[pt] O presente trabalho objetiva identificar de que forma os fundos de pensão podem se tornar instrumentos financeiros essenciais ao financiamento da economia brasileira, levando-se em consideração o acentuado desenvolvimento e internacionalização dos mercados mundiais. Para isso, faz- se necessário avaliar seu desempenho nos mercados de capitais, bem como de que forma podem se tornar eficientes, através da otimização de sua estratégia de risco. Nesse sentido, fez-se uso de diversos modelos conhecidos na teoria de finanças, como o Modelo de Markowitz, o modelo do Índice Único de Sharpe, modelo CAPM, e as técnicas para a determinação de fronteiras eficientes de Elton e Gruber, bem como das diversas medidas de desempenho de nvestimentos existentes como: taxa de retorno ponderado pelo tempo, desvio padrão, coeficiente beta, Índice de Sharpe, Índice de Modigliani,Índice de Jensen, Índice de Treynor, Apprasial Ratio e Índice de Modigliani, para que se pudesse analisar e comparar o resultado dos 20 maiores fundos de pensão existentes no Brasil. / [en] The present objective work intend to identify the forms that the pension funds can become financial instruments essential to financing the Brazilian economy, taking in consideration the accented development and internationalization of the world-wide markets. For this one becomes necessary to evaluate its performance in the stock markets, as well as of that it forms can become efficient, through the optimization of its risk strategy. In this direction, use of diverse models known in the theory of finances became, as the Markowitz s Model, the Sharpe s Single Index Model, the Capital Asset Pricing Model - CAPM, and the techniques for the determination the efficient borders of Elton and Gruber, as well as of the diverse measures of performance of existing investments as: Return tax, standard deviation, beta coefficient, Sharpe s Index, Modigliani s Index, Jensen s Index, Treynor s Index, Appraisal Ratio and Modigliani s Index, so that if it could analyze and compare the result of the 20 existing greater pension funds in Brazil.

>Magister Scientiae - MSc / Pensions are essentially the only source of income for many retired workers. It is thus critical that the pension fund manager chooses the right type of plan for his/her workers.Every pension scheme follows its own set of rules when calculating the benefits of the fund’s members at retirement. Whichever plan the manager chooses for the members,he/she will have to invest their contributions in the financial market. The manager is therefore faced with the daunting task of selecting the most appropriate investment strat-egy as to maximize the returns from the financial assets. Due to the volatile nature of stock markets, some pension companies have attached minimum guarantees to pension contracts. These guarantees come at a price, but ensure that the member does not suffer a loss due to poorly performing equities.In this thesis we study four types of mathematical problems in pension fund management,of which three are essentially optimization problems. Firstly, following Blake [5], we show in a discrete time setting how to decompose a pension benefit into a combination of Euro-pean options. We also model the pension plan preferences of workers, sponsors and fund managers. We make a number of contributions additional to the paper by Blake [5]. In particular, we contribute graphic illustrations of the expected values of the pension fund assets, liabilities and the actuarial surplus processes. In more detail than in the original source, we derive the variance of the assets of a defined benefit pension plan. Secondly,we dedicate Chapter 6 to the problem of minimizing the cost of a minimum guarantee included in defined contribution (DC) pension contracts. Here we work in discrete time and consider multi-period guarantees similar to those in Hipp [25]. This entire chapter is original work. Using a standard optimization method, we propose a strategy that cal- culates an optimal sequence of guarantees that minimizes the sum of the squares of the present value of the total price of the guarantee. Graphic illustrations are included to in-dicate the minimum value and corresponding optimal sequence of guarantees. Thirdly, we derive an optimal investment strategy for a defined contribution fund with three financial assets in the presence of a minimum guarantee. We work in a continuous time setting and in particular contribute simulations of the dynamics of the short interest rate process and the assets in the financial market of Deelstra et al. [19]. We also derive an optimal investment strategy of the surplus process introduced in Deelstra et al. [19]. The results regarding the surplus are then converted to consider the actual investment portfolio per- taining to the wealth of the fund. We note that the aforementioned paper does not use optimal control theory. In order to illustrate the method of stochastic optimal control, we study a fourth problem by including a discussion of the paper by Devolder et al. [21] in Chapter 3. We enhance the work in the latter paper by including some simulations. The specific portfolio management strategies are applicable to banking as well (and is being pursued independently).

Made available in DSpace on 2009-11-18T18:50:25Z (GMT). No. of bitstreams: 1 ACF20.pdf: 899998 bytes, checksum: e3fab140004fcb0ea64c86d376a45a7d (MD5) Previous issue date: 2004 / The research aimed at analysing the political and discursive practices of the metanarrative of employability in the contemporary organizational field, heading for the understanding of the social and micropolitical devices which happen to produce some especific kinds of subjectivities within organizations. From a post-modern epistemological perspective (Weltanshauung), the research focused on the issues concerning the production of subjectivities in the existing organizational society beyond the traditional theoretical standpoints whose common assumptions are due to the modernist approaches of organizational analysis. A deconstructive theoretical approach was emphasized across the whole text and it was mainly inspired and intellectually based upon Michel Foucault's genealogical démarche. His original conceptualization of power-knowledge relations informed the development of a methodology so as to analyse the discursive practices which determine many of the human resources policies concerning employability. The main thesis presented employability as a grand-device of micropolitical control towards the production of subjectivities whose main operation technologies are: an economic modernizing rhetoric, a moralistic dietetics and an instrumental education. Several discursive fragments from different academicists, journalists and some authors from the managerial litterature were taken into account so as to carefully deconstruct their speeches. This analysis revealed the mechanisms of production of pasteurized, mercantile and erratic subjectivities. Some inquietudes of heuristic nature are featured in the domain of organizational, psychological, sociological and political perspectives heading for new studies. / Este estudo investiga as possibilidades de generalização das práticas de governança corporativa a organizações operando em ambientes não mercantilistas. Os limites da teoria da agência, referencial teórico predominante no desenvolvimento dessas práticas, são analisados no ambiente dos fundos de pensão brasileiros a partir da verificação da aplicação dos mecanismos de monitoramento, controle e incentivos, previstos por essa teoria, por patrocinadores e participantes, e a percepção dos gestores quanto à importância desses mecanismos na conformação de seu comportamento. Alternativamente, é examinada a extensão da busca de legitimidade pelos gestores, segundo o referencial da teoria institucional. São comparados os resultados obtidos para fundos com perfis diversos quanto a variáveis como tipo de plano, origem do patrocinador e maturidade. Os resultados indicam uma diferença no uso e percepção daqueles mecanismos, em virtude principalmente da natureza do patrocinador, volume de ativos de investimento, tempo de existência e maturidade do fundo. Não foram obtidas diferenças estatísticas significativas para a percepção dos fatores institucionais, sugerindo a existência de elevada coesão no campo organizacional constituído pelos fundos de pensão.

Submitted by Kleber Osman (kleber.osman@icloud.com) on 2018-03-02T01:11:37Z No. of bitstreams: 1 Dissertação - Kleber Osman.pdf: 857853 bytes, checksum: 51c38d1dfdb2e92c87e2269bcc638896 (MD5) / Rejected by Thais Oliveira (thais.oliveira@fgv.br), reason: Prezado Kleber, boa noite! Para que possamos aprovar seu trabalho, será necessário que faça somente uma alteração: - Na capa, o nome "GETULIO" não tem acento. Por gentileza alterar e submeter novamente. Obrigada! on 2018-03-06T00:00:13Z (GMT) / Submitted by Kleber Osman (kleber.osman@icloud.com) on 2018-03-06T02:15:42Z No. of bitstreams: 1 Dissertação - Kleber Osman.pdf: 861905 bytes, checksum: 3478b1be8a0bd0efd15781f0c21be7cd (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-03-06T19:29:17Z (GMT) No. of bitstreams: 1 Dissertação - Kleber Osman.pdf: 861905 bytes, checksum: 3478b1be8a0bd0efd15781f0c21be7cd (MD5) / Made available in DSpace on 2018-03-07T13:05:15Z (GMT). No. of bitstreams: 1 Dissertação - Kleber Osman.pdf: 861905 bytes, checksum: 3478b1be8a0bd0efd15781f0c21be7cd (MD5) Previous issue date: 2018-02-06 / A crise previdenciária vivenciada no decorrer dos últimos anos mostrou que seus impactos não se restringem ao desequilíbrio das contas públicas devido ao aumento dessas despesas obrigatórias, mas também efeitos sociais e econômicos negativos podem atingir toda a economia brasileira. Diante disso, esforços se direcionaram na tentativa de encontrar uma alternativa que permita desonerar as contas públicas para evitar uma crise na economia local, assim como garantir que os aposentados mantenham a mesma renda frente ao salário recebido anteriormente à aposentadoria. Neste sentido, este estudo investiga o perfil dos investidores em previdência privada, visando detectar as principais características que os diferenciam. A análise do perfil dos indivíduos que contribuem para planos de previdência privada permite que políticas de incentivo a este produto sejam melhores desenhadas e, possibilita à iniciativa privada o seu direcionamento ao público-alvo de forma mais eficiente – uma vez reveladas as variáveis socioeconômicas de maior relevância. O método utilizado na indicação desses fatores baseia-se na estimação LOGIT, que tem como objetivo principal auferir quais são as variáveis com maiores ganhos marginais que afetam a probabilidade do indivíduo participar de plano de previdência privada. E, com base nos resultados, constatou-se que as variáveis 'educação' e 'renda' são preponderantes para a inscrição do indivíduo em plano de previdência privada. / The social security crisis experienced in recent years has shown that its impacts are not restricted to the imbalance of public accounts due to the increase in these compulsory expenses, but also negative social and economic effects can affect the entire Brazilian economy. In the face of this, efforts were directed towards finding an alternative that would allow public accounts to be discharged to avoid a crisis in the local economy, as well as ensuring that retirees maintain the same income against the salary received prior to retirement. In this sense, this study investigates the profile of private pension investors in order to detect the main characteristics that differentiate them. The analysis of the profile of individuals contributing to private pension plans allows policies to encourage this product to be better designed and allows the private sector to target the target public more efficiently - once the socioeconomic variables of greater relevance. The method used to indicate these factors is based on the LOGIT estimation, whose main objective is to determine which are the variables with the greatest marginal gains that affect the probability of the individual participating in a private pension plan. And, based on the results, it was verified that the variables 'education' and 'income' are preponderant for the inscription of the individual in private pension plan.

Submitted by Marcia Morais Ferreira (marcia.ime@gmail.com) on 2018-03-06T03:09:06Z No. of bitstreams: 1 Marcia Ferreira - Texto Final pós banca com ficha.pdf: 935260 bytes, checksum: a90af28e7956b2446e25b7bd0ca47b5a (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2018-03-06T19:27:00Z (GMT) No. of bitstreams: 1 Marcia Ferreira - Texto Final pós banca com ficha.pdf: 935260 bytes, checksum: a90af28e7956b2446e25b7bd0ca47b5a (MD5) / Made available in DSpace on 2018-03-07T14:31:51Z (GMT). No. of bitstreams: 1 Marcia Ferreira - Texto Final pós banca com ficha.pdf: 935260 bytes, checksum: a90af28e7956b2446e25b7bd0ca47b5a (MD5) Previous issue date: 2018-02-06 / A proposta da reforma da previdência, texto da PEC 287/16, voltou a ser tema no cenário político e econômico como parte de uma série de medidas para equalizar as contas públicas. O trabalho utilizou a PNAD e projetou a população que estará aposentada em um horizonte de tempo de 30 anos considerando as regras vigentes e analisou as características sócio demográficas de quem continua aposentado e de quem não conseguiria se aposentar com as mudanças nas regras, considerando as duas versões propostas: o texto inicial da PEC e a segunda versão, fruto do processo de negociação política. Os resultados mostram que as mulheres e os rurais são os que mais perdem na primeira proposta, efeito que é revertido pela segunda, sem grandes alterações no perfil das outras variáveis. A diminuição no valor da aposentadoria inicial é diferente entre regimes e entre propostas: no RPPS quanto maior a faixa de renda do contribuinte, maior é a perda proporcional na aposentadoria e a segunda versão produz perdas maiores. No RGPS, a primeira versão produz perdas maiores e os impactos são relativamente maiores nas faixas de 1 a 5 salários mínimos. Em ambos os regimes a mulher é a mais impactada e precisa contribui durante mais tempo para se aposentar. As projeções mostram que ambas as propostas não diminuem a proporção de contribuintes com renda de até um salário mínimo e não alteram seu benefício, ou seja, afetando de fato, a uma parcela menos carente da população. / The proposal of the pension reform, text of PEC 287/16, has once again become a theme in the political and economic scenario as part of a series of measures to equalize public accounts. The study used the PNAD and projected the population that will be retired in a time horizon of 30 years considering the current rules and analyzed the demographic characteristics of those who would still be retired and who could not retire with the changes in the rules, considering the two proposed versions: the initial text of the PEC and the second version, the result of the political negotiation process. The results show that women and rural women lose the most in the first proposal, an effect that is reversed by the second, without major changes in the profile of the other variables. The decrease in the value of the initial retirement is different between regimes and between proposals: in RPPS the greater the income range of the person, the greater is the proportional loss at retirement and the second version produces larger losses. In RGPS, first version produces larger losses and the impacts are relatively larger in the ranges of 1 to 5 minimum wages. In both regimes, woman is the most affected and needs to contribute during a longer period to retire. Projections show that both proposals do not diminish the proportion of people with incomes of up to one minimum wage and do not change their benefits, that is, by actually affecting a less deprived part of the population.

Summary This diploma thesis focuses on seniors living in the home environment. In this work, I focused on descriptions of the leisure activities that today's seniors devote and I want to address to the problems of the old people they deal every day. I have also described the seniors of risks seniors and the basic terms with which we can meet in the senior's issue. The aim of the work was to find out what activities are seniors doing in their free time and whether their leisure time is sufficiently fulfilled. I also wanted to compare the hobbies of seniors from small and big cities. I learned from my research how todays seniors spend free time and what are the obstacles on spending their free time.

Vad händer när det som har varit din vardag de senaste årtiondena tar slut? Vad händer när det som kännetecknade dig inte mera finns kvar? Vem känner man social samhörighet med?   Att gå från att vara professionell idrottare till att pensionera sig och börja om från noll som till exempel 30-, 25- eller 20-åring. Man har skapat sig ett sammanhang som fullt ut har gått ut på idrotten. Vad finns kvar när idrotten försvinner? Vad gör man när ens yrke och vardag försvinner och hur skapar man ett nytt sammanhang och hur ser övergången ut?   I uppsatsen undersöks hur elitidrottare övergår till ett liv där de inte mera livnär sig på sin idrott utan i en övergångsfas måste skapa sig ett nytt socialt sammanhang och identifiera sig själva med nya statuspositioner. Att försöka ta sig fram mellan två parallella världar och sedan lyckas återintegreras i ett nytt socialt sammanhang. Fokuset i uppsatsen är på att belysa processen av skapandet av nya statuspositioner och hur dessa utvecklas genom de tre faserna i Arnold Van Genneps teori om övergångsriter, samt medvetengöra eventuell problematik kring övergången. Uppsatsen ämnar också belysa vikten av ett symboliskt agerande eller en konkret rit som symboliserar avslutet på karriären, för att idrottarna lättare skall kunna lägga det livet bakom sig.

The thesis deals with the collective investing. The aim is to assess the current state of collective investment in the Czech Republic. The are selected characteristics of the reference sector which are closely analyzed. The main aspects discussed in this work will be liquidity, cost, and in particular the profitability of selected products. On the basis of available information is created a portfolio of collective investment products selected for age and social groups to ensure income for retirement or accumulation of funds for future investments. Attention is paid to selected financial products company on the Czech market. These products include pension funds, investment life insurance and unit trust.

The thesis entitled "Comparison of the social security system in the Czech Republic and Slovakia in relation to persons with disabilities" focuses on a comparison of social security systems for persons with disabilities in the Czech Republic and in the Slovak Republic. The thesis, conceived as a theoretical study, is divided into six main chapters where two objectives were defined: ,,To describe the social security system of persons with disabilities in the Czech Republic and Slovakia" and ,,To identify the differences in the systems of social security of people with disabilities in the Czech Republic and Slovakia". Study and analysis of the documents and then comparison of the information gathered there of were used as the research methods. The chapter focusing on social security in the Czech Republic and Slovakia in the years 1945 and 1992 describes, in particular, the gradual state paternalism in the field of social security and the passive position of the citizens in this system. In the context of the given topic, it was also important to determine that the social security system under the socialist government did not address the situation of the poor, the unemployed and particularly the persons with disabilities. The final part of this chapter outlines social reform after 1989, which on the one hand restored rights of the citizens and their responsibility for their lives and, on the other hand also defined and suggested solutions of non-existent social situations in the socialist period. An interesting finding that differences of opinion on the progress of the economy transformation and social reforms might have been one of the reasons that contributed to the dissolution of the Czechoslovak Federation was established. Chapters 3 and 4 describe the social security systems for PWD (person with disabilities) in the Czech Republic and Slovakia. The conditions for a disablement pension entitlement, method of assessing disablement, method of calculation, amount of a pension, etc. were described firstin each of these chapters. In addition, specific allowances for persons with disabilities in the Czech Republic and Slovakia, including the DID card, and finally social services for PWD, their types, providers, financing, quality assessment, etc. were outlined. Chapter 5 and sub-chapters compare disability pensions, allowances and social services in both countries. The comparison is based on the data included in Chapters 3 and 4 describing both of the social security schemes for PWD, on expert opinions and the author´s own experiences. The end of Chapter 5 emphasizes the main problems of both systems. Their solution was suggested. Chapter 6 summarizes the results of the comparison.

O objetivo desta dissertação é avaliar a eficácia e a eqüidade do sistema de aposentadorias pagas no meio rural do Brasil na década de 1990. Entende-se por eficácia o cumprimento por parte do poder público dos benefícios estabelecidos no sistema previdenciário e o seu impacto na redução da pobreza e na melhoria das condições de vida da população beneficiada. Já a eqüidade implica ausência de favorecimento no acesso aos benefícios previdenciários por diferenças de sexo, cor (ou raça) e nível de educação. As aposentadorias pagas no meio rural podem ser divididas pelo seu rendimento, quais sejam, igual a um salário mínimo (proxy da aposentadoria por idade) e maior que um salário mínimo. Os que se enquadram no primeiro grupo são considerados como segurados especiais da previdência rural, pois podem se aposentar sem necessariamente ter contribuído para esta instituição. A Constituição Federal de 1988 e suas modificações dadas pelas Leis no 8.212 e no 8.213 de 1991 instituíram o princípio da universalização e, com ele, ocorreram mudanças significativas no sistema previdenciária. No caso dos trabalhadores rurais, pode-se citar como principais mudanças a criação de um piso mínimo para os benefícios, garantindo o recebimento de pelo menos um salário mínimo, a fixação de idades diferenciadas para o requerimento da aposentadoria por idade (55 anos para as mulheres e 60 anos para os homens), e a igualdade de direitos entre trabalhadores e trabalhadoras rurais, deixando de excluir as mulheres casadas ou com vida marital ao acesso dos benefícios previdenciários. Após estas mudanças, houve grande aumento do número de aposentados no meio rural. A análise tabular dos dados das PNADs, segregando os idosos(as) aposentados(as) pelo seu rendimento de aposentadoria, mostra que a previdência social tem sido eficaz em pagar aos seus beneficiários pelo menos um salário mínimo e que esta renda tem sido utilizada não somente para alimentação e vestuário, mas também para melhoria em seus domicílios. No entanto, a análise tabular e econométrica dos dados das PNADs indicam que houve favorecimento dos homens em relação às mulheres, dos brancos em relação aos negros (considerados como pardos e pretos) e dos mais escolarizados em relação aos menos escolarizados na obtenção das aposentadorias pagas no meio rural, indicando que a eqüidade não tem ocorrido na distribuição destas aposentadorias. O trabalho termina sugerindo algumas medidas que possam reverter este quadro, principalmente no acesso à aposentadoria por idade. / The proposal of this dissertation is to evaluate the effectiveness and the equality of the pension system paid in the agricultural areas in Brazil in the 1990s. The effectiveness occurs when the government assures the benefits of the social security system reducing the poverty and improving life’s conditions to this population. The fairness implies equality access to the social security benefits, regardless sex and ethnic differences, as well as education levels. The paid pensions in the rural areas can be clustered according to its income groups, which are, equal to a minimum salary (proxy of the old age’s pension) and more than a minimum salary. The ones who are in the first group are called “special insured” of the rural social security, therefore they can retire without contribution. The Federal Constitution of the 1988 and its modifications, given according to the Laws n. 8.212 and n. 8.213 (both from 1991), had instituted the universal principle, and with it, significant changes in the social security system. As to the rural workers, it can be considered as main changes the creation of a minimum value for the benefits, which guarantees the act of receiving at least a minimum salary, different ages to require the old age pension (55 years or older for women and 60 years or older for men), and equal rights among rural workers and urban workers, including the married women who worked in rural activities. After these changes, the number of pensioners increased in rural areas. The tabular analysis using the PNADs dataset, segregating the old age pensioners for theirs retirement income, points out that the social security system has been efficient in paying at least a minimum salary. This income has been used not only for food and clothes, but also for improvement in theirs houses. However, the tabular and econometrical analyses using the PNADs dataset indicate that males, white people, and those with higher education had an easier access to pension than females, black people and those with lower education. These results also indicate that the fairness has not completely occurred in the distribution of these pensions. The work finishes with some suggestions to improve the equality in Brazilian social security system.