Planos de previdência que dependem de uma postura ativa dos indivíduos para solicitar a adesão acabam tendo uma baixa participação (Benartzi & Thaler, 2007). Por outro lado, resultados mostram que os indivíduos decidem poupar a partir de determinadas \"regras de bolso\", tais como a escolha de um percentual máximo de contribuição que receba uma contrapartida do empregador (se a percentagem máxima que receberá contrapartida do patrocinador de um plano for 8%, então o indivíduo decidirá contribuir com esta percentagem). Assim, estratégias podem ser inseridas nos planos de aposentadoria, de forma que determinados comportamentos sejam \"incentivados\" e outros sejam \"coibidos\", fundamentalmente, em situações manifestas de inconsistência temporal por parte dos indivíduos. Esta pesquisa objetivou identificar, a partir de evidências empíricas, quais arranjos de planos previdenciários do tipo \'contribuição definida\' minimizam o efeito da miopia intertemporal sobre as decisões de poupança para a aposentadoria. Os fundamentos teóricos que nortearam a presente tese foram a Racionalidade Limitada, proposta por Simon (1979), a Teoria dos Prospectos, e as hipóteses do ciclo de vida comportamental (Behavioral Life-Cicle hypothesis), desenvolvidas por Benartzi e Thaler (2007). Utilizou-se um levantamento para identificar as características demográficas dos participantes e, paralelamente, um experimento com base em cenários para identificar as escolhas relacionadas aos planos de previdência complementar do tipo \'contribuição definida\'. O levantamento e o experimento foram formulados com o auxílio da plataforma online Questionpro© e disponibilizados por meio da internet aos participantes. Foram definidos cenários para o grupo de controle (sem manipulação de variáveis) e para dois grupos experimentais (com manipulação de variáveis), para identificar de que forma o desenho dos planos de previdência afeta as decisões de alocação de recursos a eles, e de que forma tais decisões se relacionam com as variáveis demográficas dos segurados. Os testes de hipóteses foram realizados por meio do teste não paramétrico de Wilcoxon para diferença de médias, e por meio da estimação de regressão linear por mínimos quadrados ordinários. Os achados sugerem que os respondentes parecem ter adotado um comportamento mais impaciente, quando o intervalo é deslocado para o futuro, do que quando se compara uma recompensa imediata e uma recompensa tardia em um mesmo intervalo de espera, contrariando a literatura sobre desconto hiperbólico, inconsistência temporal e comportamento impaciente. No que se refere ao efeito dos arranjos institucionais sobre as decisões de poupança para a aposentadoria, observou-se que o desenho deum plano de previdência em que haja inscrição automática compulsória, com a presença de um plano livre de risco, faz com que haja uma maior permanência dos indivíduos neste tipo de plano. Este resultado, aliado às estatísticas descritivas que apontam uma maior aposentadoria nos planos com inscrição automática compulsória e contrapartida do patrocinador (experimentador), em comparação com o plano sem tais características, nos leva a afirmar que tais desenhos permitem uma maior poupança para a aposentadoria por parte dos segurados. Portanto, a inserção de desenhos desta natureza em eventuais políticas públicas pode servir de \"empurrão\" para que as pessoas tomem decisões que vão de encontro à inconsistência temporal. / Pension plans that rely on an active attitude of individuals to apply for membership end up having a low participation (Benartzi & Thaler, 2007). On the other hand, there are findings that individuals decide to save using certain \"rules of thumb\", such as the choice of a maximum contribution percentage receiving a counterpart of the employer (if the maximum percentage that will receive compensation from the sponsor of a plan is 8%, then the individual will decide to contribute to this figure). Thus, strategies can be incorporated into retirement plans in order to contribute to certain behaviors are \"encouraged\" and others are \"restrained\" fundamentally manifest in situations of time inconsistency by individuals. This research aimed to identify, from empirical evidence, which arrangements of pension plans, type defined contribution, minimize the effect of intertemporal myopia on saving decisions for retirement. The theoretical foundations that guided this thesis were Bounded Rationality, proposed by Simon (1979), the Prospect Theory and Behavioral Life-Cicle hypothesis, developed by Benartzi and Thaler (2007). We used a survey to identify the demographic characteristics of the participants and, in parallel, an experiment based on scenarios to identify the choices related to the pension plans, type defined contribution. The survey and the experiment were formulated with the help of the online platform QuestionPro© and made available through the internet to participants. Scenarios were defined for the control group (without manipulation of variables) and two experimental groups (with manipulation of variables) to identify how the design of pension plans affect the resource allocation decisions to plans and how they relate to the demographic variables of the insured. Hypothesis tests were performed using the nonparametric Wilcoxon test for difference of means and through linear regression estimation by OLS. The findings suggest that respondents seem to have adopted a more impatient behavior when the range is shifted to the future than when comparing immediate reward and a delayed reward in a equivalent delay interval, contrary to the literature on hyperbolic discount, time inconsistency and impatient behavior. With regard to the effect of institutional arrangements on savings decisions for retirement it is noted that the pension plan design where there is compulsory automatic enrollment with the presence of a risk-free plan may improve permanence of individuals this type of plan. This result, combined with descriptive statistics that show a higher retirement plans with mandatory automatic enrollment and return the sponsor (experimenter), as compared to the plan without such features, allow us to state that such designs allow greater savings for retirement. Therefore, the inclusion of this type of design in public policy can serve as a \"nudge\" for people to make decisions that go against the time inconsistency.

M.Com. (International Accounting) / Post-employment benefits under IAS 19 include defined benefit plans (DBP’s) and defined contribution plans. The accounting for defined contribution plans is fairly straightforward, since accrual accounting is applied and the employer entity’s legal or constructive obligation is limited to the amount the employer entity agrees to contribute to the defined contribution plan. In contrast, the accounting for DBP’s is complicated and provides a promise/guarantee of future benefits and the investment and actuarial risk of the plan lies with the employer entity. The literature review indicated that accounting and presentation of DBP’s is complicated because of the long-term nature of the liability/asset that is raised for the plan. There are many uncertainties involved in estimating the liability as this involves looking into the future and making estimates and assumptions about the future. The literature also indicated factors such as the market performance of assets, and inaccurate or unrealistic assumptions and decisions that delay making payments to DBP’s affects the funding status. Actuaries and accountants differ somewhat in the roles they play in determining the amount for DBP’s, with accountants choosing the accrued benefit method. The problem with DBP’s is that they are of a long-term nature and require estimates and assumptions to be made in calculating the DBP liability/asset. The long-term nature affects the adequacy of the liability/asset recognised for DBP’s and the related disclosure in the financial statements of large listed companies. The objective of the minor dissertation is to perform a content analysis on the presentation and disclosure of DBPs in the financial statements of a sample of Johannesburg Stock Exchange listed companies in South Africa. The research approach applied includes a broad assessment of the current status of DBP’s and defined contribution plans operated by the top 40 Johannesburg Stock Exchange (JSE) listed companies, followed by a quantitative and qualitative assessment on the disclosures provided by these companies’ financial statements.

Submitted by Sara Ribeiro (sara.ribeiro@ucb.br) on 2018-11-16T19:20:20Z No. of bitstreams: 1 CarolinaSimaoOdisioHissaDissertacaoParcial2017.pdf: 870756 bytes, checksum: d3591c0091847353b09d3a7117d67af6 (MD5) / Approved for entry into archive by Sara Ribeiro (sara.ribeiro@ucb.br) on 2018-11-16T19:20:34Z (GMT) No. of bitstreams: 1 CarolinaSimaoOdisioHissaDissertacaoParcial2017.pdf: 870756 bytes, checksum: d3591c0091847353b09d3a7117d67af6 (MD5) / Made available in DSpace on 2018-11-16T19:20:34Z (GMT). No. of bitstreams: 1 CarolinaSimaoOdisioHissaDissertacaoParcial2017.pdf: 870756 bytes, checksum: d3591c0091847353b09d3a7117d67af6 (MD5) Previous issue date: 2018-12-01 / The present paper undertakes an analysis of the principle of isonomy in relation to the tax treatment provided to the Federal Public Servants' Supplementary Pension Foundation - Funpresp and to the private pension funds. Preliminarily, it traces the historical evolution of Social Security in Brazil, as well as the influence of the consolidation of the Social Welfare State in the realization of fundamental social rights, including complementary pension. This, in turn, is understood as the most recent significant change in the civil service pension scheme, which culminated in the creation of a closed private pension entity of a public nature and private legal personality to administer and execute the pension plans of the federal public servants. The legal nature attributed to Funpresp generates a mismatch in relation to private pension funds, insofar as their public character may lead to the incidence of reciprocal immunity, when private foundations of supplementary pensions are not presumed to have a similar immune standard, identical regulatory activities. / O presente trabalho empreende uma análise do princípio da isonomia frente ao tratamento tributário dispensado à Fundação de Previdência Complementar dos Servidores Públicos Federais - Funpresp e aos fundos de pensão privados. Preliminarmente, traça-se a evolução histórica da Previdência Social no Brasil, bem como a influência da consolidação do Estado do Bem-estar Social na concretização dos direitos sociais fundamentais, incluindo a previdência complementar. Esta por sua vez, compreendida como a mais recente alteração significativa no regime de previdência do funcionalismo público, que culminou com a criação de uma entidade fechada de previdência complementar de natureza pública e personalidade jurídica de direito privado para administrar e executar os planos de benefícios dos servidores públicos federais. Calha que a natureza jurídica atribuída à Funpresp gera um descompasso em relação aos fundos de pensão privados, na medida em que seu caráter público pode ensejar na incidência da imunidade reciproca, quando as fundações privadas de previdência complementar não são prestigiadas com norma imunitória similar, malgrado exerçam atividades regulamentares idênticas.

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-08-30T12:55:46Z No. of bitstreams: 1 Danilo Ribeiro Miranda Martins.pdf: 1834897 bytes, checksum: 4388e6d3e7d0907ee497d75c23215eda (MD5) / Made available in DSpace on 2017-08-30T12:55:46Z (GMT). No. of bitstreams: 1 Danilo Ribeiro Miranda Martins.pdf: 1834897 bytes, checksum: 4388e6d3e7d0907ee497d75c23215eda (MD5) Previous issue date: 2017-08-23 / This study aims to identify limits e directives to regulation and supervision of private pension plans in Brazil. For this purpose, we analyze the article 202 of brazilian Constitution, as well as its classification as a social righ and part of the Social Security System. We also evaluated the directives and general rules fixed by Complementary Laws n. 108 and 109, of 2001, wich are guidelines for assessment of legitimacy of rules issued by regulatory bodies. In this analysis, we consider the transformations in Public Administration in recent years, wich led to debates about the new role of the Regulatory State, and its repercussions on the brazilian Social Secutrity System. It was verified, however, that such reforms can not exclude the conclusion that the current Constitution intends to establish a Welfare State in Brazil. Therefore, justice and solidarity should serve as a guide for the action of regulatory and supervisory bodies, even if private pension is subject to a private regime. It was also observed that the main rule that must guide State actions is the protection of the participants, promoting the contractual balance of powers in the private pension relationship. Finally, we conclude that the State many times have departed from the constitutional and legal rules that should serve as a basis for their action, forgetting the various limits and guidelines established for their regulatory and supervisory activities / O presente trabalho tem como objetivo principal identificar limites e diretrizes para a atuação do Estado na atividade de regulação e supervisão do regime de previdência complementar no Brasil. Para tanto, parte-se da análise dos princípios estabelecidos no artigo 202 da Constituição Federal, bem como do enquadramento da previdência complementar como direito social, inserido dentro do Sistema de Seguridade Social. Também são avaliadas as diretrizes e regras gerais fixadas pelas Leis Complementares nº 108 e 109, de 2001, que servem igualmente de norte para a apreciação da legitimidade das normas expedidas pelos órgãos reguladores. Considera-se, nessa análise, as transformações operadas na Administração Pública nos últimos anos, que deram ensejo a debates sobre o novo papel do Estado Regulador, com reflexos sobre o Sistema de Seguridade Social brasileiro. Verificou-se, contudo, que tais reformas não podem afastar a conclusão de que a Constituição em vigor pretende a implantação de um Estado de Bem-Estar Social no Brasil, razão pela qual a justiça e a solidariedade devem servir de guia para a ação dos órgãos reguladores e fiscalizadores, ainda que a previdência complementar esteja sujeita a um regime privado. Ademais, constatou-se que a principal diretriz que deve pautar a ação do Estado é a proteção dos participantes, promovendo o equilíbrio contratual na relação de previdência complementar. Por fim, concluiu-se que os órgãos reguladores várias vezes têm se afastado das normas constitucionais e legais que servem de fundamento para sua atuação, olvidando os diversos limites e diretrizes fixados para sua atividade regulatória

Made available in DSpace on 2016-04-26T20:22:58Z (GMT). No. of bitstreams: 1 Julia de Menezes Nogueira.pdf: 1724982 bytes, checksum: f16458f87287a0130bcd9bbe73ead4ed (MD5) Previous issue date: 2014-08-04 / The goal of this thesis is to analyze, from the perspective of Logical-Semantic Constructivism, all the tax norms incident on insurance, reinsurance and pension plans. We also went through the tax rules applicable to revenues and profits (or surplus) of the entities that are necessary parties to those contracts: insurers, reinsurers, open and closed private pension entities. The analysis of these normative sets under a single point of view is justified, since the contracts on focus and the activities of these entities have a common goal of ensuring risks. In the case of insurance risks, the risks must only be lawful and subject to the categories of damage insurance and personal insurance. In the case of private pension, it protects primarily the social risk of old age. Regarding the taxation of the entities, identity is shown in many aspects, especially the requirement for establishment of technical provisions to meet the future obligations, providence that must necessarily be observed by the Tax Law. In the last chapter, we concentrate on the system built in Brazil, during the last two decades, regarding the taxation of private pension plans. We analyzed each of its stages, to conclude that currently a scheme called "EET" (exemption/exemption/taxation) is adopted, according to which in the first step exemption and deductibility of contributions are granted, in the second step there is also income tax exemption during the accumulation of resources in the plan, with taxation only in the third stage, when the perception of benefits or redemption by the beneficiary occurs, privileging the long-term savings as opposed to the immediate consumption of the income / Nosso objetivo, neste trabalho, é analisar, sob a perspectiva do Constructivismo Lógico-Semântico, as normas tributárias incidentes sobre o seguro, o resseguro e os planos de previdência privada. Também nos ocupamos da tributação incidente sobre as receitas e lucros (ou superávit) das entidades que são partes necessárias nesses contratos: seguradoras, resseguradoras, entidades abertas e fechadas de previdência complementar. A análise desses conjuntos normativos sob ponto de vista único se justifica, pois os contratos em foco e as atividades desenvolvidas pelas referidas entidades têm como objetivo comum garantir cobertura de riscos. No caso do seguro, riscos de qualquer natureza, bastando que sejam lícitos e submetidos às categorias de seguro de dano e seguro de pessoas. No caso da previdência privada, protege-se primordialmente o risco social da velhice. No último capítulo, nos concentramos sobre o sistema construído no País, nas últimas duas décadas, voltado à tributação dos planos de previdência privada. Analisamos cada uma de suas etapas, para concluir que atualmente se adota regime denominado IIT , segundo o qual há isenção e dedutibilidade na etapa das contribuições, isenção na etapa da acumulação dos recursos no plano, havendo tributação somente por ocasião da percepção dos benefícios, ou resgate, pelo beneficiário, privilegiando-se a poupança de longo prazo em detrimento do consumo imediato

本文採用LIBOR市場利率模型評價確定提撥制退休金計畫所附之收益率保證，此保證收益率連結至隨機LIBOR市場利率，在相關的文獻上(特別在隨機利率方面)，尚未有相關的研究。本文同時考慮兩種保證型態：到期日保證與多期保證，運用平賭過程理論，在延伸之LIBOR市場利率模型(ELMM)下推導此兩種保證的理論公式解。相較於其他利率模型或HJM模型，採用ELMM所推得之評價公式更適合於實務運用。為供實務運用，文中並探討如何進行參數校準，亦進行蒙地卡羅模擬以驗證模型理論解的準確性。 / We derive the pricing formulas for the guarantees embedded in defined contribution (DC) pension plans with the guaranteed minimum rate of return set relative to a LIBOR interest rate. The guaranteed rate associated with a stochastic LIBOR interest rate has not yet been studied in the relevant literature, particularly in the presence of stochastic interest rates. An extended LIBOR market model (LMM) is employed to price the interest rate guarantees embedded in DC pension plans under maturity and multi-period guarantees. The pricing formulas derived under the extended LMM are more tractable and feasible for practice than those derived under the instantaneous short rate models or the HJM model. Calibration procedures are also discussed for practical implementation. Monte Carlo simulation is provided to evaluate the accuracy of the theoretical results.

老年所得保障的問題，是所有工業化國家所共有的社會問題。臺灣、德國與美國為了解決這個問題，基本上都是採用所謂的「三層保障的模式」。第一層保障為國家所建立的強制性社會保險制度，第二層保障為企業或雇主所設立的企業退休給付制度，第三層為個人的自我預護（包括儲蓄、保險、置產等）。本文主要是探討第二層的「企業退休給付制度」之法律問題。臺灣的「企業退休給付制度」（也稱之為「企業退休金制度」），是採強制性為主，自願性為輔的雙軌制度，自願性制度所佔比例無足輕重。在強制性制度中的實施型態是採「單數型態」，而且由「單一組織」承擔實施。美國的「企業退休給付制度」稱為「年金（退休金）計劃(pension plan)」，德國的「企業退休給付(betriebliche Altersversorgung)制度」也稱為「企業年金(Betriebsrenten)制度」。這兩個國家向來都是採用自願性制度，「實施型態」與「實施機構」也都是採「複數型態」。 關於企業退休給付的法律保障，臺灣於1984年在勞動基準法中納入「退休規定」，對勞工退休金制度的設立、實施型態、實施機構、財務準備與給付內容皆制定最低的法律標準，然而對於勞工的退休金期待利益如何保障與雇主陷於支付不能時退休金請求權如何保障等重要問題，皆欠缺規定。德國於1974年制定「改善企業退休給付法」，採有限度的立法，對已設立的企業退休給付制度制定最低法定基準，特別注重「退休給付期待利益之保障」與「退休給付支付不能時之保障」；同一年美國也制定「勞工退休所得保障法」，採取全面性的立法，不僅注重「勞工退休給付權利之保障（包括對退休給付期待利益之保障）」，也同樣針對「退休計劃之終止與支付不能的情形」設有特別的保障。 本文主要是以臺灣的「勞基法退休規定」，德國的「改善企業退休給付法」與美國的「勞工退休所得保障法」等法律規定為基礎。針對同一問題，分別探討臺灣、德國與美國的法律制度。第一節首先探討企業退休給付制度之歷史發展，企業退休給付制度究竟如何形成？如何逐步擴展？法律如何回應？在立法之後又面臨何種問題？第二節首先討論退休給付制度的核心法律概念，以及其如何與雇主的其他給付相區別。接著進一步探究勞工請求雇主給付退休金之法律基礎為何？然後再探討企業退休給付之法律性質。第三節分析企業退休給付制度，以何種型態實施，如何運作，在組織上產生何種法律關係。第四節探討企業退休給付的財務準備。第五節以給付為中心，探討企業退休給付的一般法律保障，包括：請求退休金的法律要件為何？請求範圍如何決定？如何與社會保險給付整合？如何支付？在面對通貨膨脹壓力時又如何因應？第六節探討企業退休給付期待利益如何保障之問題，詳細探討德國與美國為何要保障退休給付期待利益？在何種情形下，退休給付期待利益不可喪失？勞工退休時，退休給付期待利益如何實現為退休給付，如何計算其數額？勞工離職時，可否一次結清將來的退休給付權利？勞工轉換工作時，退休金債權是否可隨同移轉？最後一節探討退休給付發生支付不能之情形時，有何解決辦法？第五章比較三國退休給付法律制度有何異同？有何優缺點？並檢討行政院勞工委員會所提的「勞工老年附加年金保險險制度」草案，與「勞工退休金條例草案」之優缺點，並探討我國勞工退休金制度法律改革是否存在其他不同的途徑。？最後一章總結前面各章之研究所得作成結論。 / Old-age income security is a sharing social problem of all industrialized countries. 「Three tiers (pillars) of economic security」 has been used for solving this problem in Taiwan, Germany and U.S.A. The first tier is obligatory social insurance system established by the countries; the second tier is the composition of　“supplementary pension plans” created by companies or employers; the third tier is personal advance arrangements (include saving, purchase of insurance, investment, etc.). This dissertation concentrates on the legal protection of supplementary pension plans.　The supplementary pension plans in Taiwan is a double-track institution. While the voluntary part of it is rather insignificant, this institution is mainly in obligatory part. This obligatory supplementary pension plans is designed to be only one type － defined benefit plans, and there is only one designated funding agency － the Central Trust of China. In U.S.A. the supplementary pension plans used to be called “private pension plans”; in Germany the supplementary pension plans used to be called “company pensions (Betriebsrenten)”.　These two countries adopt voluntary institutions. The types and funding agencies of their supplementary pension plans are plural. In order to protect the rights of pension, the relevant laws were enacted in Taiwan, Germany， and U.S.A. Regulations about employee retirement benefits were included in the “Labor Standards Law” enacted in 1984 in Taiwan.　These regulations created minimum standards for the establishment, requirement of benefit, funding and funding agency, benefit formulas of retirement plans.　However these regulations　lacked protection of pension expectations and rights to pension against insolvency or bankruptcy of supporting employers.　In Germany the relevant regulations about supplementary pension plans are to be found in the “Act on Company Pensions” in force since December 1974.　This Act regulated very limitedly. It established minimum standards for company pensions, especially relating to protection of pension expectations, and pension benefit rights against insolvency of supporting employers. In the same year the “Employee Retirement Income Security Act” of 1974 (ERISA) was enacted in U.S.A..　This comprehensive employee benefit law not only stressed on protection of employee benefit rights (including protecting vesting right), but also created insurance for pension plan terminations. This dissertation mainly compares the legal institutions relating to　supplementary pension　plans in Taiwan, Germany and U.S.A. on the basis of the above statute laws relating to the supplementary pension plans of these three countries. Chapter 1 is the introduction of this research.　Chapter 2、3 and 4 discuss the legal institutions relating to supplementary pension　plans of these three countries. In each section of each chapter the same problems are discussed. Section 1 provides an overview of the historic background of supplementary pension plans and development of relevant laws, including how the supplementary pension plans have formed and expanded, how the law regulated, and problems that have been caused after enactment of the law relating to supplementary pension plans. Section 2 firstly discusses the core legal concept of supplementary pension in each country, and how it differentiates from other benefits of employers. Then this section probes into the legal bases of supplementary pension claims and the characteristics of supplementary pension.　Section 3 analyzes different types of supplementary pension plans, how they operate, and legal relations that have been produced. Section 4 explores pension funding.　Section 5 discusses the general legal protection of pension benefits, including participation, requirement of benefit, payment of benefit. The question of how supplementary pension integrates with social security benefit and counteracts the effect of inflation is also discussed.　Section 6 discusses how the relating laws of supplementary pension plans protect pension expectations, why the laws of Germany and U.S.A. protect pension expectations, when the pension benefit rights are nonforfeitable, how the nonforfeitable benefit is accrued, under which condition a nonforfeitable benefit can cash out, and whether the nonforfeitable benefit is portable when the employee changes the job?　The last section discusses the legal protection against insolvency of employers or termination of pension plans. After comparing the supplementary pension plans and its legal protections of Taiwan, Germany, and U.S.A.，chapter 5 examines advantages and disadvantages of the two recent drafts of supplementary pension plans reforms proposed by CLA (Council of Labor Affairs)in Taiwan. One is “Draft of the Old-age Supplementary Insurance of Employees” , and the other is “Draft of Employee Pension Act “ . The possibilities of having other ways for reforming supplementary pension plans institution of this country is also discussed in this chapter.　The last chapter puts research results of the preceding chapters into a conclusion.

Le premier chapitre examine les caractéristiques statistiques à long terme des rendements financiers en France et aux USA. Les propriétés des différents actifs font apparaître qu’à long terme les actions procurent un risque sensiblement moins élevé. En outre, les propriétés de retour à la moyenne des actions justifient qu’elles soient utilisées dans une stratégie de cycle de vie comme « option par défaut » de plans d’épargne retraite. Le chapitre deux fournit une explication au débat sur l'hypothèse d’efficience des marchés. La cause du débat est souvent attribuée à la petite taille des échantillons et à la faible puissance des tests statistiques dédiés. Afin de contourner ce problème, nous utilisons l'approche développée par Campbell et Viceira (2005) qui utilisent une méthode VAR pour mettre en évidence l’existence de retour vers la moyenne dans le cours des actifs risqués.Le troisième chapitre évalue la vitesse de convergence des cours des actions. Un moyen classique pour caractériser la vitesse de retour vers la moyenne est la « demi-vie ». En comparant les indices boursiers de quatre pays développés (États-Unis, Royaume-Uni, France et Japon) sur la période 1950-2014, nous établissons une vitesse de convergence significative, avec une demi-vie entre 4,0 et 5,8 ans.Le dernier chapitre présente les résultats d'un modèle conçu pour étudier les interactions entre la démographie et les régimes de retraite. Afin d’étudier les risques inhérents à l’utilisation des revenus du capital pour financer les retraites, nous utilisons un « Trending OU process » au lieu d’un MBG classique pour modéliser les rendements. Pour un épargnant averse au risque le marché pourrait concurrencer les régimes par répartition. / Chapter one examines the long run statistical characteristics of financial returns in France and the USA for selected assets. This study clearly shows that the returns’ distributions diverge from the Gaussian strategy as regards longholding periods. Thereafter we analyze the consequences of the non-Gaussian nature of stock returns on default-option retirement plans.Chapter two provides a reasonable explanation to the strong debate on the Efficient Market Hypothesis. The cause of the debate is often attributed to small sample sizes in combination with statistical tests for mean reversion that lackpower. In order to bypass this problem, we use the approach developed by Campbell and Viceira (2005) who have settled a vectorial autoregressive methodology (VAR) to measure the mean reversion of asset returns.The third chapter evaluates the speed of convergence of stock prices. A convenient way to characterize the speed of mean reversion is the half-life. Comparing the stock indexes of four developed countries (US, UK, France and Japan) during the period 1950-2014, we establish significant mean reversion, with a half-life lying between 4,0 and 5,8 years.The final chapter provides some results from a model built in order to study the linked impacts of demography and economy on the French pension scheme. In order to reveal the risks that are contained in pension fund investment, we use a Trending Ornstein-Uhlenbeck process instead of the typical GBM for modeling stock returns. We find that funded scheme returns, net of management fees, are slightly lower thanthe PAYG internal rate of return.

This dissertation comprises three essays which empirically investigate consequences of transparency. The first essay investigates how transparency, demanded by the government as a customer of firms, affects firms’ financial reporting. It provides evidence that, relative to firms without government customers, government suppliers have a higher quality of financial reporting. Findings indicate that government procurement requirements, which are linked to internal control over financial reporting, can positively affect the external information environment of firms. The second essay examines how managers react to a stricter transparency mandate in pension accounting, if this mandate increases the expected volatility of balance sheet items. Managers of affected firms change decisions on pension plans which mitigate volatility and in addition, affected firms exhibit less volatile accruals but more volatile discretionary real actions suggesting managers reduce volatility in balance sheets. Findings imply that a transparency mandate in pension accounting may have (unintended) consequences for managerial decision-making if the mandate reveals more economic volatility on balance sheets. The third essay studies how (data-transparently) researchers visualize their quantitative findings and how this affects the impact of academic work. It finds that, compared to articles in field-specific economics journals, articles in economics journals with a broader audience use more figures than tables and that articles visualizing (data-transparently) with figures receive more citations. An online experiment, which manipulates how a fictive study visualizes scientific results, finds that participants assess the internal validity of research as being higher and are more willing to cite research if it visualizes results data-transparently. The findings imply that (data-transparent) visualization can enhance the impact of academic work. / Die Dissertation besteht aus drei Aufsätzen, die die Auswirkungen von Transparenz untersuchen. Im ersten Aufsatz wird analysiert, wie sich die von einer Regierung im Rahmen der öffentlichen Auftragsvergabe geforderte Unternehmenstransparenz auf die Finanzberichterstattung von Unternehmen auswirkt. Lieferanten der Regierung weisen eine höhere Qualität der Finanzberichterstattung auf als Vergleichsunternehmen. Der zweite Aufsatz untersucht, wie Manager auf strengere Transparenzanforderungen in der Pensionsbilanzierung reagieren, wenn diese die Bilanzvolatilität erhöhen. Die Manager nehmen Bilanzanpassungen vor, die die Volatilität reduzieren, was auf eine beabsichtigte Bilanzglättung hindeutet. Der dritte Aufsatz untersucht den Zusammenhang zwischen der Visualisierung von quantitativen Forschungsergebnissen in wirtschaftswissenschaftlichen Zeitschriften und dem Einfluss akademischer Forschung. Economics-Journals verwenden mehr Abbildungen als Business-Journals, was Zitationen zu fördern scheint. Experimentelle Evidenz zeigt weiterhin, dass datentransparente Visualisierungen den Einfluss akademischer Forschung positiv beeinflussen können, dass dies aber auch stark disziplinabhängig ist.