Impact of private pension funds on capital market Final work of University Postgraduate Studies consists of 73 pages, 18 figures, 10 tables, 81 sources of literature and 3 appendixes, in Lithuanian. Key words:pensions, social security, pension reform, private pension funds, capital market. The object of research is private pension funds. The aim of research is to estimate impact of private pension funds on capital market. The objektives are: 1) specify the concept of private pension funds, 2) perform theoretical analysis of private pension funds activity, 3) estimatepossible possible position of private pension funds in capital market, 4) frame the methodology of the estimation the impact of private pension funds on capital market, 5) traverse the capital market in Lithuania and investment of private pension funds, 6) estimate the factors of private pension funds that determinant the potential impact on capital market, 7)estimate the impact of private pension funds on capital market. methods of research: analysis and synthesis of scientific literature, logical analysis and synthesis, comparable analysis, graphic methods of modeling.

Viešojo sektoriaus ekonomikos magistro baigiamojo darbo tema yra aktuali, kadangi darbe nagrinėjama Lietuvos valstybinių pensijų sistema. Pensijų sistema – tai vienas iš socialinės apsaugos elementų. Socialinis draudimas yra pagrindinis institutas, apsaugantis pilietį rinkos ekonomikos sąlygomis. Prieš penkis metus Lietuvoje pradėta įgyvendinti valstybinio socialinio draudimo pensijų sistemos reforma. Ši reforma reiškia dalinį valstybinio socialinio draudimo pensijų sistemos privatizavimą. Šis žingsnis susilaukė ir kritikos ir pritarimo. Lietuvos mokslininkai, atlikę skaičiavimus ir statistinius tyrimus labai kritikavo ir tebekritikuoja atliktą reformą. Pasak juos, reformuota pensijų sistema nėra teisinga, daugiausia nuo jos nukentės dabartiniai pensininkai, bei vyresni dabartiniai darbuotojai, nepatenkantys į sistemą (Gylys, 2002). Atlikti tyrimai parodė, kad valstybinio socialinio draudimo pensijų sistema sukuria didesnį socialinį saugumą, nei privačių pensijų sistemos (Bitinas, 2008). Beje Lietuvoje privačios pensijų sistemos kuriamos valstybinio socialinio draudimo pensijų sąskaita. Įgyvendinus pensijų reformą, turi būti nagrinėjama, kokį socialinį poveikį pensijų sistema turės ateityje. Pensijų sistema turi būti valdoma siekiant socialinio teisingumo. Laisvosios rinkos instituto ekspertai pritaria pensijų sistemos privatizavimui, jie teigia, kad norint išgelbėti žmonių pensijas, o ne dabartinę socialinio draudimo sistemą, reikia esminių reformų, kurių galutinis tikslas... [toliau žr. visą tekstą] / Public Sector Economics Master's final thesis topic is of interest because we consider the Lithuanian state pension system. Pension system - is one of the elements of social protection. Social security is the basic institution which protects the national market economy. Five years ago Lithuania was launched in the state social insurance pension system reform. This reform is part of the state social insurance pension system privatization. This step and the context of criticism and support. Lithuanian scientists perform calculations and statistical analysis is very critical and critical carried out the reform. According to the reformed pension system is not fair, they will suffer most from the current retirees and older workers today, outside the system (Gylys, 2002). Studies have shown that the state social insurance pension system creates greater social security or private pension systems (Bitinas, 2008). By the way Lithuania private pension system developed state social insurance pension account. The implementation of pension reform should address the question of the social impact of the pension system will in the future. Pension system should be managed in the interest of social justice. Free Market Institute, experts agree the privatization of the pension system, they argue that in order to save people's pensions, rather than the current Social Security system needs radical reform, with the ultimate aim of the mandatory state social insurance waiver. However, the social... [to full text]

Magistro baigiamajame darbe išanalizuoti ir įvertinti Lietuvos II pakopos pensijų fondų investicijų grąžos pokyčiai verslo cikluose, iškelta fondo pasirinkimo problema bei pateikti siūlymai kaip šią problemą spręsti pensijų fondų dalyviams. Pirmoje darbo dalyje teoriniu aspektu analizuojama Lietuvos pensijų sistema, pateikiami teigiami ir neigiami kaupiamųjų fondų aspektai ir pateikiama verslo ciklų samprata. Antroje dalyje atliekama II pakopos pensijų fondų metinėse ataskaitose skelbiamų rodiklių analizė, nagrinėjami dažniausiai mokslinėje literatūroje sutinkami pensijų fondų vertinimo metodai bei pateikiamas darbo tyrimo modelis ir apibrėžiama darbo eiga. Trečioje dalyje pateikiama trumpa 2013 metų pabaigoje veiklą vykdžiusių II pakopos pensijų fondų apžvalga ir panaudojant Šarpo metodiką bei kitus pagrindinius fondų vertinimo kriterijus yra atrenkami efektyviausiai valdomi skirtingų strategijų pensijų fondai. Identifikavus verslo ciklus Lietuvoje, atliekama efektyviausiai valdomų skirtingų strategijų pensijų fondų investicijų grąžos analizė kiekvienoje verslo ciklo fazėje. Atliekama techninė analizė ir sudaromos tiesinės daugianarės regresijos lygtys, naudojamos prognozuoti investicijų grąžos pokyčius remiantis faktiniais fondų apskaitos vienetų vertės pokyčiais ir makroekonominiais rodikliais. / Master's Work analyzed and evaluated Lithuanian pillar II pension funds return on investment changes in business cycles, a series of suggestions is given for pension funds participants how to solve the problem of pension fund selection. The first part examines theoretical aspect of Lithuanian pension system, an overview of its positive and negative aspects and defined concept of business cycles. In second section analyzed indicators provided in the annual reports of pillar II pension funds, mostly encountered pension fund valuation methods in the scientific literature and workflow is defined. The third part present short review of Lithuanian pillar II pension funds which operated in 2013 and using Sharpe methodology and other most important valuation methods are selected efficiently managed by different strategies of pension funds. After identification of the business cycles in Lithuania, carried out in most effectively managed, by different strategies of pension funds, the return on investment analysis for each phase of the business cycle Technical analysis and the straight multiple regression equations used to predict changes in investment return based on the actual value of the fund units of accounting changes and macroeconomic indicators.

<p>Pension fund companies manage and invest large amounts of money on behalf of their members. In return for their contributions, members expect a benefit at termination of their contract. Due to the volatile nature of returns that pension funds attain, pension companies started attaching a minimum guaranteed amount to member&rsquo / s benefits. In this mini-thesis we look at the pioneering work of Brennan and Schwartz [10] for pricing these minimum guarantees. The model they developed prices these minimum guarantees using option pricing theory. We also look at the model proposed by Deelstra et al. which prices minimum guarantees in a stochastic financial setting. We conclude this mini-thesis with new contributions where we look at simple alternative ways of pricing minimum guarantees. We conclude this mini-thesis with an approach, related to the work of Brennan and Schwartz [10], whereby the member&rsquo / s benefit is maximised for a given minimum guaranteed amount, which comprises of multi-period guarantees. We formulate a method to find the optimal stream of these multi-period guarantees.</p>

Magister Scientiae - MSc / Pension fund companies manage and invest large amounts of money on behalf of their members. In return for their contributions, members expect a benefit at termination of their contract. Due to the volatile nature of returns that pension funds attain, pension companies started attaching a minimum guaranteed amount to member&rsquo;s benefits. In this mini-thesis we look at the pioneering work of Brennan and Schwartz [10] for pricing these minimum guarantees. The model they developed prices these minimum guarantees using option pricing theory. We also look at the model proposed by Deelstra et al. which prices minimum guarantees in a stochastic financial setting. We conclude this mini-thesis with new contributions where we look at simple alternative ways of pricing minimum guarantees. We conclude this mini-thesis with an approach, related to the work of Brennan and Schwartz [10], whereby the member&rsquo;s benefit is maximised for a given minimum guaranteed amount, which comprises of multi-period guarantees. We formulate a method to find the optimal stream of these multi-period guarantees. / South Africa

Made available in DSpace on 2009-11-18T18:50:25Z (GMT). No. of bitstreams: 1 ACF20.pdf: 899998 bytes, checksum: e3fab140004fcb0ea64c86d376a45a7d (MD5) Previous issue date: 2004 / The research aimed at analysing the political and discursive practices of the metanarrative of employability in the contemporary organizational field, heading for the understanding of the social and micropolitical devices which happen to produce some especific kinds of subjectivities within organizations. From a post-modern epistemological perspective (Weltanshauung), the research focused on the issues concerning the production of subjectivities in the existing organizational society beyond the traditional theoretical standpoints whose common assumptions are due to the modernist approaches of organizational analysis. A deconstructive theoretical approach was emphasized across the whole text and it was mainly inspired and intellectually based upon Michel Foucault's genealogical démarche. His original conceptualization of power-knowledge relations informed the development of a methodology so as to analyse the discursive practices which determine many of the human resources policies concerning employability. The main thesis presented employability as a grand-device of micropolitical control towards the production of subjectivities whose main operation technologies are: an economic modernizing rhetoric, a moralistic dietetics and an instrumental education. Several discursive fragments from different academicists, journalists and some authors from the managerial litterature were taken into account so as to carefully deconstruct their speeches. This analysis revealed the mechanisms of production of pasteurized, mercantile and erratic subjectivities. Some inquietudes of heuristic nature are featured in the domain of organizational, psychological, sociological and political perspectives heading for new studies. / Este estudo investiga as possibilidades de generalização das práticas de governança corporativa a organizações operando em ambientes não mercantilistas. Os limites da teoria da agência, referencial teórico predominante no desenvolvimento dessas práticas, são analisados no ambiente dos fundos de pensão brasileiros a partir da verificação da aplicação dos mecanismos de monitoramento, controle e incentivos, previstos por essa teoria, por patrocinadores e participantes, e a percepção dos gestores quanto à importância desses mecanismos na conformação de seu comportamento. Alternativamente, é examinada a extensão da busca de legitimidade pelos gestores, segundo o referencial da teoria institucional. São comparados os resultados obtidos para fundos com perfis diversos quanto a variáveis como tipo de plano, origem do patrocinador e maturidade. Os resultados indicam uma diferença no uso e percepção daqueles mecanismos, em virtude principalmente da natureza do patrocinador, volume de ativos de investimento, tempo de existência e maturidade do fundo. Não foram obtidas diferenças estatísticas significativas para a percepção dos fatores institucionais, sugerindo a existência de elevada coesão no campo organizacional constituído pelos fundos de pensão.

Une théorie juridique sur les fonds de pension à partir d'une approche franco-brésilienne, tel est l'objet de notre recherche. Premièrement nous proposons l'étude d'un dialogue entre les systèmes juridiques français et brésilien en matière de retraites de base de la sécurité sociale. Il faut conceptualiser en premier lieu la notion de sécurité sociale et délimiter l'objet qui sera complété par les fonds de pension. Existent-ils et quels seraient-ils les axes communs entre les deux pays en relation aux notions juridiques des régimes de retraite de base ? Dans un second temps, nous envisagerons de formuler une théorie juridique générale des fonds de pension. Nous constatons que le lieu et la nature de ces entités de retraite sont peu précisés par la doctrine des deux pays. Où ces organismes de retraite doivent-ils agir et quel est de fait le besoin devant être protégé ? Nous formulons des principes universels. La notion de « relation juridique de retraite privée» autonome par rapport à d'autres relations, est-elle envisageable ? Deux questions principales nécessitent des réponses. Les fonds de pension sont-ils des éléments de l'ordre public économique ou de l'ordre public social ? En d'autres mots, ces organismes ont-ils une nature juridique économique ou sociale ? De plus, il convient de déterminer si les fonds de pension sont vraiment des éléments de sécurité sociale et si l'ensemble de leurs principes lui sont applicables. La complexité du sujet des fonds de pension et de leur conception juridique démontre l'intérêt de l'objet de notre recherche. Leur problématisation et la recherche de réponses nous amènent à un univers encore peu étudié par la doctrine juridique. / The subject matter of our research is a legal theory on the pension fonds from a French-Brazilian approach. Firstly, we propose the study of a dialogue between the Brazilian and the French legal systems on the base social security retirement. It is necessary in the first place to conceptualize the notion of social security and delineate the materiality of what is supposed to be completed by the pension fonds. Are there, and what would be the common axis between the two countries regarding the legal notions of the base retirement regimes? Secondly, we envisage formulating a general legal theory on pension fonds. We notice that the place and the nature of such retirement entities are scarcely treated by the two countries literature. Where these pension organisms should act and what is in fact the need that must be protected? We formulate universal principles. The notion of autonomous "private pension legal relationship" vis-à-vis of other relationships is it envisaged? Two main questions require responses. Are the pension fonds elements of economic public order or elements of social public order? In other words, do these organisms have an economic legal nature or a social nature? In addition, it is important to determine whether the pension fonds are really social security elements and if the ensemble of their principles are applicable to them. The complexity of the pension fonds topic oftheir legal conception shows the interesting character of the subject matter of our research. Challenging them and searching for responses bring us to a universe still scarcely studied by the legal literature.

Made available in DSpace on 2016-06-02T19:24:45Z (GMT). No. of bitstreams: 1 1632.pdf: 1816366 bytes, checksum: 70fdaaebe1eee0f7c3355a410f8520c7 (MD5) Previous issue date: 2007-06-13 / Universidade Federal de Minas Gerais / The social inclusion projects of President Lula s first term accordingly proceeded through the market, as for instance: the Microcredit project, Banco Popular do Brasil (Brazil s Popular Bank) and especially the pension funds. Social inclusion by way of market is part of PT s political policies, which surveys have provisionally considered as moralization and/or domestication of capitalism, seeing that it strives to apply the money from speculation into productive activities that are capable of generating employment and income for workers. The moralization and/or domestication of capitalism is perceptible in the creation and management guidelines of the pension funds, which became consolidated as a great concern in the Federal Government s program, the three central unions of the country (especially CUT) and the labor unions, especially in the banking and electricity federations. The interaction among the syndicalists and former syndicalists in the Lula Government, businessmen from the pension funds sector and the Federal Government, bespeaks the complicity of interests and the convergence of the elite around the precise configuration of the pension funds. Thus, supported by the discourse of social responsibility, ethical investment, democratic management of the funds, protection of workers savings and the fight against capitalism, by means of their own instruments (domestication of capitalism), the Brazilian syndicalists have expanded accumulated legitimacy to the financial area in the workers scope. Therefore, their argument on management/protection of workers savings is justified as morally legitimate. Taking into account the aforementioned context, the present doctorate thesis set out to understand the social convention changes that the Brazilian syndicalism undergoes, the ambiguities and contradictions of such syndicate actions and the factual role and power our syndicates command. By the same token, it sought to comprehend the social inclusion policies by means of the market of the Lula Government. Lastly, it placed emphasis on the international ideas regarding the pension funds project, as well as the new institutionalizations created by the market s consolidation of pension funds in Brazil. The present work was theoretically influenced by Bourdieu, Mary Douglas, Marcel Mauss, Robert Castel, among renowned professionals of the Brazilian and international Social Sciences. Empirically, interviews were conducted with syndicalists, members of the Lula Government and those who oppose the pension funds project, in addition to observation participation in the events of this sector. Moreover, field work was carried out in central unions in France / Os projetos de inclusão social do primeiro Governo Lula passaram necessariamente pelo mercado: projeto microcrédito, Banco Popular do Brasil e especialmente fundos de pensão, são alguns exemplos. A inclusão social via mercado faz parte de uma política do PT que estamos denominando provisoriamente como moralização e/ou domesticação do capitalismo, já que busca aplicar o dinheiro oriundo da especulação em atividade produtiva, capaz de gerar emprego e renda para o trabalhador. A domesticação e/ou moralização do capitalismo fica evidente na política de criação e gestão de fundos de pensão, que se cristalizou enquanto tema de grande interesse na agenda do Governo Federal, das três centrais sindicais do país (sobretudo da CUT) e junto aos sindicatos, especialmente do setor bancário e eletricitário. A interação entre sindicalistas, ex-sindicalistas presentes no Governo Lula, empresários do setor de fundos de pensão e Governo Federal, coloca em evidência a cumplicidade de interesses e a convergência de elite , em torno da configuração precisa dos fundos de pensão. Nesse sentido, apoiados no discurso de responsabilidade social, investimento ético, gestão democrática dos fundos, proteção da poupança dos trabalhadores e na luta contra o capitalismo usando suas próprias armas (domesticação do capitalismo), os sindicalistas brasileiros têm ampliado para o espaço financeiro, a legitimidade acumulada no espaço trabalhista. Para tanto, argumentam ser moralmente legítimos na gestão/proteção da poupança dos trabalhadores. Considerando o contexto exposto acima, essa tese de doutoramento buscou compreender as mudanças de convenções sociais pelas quais passam o sindicalismo brasileiro, as ambiguidades e contradições dessa ação sindical e o real papel e poder do qual dispõem nossos sindicatos. Da mesma forma, buscou entender a política de inclusão social, via mercado do Governo Lula. Finalmente, buscou pontuar as inspirações internacionais para o projeto de fundos de pensão, e as novas institucionalidades criadas pela consolidação do mercado de fundos de pensão. Têm como inspiração teórica Bourdieu, Mary Douglas, Marcel Mauss, Robert Castel, dentre grandes nomes das Ciências Sociais do país e do exterior. Empiricamente, foram realizadas entrevistas com sindicalistas, membros do Governo Federal e opositores ao projeto de fundos de pensão, bem como observação participante em eventos do setor. Da mesma forma, foi realizada pesquisa de campo em centrais sindicais na França.

O direito do trabalho nasceu no ambiente da Revolução Industrial. Contemporaneamente, a economia mundializada, aliada às transformações operadas nos modos de produção mantém a atividade produtiva em destaque. A aposentadoria, por sua vez, a cada momento fica mais assustadora. Não somente em razão dos dogmas sociais que cercam a fase da velhice. A crise no sistema previdenciário Estatal assusta aos mais otimistas. Tal fato faz com que aumente a opção pelo sistema de aposentadoria privada na modalidade fechada. Contudo, o contrato de aposentadoria nessa modalidade merece maior atenção por parte dos setores da sociedade em razão da inexistência de amparo ao trabalhador que está buscando meios de garantir renda capaz de lhe proporcionar uma velhice digna. Através de análise epistemológica da problemática do sistema de aposentadoria privada na modalidade fechada, tendo como pano de fundo a dignidade da pessoa humana do aposentado, partimos para reflexões acerca dos mecanismos necessários à implementação de uma situação de igualdade jurídica do trabalhador contratante frente à entidade previdenciária e patrocinadora do plano, no âmbito da iniciativa privada. Defendemos que sejam alinhadas ações individuais e coletivas, por meio da sociedade organizada, que acrescentem a esse sistema condições de auto-organização em favor da concretização da dignidade da pessoa humana do aposentado. / Submitted by Marcelo Teixeira (mvteixeira@ucs.br) on 2014-05-15T17:00:14Z No. of bitstreams: 1 Dissertacao Sandra Poletto.pdf: 1331934 bytes, checksum: ea7338ea42f6d925aa3047c5d2ade6a1 (MD5) / Made available in DSpace on 2014-05-15T17:00:14Z (GMT). No. of bitstreams: 1 Dissertacao Sandra Poletto.pdf: 1331934 bytes, checksum: ea7338ea42f6d925aa3047c5d2ade6a1 (MD5) / Labor laws were created during the Industrial Revolution. Nowadays the globalized economy, combined with the changes in the means of production, keep the production activities as the focus of attention. Retirement, however, is becoming dreadful. Not only because of the social dogmas involving old age. The crisis in the state social security scares the most optimistic ones. The consequence of this fact is an increase in the number of people who choose to contribute to closed private pension entities. Some sectors of our society should turn their attention to this type of retirement, though. There is no support for the workers trying to find ways which can provide them with a proper old age. Through an epistemological analysis of issues involving contributions to closed private pension entities and having in mind a retired person s dignity, we reflect on the mechanisms required to implement juridical equality between the worker and the private entity he hires the services of within the scope of private enterprise. We defend that individual and collective acts should work together in an organized society and add self-organization conditions to this system so as to make concrete a retired person s dignity.

This thesis focuses on the pension funds in the Czech Republic and in France. The main goal is to analyze and compare the differences on these two financial markets. The first theoretical part focuses on the pension additional insurance in the Czech Republic and in France, the system of the pension funds in both countries and the view of the pension funds in the Czech Republic. The second part analyses the pension funds in the Czech Republic and in France. These pension funds are evaluated on the basis of economic criteria including their investments, their net profit and rate of profit. The pension funds in the Czech Republic are analysed by the using of calculations such as the return on average assets and return on average equity. At the end of this thesis the comparison of the pension funds in the Czech Republic and in France is placed. This chapter consists of the reform of the pension system in the Czech Republic as well as the evaluation of the pension systems in the Czech Republic and in France.