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31	[en] TACTICAL ASSET ALLOCATION FOR OPEN PENSION FUNDS USING MULTI-STAGE STOCHASTIC PROGRAMMING / [pt] ALOCAÇÃO TÁTICA DE ATIVOS PARA EMPRESAS DE PREVIDÊNCIA COMPLEMENTAR VIA PROGRAMAÇÃO ESTOCÁSTICA MULTIESTÁGIO THIAGO BARATA DUARTE 11 July 2016 (has links) [pt] Uma importante questão que se coloca para entidades abertas de previdência complementar e sociedades seguradoras que operam previdência complementar é a definição de uma gestão dos ativos e passivos (do inglês ALM – Asset and Liability Management). Tal questão se torna mais relevante em um cenário de alta competitividade, margens operacionais decrescentes, garantias mínimas de rentabilidade para um passivo estocástico de longo prazo e um período de queda da rentabilidade dos instrumentos financeiros, sendo estes muitas vezes de difícil precificação e pouco previsíveis num mercado volátil como o brasileiro. Somada a estas dificuldades, as companhias deste mercado estão sujeitas a uma regulação baseada em riscos, oriunda de práticas internacionais, adotada pelo órgão superior, Susep, que impõe restrições regulamentares para a manutenção da solvência das companhias, o que eleva a dificuldade da definição de um modelo. Diante deste cenário, esta dissertação apresenta uma proposta de ALM baseada em um modelo de programação estocástica multiestágio que tem como objetivo definir dinamicamente a alocação ótima dos ativos, incluindo títulos com pagamentos de cupons, e mensurar o risco de insolvência da companhia para o horizonte de planejamento. / [en] An important issue of open pension funds and insurance companies that operate supplementary pension is the definition of an asset and liability management (ALM) framework. Such a question becomes more relevant in a scenario of high competition, declining operating margins, minimum guaranteed returns to a stochastic long-term liability and a period of falling returns on financial instruments, these being often difficult to pricing and predictable in a volatile market such as Brazil. Added to these issues, those companies are subject to a risk-based regulation, derived from international practices adopted by the national insurance regulator, Susep, which imposes constraints to maintain solvency of companies and therefore increases the complexity of an ALM framework. Due this condition, this dissertation presents a proposition of ALM based on a multistage stochastic programming model, which aims to define a dynamic optimal asset allocation, including bonds with coupons payment, and measure the company s insolvency risk for the planning horizon. [pt] PREVIDENCIA COMPLEMENTAR [en] RETIREMENT SAVING ACCOUNT [pt] PROGRAMACAO ESTOCASTICA [en] STOCHASTIC PROGRAMMING [pt] CVAR [pt] RISCO DE INSOLVENCIA [en] SOLVENCY RISK [pt] ALM [en] ALM [pt] ALOCACAO OTIMA [en] OPTIMAL ALLOCATION [pt] MEDIDA DE RISCO [en] RISK MEASURE [pt] QUANTIFICACAO DE RISCO [en] RISK QUANTIFICATION [pt] REQUERIMENTO DE CAPITAL [en] CAPITAL REQUIREMENT
32	Antes NIC 39 ahora NIIF 9: nuevos desafíos para los contadores / Antes da IAS 39, agora IFRS 9: Novos desafios para contadores financeiros / Before IAS 39, Now IFRS 9: New Challenges for Financial Accountants Rodríguez Díaz, Daniela del Pilar 10 April 2018 (has links) In this paper we will resume the main differences between the application of IFRS 9 «Financial Instruments» to be imperatively implemented in Peru since the commencement of the exercise 2018 with regards to the current IAS 39 «Financial Instruments: Recognition and Measurement», focusing in the classification and measurement of financial assets. Furthermore, a practical analysis will be applied to financial instruments in the investment banking industry. / En este trabajo, se busca sintetizar las principales diferencias en la aplicación de laNIIF 9 «Instrumentos Financieros» a implementarse de forma obligatoria en el Perú desde el inicio del ejercicio 2018 con respecto a la actual NIC 39 «Instrumentos Financieros: Reconocimiento y Medición», específicamente en clasificación y medición de las partidas de activos financieros. Además, se realiza un análisis práctico aplicado a instrumentos financieros del rubro de la banca de inversión. / Neste artigo, retomaremos as principais diferenças entre a aplicação da Normas Internacionais de Relatório Financeiro (IFRS) 9 «Instrumentos Financeiros» a implementar de forma imperativa no Peru desde o início do exercício de 2018 no que se refere ao atual Normas internacionais de contabilidade (IAS) 39 «Instrumentos Financeiros: Reconhecimento e Medição», focado em A classificação e mensuração de ativos financeiros. Além disso, uma análise prática será aplicada aos instrumentos financeiros no setor de banca de investimento. Investment Bank Financial Assets Financial Liabilities Ifrs 9 Ias 39 Business Model Classification Measurement Banco De Inversión Activos Financieros Pasivos Financieros Niif 9 Nic 39 Modelo De Negocio Clasificación Medición Banco De Investimento Ativos Financeiros Passivos Financeiros Ifrs 9 Ias 39 Modelo De Negócios Classificação Medição
33	Moderní přístupy k DCF modelu v komparaci s přístupy klasickými / Modern attitudes to DCF model in comparison with classical attitudes Klečka, Ondřej January 2012 (has links) Diploma thesis covers the topic about different attitudes to DCF valuation. The first part is an introduction into CAPM theory and a multifactor French-Fama model. This part also indicates different views on financial assets and analyzes an issue of setting discount rates, especially the risk-free rate and equity risk premium. The second part of this paper applies the theory into valuation of Microsoft, GAP and Telefónica O2. There are elaborated forecasts of the financial statements and free cash flows (FCFCE, FCFU), the discount rate composition and analyses of the factors HML and SMB. At the end, there are performed various valuations, which results are discussed together with a development of real market prices.
34	Audit účetní závěrky vybrané firmy se zaměřením na oblast stálých aktiv / Audit of Financial Statements of the Selected Company with Focus on Long-term Assets Kučerová, Martina January 2018 (has links) The purpose of this thesis is to prepare the audit of the financial statements of DELTA, a. s., focusing in particular on long-term assets. The selected company deals with the processing and sale of wood, and the supply of foundries and steelworks with ferro-alloys and metals. The default information for the procedure and making audit of the financial statements is the theoretical and analytical part of the thesis, which is then based in the practical part, where are applied selected audit procedures in field of long-term assets and suggested specific recommendations for the company.
35	Livelihood assets and survival strategies in coastal communities in Kerala, India Divakarannair, Nandakumar 30 November 2007 (has links) Marine fish stocks are under serious threat of depletion due to increasing numbers of resource users with competing interests, resulting in degradation and the decline of fish catch. Using qualitative and quantitative techniques such as in-depth interviews, focus group discussions, household surveys and remote sensing and GIS, this study addresses: (1) the complex and inter-related nature of resource dependency, (2) the role of assets in determining survival strategies of households in artisanal fishing communities in Ponnani, India, (3) how asset degradation impacts resource-dependent households, (4) how households develop survival strategies, and (5) considers access to social, political, physical, human and financial assets. Information is organized using the Sustainable Livelihoods Framework (SLF) with modifications to suite the local complexities. Results show that households - engaged in diverse activities, including fishing, fish processing/marketing/culture and daily labour - evolved property rights of natural resources over generations. The Pathemari cargo business’s limited knowledge of fisheries compared to artisanal fishers, and the government led modernization resulted in resource degradation. Therefore, artisanal fishers living in coastal wards threatened by intense erosion, abandoned traditional occupations in pursuit of livelihood security. Results from image analysis and derived thematic maps indicate increased erosion of 0.35 sq km shoreline coinciding with government development initiatives. To improve livelihood options, the results indicate that 50% surveyed accessed political assets such as fishers’ cooperatives and only 20% accessed financial assets such as government sponsored schemes and loans. In-depth interviews and focus group discussions revealed many limiting factors of access, specifically marginalization and lack of financial assets: only 6% surveyed could raise enough money to migrate. With changes in technology, from harvesting to processing, gender roles are being radically altered. Women are losing jobs and income. Politically, the study revealed that local participation helped governing bodies prioritize on housing, roads, water and sanitation. Analysis of the information through the modified SLF suggests three strategies to enhance the asset base of coastal poor: strengthening grassroots organizations; transforming state relations; and developing new alternatives to conventional coastal development practice. Finally, the study suggests resource management policies to improve the households’ livelihood options and well-being. Artisanal fishing Fishing communities Livelihoods Livelihood strategies Kerala India Natural resources Resource dependency Fish resources Marine fish stocks Resource depletion Resource degradation Ponnani Malappuram In-depth interview Focus group discussion Household survey Remote sensing GIS Multi-method Sustainable Livelihoods Framework Property righrts Pathemari Chapa Livelihood security Panchayat Gender Decentralized planning Qualitative methods Poverty Well-being Occupational diversification Small-scale fishing Caste system Human assets Political assets Social assets Physical assets Financial assets Push factors Vulnerability

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