This dissertation provides a complex study of systemic financial risk and its quantification. In the first part, the paper summarizes the main assumptions and tools of macroprudential policy, which became an important regulatory policy after the financial crisis of 2007-2009. The main parts of the paper deal with the construction of indicators of financial systemic risk and stress, where the paper distinguishes the quantitative expression of the contemporaneous financial stress from the continually developing systemic risk. The paper analyzes several methods of financial stress index construction, whose main task is to identify the contemporaneous rate of risk in different sectors of financial system using market prices of assets. The outcome of the paper is the identification and historical description of periods of heightened financial stress and the recognition of a regional character of the periods of stress. Apart from the index of the contemporaneous stress of financial system, the paper brings a systemic risk indicator, which captures the development of systemic risk in time, and which is a suitable leading indicator for the identification of periods of financial stress. The systemic risk indicator has identified, with a lead of two to three years, the increasing risk of the banking sectors of the countries in the region before the onset of the financial crisis of 2007-2009. In the conclusion, the paper points out the suitability of both indicators for the calculation of the amount of countercyclical capital buffer used in the new Basel III measures.

This thesis takes an exploratory approach to On Demand Pay, an upcoming technology and employer benefit that allows employees to take out part of their earned salary before payday. With the technology relatively new, the academic literature around On Demand Pay is still in its infancy and we know little about how it affects employees beyond the financial benefit. Based on qualitative and exploratory interviews, the goal of this thesis is to explore ways in which On Demand Pay could affect employees and employer in a small Swedish software consultancy. The results indicate that the financial aspect of being able to take out a salary advance and having more flexibility around when to receive a salary might not affect software developers in the mid- to high-earner range in a particular positive or negative way. It could however negatively affect developers temporarily, as it can interfere with established budgeting habits. Still, there are indications of On Demand Pay positively affecting job satisfaction coming from a feeling of increased recognition and appreciation by the employer.

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This thesis develops an early warning system framework for assessing systemic risks and for predicting systemic events, i.e. periods of extreme financial instability with potential real costs, over the short horizon of six quarters and the long horizon of twelve quarters on the panel of 14 countries both advanced and developing. Firstly, Financial Stress Index is built aggregating indicators from equity, foreign exchange, security and money markets in order to identify starting dates of systemic financial crises for each country in the panel. Secondly, the selection of early warning indicators for assessment and prediction of systemic risks is undertaken in a two- step approach; relevant prediction horizons for each indicator are found by means of a univariate logit model followed by the application of Bayesian model averaging method to identify the most useful indicators. Next, logit models containing useful indicators only are estimated on the panel while their in-sample and out-of-sample performance is assessed by a variety of measures. Finally, having applied the constructed EWS for both horizons to the Czech Republic it was found that even though models for both horizons perform very well in-sample, i.e. both predict 100% of crises, only the long model attains the maximum utility of 0,5 as...

In this article, the author tells us about the acquisition of assets in companies that are experiencing financial difficulties and the legal tools that facilitate the procedure. Likewise, he details protection mechanisms to mitigate risks when companies are going through an economic crisis. Finally, he emphasizes that the crisis can generate great profitability to the buyer who managing the risks can open up great possibilities of investment. / En el presente artículo, el autor nos habla acerca de la adquisición de activos en empresas que atraviesan dificultades financieras y las herramientas legales que facilitan el procedimiento. Asimismo, detalla los mecanismos de protección para mitigar los riesgos cuando las empresas atraviesan una crisis económica. Finalmente, resalta que la crisis puede generar gran rentabilidad al comprador quien manejando los riesgos puede abrir grandes posibilidades de inversión.

Träffsäkerheten på Going Concern-varningar (GC-varningar) internationellt sett är låg, 40 procent, men enligt tidigare studier är den lägre i Sverige, under 20 procent. De fyra största revisionsbyråerna i världen, Big four, marknadsför sig med sin branschkännedom och flera studier pekar på att de har högre revisionskvalité än mindre byråer. Samtidigt finns det studier som visar att det inte finns någon skillnad på kvalitén mellan de fyra största och de mindre byråerna. Syftet med denna studie är att pröva om stora byråer har högre kvalité än medelstora och små byråer och om det finns skillnader mellan de enskilda byråerna inom respektive storlekskategori. Revisionskvalité mäter vi i form av GC-varningar och anmärkningar på finansiell stress (eget kapital understiger hälften av aktiekapitalet). Studien är kvantitativ och våra data omfattar 4718 aktiebolag, varav 1809 är finansiellt stressade, som gick i konkurs 2010. Genom Chi 2 test ser vi att träffsäkerheten på GC-varningar ligger på 17 procent och anmärkningar på finansiell stress på 82 procent. På samma sätt men med ytterligare hjälp av sambandsstyrka genom P-värden har vi kommit fram till våra andra resultat. Det finns ett väldigt starkt samband mellan andelen GC-varningar och storleken på byrån. Det finns även ett väldigt starkt samband mellan andelen GC-varningar och byrå inom kategorin stora byråer, ett visst samband inom kategorin medelstora byråer men inget samband inom kategorin små byråer. Det finns inget samband mellan andelen anmärkningar på finansiell stress och storleks-kategori eller mellan byråerna inom de olika kategorierna. Enligt vårt resultat har stora byråer högre revisionskvalité än medelstora och små byråer gällande GC-varningar, men vi finner inga skillnader mellan storlekskategorierna gällande anmärkning på finansiell stress. Vi finner även att kvalité med avseende på GC-varningar inte är homogen mellan de enskilda byråerna inom respektive storlekskategori. Våra slutsatser är att träffsäkerheten på GC-varningar är låg, men skulle kunna öka om revisorn kompletterar svårbedömd information med verifierbar information samt att etablerade metoder för GC-bedömningar infördes. Revisionskvalitén inom stora byråer är inte homogen, vilket kan bero på att de enskilda byråerna inom kategorin använder olika arbetssätt, som medför kvalitetsskillnader. / The international accuracy of Going Concern-warnings (GC-warnings) is as low as 40 percent, although studies show the accuracy is even lower in Sweden, under 20 percent. The four biggest accounting firms in the world advertise their knowledge of industry and a number of studies say that they have higher audit quality than the smaller firms. Meanwhile there are studies that claim that there are no differences in quality between them and the smaller firms. In this study we aim to test if the large firms have higher auditing quality than the medium and small firms and to test if there is any difference within the three categories. We measure quality as GC-warnings and a remark on financial stress (a remark on the equity being lower than 50 percent of the share capital). The study is quantitative and our data consists of 4718 limited companies, and 1809 financially stressed limited companies, which went bankrupt 2010. We measured the GC-warning accuracy to 17 percent and the remark on financial stress to 82 percent by using a Chi square test. We used the same test but added P-value to check the strength on the rest of the results. There is a very strong connection between the share of GC-warnings and the size of the accounting firm. There is also a very strong connection between the share of GC-warnings and the different firms within the large category. However there was only a weak connection between the different firms within the medium size and no connection at all within the small category. There is no connection at all between remarks on financial stress and either the firm size or within the firm size categories. According to our results, large audit firms have higher audit quality than medium and small firms concerning GC-warnings, but there are no differences between and within the categories concerning remarks on financial stress. We also find that quality concerning GC-warnings is not homogeneous between the different audit firms within each category. Our conclusions are that the accuracy on GC-warnings is low but it could increase if the auditors complement imponderable information with verifiable information and if methods for GC-judgments were established. The audit quality within large firms is not homogeneous which may be due to that the different audit firms within the categories use different ways to work, which causes differences in audit quality.

Sammanfattning Bakgrund Fastighetsmäklaryrket är en ständigt växande bransch med hög rörlighet och där allt fler individer väljer att utbilda och registrera sig till fastighetsmäklare varje år. Det finns även en relativt hög andel som väljer att lämna yrket inom kort tid efter registrering. Därmed växte ett intresse av att undersöka en mäklares första tid i branschen. Detta arbete kommer därmed belysa en faktor som kan vara relevant förknippat till detta, nämligen principalens påverkan på nyexaminerade fastighetsmäklare. Syfte Syftet med denna explorativa studie är att lyfta fram hur fastighetsmäklare har bemötts av sina principaler genom en tillbakablick från deras första tid som nyexaminerade fastighetsmäklare. Detta för att de som funderar på att ge sig in i yrket eller i dagsläget utbildar sig till mäklare, ska få en inblick i vad som väntar dem när de väl är klara med utbildningen och ger sig ut i branschen. Metod Arbetet kommer att utgå ifrån en kvalitativ metod där ett flertal olika semistrukturerade intervjuer med mäklare har genomförts, för att få en djupare inblick i ämnet. Denna metod lämpar sig bäst för att kunna besvara det syfte och frågeställningar som arbetet utgår ifrån.TeoriVid genomförande av denna del har redan befintliga teorier, studier och forskning inom det aktuella området tagits upp. Det som teorin bland annat behandlar är hur branschen ser ut idag, frågan kring arvode och löner samt principalens betydelse för den nyexaminerade mäklaren kopplat till motivation och ledarskap. Analys Genom att jämföra tidigare studier och forskning mot det resultat som intervjuerna gav formades flera intressanta infallsvinklar. Detta kopplat till bland annat de likheter och skillnader som mäklarna upplevde kopplat till bemötandet från deras principaler samt vilka faktorer som ligger bakom detta. Slutsats Principalen och de hjälpmedel som denne erbjuder har stor påverkan på hur väl en fastighetsmäklare kommer in i branschen. Av de mäklare som intervjuats så besitter alla olika erfarenheter från sin första period. De som har fått mycket stöd från sina arbetsgivare har fått en bättre och enklare start på sina karriärer. Något som är konsekvent är att det finns en ekonomisk stress för nyexaminerade mäklare att komma in i en bransch med ett provisionsbaserat lönesystem. Flera av principalerna erbjöd mäklarna ekonomiskt stöd i början av deras karriärer, vilket är något som vi skribenter anser är avgörande för mäklarnas start och bör således vara ett måste. / Abstract Grade: Bachelor`s thesis Background: The real estate agent profession is a constantly growing industry with high mobility, with a continuous growth of individuals choosing to educate themselves and register as real estate agents every year. However, there is a relatively high percentage of individuals who choose to leave the profession shortly after registration. This led to an interest in the real estate agents' initial time in the profession. As writers, we want to shed light on a factor that may be relevant in this context, namely the impact of principals on newly graduated real estate agents. Purpose: The purpose of this exploratory study is to highlight how real estate agents have been treated by their principals through a retrospective view of their early days as newly graduated real estate agents. This is to provide insight to those considering entering the profession or currently undergoing university to become real estate agents, so they have an idea of what to expect when they complete their education and enter the industry. Method: As writers, we have used a qualitative method in which we have chosen to conduct several semistructured interviews to gain a deeper understanding of the subject. We believe that this method is best suited to address the purpose and research questions we have formulated. Theory: In conducting this study, we, as writers, have relied on existing theories, studies, and research in the relevant field. Our theoretical framework includes discussing the current state of the industry, addressing issues of compensation and salaries, and exploring the significance of principals for newly graduated agents. Analysis By comparing previous studies and research with the results obtained from the interviews, we found several interesting similarities and differences in how the agents were treated by their principals, linked to motivation and leadership. Conclusion: The principal and the support provided by them have a significant impact on how well a real estate agent enters the industry. Among the interviewed agents, everyone has different experiences from their initial period. Those who have received substantial support from the beginning have had a better and easier start to their careers. Something that is consistent is financial stress, which is something that most real estate agents experience in the beginning. Several of the principals offered financial support at the beginning of their careers, which is something that we writers believe is crucial for the real estate agents and should thus be a must.

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Submitted by Fabio Gadelha (fabio.gadelha@gmail.com) on 2017-07-17T15:08:31Z No. of bitstreams: 1 Os efeitos do estresse financeiro no ambiente de trabalho brasileiro - Fabio Tosta Gadelha Souza (final).pdf: 1162439 bytes, checksum: 328fc7a94cea04c0f310a40a4e091b37 (MD5) / Approved for entry into archive by Joana Martorini (joana.martorini@fgv.br) on 2017-07-17T15:21:39Z (GMT) No. of bitstreams: 1 Os efeitos do estresse financeiro no ambiente de trabalho brasileiro - Fabio Tosta Gadelha Souza (final).pdf: 1162439 bytes, checksum: 328fc7a94cea04c0f310a40a4e091b37 (MD5) / Made available in DSpace on 2017-07-17T16:02:26Z (GMT). No. of bitstreams: 1 Os efeitos do estresse financeiro no ambiente de trabalho brasileiro - Fabio Tosta Gadelha Souza (final).pdf: 1162439 bytes, checksum: 328fc7a94cea04c0f310a40a4e091b37 (MD5) Previous issue date: 2017-07-06 / The main objective of this paper was to determine whether Brazilian employee’s level of financial stress affects their behavior in the workplace. Specifically, it was tested if individuals with a higher level of financial stress are more likely to: i) miss work, in general; ii) miss work unjustifiably; have excused absences from work; and iv) being subject to punishments at work, as compared to their less stressed colleagues. The study was performed based on a research with 673 employees of 10 different Brazilian companies from different industries, in which participation was voluntary. The level of individual financial stress was determined by the InCharge Financial Distress/Financial Well-Being Scale, created by Prawitz et. al. (2006), in order to use the subjective level of financial stress of the respondents. The tests were applied using the Linear Probability, Probit and Logit models. Our findings were that the financial stress does increase, in a statistically significant manner, the chances of absences from work in general/regardless of motives and of unexcused absences. All three models pointed out in that direction. We have not been able, however, to find significant results in any of the three models that financial stress does increase the chances of excused absences and punishments. / A proposta do presente trabalho foi averiguar se, no Brasil, o nível de estresse financeiro dos empregados afeta seu comportamento no trabalho. Especificamente, foi testado se pessoas com maior nível de estresse financeiro têm maior probabilidade de: i) faltar, de uma maneira geral; ii) faltar de maneira injustificada; iii) terem faltas abonadas por seus superiores; e iv) sofrerem punições, em relação aos seus colegas menos estressados. O estudo foi feito a partir de uma pesquisa com 673 funcionários de 10 grupos empresariais brasileiros de diferentes setores de atuação, cuja participação foi voluntária. O grau de estresse financeiro individual foi determinado a partir da Escala InCharge de Estresse Financeiro/Bem-Estar Financeiro, criada por Prawitz et al. (2006), a fim de que se pudesse utilizar o nível subjetivo de estresse financeiro dos respondentes. Os testes foram realizados utilizando os modelos de Probabilidade Linear, Probit e Logit. Nossas conclusões foram de que estresse financeiro aumenta, de maneira estatisticamente significativa, a probabilidade de faltas em geral e de faltas injustificadas. Todos os três modelos apontaram neste sentido. Contudo, não encontramos resultados significativos em nenhum dos três modelos de que o estresse financeiro aumenta a probabilidade de faltas abonadas e punições.

Diploma thesis deals with the issue of systemic risk and its impact on the financial system. In terms of the explanation of the individual regularities analyses principles of systemic risk and its impact on the financial sector. The first part of this work is dedicated to a complex analysis of the systemic risk sources and a description of different measurement methods among others also dedicated to detection of systemically important institutions. The analytical part demonstrates an application of one of the model for systemic risk measurement on the real data from the United States of America between years 1990 and 2011 and the analysis of the newly adopted Dodd-Frank Act regulation. The main merit of this work is to describe and evaluate the complex perspective of the systemic risk, which is a prerequisite for its successful application and management.