Il y a eu 723 000 transactions dans l’immobilier ancien en 2013. Les ventes en viager ontreprésenté entre 0,5% et 1% de ce montant. Le taux de propriétaires de plus de 60 ansdépasse les 70%. Les seniors possèdent 700 milliards d’euros dans l’immobilier. Deux acteurscomposent le viager : un acheteur et un vendeur. Du côté de l’offre, les retraités sont de plusen plus nombreux à vendre en viager puisqu’ils ont besoin de liquidités : « house rich, cashpoor »1. Avec l’allongement de la durée de vie, les seniors doivent financer les frais de santéet le coût de la dépendance. Du côté de la demande, les particuliers comme les institutionnelssont à la recherche de diversifications patrimoniales. On trouve deux fois moins d’acheteursque de vendeurs en viager. Les institutionnels ont investi dans l’immobilier commercial et lesparticuliers dans le résidentiel depuis les années 90. Qu’en est-il pour le viager ? Pourquoi cemode d’acquisition n’a-t-il pas encore séduit les investisseurs ? Nous avons identifié deuxfreins majeurs : l’un financier, l’autre juridique. Nous avons simulé un portefeuille de 300viagers réels en utilisant 3 tables de mortalité. La modélisation de notre base de données apermis de trouver un faible taux de rendement interne sur l’espérance de vie du vendeur.Nous avons trouvé des TRI allant de 1,80% à 5,13% selon la table de mortalité retenue. Pourobtenir un taux de rendement interne de 5% sur l’espérance de vie du vendeur, en prenant lamoyenne des trois tables de mortalité, les investisseurs doivent faire baisser le montant de larente viagère de 17,55%.Nous avons recommandé différentes mesures en direction des pouvoirs publics afind’améliorer la liquidité du viager immobilier :-Déduire le paiement de la rente des autres revenus fonciers.-Déduire les intérêts d’emprunts ayant servi à financer le bouquet des autres revenus fonciers.-Reculer la durée de la clause résolutoire d’un à trois mois.-Ramener à 15 ans l’exonération des plus-values immobilières. / There were 723,000 transactions in existing property in 2013. Life annuity sales accounted forbetween 0.5% and 1% of this amount. The rate of home ownership among the over 60 agegroup exceeds 70%. Senior citizens own 700 million worth of real estate. Life annuity salesinvolve two players: a buyer and a seller. On the supply side, an increasing number ofpensioners are selling their property for life annuities since they need cash: «house rich, cashpoor». With longer life expectancy, senior citizens need to finance health and dependencycosts. On the demand side, both private and institutional investors seek asset diversification.However, there are twice as few buyers than sellers for life annuity property. Since thenineties, institutional investors have invested in commercial property, and private investors inresidential property. What is the situation for life annuity property sales ? We may wonderwhy this form of property acquisition has not so far attracted investors. We have identifiedtwo major hurdles: one financial, the other one legal. We have simulated a portfolio of 300real life annuity sales by using 3 mortality tables. The modeling of our data base enabled us toidentify a weak rate of return on the life expectancy of the seller. We found rates of internalreturn ranging from 1.8% to 5.13% according to the mortality table retained. In order toobtain a 5% rate of internal return on the life expectancy of the seller, taking the average ofthe three mortality tables, investors need to lower the amount of the life annuity by 17.55%.We have recommended different measures to the public authorities in order to improve theliquidity of property life annuities : deduct the payment of the annuity from other propertyincome, deduct the interests of loans used to fund the other property income mix and increasethe duration of the cancellation clause from one to three months.

在古典理性預期模型中，理性的投資者會蒐集並利用各種相關訊息來幫助其做最適的投資行為。然而市場價格也是訊息來源之一。在效率市場中，價格完全透露出訊息，則無人會有蒐集訊息的動機；若市場有干擾，價格無法顯露出所有相關訊息，私人訊息便有價值。因此，價格資訊性的高低，會影響到私人訊息對投資的重要性。其次，訊息若要能幫助投資者獲得套利利潤，仍須假設投資者必須能夠持有資產一直至資產價值實現為止。顯然的，短期投資者並不符合此一假設。我們相信在通常情況下，長期投資者會比短期投資者更有動機去成為消息靈通者，而且短期投資者對訊息處理的態度有許多特性迴異於古典模型的投資者，他們的存在對市場價格資訊性也會有相當程度的衝擊。本文基於上述想法，利用干擾不對稱訊息下之多期理性預期模型，假設市場中有長期與短期投資者，來探討影響價格資訊性之各項因素及短期投資者之行為特性。

This paper investigates whether greater investor distraction on the Swedish stock market during the summer months of June, July and August leads to a more pronounced post earnings announcement drift (PEAD) effect, during the ten year period between 2000 and 2009. PEAD is an anomaly whereby the information contained in earnings announcements is not immediately or completely incorporated into stock prices, in the cases where the announcement contains an ‘earnings surprise’. The methodology involves using the standardised unexpected earnings (SUE) metric to measure the level of ‘earnings surprise’ and a buy and hold abnormal returns (BHAR) trading strategy to measure return. The study tests and confirms the existence of greater investor distraction during summer months on the Swedish market. For a holding period of 12 months, a BHAR trading strategy generates a greater abnormal return for summer months (11.3%) compared with the abnormal return for non-summer months (10.5%). These results are also interesting in a broader context, as they confirm the existence of the PEAD effect, one of the strongest counter-arguments to the efficient markets hypothesis (EMH); the foundation of many financial models used for stock market valuation. This is because, according to the EMH, in an efficient market it should not be possible to generate abnormal returns based on available information. However, it may be noted that these results do not take into account transaction costs. This means that while it can be demonstrated that there is greater investor distraction during the Swedish summer, in order to implement a successful trading strategy based on this finding, further testing would be required. Therefore, based on the findings of this paper, a number of areas for future research have been identified.

This thesis explores the rapidly growing phenomenon of equity crowdfunding from the perspective of professional investors. The aim was to contribute to the relatively thin aca-demic field of equity crowdfunding, shedding light on why it is yet to be recognized as an important instrument for raising capital and provide suggestions for improvement. The data was collected through semi-structured in-depth interviews with Angel Investors that through their experience could identify benefits and constraints with equity crowd-funding not obvious to the crowd. Benefits of using equity crowdfunding platforms were outweighed by the identified constraints such as corporate governance issues, uncertainties concerning laws and regulations, high risk, and lack of intellectual capital. This eventually led to suggestions for improvements that included channelling the crowd investments through a mutual fund, and allowing the crowd to co-invest with Angel Investors to get around the constraints. Conclusively, the Angel Investors were positive towards the underlying ideology of equity crowdfunding of helping more entrepreneurial ventures reaching their full potential by tapping a previously unutilized source of capital, the crowd. However, there is scepticism to how the phenomenon is currently working in practice.

Purpose: To examine how IR-related press releases affect share price for stock companies, and to explore how said companies practice Investor Relations. Methods: The study was conducted using an event study as well as e-interviews. The event study has a quantitative deductive research approach where the market model is used for calculating the abnormal return based on press releases. The e-interviews have a qualitative research approach and follow a semi structured interview guide. The study includes all listed stock companies within the Swedish construction industry and includes press releases from the last decade. Theory: The study is based on the efficient market hypothesis and its semi strong form, theories within Investor Relations and previous research. Results: The event study shows a significant negative abnormal return during a four day period starting the day after the press release event. The negative abnormal return could derive from investor relations being used by companies as damage control, or that the investors’ expectations are too high as a result of IR. No significant differences in how companies practice IR was found in e-interviews. To the contrary, companies show similar tendencies in IR practice. It can be concluded that stock companies, through investor relations, are able to affect their share price. / Syfte: Att undersöka hur IR-relaterade pressmeddelanden påverkar aktiekursen hos börsnoterade företag samt att undersöka hur företagen arbetar med Investor Relations. Metod: Studien är utförd med hjälp av en eventstudie tillsammans med e-intervjuer. Eventstudien har en kvantitativ deduktiv ansats där marknadsmodellen används för beräkning av avvikande avkastning baserat på pressmeddelanden. E-intervjuerna har en kvalitativ ansats och följer en semistrukturerad intervjuguide. Studien innefattar alla börsnoterade företag i den svenska byggindustrin och pressmeddelanden från det senaste decenniet. Teori: Den effektiva marknadshypotesen och dess halvstarka form, teorier inom investor relations tillsammans med tidigare genomförda forskning har legat till grund för studien. Resultat: Resultatet från eventstudien visar på en signifikant negativ avvikande avkastning med start dagen efter händelsedagen till och med fyra dagar efter händelsedagen. Den negativa avvikande avkastningen kan bero på att arbetet med IR försöker dämpa befintlig negativitet hos investerare, alternativt kan det bero på att investerares förväntningar är för höga på grund av positiv IR. Utmärkande strategier för hur IR-arbetet går till i praktiken bland de observerade företagen har inte funnits i e-intervjuerna, istället liknar företagens IR-arbete varandra i stort. Slutsatsen dras att börsnoterade företag kan påverka sin aktiekurs med hjälp av investor relations.

Submitted by Ronaldo Alves de Amorim (ronaldoalvesamorim@gmail.com) on 2017-01-05T17:01:48Z No. of bitstreams: 1 Gestão de Pessoas e Processos Gerenciais_Amorim.pdf: 2119198 bytes, checksum: 5f58b0a367a264c031b04f7c3832bae2 (MD5) / Rejected by Fabiana da Silva Segura (fabiana.segura@fgv.br), reason: Prezado Ronaldo Por favor fazer as correções Tirar o acento de Getulio Nome, e título nas páginas deve ser em letra maiúscula No final da página deixar somente São Paulo e ano ...excluir - SP Corrigir o campo de conhecimento: Gestão de Pessoas e Práticas Gerenciais Após as correções submeter novamente o trabalho on 2017-01-05T17:27:38Z (GMT) / Submitted by Ronaldo Alves de Amorim (ronaldoalvesamorim@gmail.com) on 2017-01-06T12:46:39Z No. of bitstreams: 1 Gestão de Pessoas e Práticas Gerenciais_Amorim.pdf: 2120040 bytes, checksum: b655d91dced8eb54b534f744575f26ba (MD5) / Approved for entry into archive by Fabiana da Silva Segura (fabiana.segura@fgv.br) on 2017-01-06T14:25:11Z (GMT) No. of bitstreams: 1 Gestão de Pessoas e Práticas Gerenciais_Amorim.pdf: 2120040 bytes, checksum: b655d91dced8eb54b534f744575f26ba (MD5) / Made available in DSpace on 2017-01-09T12:29:14Z (GMT). No. of bitstreams: 1 Gestão de Pessoas e Práticas Gerenciais_Amorim.pdf: 2120040 bytes, checksum: b655d91dced8eb54b534f744575f26ba (MD5) Previous issue date: 2016-12-15 / Startups, young firms generally developing an innovative proposal and under extreme uncertainty conditions, generally need external funds to grow and these new enterprises frequently turn to angel investors as an option of venture capital. It happens because startups are young companies with no financial record and most of the times without real asset to be given as collateral, therefore, with not enough credentials to apply for a conventional bank financing. Angel investors are wealthy individuals who invest not just own money, but also their expertise and knowledge in startups, also known as ventures. The objective of this research is to better comprehend the angel investment decision making process, identifying and analyzing the most important criteria that Brazilian angel investors use to decide on funding new ventures. The main research environment is Gávea Angels, the first angel association in Brazil, and on a secondary basis, investors from this researcher and his professor networking. This research is quantitative and based on a questionnaire with attributes previously defined in research performed in the USA with answers varying from 1 (not important) up to 5 (very important). The result of criteria prioritization was based on simple average followed by their standard deviation. It also compared and analyzed empirical results of this research with the findings of another relevant search conducted in the USA by Sudek (2006). Answers were based in past experiences lived by each investor and results were analyzed not just in an aggregate way but also segregated by investors seniority (given by number of investments done). This research also analyzed the most important behavioral criteria of management team. Confirming findings of other international studies, the results of this research showed that irrespective of the market, product or financial criteria, the criterion prioritized were those regarding entrepreneur and his/her management team, as it follows: (1) trustworthiness/honesty of the entrepreneur; (2) enthusiasm/commitment of the entrepreneur; (3) management team; (4) domain expertise of the entrepreneur. The criterion ‘how persistence they will be without giving up’ and ‘passion of the team’ were the most important attributes on the particular analysis of ‘management team’. The contribution of this work is to stimulate more studies of a very incipient issue in the world and mainly in Brazil, and also increase the understanding about investing in startups, bringing more insights to entrepreneurs of what matters most to investors when searching for venture capital, and also shedding light to the positive impact of this market on Brazilian economy development. / As startups, empresas nascentes geralmente atuando em uma proposta inovadora e em condições de grande incerteza, geralmente precisam de financiamento para crescer e estes novos empreendimentos frequentemente se voltam a investidores anjos como opção de capital. Isso ocorre porque as startups são jovens empresas sem maturidade de caixa e muitas vezes sem ativos reais para serem dados em garantia, logo, sem credenciais necessárias para levantar financiamentos bancários convencionais. Investidores anjo são indivíduos com grande disponibilidade de recursos financeiros que decidem investir nestes negócios de risco trazendo frequentemente não somente capital, mas também conhecimento e experiência. O objetivo deste estudo é compreender melhor o processo decisório de investimento anjo em startups, identificando e analisando quais são os critérios de investimento priorizados pelos investidores anjo brasileiros em seus investimentos em startups. O ambiente principal de pesquisa deste trabalho foi a Gávea Angels, a mais antiga associação de anjos do Brasil, e de forma secundária, os investidores da rede de contatos do pesquisador e seu orientador. Esta pesquisa foi quantitativa e baseada em resposta de questionário (survey) com o universo de atributos já levantados em pesquisa de mesmo gênero feita nos EUA com respostas variando de 1 (sem importância) até 5 (mais importante). O resultado da priorização dos critérios ocorreu mediante média simples das respostas com inclusão do seu desvio padrão. Também se comparou e analisou os dados empíricos desta pesquisa com outra de grande relevância feita nos EUA por Sudek (2006). As respostas se basearam em experiências de investimentos vividas por cada investidor anjo e os resultados foram analisados não somente de forma consolidada, mas também de forma segregada pela senioridade dos investidores (dado pelo número de investimentos feitos). Também se analisou os critérios comportamentais mais importantes do time de gestão. Em linha com grande parte dos estudos internacionais sobre o assunto, os resultados demonstraram que a despeito da importância dos critérios ligados ao mercado, produto e dados financeiro, os critérios priorizados foram aqueles ligados ao empreendedor e seu time de gestão, conforme segue: (1) confiabilidade/honestidade do empreendedor; (2) entusiasmo/comprometimento do empreendedor; (3) time de gestão; (4) expertise de domínio do empreendedor. Os critérios ‘resiliência’ e ‘paixão do time’ foram os atributos mais importantes na análise particular do ‘time de gestão’. A contribuição deste estudo está em fomentar mais pesquisas de um assunto bastante incipiente no mundo e principalmente no Brasil, e também aumentar o entendimento sobre os investimentos em startups, dando mais clareza ao empreendedor do que o investidor busca em cada venture, e também dar mais luz à importância da ‘cultura’ do investimento anjo para o financiamento de inovações que impactem positivamente o desenvolvimento do Brasil.

The topic of my diploma thesis is {\clqq}The yield, risk and liquidity of investment options{\crqq}. In the introductory part of this thesis, I define the concept of investment. Furthermore, I deal with the financial market theory and with the characteristics of the subsegments which work within this market. I also define securities, their types and specifics. The next part of the thesis is aimed at the investment strategy which should help an investor to proceed reasonably while investing. Herein, I focused on the rules of the magic triangle and on the definition of the yield, risk and liquidity. I mention the theory of the investment portfolio as well. This is followed by the description of the selected investment options divided into subchapters about individual and collective investments; this being the selection of only the most important investment instruments one can use both in the money market and in the stock market. In the rest of the thesis, I deal with the creating of an individual{\crq}s investment portfolio and with the comparison of the yield, risk and liquidity of the selected options.

A theme of the master’s thesis is to describe current state of capital market and pension system in the Czech Republic. It includes a list of laws that are relevant to this topic. Foreign pension systems are also described. A main is Proposel Part where for concrete person are proposed variations of saving or investing to keep money in reserve for retirement. In each variation is described advantage and disadvantage of this solution.

The diploma thesis deals with all the steps necessary for preparing a company for the entry of a strategic partner. The output of the analytic part is the SWOT analysis of the company and its field of business. Based on theoretical outputs regarding the investors´deciding over capital input, two major weaknesses are highlighted, the solution to which is the contents of my practical part of the thesis. More specifically, it deals with the changes concerning property evaluation and HR management of the company.

The thesis deals with the institution of expropriation and explanation of basic terms. Subsequently is explained the enactment of the institution of expropriation focusing the role of the investor and the expert. Expert sets according to the expertise report the amount of compensation for expropriation and expenses connected with it. It also specifies the participation and tasks of the investor, who enters the expropriation. The aim of this thesis is to take into account questionable aspects of participation of the investor and the expert in the expropriation proceedings and to adumbrate their possible solutions.