This thesis deals with research of interest in reverse mortgage in the Czech Republic. There is a large number of households within the population in the Czech Republic that owns their own home and still has difficulty paying the cost of securing basic household needs. The status of these people is getting worse with age. Current pension systems are unable to replace the income that people have reached in their working age. Responding to the needs of this target group is a reverse mortgage, which uses the capital stored in real estate designed to house seniors, thereby ensuring retirement.

Submitted by Vinicius Morais Di Ferreira (vinicius4455@gmail.com) on 2016-03-15T18:54:12Z No. of bitstreams: 1 Dissertação_Vinicius_Morais_Di_Ferreira.pdf: 424154 bytes, checksum: 49839bd039256f47afc8e016392dc87c (MD5) / Rejected by Renata de Souza Nascimento (renata.souza@fgv.br), reason: Vinicius, boa noite Será necessário realizar alguns ajustes em seu trabalho: As páginas anteriores a Introdução não podem estar numeradas e referente ao título, houve solicitação de alteração? Att on 2016-03-15T21:16:55Z (GMT) / Submitted by Vinicius Morais Di Ferreira (vinicius4455@gmail.com) on 2016-03-17T18:39:40Z No. of bitstreams: 1 Dissertação_Vinicius_Morais_Di_Ferreira_.pdf: 426919 bytes, checksum: 00f905c8c09946306c382182c00f2ac9 (MD5) / Approved for entry into archive by Renata de Souza Nascimento (renata.souza@fgv.br) on 2016-03-18T11:57:27Z (GMT) No. of bitstreams: 1 Dissertação_Vinicius_Morais_Di_Ferreira_.pdf: 426919 bytes, checksum: 00f905c8c09946306c382182c00f2ac9 (MD5) / Made available in DSpace on 2016-03-18T12:41:30Z (GMT). No. of bitstreams: 1 Dissertação_Vinicius_Morais_Di_Ferreira_.pdf: 426919 bytes, checksum: 00f905c8c09946306c382182c00f2ac9 (MD5) Previous issue date: 2016-02-17 / In Brazil, the credit card issuers periodically increase the credit card limits for customers who have good crediting behavior. The aim of our study is to analyze the effects of this increase in the use that the customer has of your card, with the assumption that the client will use more, or by anchoring, since he cares to always have a spare limit for any emergencies, or feel prioritized by the bank, or even by pentup demand for credit. For this, we analyzed a database, with test and control groups of selected customers to limit increase, and noted that the increase has caused customers to increase their spending, their balances, have become more transactions and timidly began to revolve. After observing these effects, we divided the group into two: Customers with average use less than or equal to 50% before the action and customers with average utilization greater than 50% before the action. The test group of the customers of both groups showed an increase in monthly spending, the number of monthly transactions, the outstanding balance and the number of revolver customers. This difference was greater in the group with higher average utilization in the moment of the action, but even customers who initially seemed to have a lower credit demand, showed sensitivity to use more because of the increased limit. / No Brasil os emissores de cartão de crédito realizam periodicamente aumento de limites do cartão, para clientes que possuem bom comportamento creditício. O objetivo do nosso estudo é analisar os efeitos desse aumento no uso que o cliente tem do seu cartão, com a hipótese de que o cliente passará a utilizar mais o cartão, seja por anchoring, visto que ele se importa em sempre ter uma reserva de limite para eventuais emergências, ou por se sentir priorizado pelo banco, ou até mesmo por demanda reprimida de crédito. Para isso, analisamos uma base de aumento de limite, com grupo de teste e controle, de clientes selecionados para aumento de limite, e observamos que o aumento fez com que os clientes aumentassem seus gastos, seu saldo devedor, passaram a fazer mais transações e timidamente passaram a rotativar. Após observar esses efeitos, dividimos o grupo em dois: Clientes com utilização média menor ou igual a 50% antes da ação e clientes com utilização média maior que 50% antes da ação. Para os clientes do teste dos dois grupos observamos um aumento no gasto mensal, no número de transações mensal, no saldo devedor e no número de clientes rotativando. Essa diferença foi maior no grupo de maior utilização pré tratamento, mas mesmo clientes que inicialmente pareciam ter uma demanda de crédito menor, mostraram-se sensíveis a utilizar mais devido ao aumento do limite.

Submitted by Andre Espozel (andre.espozel@gmail.com) on 2017-04-19T17:47:32Z No. of bitstreams: 1 Dissertação - Andre Espozel - FGV-EPGE.pdf: 856389 bytes, checksum: 16cd3a3bbe1de2cc9ab98b718b21acb8 (MD5) / Approved for entry into archive by GILSON ROCHA MIRANDA (gilson.miranda@fgv.br) on 2017-05-04T12:58:29Z (GMT) No. of bitstreams: 1 Dissertação - Andre Espozel - FGV-EPGE.pdf: 856389 bytes, checksum: 16cd3a3bbe1de2cc9ab98b718b21acb8 (MD5) / Made available in DSpace on 2017-05-12T13:05:06Z (GMT). No. of bitstreams: 1 Dissertação - Andre Espozel - FGV-EPGE.pdf: 856389 bytes, checksum: 16cd3a3bbe1de2cc9ab98b718b21acb8 (MD5) Previous issue date: 2017-03-22 / This papers tests theoretical predictions concerning to agent compensation, debt structure and investment in the models of dynamic agency in DeMarzo and Fishman (2007), DeMarzo and Sannikov (2006) and DeMarzo, Fishman, He and Wang (2012). The results related to agent compensation are consistent with the patterns predicted in the models, indicating that the firm-years that the models would have as more likely to pay dividends are indeed the ones more likely to pay; also, among firms that pay dividends, more profits generate higher dividend payments and higher executive compensation, as predicted in the models. The prediction that firms that go well and reach a payment threshold present marginal q equal to average q, and thus after controlling for average q cash flows would not explain investment is also supported by the tests in here. On the other hand, predictions related to the role of the credit line and to the debt structure are not compatible with the results in here. The credit line doesn’t seem to be the provider of financial slack that protects the firm from low cash flows and also doesn’t seem to have the dynamics of being paid when profits are high and being more used when profits are low.

隨著國人持信用卡消費購物方式的蔚為風氣，致使發卡機構每日所需處理 的申請案件激增；同時，由於信用卡業務的日趨多元化，更增添了審核的 複雜度。傳統以人為判斷為主的審核方法，在有限的人力之下，勢將難以 因應如此龐大的審核需求，而在時間緊迫、經驗累積不足的情形下，難免 會危及授信品質，而增加了此項授信業務的風險。有鑑於此，本研究希望 能藉由範例學習法建立一信用卡信用風險審核模式，期能有效輔助信用卡 發卡審核作業，以降低授信風險，並提昇發卡機構的經營績效。本研究以 某發卡機構為研究對象。抽取個案機構81全年度，審核通過的資料作為研 究樣本。其中以截至82年度3月止，被強制停卡者之不良卡戶，計2,788筆 ；而仍繼續流通的正常卡戶，計有97,001筆，總計99,789筆，作為系統學 習及測試所需之資料。本研究首先針對信用卡審核問題的特性，探討範例 學習法的處理策略，我們將計質線索以相對風險的觀念轉換為順序尺度， 並使所建構的二元樹之葉節點（判斷法則）精簡了二分之一左右，和原分 類樹預測能力並無顯著差異。其次，我們進一步運用修剪策略，可將原判 斷法則數由230條減至26條，大幅的提升了執行效率；修剪策略的運用， 雖然降低了區別率，但卻將預測能力（命中率）由67.1%提升至72.58%。 亦即研究結果顯示，避免分類過細，有助於系統預測能力的提升。本研究 範例學習審核模式之預測能力達72.58%，較 Logistic Re- gression 審 核模式高出約6.49%。在重要性線索的選取上，二者具有相當的一致性； 研究結果顯示，原持有一般卡張數、金卡張數、教育程度、公司等級、職 級等為區別力較佳的信用要素。其中區別能力最強的因素為原一般卡持有 張數，張數愈多，信用風險愈高，而此因素為原審核模式所疏漏者，值得 授信人員警惕。此外，我們再將成本效益因素加入分類樹判斷法則，透過 此方式可調整授信的門檻，以增加發卡機構所能獲取的利潤。進一步考量 申請者的信用風險與所得，建立一信用額度核定的方式。研究結果顯示， 以此一模式授與信用額度較原機構之授與方式,高出約一仟二佰萬元淨收 益。此乃由於本模式能有效辨識出不良客戶（命中率為 80.58%），因而 大幅地降低了呆帳的損失。最後，我們綜合本研究的心得，提出一些未來 研究課題，期能使最適分類樹的產生更具效率，並且擴大研究的範圍，希 望能將信用卡範例學習系統推展至各發卡機構，並應用於信用管理的各層 面，以有效提昇信用卡經營效益。