Thesis (Ph. D.)--University of California, San Diego, 2004. / Vita. Includes bibliographical references (leaves 110-118).

Thesis (doctoral)--Technische Universität, Darmstadt, 2002/2003. / Includes bibliographical references.

Thesis (Ph. D.)--University of California, San Diego, 2006. / Title from first page of PDF file (viewed September 20, 2006). Available via ProQuest Digital Dissertations. Vita. Includes bibliographical references (p. 125-132).

Increased life expectancies and a significant reduction in the number of corporate pension plans nationwide have made the prospects of retirement a challenge for many of us. The burden of funding retirement will move from the corporation or government to the individual. Those individuals with limited financial experience will most likely need the guidance of a financial advisor. Can we trust and rely upon them? Following the 2004 late trading scandal and the 2008 financial meltdown, the Financial Industry Regulatory Authority ("FINRA") implemented Continuing Education requirements at the advisor level. The intent was to improve the quality and integrity of advisors' interaction with clients. I have interviewed forty-one advisors at four separate financial services firms to examine the impact of this training on the moral obligations and responsibilities of financial advisors.

published_or_final_version / Business / Master / Master of Philosophy

This research investigates the complementary value of a statement of cash flows (SCF) in a set of published financial statements. Selected accounting studies and selected parts of communication theory are used to argue the case for treating an SCF as a primary financial statement. Ideas adapted from communication theory are also used to decide key issues involved in developing an SCF. Specifically, the study selects a direct rather than a reconciling format for an SCF; it also defines cash to include currency, bank accounts, and marketable securities and exclude claims to cash such as notes and accounts receivable. The definition of cash limits cash flow to strict receipts and disbursements; it excludes constructive receipts and disbursements.

Universiẗat, Diss.--St. Gallen, 2004.

Submitted by Eduardo Sanchez Palma (edsanpa7@hotmail.com) on 2017-01-17T17:31:17Z No. of bitstreams: 1 17012017 MPA PALMA.pdf: 6332936 bytes, checksum: 491bc558997174d0785b04d3518b6105 (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2017-01-17T17:35:15Z (GMT) No. of bitstreams: 1 17012017 MPA PALMA.pdf: 6332936 bytes, checksum: 491bc558997174d0785b04d3518b6105 (MD5) / Made available in DSpace on 2017-01-17T17:53:34Z (GMT). No. of bitstreams: 1 17012017 MPA PALMA.pdf: 6332936 bytes, checksum: 491bc558997174d0785b04d3518b6105 (MD5) Previous issue date: 2017-01-09 / A maioria dos investidores se vê esmagada por uma vasta quantidade de informações, muitas vezes de natureza abstrata. Além disso, o formato padrão utilizado para comunicar os riscos é, geralmente de difícil compreensão e de pouca ajuda na tomada da decisão de investimento, pois a mencionada padronização, raramente leva em consideração os diferentes níveis de conhecimento dos investidores sobre finanças (Sachse, Jungermann, & Belting, 2012, v. 33, p. 438, tradução nossa). Alinhada a isso, a presente pesquisa utiliza questionário baseado na Teoria do Paradigma Psicométrico, para investigar as percepções de risco entre especialistas e investidores leigos sobre seis produtos financeiros. Baseado no elevado conhecimento sobre investimentos que possuem, os Certified Financial Planners foram escolhidos como grupo de controle para comparar as percepções de risco da categoria profissional melhor remunerada no Brasil, qual seja a dos médicos da Grande São Paulo (IBRE, 2009). Testes t para diferença de médias foram feitos para avaliar as percepções entre gêneros e os cinco construtos de risco, respectivamente, relacionados à volatilidade, ao desconhecimento, a desconfiança, a adversidade e as falhas regulatórias; os testes mostraram que são distintas as percepções de risco entre CFPs e médicos, com resultados muitas vezes contrários aos indicados pela literatura, assim como a maior percepção de risco entre as mulheres somente para os construtos relacionados às falhas regulatórias e desconfiança nos consultores de investimento, instituições financeiras e órgãos reguladores. O estudo mostra, ainda, que estão negativamente correlacionadas as percepções do benefício/retorno com os construtos desconfiança e falhas regulatórias somente entre os médicos, e que há diferenças de percepção importantes para o Tesouro Direto e PGBL/VGBL entre as duas categorias profissionais. Dentre os resultados encontrados destacam-se as diferentes percepções de risco sobre os construtos falhas da regulamentação e desconfiança, sugerindo que iniciativas de educação voltadas ao investidor podem não surtir o efeito esperado em razão de serem patrocinadas exatamente por instituições vistas com suspeição pelos investidores. O estudo conclui atribuindo à comunicação o papel determinante do sucesso na relação com o investidor e a necessidade que ela seja construída a partir das percepções de risco e níveis de familiaridade com investimentos dos consumidores. / Most individual investors may be overwhelmed by this vast amount of information and by its abstract nature. Furthermore, this way of informing about risk might be hardly helpful when making a particular investment decision, because this kind of standardized information neglects different levels of experience and financial literacy of the clients (Sachse, Jungermann, & Belting, 2012, v. 33, p. 438). Aware of this, this research paper will use a questionnaire in Psychometric Paradigm Theory to investigate risk perceptions among specialists and lay investors of six financial products. Certified Financial Planners were selected as the control group to assess how risk perceptions of the best-paid category in Brazil, compounded by physicians in São Paulo Metropolis (IBRE, 2009). T Tests about average differences were taken to assess gender perceptions and the five risk constructors associated with volatility, lack of knowledge, mistrust, adversity and regulatory failures; tests showed that risk perceptions are different between CFPs and physicians, with some results contradicting literature, as well as a greater perception of risks among women only to risk constructs related to regulatory failures and mistrust in investment advisors, financial institutions and regulatory bodies. The study also shows that correlations between benefit/return and constructs distrust and regulatory failures are negative only among physicians, and that there are significant perceptual differences about Tesouro Direto and PGBL/VGBL among the two professional categories. Different risk perceptions about the lack of regulation, as well as distrust, suggest that investor education initiatives may not have the expected effect, since they are sponsored by the same institutions of which investors are suspicious. Finally, the study says consumer perceptions of risk and their level of familiarity with investments are crucial, and attributes to communication the role for determining success in the relationship with investors.

Since their creation in Europe in the seventeenth century, pension funds have grown to become one of the main sources of capital in the world. A number of role players ultimately manage the pension money of members on their behalf. Accordingly, the focus of this study is on the role players involved in the actual investment of pension fund money. For the purposes of the study, the key role players in the pension fund investment chain are identified as pension fund trustees, asset managers and asset consultants. These role players have a specific responsibility in terms of the service that they ought to provide. One of the key aspects of this dissertation is therefore determining whether their responsibility is a fiduciary responsibility. The main purpose of the study is, however, to answer one overarching research question: Does fiduciary responsibility create barriers to the implementation of responsible investment in the South African pension fund investment chain? Clearly, there are two key terms in this research question, fiduciary responsibility and responsible investment. It is suggested that responsible investment takes at least two forms: a “business case” form1 in which environmental, social and governance (ESG) issues are considered only in so far as they are financially material; and a social form in which ESG issues are considered over maximising risk adjusted financial returns. Three key questions were asked in order to find qualitative descriptions and interpretations of fiduciary responsibility: Question 1: Are the key role players in the pension fund investment chain fiduciaries? Question 2: If so, to whom do the key role players owe their fiduciary duty? Question 3: What are the fiduciary duties of the key role players in the pension fund investment chain? It is also suggested that the duty to act in the best interests of beneficiaries could be described as the all-encompassing fiduciary duty. Two main interpretations of the / Private Law / LL.M.

Text in English with abstracts in English, Sesotho and isiXhosa / The importance of investment information seeking cannot be overemphasised. Seeking information to support investment decision-making is a key component of every successful investment business. The literature review revealed that informed investors make greater use of accounting disclosures and non-earnings information in order to form more precise earnings expectations. By contrast, a lack of accurate investment information makes it difficult for investors to decide when to buy, hold or sell their investment. This study investigated information needs and seeking behaviour of black investors in the MTN Asonge scheme in Capricorn District of Limpopo Province. The study endeavoured to acquire understanding of investors’ information needs and how they seek information to support their investment decisions. To this end, a qualitative phenomenological research approach was followed. Purposive snowball sampling was applied to sample the study respondents who were later interviewed. Semi-structured, face-to-face interviews were conducted with six investors to collect data which were subsequently analysed thematically. The three types of information sources identified as core to investment decision-making include personal, online and printed information. The findings showed that although the majority of MTN Asonge investors were aware of different formats in which investment information is available, they did not use modern electronic information storing and retrieval strategies, such as conducting online internet searches to access information published on corporate websites. The respondents experienced various challenges when seeking investment information, opting to rely on personal sources such as friends, close relatives and colleagues. Furthermore, the investors appeared not to be aware of personal information sources such as investment advisors, information brokers, roundtables and one-on-one discussions. The study recommended intensive investor education as well as a comparative investigation of information seeking behaviour amongst other members of BEE investment schemes in South Africa. / Bohlokwa bja go nyaka tshedimošo ya peeletšo bo ka se gatelelwe go fetišiša. Go nyaka tshedimošo ya go thekga tšeo ya sephetho ke karolo ye bohlokwa ya kgwebo ye nngwe le ye nngwe ya peeletšo ye a atlegilego. Tshekatsheko ya dingwalo e utolotše gore babeeletši ba go ba le tsebo ba šomiša ka tshwanelo dikutullo tša tšhupamatlotlo le tshedimošo ye e sego ya go tsenya letseno, go bopa gagolo ditetelo tše itšeng tša letseno. Ka go le lengwe, tlhokego ya tshedimošo ya peeletšo ye e nepagetšego e dira gore go be boima go babeeletši go tšea sephetho sa gore ke neng mo ba rekago, swarelelago goba go rekiša peeletšo ya bona. Nyakišišo ye e nyakišišitše dinyakwa tša tshedimošo le mokgwa wa go nyaka tshedimošo ya babeeletši ba bathobaso ka gare ga sekema sa MTN Asonge ka seleteng sa Capricorn sa Profentshe ya Limpopo. Nyakišišo e lekile go hwetša kwešišo ya dinyakwa tša tshedimošo ya babeeletši le ka fao ba nyakang tshedimošo ya go thekga diphetho tša peeletšo ya bona. Go fihla mo, mokgwa wa khwalithethifi wa nyakišišo wa diponagalo o latetšwe. Go dira sampole ya koketšo ya nepo go šomišitšwe go dira sampole ya bakgathatema ba nyakišišo bao go boledišanwego nabo. Dipoledišano le batho ka o tee ka o tee tša dipotšišo tše di bulegilego di didirilwe ka babeeletši ba selela, go kgoboketša datha yeo morago e sekasekilwego ka tekanyetšo. Mehuta ye meraro ya methopo ya tshedimošo yeo e hlaotšwego bjalo ka ya motheo tšeong ya diphetho tša peeletšo e akaretša ya motho ka noši, onelaene le ya go gatišwa. Dikutullo di laeditše gore le ge bontši bja babeeletši ba MTN Asonge ba be ba lemoga mehuta ya go fapana yeo tshedimošo ya peeletšo e hwetšegago ka yona, ga se ba šomiše mekgwa ya sebjalebjale ya go hwetša le go lota tshedimošo ya ilektroniki, go swana le go dira diphuruphutšo tša inthanete tša onelaene go fihlelela tshedimošo ye e phatlaladitšwego diweposaeteng tša dikgwebo. Bakgathatema ba itemogetše ditlhohlo tša go fapana ge ba nyaka tshedimošo ya peeletšo, ba kgetha go tshepha methopo ya bona ka noši go swana le bagwera, maloko a kgauswi le bašomišane. Gape, babeeletši ba bonagetše ba sa lemoge methopo ya tshedimošo ya batho ka noši go swana le baeletši ba peeletšo, dientšente tša tshedimošo, dikopano le dipoledišano tša batho ka o tee ka o tee. Nyakišišo e šišintše thuto ya babeeletši ye e tseneletšego, le nyakišišo ya papetšo ka go mokgwa wa go nyaka tshedimošo magareng a maloko a mangwe a dikema tša peeletšo tša BEE ka Afrika Borwa. / Nkoka wa ku lava vuxokoxoko bya vuvekisi wu nga ka wu nga tsongahatiwi. Ku lavana na vuxokoxoko bya ku seketela ku endliwa ka swiboho hi vuvekisi i xiyenge xa nkoka swinene eka bindzu ra vuvekisi rin'wana na rin'wana ro humelela. Ku hlayiwa ka matsalwa swi kombe leswo vavekisi lava va nga na vutivi va tirhisa ngopfu ku paluxiwa ka vutivi hi swa malawulelo ya swa timali na vutivi lebyi byi nga vuyeseriku, ku endla leswo ku languteriwa vuvuyerisi byo kotlana swinene. Loko swi pimanisiwa, ku pfumaleka ka vutivi bya vuvekisi swi endla leswo swi nonon'hwa eka vavekisi ku endla swiboho loko va xava, va khoma kumbe ku xavisa vuvekisi bya vona. Dyondzo leyi yi endle vulavisisi hi swilaveko swa vutivi, na matikhomelo yo lava vutivi bya vavekisi va vantima eka xikimu xa MTN Asonge eka distriki ya le Capricorn eka xifundzhankulu xa Limpopo. Vulavisisi lebyi byi na xikongomelo xa ku kuma ku twisisa hi swilaveko swa vutivi eka vavekisi na leswo xana va byi lavisa ku yini vutivi ku seketela swiboho swa vona swa vuvekisi. Mayelana na leswi, ku landzeleriwe fambiselo ra ndzavisiso wa qualitative phenemenological. Ku tirhisiwe sampuli ya fambiselo ra purposeful snowball sampling ku kuma sampuli ya ndzavisiso hi vateka xiavo lava ku nga endliwa mabulu ya interview na vona. Ku endliwe ti-interview na vanhu hi wun'we wun'we leri vitaniwaka semi-structured interview, leswi nga endliwa na vavekisi va ntsevu, ku hlengeleta data, leyi endzhaku ka swona yi nga xopaxopiwa hi tinhlokomhaka to karhi. Minxaka minharhu ya swihlovo swa vutivi swi ve swi voniwa tani hi swa nkoka eka ku endla swiboho hi vuvekisi, ku nga leswi katsaka munhu xiviri, ku kuma vutivi eka inthanete (online) na leswi printiweke. Vuyelo lebyi kumiweke byi kombise leswo hambi loko vunyingi bya vavekisi va MTN Asonge a va twisisa hi tifomete to hambana laha ku kumekaku kona vuviti bya vuvekisi, vavekisi a va tirhisangi vutivi bya elektroniki lebyi hlayisiweke na maqhinga yo byi humesa vutivi bya kona, yo fana na ku secha eka online hi inthanete ku fikelela vutivi lebyi paluxiweke eka ti-website ta khampani. Lava nga hlamula swivutiso va ve na mintlhontlho yo hambana-hambana loko va lava vutivi bya vuvekisi, leswi nga endla leswo va tshembela eka vutivi bya vanhu xiviri, byo fana no byi kuma eka vanghana, va ndyangu na maxaka na vatirhikulobye. Ku ya emahlweni, vavekisi va kombisa ku kala ku twisisa hi swihlovo swa vuviti swo fana na vatsundzuxi hi swa vuvekisi, tibrokhara ta vutivi bya vuvekisi, tinhlengeletano ta vanhu to tsundzuxa na mabulu yo khoma na munhu hi wun'we wun'we. Dyondzo leyi ya ndzavisiso yi bumabumela leswo ku endliwa dyondzo ya vuvekisi, na tindlela to lava vutivi hi ku pimapimanisa eka swikimu swa BEE swa vuvekisi eAfrika Dzonga. / Information Science / M. Inf.