This work focuses on importance of pension motive for havin children in developed countries. It starts with discussion of conditions, under which old age security hypothesis is likely to hold. It continues with overview of demographic trends in selected developed countries and stresses the negative impact of long term fertility decline on pension systems sustainability and performance. In the next part of this thesis we use cluster analysis to compare pension systems in developed countries and the way developed countries deal with lack of human capital. Special attention is paid to comparison of Scandinavian social welfare state model with Southern European welfare state model and with group of three Asian Tigers. Keywords: fertility, pension systems, family economics

Obligations of the employer in sickness and pension insurance Abstract This thesis deals with the individual obligations of the employer in sickness and pension insurance. Sickness and pension insurance are two of the social insurance subsystems. The state does part of its responsibilities in this area through employers, as they have the easiest access to some information. Of course, the state could obtain information from the employees themselves, but this would represent a huge administrative burden on the state and a great logistical problem in how to actually obtain information from the employees. Obligations that an employer must fulfil may be difficult for a small employer who does not want to hire external companies to fulfil its obligations to the state and it can be almost impossible to fulfil all obligations properly. The most well-known obligations of employers, of which (perhaps) all citizen-employees know, are payments into the sickness and pension insurance system in the form of social security contributions. The employer pays the social security contributions for himself and his employees. However, this is certainly not the only obligation of employers. There are many more of obligations and they are regulated in various pieces of legislation. Therefore, the aim of this thesis is to present...

I Sverige sker en demografisk förändring vilket innebär att andelen äldre i befolkningen ökar. Förklaringar till detta är minskade födelsetal och att människor lever allt längre. Detta innebär då att andelen i arbetsför ålder minskar. Då detta skapar problem för finansieringen av framtidens välfärdsstat så har lösningar i form av minskade möjligheter till förtidspensionering samt höjd lagstadgad pensionsålder varit aktuellt i politiska diskussioner. I januari 2020 kom lägsta åldern för uttag av allmän pension att ändras från 61 år till 62 år och lagen om anställningsskydd gick från att gälla till 67 års ålder till 68 års ålder. Dessa förändringar i pensionssystemet är bara början på en rad planerade förändringar och det blir då relevant att reflektera kring hur individer ska kunna men också vilja arbeta längre. Därav väcktes vårt intresse kring att studera äldres upplevelser i arbetslivet. För att avgränsa studiens område har studien begränsats till en specifik bransch, närmare bestämt IT-branschen. Det övergripande syftet med studien var att få en djupare förståelse för äldres upplevelse av att arbeta inom IT-branschen med fokus på attityder kring äldre, drivkraft i arbetet och eventuellt behov av arbetsanpassning. I studien användes en kvalitativ metod varav sex intervjuer genomfördes. Resultatet speglade upplevelser av ålderism i arbetslivet som skapade hinder på arbetsmarknaden. Respondenterna framhöll att deras arbete inte krävt anpassningar och de äldre i 60-årsåldern uttryckte att drivkraften minskat. Respondenterna redogjorde även för omständigheter i och utanför IT-arbetet som kunde skapa en ovilja till att arbeta längre än vad de ansåg behövdes.

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Pensionssystemet är uppbyggt på så vis att det är menat att arbetsgivaren ska betala in en del kapital till framtida pension, samtidigt som man själv ska spara en del kapital. Den allmänna pensionen, som utbetalas från Pensionsmyndigheten, motsvarar vanligtvis ca 50 % av den genomsnittliga bruttolönen som man haft under sin arbetskarriär. Arbetar man på en arbetsplats som inte är kollektivansluten, är arbetsgivaren inte tvingad till att betala in några pengar till pensionen. Som anställd är det upp till en själv att undersöka huruvida arbetsgivaren gör detta. Idag är det ca 2,5 miljoner personer som arbetar som privatanställda arbetare och är kollektivavtalsanslutna. För dessa personer betalas tjänstepensionen in från arbetsgivaren till valcentralen Fora. Pengarna placeras sedan hos AMF som förvaltar dom. Man kan som anställd även göra ett aktivt val och välja att pengarna placeras hos någon annan förvaltare. Pengar som är intjänade från 1 januari 2006 har den privata anställde rätt till att fritt flytta mellan de olika förvaltarna. Trots denna valmöjlighet är det ca 64 % av de anställda som genom passivitet har sina pengar hos AMF. Orsakerna kan vara många till varför man inte gör ett aktivt val för placering av dessa pengar då det kan påverka hur mycket pension man i slutändan kommer att få. Faktorer som skiljer dessa förvaltare åt, och som kan göra skillnad på pensionen, är avkastningen, risktagandet och avgifterna. I denna studie görs en jämförelse mellan de olika förvaltarna där avkastningen och risken är de två faktorer som behandlas. Med hjälp av aritmetiskt medelvärde har genomsnittliga kvartalsavkastningen för försäkringarna beräknats. Sedan har standardavvikelsen, Sharpekvoten och Modigliani-Modigliani-måttet används för att beräkna risknivån och den riskjusterade avkastningen. Resultatet visar att Folksam Liv är den mest lönsamma försäkringen att investera i med hänsyn till den riskjusterade avkastningen. / The pension system is structured in such a way that the employer will pay a part of the uture retirement capital, while one ought to save some capital. Public pension, which comes rom Pensionsmyndigheten, represents only about 50% of average gross income as one had during their working careers. f you work in a workplace that is not connected to a work union, the employer is not obliged o pay any money for retirement. As an employee, it is up to you to examine whether the mployer does this or not. Today, approximately 2.5 million people are private sector employees and in a union. For hese people the employer pays a certain amount into the occupational pension which goes o the administrationcentral Fora. The money is then placed at AMF that manages them. The mployee can however make an active choice and choose the money to be invested with ny other manager. The private employee has the right to freely move money that is earned rom January 1, 2006, between the different managers. Despite this option, it is about 64% of the employees who through inaction have their money t AMF. The reasons can be many for not making an active choice for the placement of this oney but it could affect the amount of pension one will ultimately get. Factors  that  distinguish  these  managers,  and  that  can  make  a  difference  for  one's etirement, are return, risk taking, and charges. In this study, a comparison is made between he different managers where the return and the risk are the two factors considered. Arithmetic average has been used to calculate the average quarterly return for assurances. Standard deviation, Sharpe ratio and Modigliani-Modigliani measure are used to calculate he level of risk, and risk-adjusted returns. Then a comparison has been made between the different assurances. The result shows that Folksam Liv is the most profitable investment considering the risk- djusted return.

Syftet med den här kvalitativa uppsatsen är att få en djupare förståelse om varför människor väljer att stanna kvar på arbetsmarknaden efter uppnådd pensionsålder, vilken inställning äldre arbetstagare har till att avsluta sitt arbetsliv samt hur samhälleliga normer och fördomar påverkar äldre i arbetslivet. Med ambitionen att uppfylla undersökningens syfte och frågeställningar, har vi genomfört tio intervjuer. Intervjupersoner är mellan 62–71 år och samtliga befinner sig i varierande mån fortfarande i arbetslivet. Då vi inte har ambitionen att studien ska kunna generaliseras, använde vi oss av bekvämlighetsurval där vi kontaktade människor i vår omgivning. Den teoretiska referensramen består av ålderism, pension, arbetets betydelse för fortsatt arbete, attityder till arbete, motivation samt Jahodas manifesta och latenta funktioner. Teorin kommer att ligga till grund för tolkandet och analysen av undersökningens datainsamling. Studieresultatet pekar på att de faktorer som värderas i arbetet och som vidare påverkar beslutet att stanna kvar i arbetslivet är social kontakt, autonomi, struktur och rutiner samt ekonomi. Inställningen som äldre har till att avveckla sitt arbetsliv påverkas främst av vilka incitament som värderas högst och individens attityd till arbete. Ytterligare indikerar resultatet på att samhälleliga normer och fördomar inte har signifikant inverkan på studiens respondenter.

Background: Since 1998 Sweden has individual accounts as a part of both public and occupational schemes (Sundén 2006). Yearly, 2,5% of the pensionable income is set aside to the premium pension (The Swedish Pension Agency 2021) Individuals are able to choose how the premiums should be paid in the system and in what way the money should be invested, either by choosing from the fund market or by refraining from making an active choice and instead let the Swedish pension agency management their money in the passive alternative called AP7 Såfa. The passive alternative AP7 Såfa is a portfolio which adapts to the age of the investor and is built to fit a long-term pension investment.  Purpose: This study will focus on evaluating if the passive alternative AP7 Såfa has an excess risk-adjusted return compared to given portfolios in the premium pension selection system, or if the investor would benefit from managing the portfolio more actively. The study will also search for benefits using the Treynor-Black model to check the optimal allocation between this actively managed portfolio versus the passive alternative AP7 Såfa.  Conclusion: This thesis has shown that there might be superior strategies rather than the index fund to find risk-adjusted excess return in the premium pension system. However, those strategies require professional analysts in order to forecast securities. For households choosing between active management themselves or the passive index fund AP7 Såfa, the most beneficial investment is to be passive and to not actively manage the portfolio. The optimum strategy is found to be the Treynor-Black model with a combined portfolio of the index fund and the active portfolio.

Political parties in the Czech Republic have a dominant position in decision-making and nomination of public representatives. At the same time they must deal with complex problems, such as pension reform. I suppose therefore that they need an expert opinions for building their decision-making. Therefore, I would like to figure out my research how to deal with this, how they are able to generate the requisite expertise and how that expertise is used in the final decision. I wonder how institutional arrangements of political parties affects the process of creating professional views on public policy, namely to focus on the reform of the Czech pension system. Where and how exactly are formed the expert views on the functioning of the pension system in different political parties? I would like to reveal the basic criteria that determine who is considered an expert, and how this person is related to the organization of political party. I also focus on mainstreaming expertise during the subsequent political decisions. The basic methods of research will document analysis, interviews and observations.

Magister Legum - LLM / In recent times, South Africa (‘SA’) has seen many corporate failures due to poor corporate governance. It spans across Johannesburg Stock Exchange (‘JSE’) listed companies, State Owned Enterprises (’SOE’s’)1 as well as non-listed companies,2 ranging from business such as mutual banks and companies that specialise in agricultural products to companies who deal in furniture and household goods. The ramifications of such failures were felt across all corners of SA and beyond.3 Reflecting on the above failures, one will find a common thread of poor corporate governance having played a hand in their catastrophic downfall.4 One such corporate failure was that of Steinhoff International, the once darling stock of investors in SA and abroad.

Market value of firms and book value of firms are rarely the same. The difference, which is attributed to unrecorded or unrecognized intangible assets, has increased significantly since the 1970s. The issue of appropriately valuing these intangible assets, however, still remains unresolved. The purpose of this study is to address this lack of understanding of valuing intangible assets in the hospitality industry. Five intangible asset investments: Research and Development, Training, Advertising, Labor, Pension, and one business model, Franchising, are chosen as the valuation constructs in this study based on previous research in the hospitality industry. The valuation models for the casual dining restaurant industry and the quick service restaurant industry are compared. The sample of this study includes 13 casual dining restaurant firms and 12 quick service restaurant firms. Compustat North America is the primary data source for this study. The annual data for casual dining restaurant firms from 1980 to 2011 is collected from this database. There are 238 firm-years in total. Two firm-years are excluded due to systematic missing values, and 15 firm-years are excluded due to missing share price information. Thus, the final count of data points for casual dining restaurant firms usable for analysis purposes is 221. The annual data for quick service restaurant firms from 1980 to 2011 is also collected from the Compustat North America database. There are 251 firm-years in total. Eight firm-years are excluded due to systematic missing values, and 47 firm-years are excluded due to missing share price information. Thus, the final count of data points for quick service restaurant firms usable for analysis purposes is 196. Pearson correlation and multivariate analyses are performed to answer the four research questions in this study. Two hypotheses are supported while one hypothesis is not supported and one hypothesis remains unanswered due to Multicollinearity issues identified in multiple regression models. The results of this study show that 1) R&D, training, advertising, labor and pension are all important valuation constructs in the hospitality industry, and 2) there are some differences, however, between casual dining restaurant firms and quick service restaurant firms. This study fills the gap in the current literature by providing a quantitative method to value intangible assets in the hospitality industry that uses the valuation constructs identified in previous hospitality research. The practical implications of this study will provide managers in the hospitality industry with helpful insights for strategic decision making, specifically in regards to research and development, advertising and employee compensation. / Ph. D.