Submitted by Codie Ann Sanchez (codie.sanchez2015@fgvmail.br) on 2015-01-26T14:16:15Z No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) / Approved for entry into archive by Janete de Oliveira Feitosa (janete.feitosa@fgv.br) on 2015-01-28T14:07:16Z (GMT) No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) / Approved for entry into archive by Marcia Bacha (marcia.bacha@fgv.br) on 2015-02-05T15:58:07Z (GMT) No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) / Made available in DSpace on 2015-02-05T16:02:44Z (GMT). No. of bitstreams: 1 Codie Sanchez - Thesis - 11-5-14.pdf: 11157706 bytes, checksum: 347b152ee482bcd0fa94a753c10cfc20 (MD5) Previous issue date: 2014-10-30 / This paper examines the current Chilean and Brazilian pension markets, how these pension markets are structured, how they have historically invested their portfolios in ETFs and how they utilize Exchange Traded Funds (ETFs). This investigation will give an overview of the current pension landscape in each country, ETFs and ETF managers in the region, as well as distribution allowances and regulations for ETF providers within the region. Finally it will offer insights throughout that will be useful to those building a business or creating an expansion plan in Brazil or Chile.

The goal of this diploma thesis is to analyze the gold market and provide readers with the necessary information and context having an impact on the price of gold. The thesis consists of three chapters. First one deals in general with the commodity market and introduces the readers to commodity exchange issues such as trading commodities in commodity exchanges, motives of commodity trading as well as the specific characteristics of commodities. Second one concerns the detailed analysis of commodity investment tools that investors might use when they feel like getting an exposure to price movements of commodities. The last chapter gears towards an analysis of the gold market in today's super globalized world and depicts what fundamental factors have an impact on the price of gold. At last, I shall summarize existing pieces of knowledge and cast light on further gold price movements.

Submitted by Diego de Aragão (diegodearagao@gmail.com) on 2011-09-05T18:22:11Z No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-09-05T18:43:23Z (GMT) No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) / Approved for entry into archive by Gisele Isaura Hannickel (gisele.hannickel@fgv.br) on 2011-09-05T18:57:16Z (GMT) No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) / Made available in DSpace on 2011-09-05T19:01:47Z (GMT). No. of bitstreams: 1 A Eficiência da Precificação e os Erros de Aderência dos ETFs do Mercado Brasileiro final.pdf: 570730 bytes, checksum: 3ba1b8eb71026ac807dc531f68512bd9 (MD5) Previous issue date: 2011-08-17 / O objetivo deste trabalho é avaliar a eficiência da precificação e os erros de aderência dos Exchange Traded Funds (ETFs), conhecidos no mercado de capitais como fundos de investimentos abertos listados e comercializados em bolsas de valores. Para esta avaliação, são realizados testes sobre hipóteses acerca da significância estatística dos mispricings entre (1) os valores das cotas patrimoniais e os preços de fechamentos destes ETFs e (2) sobre a diferença entre os preços de fechamento dos ETFs e dos seus índices de referência. A amostra utilizada é dos oito ETFs comercializados no mercado brasileiro de capitais durante o período de realização do trabalho. Como resultado do esforço de pesquisa realizado, o último capítulo mostra uma tendência a distintos níveis de eficiência da precificação e erros de aderência nos ETFs brasileiros. Enquanto alguns ETFs mais líquidos apresentam prêmios/descontos insignificantes estatisticamente, os prêmios/descontos de outros ETFs se mostraram razoavelmente consideráveis. No que tange aos erros de aderência, a média dos erros do ETFs listados localmente mostrou-se em um patamar intermediário entre aqueles ETFs listados no mercado americano e os de uma seleção de ETFs listados em mercados emergentes. / The objective of this study is to evaluate the pricing efficiency and tracking error of Exchange Traded Funds (ETFs), known in the capital market as mutual funds listed and traded on stock markets. For this evaluation, tests are performed on assumptions about the statistical significance of mispricings between (1) the values of equity shares and the closing prices of the ETFs and (2) on the difference between the closing prices of the ETFs and their reference indexes closing prices. The sample is compounded by the eight ETFs that were traded on the Brazilian capital market during the period of the work. As a result of the research effort carried out, the last chapter shows a tendency to different levels of pricing efficiency and tracking errors on Brazilian ETFs. While a few more liquid ETFs presents premium/discounts that are statistically insignificant, some other ETFs’ premium/discounts have proved considerable. With respect to tracking errors, the errors average of ETFs listed locally showed to be in an intermediary level between those ETFs listed in the U.S. market and a selection of ETFs listed in emerging markets.

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近年來，在世界各地金融公司所謂的「指數股票型基金」已經成為主流投資標的。指數股票型基金讓投資人能夠將其資金直接投資於國外股市，同時避免匯率問題。目前，台灣投資人藉由所謂的中國指數股票型基金來直接投資中國股市。 身為中國指數股票型基金的先驅者，台灣匯豐中華證券投資信託股份有限公司於2009年夏天創造了第一恆生跨境指數股票型基金。就像其他服務業，匯豐中華必須向投資人推銷該指數股票型基金以及其他金融產品。有鑑於行銷對於資產管理公司的成敗扮演著很重要角色，因此本研究以策略行銷分析為主要研究基礎。並且，藉由公司訪談和邱志聖（2006)的四個成本分析架構(4C Analysis)，來探討台灣匯豐中華證券投資信託股份有限公司在台灣的行銷活動。所謂的4C分析包含外顯單外效益成本、資訊搜尋成本、道德危機成本及專屬陷入成本。本研究為台灣匯豐中華提供服務、媒體廣告、品牌形象及行銷策略的改善之道。 關鍵字：策略行銷、四個成本分斯、外顯單外效益成本、資訊搜尋成本、道德危機成本及專屬陷入成本、指數股票型基金 / Since the early 2000's, Exchange Traded Funds (ETFs) have become a mainstream investment product in the portfolios of financial companies across the world. In recent years, ETFs have been created to allow investors to allocate their capital in the stock market of other countries while at the same time avoiding the currency exchange problem. Now, Taiwanese people can invest in the China stock market indexes via China ETFs. A pioneer in China ETFs, HSBC Global Asset Management Taiwan created the first Heng Seng cross border ETFs in the summer of 2009. As with any service-oriented business, HSBC Taiwan must advertise and promote these new investment products. In light of the fact that marketing plays a large role in the success of asset management companies, hence this thesis adopts strategic marketing analysis as the backbone of the research process. Utilizing professional interviews and Chiu's (2006) four cost (4C) analysis, this thesis examines HSBC Global Asset Management Taiwan's marketing activities via a constructively critical lens. These four costs include external unit costs, information search costs, moral hazard costs and firm-specific costs. This thesis focuses on providing solutions for enhanced customer service, media advertising, brand image as well as marketing strategies for HSBC Taiwan. Key Words: strategic marketing, four cost structure, information search costs, moral hazard costs, firm-specific costs, exchange-traded funds