Purpose - The aim of this paper is to examine the role of liquidity in asset pricing in a tiny market, such as the Portuguese. The unique setting of the Lisbon Stock Exchange with regards to changes in classification from an emerging to a developed stock market, allows an original answer to whether changes in the development of the market affect the role of liquidity in asset pricing. Design/methodology/approach - The authors propose and compare two alternative implications of liquidity in asset pricing: as a desirable characteristic of stocks and as a source of systematic risk. In contrast to prior research for major stock markets, they use the proportion of zero returns which is an appropriated measure of liquidity in tiny markets and propose the separated effects of illiquidity in a capital asset pricing model framework over the whole sample period as well as in two sub-samples, depending on the change in classification of the Portuguese market, from an emerging to a developed one. Findings - The overall results of the study show that individual illiquidity affects Portuguese stock returns. However, in contrast to previous evidence from other markets, they show that the most traded stocks (hence the most liquid stocks) exhibit larger returns. In addition, they show that the illiquidity effects on stock returns were higher and more significant in the period from January 1988 to November 1997, during which the Portuguese stock market was still an emerging market. Research limitations/implications - These findings are relevant for investors when they make their investment decisions and for market regulators because they reflect the need of improving the competitiveness of the Portuguese stock market. Additionally, these findings are a challenge for academics because they exhibit the need for providing alternative theories for tiny markets such as the Portuguese one. Practical implications - The results have important implications for individual and institutional investors who can take into account the peculiar effect of liquidity in stock returns to make proper investment decision. Originality/value - The Portuguese market provides a natural experimental area to analyse the role of liquidity in asset pricing, because it is a tiny market and during the period studied it changed from an emerging to a developed stock market. Moreover, the authors have to highlight that previous evidence almost exclusively focuses on the US and major European stock markets, whereas studies for the Portuguese one are scarce. In this context, the study provides an alternative methodological approach with results that differ from those theoretically expected. Thus, these findings are a challenge for academics and open a theoretical and a practical debate.

Resumo O objetivo deste estudo é analisar o crescimento dos empresarial do setor tecnológico no Brasil no período 2002-2013. Para isso, tomamos como base a Lei de Gibrat ou Lei do Efeito Proporcional (LEP) e na metodologia de dados em painel, já que nos permite controlar a heterogeneidade não observável. No entanto, ao contrário da evidência empírica anterior, foi tido em conta o efeito da recente crise financeira e da rentabilidade sobre o crescimento empresarial. Os principais resultados obtidos indicam que em tempos de crise as políticas públicas poderiam dedicar parte dos seus recursos disponíveis para ajudar as empresas tecnológicas pequenas, rentáveis e menos endividadas para incentivar o crescimento econômico.

摘要 本文旨在分析2002-2013年间巴西技术部门的商务增长。此分析基于吉布莱特法律或相称法律（LEP）和数据面板这一研究方法以便于我们控制不可观测的异质性。不过，不同于以往的经验证明，在此次分析中我们考虑了近年来金融危机及商务增长收益的影响。分析结果显示，在危机时期，公共政策能够将其部分可利用资源用于帮助小型可盈利技术公司以促进经济增长。

Résumé Le but de cette étude consiste à analyser la croissance entrepreneuriale du secteur technologique au Brésil dans la période 2002-2013. Pour cela, nous nous appuyons sur la Ley de Gibrat ou Ley del Efecto Proporcional (LEP) et sur la méthodologie du panneau de données car elle nous permet de contrôler l’hétérogénéité inobservée. Néanmoins, on a pris en compte l’effet de la crise financière récente et les rendements sur la croissance entrepreneuriale ; contrairement à l’évidence empirique préalable. Les principaux résultats obtenus nous montrent qu’aux temps de crise les politiques publiques peuvent consacrer partie de ses propres ressources disponibles pour soutenir aux petites entreprises technologiques, rentables et moins endettées pour favoriser la croissance économique.

Abstract This study aims to analyze the growth of technology companies in Brazil in 2002-2013. To do so, we use Gibrat’s law, otherwise known as the Law of Proportionate Effect (LPE) and the panel data model, which allows us to control unobservable heterogeneity. However, unlike the previous empirical evidence, this study takes into account the effect of the recent financial crisis and profitability on business growth. The main results show that in times of crisis, public policies could a lot some resources available to help some of the smaller, more profitable, and least indebted technology companies to boost economic growth.

Resumen El objetivo del presente estudio consiste en analizar el crecimiento empresarial del sector tecnológico de Brasil en el periodo 2002-2013. Para ello, se basa en la Ley de Gibrat o Ley del Efecto Proporcional (LEP) y en la metodología de datos de panel, ya que permite controlar la heterogeneidad inobservable. Sin embargo, a diferencia de la evidencia empírica previa, se tomaron en cuenta el efecto de la reciente crisis financiera y de la rentabilidad sobre el crecimiento empresarial. Los principales resultados obtenidos indican que en épocas de crisis, las políticas públicas podrían dedicar parte de sus recursos disponibles en ayudar a las empresas tecnológicas pequeñas, rentables y menos endeudadas para favorecer el crecimiento económico.

Human abdominal angiostrongyliasis is a zoonotic disease caused by ingestion of the L3 larvae of Angiostrongylus costaricensis. The human infection gives rise to a pathological condition characterized by acute abdominal pain, secondary to an inflammatory granulomatous reaction, marked eosinophilia and eosinophilic vasculitis. Most commonly this disease is limited to intestinal location, primary ileocecal, affecting the mesenteric arterial branches and intestinal walls. We present one of the few cases reported around the world with simultaneous involvement of the intestines and liver, including proved presence of nematodes inside the hepatic arteriole.

La enfermedad conocida como angiostrongiliasis abdominal humana es una zoonosis causada por la ingestión del estadio larval L3 de Angiostrongylus costaricensis. En el ser humano, esta infección provoca un estado patológico caracterizado por dolor abdominal agudo, secundario a una reacción inflamatoria granulomatosa; eosinofilia marcada y vasculitis eosinofílica. Comúnmente el cuadro se encuentra limitado a una localización intestinal, predominantemente ileocecal, que compromete las ramas de la arteria mesentérica y la pared intestinal. Presentamos uno de los pocos casos reportados alrededor del mundo con hallazgos simultáneos en intestino e hígado; se incluye la demostración histológica del nemátodo dentro de la arteriola hepática.

Los periodos de crisis que se han desarrollado en los últimos tiempos en los mercados bursátiles han conducido a la existencia de un interés cada vez mayor en analizar el comportamiento de dichos mercados tras estos periodos y, de esta forma, conocer qué tipo de estrategias se han de aplicar para obtener una mayor rentabilidad. A partir del análisis de las rentabilidades anormales tras los shocks bursátiles sucedidos en los índices de referencia de las mayores, medias y pequeñas empresas del mercado español, el presente trabajo demuestra que la mejor estrategia en términos generales tras un shock bursátil es ponerse a corto, y que los mejores resultados de rentabilidades extraordinarias se obtienen a partir de la inversión en las medias y pequeñas empresas.

Os períodos de crise que se desenvolveram nos últimos tempos nas bolsas de valores levaram à existência de um interesse cada vez maior em analisar o comportamento de tais mercados após estes períodos e, desta forma, conhecer que tipo de estratégias devem ser aplicadas para obter uma maior rentabilidade. A partir da análise das rentabilidades anormais após os shocks bursáteis sucedidos nos índices de referência das maiores, médias e pequenas empresas do mercado espanhol, o presente trabalho demonstra que a melhor estratégia em termos gerais após um shock bursátil é restringir-se, e que os melhores resultados de rentabilidades extraordinárias obtêm-se a partir do investimento nas médias e pequenas empresas.

The periods of crisis that have recently occurred in the stock markets have led to ever greater interest in analyzing the behavior of those markets following such periods, and thereby determining what type of strategies should be used to obtain greater profitability. Based on the analysis of abnormal profitability following stock market shocks that have occurred in the reference indexes of large, medium-sized and small companies of the Spanish market, this work shows that the best strategy in general terms following a stock market shock is to go short, and that the best results in terms of extraordinary profitability are obtained from investing in medium-sized and small companies.

Les périodes de crises qui se sont développées ces derniers temps sur les marchés boursiers ont suscité un intérêt élevé pour l'analyse du comportement de ces marchés à travers ces périodes afin de connaître le type de stratégie à appliquer pour l'obtention d'une meilleure rentabilité. À partir de l'analyse des rentabilités anormales, lors de chocs boursiers, dans les indices de référence des grandes, moyennes et petites entreprises du marché espagnol, le présent travail démontre que la meilleure stratégie, en terme général, lors d'un choc boursier consiste à conserver une expectative à la baisse, et que les meilleurs résultats de rentabilités extraordinaires s'obtiennent à partir de l'investissement dans les petites et les moyennes entreprises.