Thesis (doctoral)--Universiẗat Köln, 2005. / Includes bibliographical references (p. [341]-362).

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This dissertation analyzes the effect of a stock market downturn on executive compensation plans which include stock option contracts. A model is developed to determine sufficient conditions for which the optimal compensation contract exhibits characteristics of a fixed salary plus stock option. If a publicly known shift in the distribution of firm value occurs after contracting and before the agent takes his action, then it can be shown to be in the principal's interest to renegotiate the agent's contract. The resulting contract is again a fixed salary plus stock options with lower exercise prices than in the original contract. It is assumed that the shift in the distribution of firm value is a low probability event that is not contracted upon. To determine whether or not it is optimal to contract on a low probability event the set of original contract and rengotiated contract is compared to a contract that is complete with respect to the event. Benefits to complete contracting exist if the agent commits to stay after information about the event becomes available. However, if the agent can leave at any time, the principal may prefer, initially, not to contract on low probability events and simply renegotiate the contract if a low probability event occurs. Renegotiation can take the form of lowering the exercise price of outstanding stock options or adding a layer of options with a lower exercise price than existing outstanding options. Nonparametric tests on stock option grants in 1985 through 1988 indicate that the size of grants in 1987 and 1988 is significantly larger than in 1985 and 1986. These results support the prediction that stock options outstanding in 1987 were renegotiated following the stock crash in October 1987. / Business, Sauder School of / Accounting, Division of / Graduate

In diploma thesis titled Age financed by benefits from pension pillars, is a reader first of all informed about a classification of various pension systems. In the following text is described pension system of the Czech Republic in many details, which forms two pillars in present time. According to the description of the Czech pension system, is also explained demographic situation from historical and future context. Very important is also considered explanation and description of pension systems in other countries, which is based on OECD report from 2015. In practical part is a used methodic of Melbourne Mercer Global Pension index. The evaluation of pension systems is very detailed in selected countries except Czech Republic. The index methodology is applied on Czechs pension system in last part of the diploma thesis. Final index evaluation is used for the proposal improvement of pension system.

In this thesis, South African survey data (which was collected as part of a separate project on ageing and wellbeing), is analysed in order to explore old age social pension-handling and the extent to which social pensions influence decisions about living arrangements. The findings have implications for current policy debates in South Africa and beyond. A key argument against widening the South African social safety net to cover other groups which do not currently have access to grants (such as the unemployed), is based upon the premise that social grants foster dependency. Empirical evidence which suggests that family members move into the households of pensioners has been used to suggest that social grants cultivate a disincentive to work. A Regression Discontinuity design is used to consider the relationship between pensions and household composition around the threshold of age eligibility for a pension. The study contributes new empirical evidence which demonstrates that pensions are linked to changes in living arrangements just before and following the age of eligibility. The changes are not extensive and are restricted to particular age/gender groups. Nevertheless, effects are established, which is not surprising in light of the fact that pensions represent a regular, reliable and principal income source for many South Africans and that, based on new evidence contributed by this study, as well as previous studies, intra-household pension sharing appears to be a pervasive and persistent social norm. Overall, the analysis finds stronger evidence of pensions having either a ‘crowding out’ effect, or no effect at all, as opposed to a ‘crowding in’ effect, which casts doubt on dependency theories. Furthermore, the results suggest that pensions given to men may lead to fewer changes in household composition than pensions given to women. A key difference is that there was no evidence to suggest that for men, pensions are associated with systematic changes in the average number of prime working-age household members. This is generally consistent with findings from previous studies. A key theory regarding gender-based disparities in pension effects, relates to gender-based differences in the extent of intra-household pension sharing. In this study, there was no evidence produced to suggest that beneficiary gender influences the extent of intra-household pension sharing. The methodological challenges associated with the analysis of intra-household income-handling are acknowledged. However, with no evidence of differences in pension sharing behaviour observed, other potential explanations are considered. In particular, it is speculated that gender-based differences in child care provision by pensioners may influence the ability of parents, particularly mothers, to become labour migrants, and that gender-based disparities in life expectancy after pension eligibility age may be important factors.

The aim of the diploma thesis is the detailed description and comparison of working of pension system in the Czech Republic with the system working in the Kingdom of the Netherland. Dutch pension system is considered one of the best pension systems in the world and that is why the diploma thesis contains also reflection if there would be the possibility to implement some elements into the Czech system. Partial aim of the thesis is the description of necessity of pension reform due to unfavourable demographic growth which brings higher pressure also on financial costs of pension systems. In addition to the comparison of how first pillars based on pay-as-you-go financing work is an important part of the thesis the comparison of private pension savings in the Netherland with currently introduced system of private pensions in the Czech Republic. For the clear arrangement is at the end of chapters short summary and final chapter contains the global comparison of both systems including the description of profitability and expensiveness, positives and negatives.

The thesis examines various parameters of pre-funded pension systems with individual accounts that are in some aspects mandatory. Instead of describing such systems comparatively in detail, rationale of some of the system design choices is discussed. Main focus is on institutional design, cost containment and investment regulation. It is argued that given the mandatory nature of such systems, governments should seek to regulate them in ways that promote cost-effectiveness, while allowing for meaningful investment return on system assets. Also, where sound, adequate use should be made of existing industry and regulatory structures as a cost-containment and confidence-building measure.

The main purpose of this study was to develop a demographic/financial profile of retired Oregon public school administrators and to determine the relationship between these profile factors and the degree to which financial needs are met, the level of perceived financial satisfaction, and the level of perceived life satisfaction. Another purpose was to define those financial issues which impact the retired administrator and would be helpful in developing guidelines useful for pre-retirement planning and education. The subjects selected for the study were the 295 retired Oregon public school administrators known to the Confederation of Oregon School Administrators who had retired prior to September 1984. Thirty-two questions were asked in an attempt to gather data regarding three major areas: biographical information, financial information, and perceptions of financial/life satisfaction. A total of 198 or 67% of the retired administrators surveyed returned a completed survey instrument. Based upon the results, a demographic/financial profile evolved for the sample population. Moreover, a significant relationship was found to exist between sex, health rating, the ability to keep pace with inflation and the degree to which financial needs are met. Sex, health rating, the level of pre-retirement income, the ability to keep pace with inflation and the point at which retirement planning began were found to relate significantly with the perception of financial satisfaction. A significant relationship was also found to exist between health rating, the level of pre-retirement income, the ability to keep pace with inflation and the perception of life satisfaction. The degree to which financial needs are met related significantly with the perception of financial satisfaction and perception of life satisfaction. Finally, a significant relationship was also found to exist between the perception of financial satisfaction and the perception of life satisfaction.

The following dissertation examines the little-known history of Canada’s Great War disabled. During the Great War Canada mobilized 620,000 soldiers, most of them volunteers. Nearly 120,000 would one day receive compensation for a disability incurred on, or aggravated by military service. Thousands more suffered from related injuries, diseases, or traumas but lacked the documentary evidence necessary to garner material support from the state. The core objective of this dissertation is to explore how policy-makers responded to these challenges, and how their efforts shaped the daily experiences of veterans from all walks of life. By fusing an analysis of policy with a social history of disability, this study uncovers the multiple paths disabled veterans embarked upon during their civil re-establishment. Few followed unfirom trajectories. The affects of disability on a veteran’s wellbeing varied widely based on numerous factors including pre-war social standing, support networks, material resources, age, and overall health. While most studies of disability and the Great War have focued on the cultural, medical, or political impact of disability, few adequately explain how both government policy and extraneous forces affected the lives of disabled veterans. Utilizing a wealth of statistical data and a large sample group of case files, “State, Service, and Survival: Canada’s Great War Disabled, 1914-44” is the first Canadian study to address this gap in our collective understanding of the war’s legacy. / Dissertation / Doctor of Philosophy (PhD)

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