Covid-19-pandemin som drabbade världen under 2020 bidrog till stora ekonomiska problem i många länder och orsakade stora nedgångar på världens börser, så även Sverige. Detta drabbade således väldigt många av de svenska företagen och människorna i Sverige då ekonomin snabbt blev sämre och stabiliteten vacklade. Det ekonomiska tillståndet för de svenska företagen och den svenska börsen blev även betydligt mer oberäknelig och volatiliteten ökade då många av företagen riskerade att hamna i finansiell stress. Vissa företag klarade dock pandemin bättre än andra och en anledning till detta bör rimligtvis gå att finna om företagens finansiella resurser undersöks. Med detta som utgångspunkt är syftet med denna studie att beskriva och analysera hur Stockholmsbörsens Large Cap-listade bolags avkastning under pandemiåret 2020 och normalåret 2019 påverkades av deras tillgång till likvida medel, soliditet och vinstmarginal. Detta görs med hjälp av ett kvantitativt tillvägagångssätt och en deduktiv ansats där tre olika tester genomförts; ett Pearson korrelationstest, en univariat analys och en multivariat analys. Den data studien bygger på har hämtats från Retriever Business och Nasdaq OMX Nordic. Resultatet i studien påvisar ett svagt kausalt samband mellan likvida medel, soliditet, vinstmarginal och börsens avkastning där de finansiella resursernas storlek verkar haft stor betydelse för företagens avkastning under pandemin. Resultatet i denna studie verkar däremot skilja sig mot tidigare studier gjorda på olika börser under Covid-19-pandemin. Den mest centrala slutsats som kan dras är därmed att länders hantering av Covid-19-pandemin haft stor betydelse för hur olika företag påverkats och att Sveriges företag varit relativt skyddade från de största negativa konsekvenserna till följd av att Sverige aldrig helt stängde ner och staten gav företag finansiella stöd. / The covid-19 pandemic that struck the world during 2020 brought some huge financial problems in many countries and caused many stock market crashes all over the world, and Sweden was no exception. This affected a lot of companies and private citizens in Sweden since the economy was no longer as stable. It also caused the Swedish stock market to experience higher volatility and many companies risked going in to financial distress. Some companies outperformed others and why that is could be explained by taking a look at the companies financial statements. With this is mind, the purpose of this study was to describe and analyze how OMX Stockholm Large Cap-listed companies returns have been affected by the access to cash, solvency and profit margin during the pandemic year of 2020 and the normal year 2019. The study had a quantitative approach with a deductive focus and three tests were conducted; one Pearson correlation test, one univariate analysis and one multivariate analysis. All data were retrieved from the data bases Retriever Business and Nasdaq OMX Nordic. The results of this study show a weak causality between cash, solvency, profit margin and the stock returns, where the size of the financial resources seems to have had the greatest impact on the stock performance during the pandemic. This implicates differences from previous research and studies that has been made on different stock markets during Covid-19. The prime conclusion of the study is therefore that countries choice in how to handle the pandemic have had a great impact on how different companies have been affected. The Swedish companies has therefore also been relatively protected from the most extensive negative consequences due to the country never shutting down completely and the government giving financial help to companies.

金融服務業的跨業經營讓保險業監理制度面臨新變革，而2008年金融海嘯重創國際金融以及全球經濟更讓金融服務業監理出現更多未可知的變數，歐盟在體解現行保險業清償能力制度（Solvency I）不足下著手於新清償能力制度（Solvency II）之建立，惟透過風險的角度作全面制度的基礎著眼點是否真能適切反映監理需求、達到保護保單持有人的最終目標，並成為帶領保險業駛離本次金融海嘯的諾亞方舟？ 本文從歐盟現行保險業清償能力制度談起，逐步進入Solvency II計畫的實質內涵，兼論該制度設計可能存在的問題，並對於新制在未來趨勢上對國際保險業監理所可能造成之影響作初步探討。最後，從歐盟Solvency II計畫的角度出發、反視臺灣現行保險業清償能力監理架構，從而對於未來制度之設計給予相關之建議，並期盼本文能以投石問路之姿，在全球金融籠罩在一片動盪不安的此時，就臺灣保險業清償能力監理制度這一塊，提供另一種可能的思維方向。

L’arbitrage entre la stabilité et l’efficience des systèmes bancaires a toujours été au coeur de la définition desdispositifs de régulation bancaire. Cette thèse analyse comment cet arbitrage a été conçu et dans quelle mesure ila permis de concilier les deux types d’objectifs, c’est-à-dire les coûts et les bénéfices de la nouvelle réglementation.Nous évaluons, dans une première partie, l’impact des exigences renforcées en fonds propres et en liquidité sur lecoût du capital et sur l’activité bancaire. Les résultats empiriques montrent de manière générale que les coûts desnormes imposées par Bâle III sont relativement faibles et ont un impact limité sur l’activité de crédit. Nous mettonsen évidence un effet différencié selon les différentes catégories de banques, selon leur taille, importance systémique oubusiness model. Un autre constat tiré de cette étude concerne les anomalies dans la tarification du risque, généréespar l’existence des garanties implicites. C’est pourquoi, la seconde partie est consacrée à leur analyse approfondie etaux mesures mises en place pour éliminer le fameux problème de too big to fail. Même si des mesures ambitieusesont été adoptées par les autorités de régulation, les distorsions liées à l’activité des banques TBTF persistent. On envient à s’interroger, dans le cadre de la dernière partie, sur l’amélioration de la stabilité des institutions. Les résultatsmontrent que la mise en place des bonnes incitations, notamment grâce à des standards prudentiels adéquats, pourraits’avérer comme une solution efficiente pour réduire les risques financiers (probabilité de défaut, sensibilité au risquesystémique, perte en cas de scénario adverse). Ces différentes questions sont analysées pour les banques européennes.La démarche retenue est principalement empirique et les aspects microéconomiques ont été privilégiés. / The arbitrage between financial stability and the efficiency of banking systems has always been a key issue indefining the prudential regulation. This thesis analyses how this arbitrage is conceived and the extent to which itallows to reconcile the two objectives, namely the cost and the benefits of the new regulatory framework. We firstfocus on the impact of the new capital and liquidity requirements on the cost of capital and on banking activities. Ourfindings indicate that, globally, the cost of the recent reform is relatively low and does not have a significant impacton lending. We also emphasize a differentiated effect according to banks’ size, systemic importance and businessmodel. The existence of various distortions, affecting the pricing of risk, motivates the second part of the thesis, whichis dedicated to the analysis of implicit guarantees. We also assess the impact of resolution regimes and practices inending the too big to fail anomaly. Although ambitious measures have been undertaken, there is still a way to go toeliminate these distortions. In the third part, we examine the contribution of solvency and liquidity requirements tostrengthen the resilience of banks. The results indicate that setting up good incentives, through adequate prudentialstandards, could efficiently reduce financial risks (default probability, systemic risk, capital shortfall in case of adversescenario). The approach adopted in this thesis focuses on microeconomic aspects and is based on empirical studiesapplied to a sample of European banks.

O sistema de fundos de pensão possui papel fundamental na constituição de poupança e desenvolvimento do mercado financeiro e de capitais de um país. As incertezas de sustentabilidade do equilíbrio financeiro no longo prazo direcionam a exigência de uma supervisão robusta sobre os diversos riscos incorridos, não se restringindo apenas ao seu estado de solvência. A presente dissertação procura apresentar modelos baseados na avaliação dos riscos de um fundo de pensão, passando pela situação atuarial, as características dos planos, bem como pelos parâmetros relacionados ao mercado de capitais e formas de gestão dos investimentos. Os modelos propostos nos ajudam a visualizar o risco atuarial justificado pelo aumento da expectativa de vida, o risco de mercado através do reinvestimento e o risco de mercado em função do nível das taxas de juros. Ainda, tendo em conta estes riscos quantificáveis, é efetuada uma aplicação prática com o objetivo de determinação do requisito de capital de um determinado fundo de pensão para a cobertura destes riscos, tendo por base o modelo do projeto europeu de Solvência II, desenvolvido no âmbito da atividade seguradora. / The system of pension funds has a primary role in the formation of savings and financial market development and capital of a country. The uncertainties of financial balance sustainability in the long term drive the requirement for a robust supervision on the various risks involved, not restricted only to its state of solvency. This dissertation seeks to present models based on risk assessment of a pension fund, through the actuarial situation, the characteristics of the plans, as well as the parameters related to capital markets and ways of managing investments. The proposed models help us to see the actuarial risk justified by the increase in life expectancy, market risk through reinvestment and market risk based on the level of interest rates. Still, considering these risks quantifiable, a practical application is made for the purpose of determining the capital requirement of a particular pension fund to cover these risks, based on the model of the European Solvency II project, developed within the ambit of insurance activity.

L’implémentation de Solvabilité II constitue une révolution pour les sociétés d’assurance car elle entraine d’importants changements dans leurs pratiques de gestion. Plusieurs inquiétudes ont été soulevées quant aux impacts de la calibration de la formule standard sur les investissements des assureurs et l’économie en général. A cela s’ajoutent les exigences sur la gouvernance et la gestion des risques qui vont modifier la culture de risques des entreprises et qui vont encourager l’adoption d’une approche ERM. Cette thèse a donc pour objectif d’analyser les impacts des exigences de Solvabilité II et de l’ERM sur la gestion d’actifs et la gestion des risques des assureurs.Une première partie traite des effets potentiels de Solvabilité II sur les investissements obligataires. Nous analysons la pertinence du SCR obligataire et le comportement du couple rendement-SCR. Les résultats montrent que la mesure de risque réglementaire est globalement satisfaisante pour les obligations à faible risque mais qu’elle est surestimée (sous-estimée) en période d’absence de crise (en période de crise) pour les obligations à risque élevé. Nous montrons également que la calibration de Solvabilité II favorise les obligations à faible duration et notamment, les obligations high yield. Une deuxième partie porte sur les facteurs déterminants de l’état d’avancement de l’ERM et ses bénéfices. Notre principale contribution est la construction d’un indice continu sur l’ERM qui permet de déterminer l’état d’avancement de l’ERM pour les assureurs. Nos résultats montrent que le statut de mutuelle, la taille de l’assureur et sa localisation géographique influencent l’état d’avancement de l’ERM, et qu’une relation positive et significative existe entre l’état d’avancement de l’ERM et la rentabilité des assureurs. / Solvency II implementation constitutes a revolution for insurance companies because it leads to major changes their management practices. Solvency II propositions have thus become a major concern for the insurance sector, especially regarding the potential impact of the standard formula on insurers’ investments and on the economy. Aditionnally, Solvency II governance and risk management principles will modify insurers’ risk management culture and will encourage them to adopt ERM practices. This thesis analyses the impact of Solvency II requirements and ERM on insurer’s management practices.A first analysis focuses on the effects of Solvency II calibration on insurance companies’ bond investments. We analyse the adequacy of bond SCR and the behaviour of the return-SCR couple. The results show that the regulatory risk measure for low risk bonds is overall adequate, but that it is overestimated (underestimated) for high risk bonds in non-crisis periods (in crisis periods). We also show that Solvency II calibration encourages investments in low duration bonds and especially high yield bonds. A second analysis focuses on understanding the determinants of ERM adoption and its benefits. Our main contribution is the creation of a continuous ERM index that measures the level of development of insurance companies’ ERM program. We conclude that insurers’ mutual status, size, and geographical location are determinants of ERM state of progress and that there is a positive and significant relationship between ERM state of progress and companies’ profitability.

Made available in DSpace on 2016-04-25T18:39:57Z (GMT). No. of bitstreams: 1 Adriana Barbosa Sousa Silva.pdf: 3488063 bytes, checksum: 14e7038f99ce8aafbd0d18a18b050e1d (MD5) Previous issue date: 2013-12-04 / This paper has the main purpose to determine quantitatively the impact of framing of Health-plan Companies, in regards to sufficiency of solvency margin, if adopted the model of a risk-based capital used in the Insurance Market. We have conducted an exploratory study, based on secondary data available on the ANS - Agência Nacional de Saúde Suplementar (NSA- National Supplemental Health Agency). From a sample of 578 health operators modalities of Medical Group and Medical Cooperatives there were calculated solvency margin requirements of the relevant legislation operators supplemental health and solvency margin requirements for capital model based on current risk of the Brazilian Insurance Market. We performed a descriptive statistical result, segmented by the size of the operator. The results pointed to the need for solvency margin of 5% of the sample, i.e., 30 carriers that were framed in the solvency margin requirements by the legislation applied to health plans companies would no longer be framed if used the model risk-based capital, considering underwriting risk. This impact is higher among carriers of the Medical Group small group, where 15 operators, representing 10% of the mode and size, would no longer be framed. In addition to quantitatively assess the impact of the model adopted in the insurance market, which is more sophisticated and in line with the global trend of risk-based capital, this study sought to raise issues related to risk-based capital and solvency in the supplemental health operators / Essa dissertação tem como principal objetivo verificar quantitativamente qual o impacto no enquadramento das operadoras de planos de saúde, no quesito de suficiência de margem de solvência, se adotado o modelo de capital baseado em risco utilizado no mercado segurador. Foi realizado um estudo exploratório, baseados em dados secundários disponíveis na ANS Agência Nacional de Saúde Suplementar. A partir da amostra composta por 578 operadoras de saúde das modalidades Medicina de Grupo e Cooperativas Médicas, foram calculados os requisitos de margem de solvência pela legislação pertinente às operadoras de saúde suplementar e os requisitos de margem de solvência pelo modelo de capital baseado em risco vigente no mercado segurador brasileiro. Foi realizada uma estatística descritiva dos resultados, segmentada por porte de operadora. Os resultados apontaram para necessidade de margem de solvência para 5% da amostra, ou seja, 30 operadoras que estariam enquadradas nos requisitos de margem de solvência pela legislação aplicada à saúde suplementar deixariam de estar enquadradas se utilizado o modelo de capital baseado em risco, considerando o risco de subscrição. Esse impacto é maior entre as operadoras da modalidade Medicina de grupo de pequeno porte, onde 15 operadoras, que representam 10% da modalidade e porte, deixariam de estar enquadradas. Além de avaliar quantitativamente o impacto do modelo adotado no mercado segurador, que é mais sofisticado e em consonância com a tendência mundial de capital baseado em risco, esse trabalho procurou levantar as questões relacionadas ao capital baseado em risco e solvência nas operadoras de saúde suplementar

O sistema de fundos de pensão possui papel fundamental na constituição de poupança e desenvolvimento do mercado financeiro e de capitais de um país. As incertezas de sustentabilidade do equilíbrio financeiro no longo prazo direcionam a exigência de uma supervisão robusta sobre os diversos riscos incorridos, não se restringindo apenas ao seu estado de solvência. A presente dissertação procura apresentar modelos baseados na avaliação dos riscos de um fundo de pensão, passando pela situação atuarial, as características dos planos, bem como pelos parâmetros relacionados ao mercado de capitais e formas de gestão dos investimentos. Os modelos propostos nos ajudam a visualizar o risco atuarial justificado pelo aumento da expectativa de vida, o risco de mercado através do reinvestimento e o risco de mercado em função do nível das taxas de juros. Ainda, tendo em conta estes riscos quantificáveis, é efetuada uma aplicação prática com o objetivo de determinação do requisito de capital de um determinado fundo de pensão para a cobertura destes riscos, tendo por base o modelo do projeto europeu de Solvência II, desenvolvido no âmbito da atividade seguradora. / The system of pension funds has a primary role in the formation of savings and financial market development and capital of a country. The uncertainties of financial balance sustainability in the long term drive the requirement for a robust supervision on the various risks involved, not restricted only to its state of solvency. This dissertation seeks to present models based on risk assessment of a pension fund, through the actuarial situation, the characteristics of the plans, as well as the parameters related to capital markets and ways of managing investments. The proposed models help us to see the actuarial risk justified by the increase in life expectancy, market risk through reinvestment and market risk based on the level of interest rates. Still, considering these risks quantifiable, a practical application is made for the purpose of determining the capital requirement of a particular pension fund to cover these risks, based on the model of the European Solvency II project, developed within the ambit of insurance activity.

L’industrie de l’assurance engage actuellement différentes réformesréglementaires au niveau européen. Celles-ci visent à améliorer le fonctionnement desassureurs et à garantir la stabilité dans les marchés financiers. Les compagnies d’assurancedoivent respecter des nouvelles exigences en fonds propres ainsi que des règlementationsconcernant la transparence dans la communication financière. Dans ce contexte, les assureursont besoin de déterminer les indicateurs qui peuvent leurs servir comme outils pour atteindreune performance financière qui répond aux attentes de toutes les parties concernées.L’objectif de cette thèse est de définir les déterminants de la performance financière enassurance, leurs indicateurs et leurs rôles dans l’aboutissement de celle-ci. Cette thèse proposeun modèle conceptuel de la performance financière des compagnies d’assurance françaisesdurant la période (2000-2009) selon une démarche quantitative. Les résultats empiriquesdémontrent que la structure de capital, la solvabilité ainsi que la rentabilité d’une compagnied’assurance sont les principaux déterminants de sa performance financière. / The insurance industry currently witnesses various regulatory reforms at the Europeanlevel. These reforms aim to improve the functioning of insurers and to guarantee the stability in thefinancial markets. Insurance companies must comply with these new regulations such as capitalrequirements and the financial reporting transparency regulations. In this context, insurers need toidentify the indicators that can help to achieve a financial performance that meets the expectations ofall stakeholders. The aim of this thesis is to define the determinants of financial performance ininsurance, their indicators and their role in it. This thesis proposes a conceptual model for the financialperformance of French insurance companies in the period of (2000-2009) through a quantitativemethod. The empirical results show that the capital structure, the solvency and the profitability of aninsurance company are the main determinants of its financial performance.

本研究係探析保險業在監理管制下，若有違監理標準之虞時，其經理人是否興起盈餘管理的動機，以避免不必要的監理成本。蓋保險監理最重要的目的為預防保險公司失卻清償能力，以保障被保險人的權益，並維持金融安定。在實施風險基礎資本制前，邊際清償能力的標準仍以保險法第143條第一項之規定為依歸，即保險業認許資產減除負債之餘額，未達實收資本之45%時，主管機關應命其於限期內，以現金增資補足之。若保險業不依第143條規定限期增資補足者，保險法第149條第二項授權主管機關應依情節輕重，分別處以派員監理、撤換負責人或有關人員、限期改組、甚至命其停業或解散。故本研究預期清償能力不佳的保險公司，其經理人會動用裁量性應計項目調整財務狀況，以跨過清償能力標竿，避免受到監理機關的注意與查核。另外，保險法對於保險業資金運用管道有所縮限，以驅使保險公司穩健地運用資金，預防保險公司因巨額投資損失致使清償能力敗壞。但隨著產業競爭度增強與低利率時代的來臨，保險公司在經營績效與保單預定利率的壓力下，是否會安於目前的投資限制，而放棄賺取投資報酬的機會。據此，本研究預期年度中持有短期有價證券總額超過或可能超過35%資金門檻的保險公司，其經理人會選擇處分位於利得部位的短期有價證券，以規避超過保險法第146條之1第一項第二款的門檻限制。同理，年度中持有合格的公司股票及公司債超過或可能超過35%資金門檻的保險公司，其經理人可能會選擇出售位於利得部位的股票或公司債，以規避超過146條之1第一項第三款的門檻限制。 　　在研究設計上，為捕捉各類操縱財務報表的淨影響，本研究採用總裁量性應計項目作為代理變數。在所有可用的裁量性應計項目估計模型中，研究指出Modified Jones模型顯示了相對較強的檢定力(Dechow et al. 1995)。因此本研究援引Modified Jones模型估計裁量性應計數字。其次，將該模型析出的裁量性應計數字與各類監理門檻距離組成一迴歸模型，以測試其關聯性強弱。實證結果如下：一、在產險業，保單持有人盈餘與實收資本之45%的距離愈小者，其盈餘管理幅度愈大。二、壽險業比較沒有利用裁量性應計項目來達到監理標準的動機。但依公司規模來看，大小公司行為仍有所差異，即相較於大公司，小公司利用裁量性應計項目來達到監理標準的動機較為強烈。根據本文實證研究結論，建議監理機關與被保險人應特別注意產險業及小壽險公司的財務狀況，並確認其清償能力之品質。 / This paper examined whether insurance companies have incentives to manipulate accounting accruals to appear more solvent and less risky. In Taiwan, virtually all industries are regulated to some degree, but insurance industry faces regulatory monitoring that is explicitly tied to accounting data. Insurance regulators required that insurers meet conditions for minimum financial health. It is frequency asserted that such regulations create incentives to manipulate financial statement to avoid regulatory intervention The primary hypothesis of this paper is that the incentive to manipulate financial statement is a decreasing function of the insurers’ difference between policyholders’ surplus and 45% of capital. This paper assumes that insurance managers use their reporting discretion to achieve solvency goal and avoid exceeding investment limits. Following Healy (1985), accruals-based measures are wide employed in test of earnings management hypothesis. In the past, the most frequency used techniques for estimating discretionary accruals are the cross-sectional versions of the modified Jones model. In this paper, the magnitude of earnings management is proxied by the discretionary accruals which are estimated by using a cross-sectional version of the modified Jones model and regressed by three differences of regulatory requirements which measure the insurers’ behavior under the regulation. The evidence indicates that when policyholders’ surplus of property-casualty insurers is closer to 45% of capital, the incentive to manipulate financial statement is stronger. On the other hand, life insurers have less incentive to manipulate financial statement, but relative to big size insurers, small size insurers have stronger incentive to meet regulatory requirements.

Wise investments in Information Technology have become increasingly important in staying competitive in today's environment. Massive amounts of people and IT-systems are involved in the process of input becoming output. As these employees and IT-systems must be harmonized, it becomes relevant to study how employees’ routines and habits are related to the usage and embeddedness of these systems. Therefore, the purpose of this paper is to investigate how embedded IT can lead to improved business processes. This is done through exploring how embedded IT is used in workflows as well as to examine what support and hindrance IT can offer. Therefore, extensive theoretical research was conducted within the fields of habits and routines, business processes and embedded IT, developing a framework for analysis. Then, a case study was conducted where a specific process within insurance claims was thoroughly analyzed through interviews and work shadowing. This facilitated a within-case analysis. The results of the study showed the interdependency between the pillars of this study. Workflow habits and routines influences IT usage, whereas IT aims to support through automatization and informatization. However, to enable this and achieve a significant improvement, the processes it aims to support needs to be fully known.