Based on the performance of Portuguese companies during the sovereign debt crisis, we find that newly hired managers have become relatively more effective in achieving better performance for the companies. When compared to managers who have been with the organisation longer, newly hired managers outperform by around 18 per cent, both in terms of total sales and value added.

Al Gore recently stated that sustainability is "the greatest investment opportunity in history" [1] and that "impact investing has the scale of the industrial revolution and the speed of the digital revolution". But how can companies change their business to this new paradigm without compromising their present?

By shopping online or posting a "like" on Facebook we expose our identity and privacy to a gigantic pool of data. Yes, there is huge potential there for humanity. But there are also a number of threats we need to be aware of. Second in a series of ten texts about the risks of the "Digital Revolution".

The last few years have been paradoxical.

Recent times have been fertile in events, decisions, movements, positions taken and deliberations that not long ago we did not imagine possible. Even though, deep down, we believed in change, we did not believe it would unfold at this pace.

Banks in the European Union subject to International Financial Reporting Standards (IFRS) had to implement IFRS 9 as of 1 January 2018. One of the main concerns with the implementation of IFRS 9 is that it would cause a sudden increase in Expected Credit Loss (ECL) estimates, which would cause an abrupt and significant decline in Common Equity Tier 1 (CET1) regulatory capital ratios for many banks in the European Union.