

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2 weeks ago
7 minutes 7 seconds

EEG Investiga
86. Cosmopolitan tourists in P2P accommodation An exploratory study of online reviews on airbnb

Casais, B., & Cardoso, C. (2025). Cosmopolitan tourists in P2P accommodation: An exploratory study of online reviews on airbnb. Tourism and Hospitality Research, 25(3), 375–386. https://doi.org/10.1177/14673584231218105


This article explores how cultural background shapes (or fails to shape) online reviews in peer-to-peer (P2P) accommodation, focusing on 775 Airbnb reviews from guests of 32 countries staying in two properties in Lisbon and Porto. Using Hofstede’s dimensions of Individualism–Collectivism and Masculinity–Femininity, the study compares review content across 12 culturally representative countries. The findings reveal a striking homogeneity: cultural values do not significantly influence what guests write about. Across all groups, Location, Amenities, and Host interaction were the most frequently mentioned aspects. Some stylistic differences emerged—individualistic guests tended to write longer, more detailed negative comments, while collectivist guests wrote shorter and more socially cautious reviews—but overall patterns remained similar. Likewise, masculine and feminine cultures showed no meaningful divergence in content. The authors argue that the dominance of cosmopolitan tourists in P2P accommodation helps explain this uniformity, as experienced global travelers adopt a shared “Airbnb reviewing culture” that overrides national cultural norms.

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3 weeks ago
12 minutes 32 seconds

EEG Investiga
85. Brazil and China's Digital Silk Road: Opportunities, Risks, and Strategic Implications

da Silva, F. B., & Duarte, P. A. B. (2025). Brazil and China’s Digital Silk Road: Opportunities, Risks, and Strategic Implications. Global Policy, 16(4), 655–668. https://doi.org/10.1111/1758-5899.70027


This article examines Brazil’s engagement with China’s Digital Silk Road (DSR), arguing that it is best understood through the lens of Digitalpolitik, where digital infrastructures serve as instruments of geopolitical power. Using qualitative analysis, expert interviews, and an online survey, the study finds that the DSR strengthens Brazil’s digital ecosystem while simultaneously creating risks for its digital sovereignty.

The DSR—an extension of China’s Belt and Road Initiative—focuses on advanced technology fields such as 5G, AI, big data, cloud computing, and smart-city systems. China’s digital footprint in Brazil is already substantial, including Huawei-led 5G networks, submarine cables, data centers, surveillance technologies, and deepening participation in e-commerce and fintech through firms like Alibaba and Tencent.

Survey results show mixed perceptions: respondents largely view the DSR’s influence as positive, but many also identify security risks tied to dependence on Chinese digital infrastructure. The article concludes that Brazil’s growing integration into the DSR offers opportunities for digital modernization but increases vulnerability to foreign control of data, making it essential for Brazil to diversify partners and safeguard digital sovereignty.

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3 weeks ago
8 minutes 59 seconds

EEG Investiga
84. Dilemmas of Care (Re) Allocation Care and Consumption in Pandemic Times

Heath, T., Gallage, S., Chatzidakis, A., & Hutton, M. (2025). Dilemmas of Care (Re) Allocation: Care and Consumption in Pandemic Times. Journal of Business Ethics, 199(3), 507–527. https://doi.org/10.1007/s10551-024-05829-2


This article examines how the COVID-19 pandemic reshaped everyday consumption through the lens of care ethics. Drawing on twenty-eight in-depth interviews, it shows that the crisis exposed human vulnerability and intensified pressures on unpaid care work, revealing and deepening existing social inequalities. The disruption of daily routines blurred boundaries between home, work, and social spaces, forcing consumers—often women—to reorganize provisioning within compressed spatiotemporal constraints. This highlighted gendered expectations of care but also encouraged broader solidarities toward neighbors and local communities.

The study distinguishes between ethical dilemmas, where individuals prioritized caring for close dependents even when their actions conflicted with broader moral concerns, and ideological dilemmas, where participants questioned dominant norms such as anthropocentrism, individualism, and patriarchal care arrangements. Overall, the findings challenge narrow views of “ethical consumption,” arguing instead for a more expansive political theory of care that recognizes consumption decisions as central to social justice and everyday citizenship.

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4 weeks ago
14 minutes 17 seconds

EEG Investiga
83. Hiking tourism and rural development: The case of the Mondego Walkways, Portugal

Silva, L., Freire, F., Azevedo, A., & Matos, R. (2025). Hiking tourism and rural development: The case of the Mondego Walkways, Portugal. PASOS Revista de Turismo y Patrimonio Cultural, 23(3), 831–841. https://doi.org/10.25145/j.pasos.2025.23.052


The article examines how hiking tourism contributes to rural development through a case study of the Pasarelas do Mondego in Portugal’s Serra da Estrela region. The study combines a survey of 299 visitors with 16 interviews conducted with local residents and stakeholders. Visitors were mostly Portuguese, relatively young, and highly educated; about half did not stay overnight, and for many the walkways were the main reason for their trip.

Findings indicate notable positive economic impacts, including increased tourist attractiveness, growth in local restaurants and accommodation, and new investments in rural lodging. Municipal data also show a rise in guest numbers and overnight stays after the walkway’s opening. However, several negative effects emerged, such as increased litter, higher prices, and growing dependence on tourism.

Perceptions diverged regarding depopulation: visitors tended to believe the walkways could help counter rural decline, while residents largely disagreed, seeing demographic trends as irreversible. The study also highlights seasonal limitations for visiting and emphasizes the need for strategies that enhance benefits while mitigating adverse impacts.

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1 month ago
6 minutes

EEG Investiga
82. Governance models and performance in municipal solid waste management: Evidence from local authorities

Novais, A. F., & Tavares, A. F. (2025). Governance models and performance in municipal solid waste management: Evidence from local authorities. Journal of Environmental Management, 386. https://doi.org/10.1016/j.jenvman.2025.125829


This article examines how different governance models used by Portuguese municipalities influence performance in municipal solid waste (MSW) management, focusing on selective collection and recycling. Using data from 278 mainland municipalities in 2020, the study identifies four key governance models: direct management, inter-municipal cooperation, municipal or inter-municipal corporations, and private contracting. Direct management dominates, used by 84% of municipalities. Governance choices are shaped mainly by financial autonomy, scale, population density, and institutional capacity. Larger or financially stronger municipalities tend to adopt corporate structures, while low-density areas prefer inter-municipal cooperation. Municipalities with greater administrative capacity favor direct management.

Performance analysis shows that Portugal struggles to meet national recycling targets. Inter-municipal cooperation performs worst, largely due to rural dispersion and financial constraints. Direct management achieves comparatively better selective collection and recycling outcomes, while corporate models show no significant advantage. Financial autonomy strongly supports environmental performance. Overall, the study concludes that no governance model is inherently superior; effectiveness depends on local context and resource capacity.

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1 month ago
7 minutes 30 seconds

EEG Investiga
81. The role of international reserves in sovereign debt restructuring under fiscal adjustment

Tavares, T. (2025). The role of international reserves in sovereign debt restructuring under fiscal adjustment. Journal of Economic Dynamics and Control, 174. https://doi.org/10.1016/j.jedc.2025.105080


This article examines why highly indebted developing economies simultaneously hold large stocks of international reserves, despite the financial cost of doing so. The puzzle arises because reserves earn a low return while external debt carries a higher interest rate, making the coexistence of both positions seemingly inefficient. Nonetheless, many emerging economies maintain reserves exceeding 20% of GDP while holding external debt above 50% of GDP. The study argues that the benefits of reserves outweigh their costs through two main channels: insurance against sudden stops—allowing governments to smooth consumption and avoid default—and improved bargaining power in debt renegotiation, which raises recovery rates and reduces sovereign spreads. Empirical evidence shows that a 10-point increase in reserves relative to GDP reduces spreads by 48 basis points and decreases expected haircuts by 12–15 points. A sovereign default model calibrated to Mexico reproduces realistic reserve and debt levels, highlighting the roles of fiscal distortions and renegotiation. Overall, reserves function as a costly but valuable safety buffer that enhances creditworthiness.

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1 month ago
8 minutes 59 seconds

EEG Investiga
80. Authenticity or opportunism: consumers’ perception of brand activism practices and the mediating role of consumer‑brand identification

Silva, J., & Abreu, F. (2025). Authenticity or opportunism: consumers’ perception of brand activism practices and the mediating role of consumer-brand identification. Journal of Brand Management. https://doi.org/10.1057/s41262-025-00417-9


This article examines how consumers’ perceptions of authenticity shape their reactions to brand activism, emphasizing the mediating role of consumer–brand identification (CBI). Using an experimental design with a fictional fashion brand (n = 372), the study contrasts authentic versus inauthentic activism by manipulating reliability, commitment, congruence, and benevolence. Results show a strong asymmetry: while authentic activism generates positive consumer responses, inauthentic activism triggers much stronger negative reactions, including lower identification, reduced purchase intentions, weaker willingness to pay a premium, and less favorable word-of-mouth. Perceived authenticity significantly enhances CBI, which partially mediates its effects on purchase intention and word-of-mouth. However, CBI does not mediate willingness to pay a premium, suggesting that identification alone cannot offset price sensitivity. Managerially, the findings highlight that authentic, consistent, and transparently communicated activism is essential, whereas perceived opportunism can seriously damage brand trust. Overall, consumers reward authenticity but punish inauthenticity far more intensely.

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1 month ago
4 minutes 48 seconds

EEG Investiga
79. Small European states and Brexit comparing the coping strategies of Portugal and Finland

Raimundo, A., Ferreira-Pereira, L. C., & Jokela, J. (2025). Small European states and Brexit: comparing the coping strategies of Portugal and Finland. International Politics, 62(3), 634–652. https://doi.org/10.1057/s41311-024-00608-2

This article compares how Portugal and Finland, two small and peripheral yet core EU member states, strategically responded to Brexit. Both countries relied on EU sheltering—aligning with EU institutions and key member states—to mitigate external shocks. However, they also pursued hedging strategies in domains where Brexit created specific vulnerabilities. For Portugal, hedging was strongest in foreign and security policy, as it sought to counterbalance a potentially less Atlantic-oriented EU by strengthening bilateral ties with the UK and the transatlantic alliance beyond the EU framework. In contrast, Finland’s hedging was most visible in the political economy domain, where the loss of the UK as a liberal ally pushed Finland to form new coalitions, such as the New Hanseatic League, to safeguard economic interests. Ultimately, the study shows that coping strategies depend on each state’s exposure to Brexit, the institutional context of the policy area, and their commitment to EU integration.

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1 month ago
12 minutes 12 seconds

EEG Investiga
78. Mismatch matters education and productivity in laggard and frontier firms

Rocha, A. B., Figueiredo, H., Sá, C., & Portela, M. (2025). Mismatch matters: education and productivity in laggard and frontier firms. Journal of Productivity Analysis. https://doi.org/10.1007/s11123-025-00772-4

This article examines the impact of educational mismatch—both overeducation and undereducation—on firm-level labor productivity in Portugal between 2010 and 2019, using matched employer-employee data. Results show that undereducation consistently harms productivity, while overeducation contributes positively but modestly. The productivity benefits of overeducation rise along the productivity distribution: from 0.7% at the bottom decile (P10) to 2.2% at the top 1% (P99), suggesting that frontier firms are better equipped to utilize excess qualifications. Conversely, undereducation exerts a negative and stable effect across all productivity levels. Frontier firms display higher education levels and less undereducation, whereas laggard firms suffer from rising mismatch rates over time. Fixed-effects estimates reveal that fully aligning workers’ education with job requirements could increase firm productivity by 1.4%, primarily through reducing undereducation (≈1%), while reassigning overeducated workers would add ≈0.4%. The findings emphasize that matching education to job needs is key to enhancing firm performance.

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1 month ago
9 minutes 58 seconds

EEG Investiga
77. Determinants of consumers intention to visit green hotels Combining psychological and contextual factors

Ferreira, S., Pereira, O., & Simões, C. (2025). Determinants of consumers’ intention to visit green hotels: Combining psychological and contextual factors. Journal of Vacation Marketing, 31(3), 535–548. https://doi.org/10.1177/13567667231217755

This article investigates consumers’ intention to visit green hotels by integrating psychological and contextual factors within an extended Theory of Planned Behavior (TPB) model that includes biospheric value and green trust. Based on a quantitative survey of Portuguese consumers, the study finds high intentions to visit green hotels. The results show that attitude, subjective norms, and perceived behavioral control significantly and positively affect behavioral intention, explaining 42.6% of its variance. Among these, attitude is the strongest predictor, followed by perceived control and biospheric value. While green trust does not directly influence intention, it indirectly affects it through positive impacts on the three TPB variables. Managerial implications highlight the need for hotel managers to strengthen positive attitudes via clear communication of green initiatives, enhance perceived control by reducing barriers such as cost or comfort concerns, and build credibility to avoid greenwashing, ensuring authentic and transparent sustainability efforts.

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1 month ago
9 minutes 45 seconds

EEG Investiga
76. Crowding in local lists: local branches of national parties and the supply and success of local lists

Camões, P., Ó. Erlingsson, G., & Tavares, A. (2025). Crowding in local lists: local branches of national parties and the supply and success of local lists. Comparative European Politics. https://doi.org/10.1057/s41295-025-00428-5


This article examines whether the uneven presence of national party branches influences the emergence and success of local lists (genuinely local candidates) in Portuguese municipal elections between 2001 and 2021. Rooted in the “localist turn” observed in many democracies, the study argues that declining performance of national parties creates local political opportunities exploited by local lists — a crowding-in effect on the supply side. Using logistic and Poisson regressions, the results support two hypotheses: (1) local lists are more likely to emerge where national parties (PS and PSD) are electorally weaker, and (2) their vote shares rise as support for these parties declines. Moreover, higher voter turnout correlates positively with local list performance, suggesting their role in mobilizing dissatisfied citizens. However, the rise of the far-right CHEGA party in 2021 reduced local list votes, indicating competition for disillusioned voters. Overall, the study highlights local lists as substitutes and mobilizers within Portugal’s evolving party system.

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1 month ago
7 minutes 9 seconds

EEG Investiga
75. COVID-19 news and the US equity market interactions: An inspection through econometric and machine learning lens

Jana, R. K., Ghosh, I., Jawadi, F., Uddin, G. S., & Sousa, R. M. (2025). COVID-19 news and the US equity market interactions: An inspection through econometric and machine learning lens. Annals of Operations Research, 345(2), 575–596. https://doi.org/10.1007/s10479-022-04744-x

This article investigates the interactions between COVID-19-related news and the U.S. equity market during the first pandemic wave (January–March 2020), using econometric and machine learning techniques. It examines how global and local COVID-19 fears, measured through daily infection data, influenced 20 U.S. sectoral stock indices. The study divides the sample into two periods: TH-I (January), when infections were mostly global, and TH-II (February–March), when local infections surged. Using Johansen co-integration, DCCA, and nonlinear Granger causality, alongside Gradient Boosting and Random Forest models, the authors find that COVID-19 fears affected sectors differently across time. In TH-I, global fears had limited and mixed effects, while in TH-II, both global and local fears negatively influenced all sectors—particularly automotive, retail, and technology. Predictive accuracy improved in TH-II, reflecting stronger market sensitivity. Overall, the study concludes that local fears became dominant drivers of market volatility as the pandemic escalated.

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2 months ago
7 minutes 9 seconds

EEG Investiga
74. Assessment of groundwater vulnerability to point and non-point sources of pollution and mitigation measures for boreholes in the Guelma Plain, Northeastern Algeria

Guezgouz, N., Ghrieb, L., Ghanem, M., Pinho, J., de Marco, A., & Moustafa, A. A. (2025). Assessment of groundwater vulnerability to point and non-point sources of pollution and mitigation measures for boreholes in the Guelma Plain, Northeastern Algeria. International Journal of Energy and Water Resources. https://doi.org/10.1007/s42108-025-00406-3

This article assesses groundwater vulnerability to both point and non-point pollution sources in the Guelma Plain, northeastern Algeria, and proposes protection perimeters for five water extraction boreholes. Groundwater in this region faces severe degradation due to industrial discharges, intensive agriculture, and urban expansion. Despite Algeria’s Water Law No. 05-12 mandating protective zones, enforcement remains inconsistent. Using a GIS-based methodology, the study delineates two types of zones: Close Protection Zones (CPP) and Remote Protection Zones (RPP). Hydrodynamic methods—Sichardt, Kusakin, and Cylinder—were applied for CPPs, with Kusakin yielding the most conservative and realistic estimates (radii from 33.0 m to 428.1 m). For RPPs, Infiltration and 3A2E methods produced consistent results (radii from 818.1 m to 1293.5 m). The findings align with GOD vulnerability mapping, confirming the robustness of the approach. Recommended mitigation measures include strict bans on hazardous activities, controlled agricultural practices, and protection of recharge areas, ensuring long-term groundwater sustainability.

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2 months ago
7 minutes 9 seconds

EEG Investiga
73. Gerrymandering to survive: an explanation of the political conditions that shaped mayors’ decisions over an amalgamation process in Portugal

Rodrigues, M., Meza, O., & Navarro, C. (2025). Gerrymandering to survive: an explanation of the political conditions that shaped mayors’ decisions over an amalgamation process in Portugal. Local Government Studies, 51(5), 993–1015. https://doi.org/10.1080/03003930.2024.2404104


This article examines how Portuguese mayors strategically used gerrymandering during the 2013 territorial reform to secure their political positions. The reform, imposed by the central government under the troika’s austerity measures, required the merger of sub-municipal units (SMUs) but allowed mayors discretion in determining specific boundaries. Acting as rational political agents, mayors manipulated the process to reduce political vulnerability, employing tactics such as packing (concentrating opposition SMUs) and diluting (merging opposition areas with supportive ones). A decision matrix identified four political scenarios, with the “Appealing” one—mayoral majority in the municipal assembly but minority among SMUs—showing the strongest incentive for gerrymandering. Empirical evidence from multinomial logistic regression confirmed that politically vulnerable mayors were up to nine times more likely to favor SMUs aligned with them. The study concludes that the amalgamation process was politically instrumentalized, illustrating how local reforms can serve electoral survival rather than broader public goals.

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2 months ago
12 minutes 28 seconds

EEG Investiga
72. Modelling dynamic interdependence in nonstationary variances with an application to carbon markets

Campos-Martins, S., & Amado, C. (2025). Modelling dynamic interdependence in nonstationary variances with an application to carbon markets. Journal of Economic Dynamics and Control, 173. https://doi.org/10.1016/j.jedc.2025.105062This paper introduces a new multivariate conditional correlation GARCH model, the Multiplicative Time-Varying Extended Conditional Correlation GARCH (MTV-ECC-GARCH), designed to capture dynamic interdependence among assets or markets under nonstationary variance. The model extends traditional CC-GARCH frameworks by incorporating two key features: a nonstationary long-term component that captures structural shifts in unconditional volatility, and a short-term dynamic component allowing cross-market volatility interactions. Ignoring nonstationarity, the study notes, can lead to spurious volatility transmission. Parameter estimation is conducted using a maximization by parts algorithm, which simplifies the computation by estimating each variance equation separately. A Lagrange Multiplier (LM) test is proposed to detect volatility interactions under nonstationary conditions. Applying the model to carbon futures (CEF) and a media-based climate concern index (CCM), results show significant dynamic interdependence—particularly from climate-related media concerns to carbon market volatility—when nonstationarity is properly modeled, highlighting the model’s robustness and practical relevance for financial volatility analysis.

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2 months ago
7 minutes 43 seconds

EEG Investiga
O "EEG Investiga" é um podcast da Escola de Economia, Gestão e Ciência Política da Universidade do Minho, dedicado à divulgação científica produzida na escola. Este programa explora investigações atuais, tendências e desafios, com foco na inovação e impacto social.