本論文名稱:借鏡英國探討台灣基金市場行銷服務模式之改進方向。主旨係探討國內基金市場行銷現況，旨揭銀行主導銷售的服務模式及費率揭露乃至資金流向疑慮等幾大問題。輔證外國學者學術探討，以及參酌英國共同基金市場發展經驗，提出如統合專業證照、建立類IFA功能、顧問費合法化、開創多元理財商品之開放式交易服務平台及金融監理應扮演角色有關研究心得。 國內商業銀行(前30大)僱用相關理財業務人員已達到4萬餘人，主導共同基金銷售趨勢。但依據國外學者研究，以商業銀行主導基金商品銷售，卻可能衍生問題，形成資金流向扭曲。銀行薪酬制度設計也與理財商品銷售資金流向形成互為因果的連帶關係。銀行能否擺脫佣金高低作為投資建議動力，金融消費者能否得到適合自身的投資組合，仍然存疑。 英國基金市場發展已久，尤其以具有允許收取單一顧問費的獨立財務顧問運用多元化資產組合的包裹基金平台，最具特色。獨立財務顧問運用包裹基金平台給予民眾建議，無論保險、股票、基金、退休金方案等都可透過平台加以交易、組合以及管理等。這樣的投資組合建立、整合交易、保管及管理等模式，提高了消費者和金融業者的管理和投資效率。 參考英國發展基金市場經驗，台灣得以借鏡之處，為加以整合有關金融投資商品證照的分散現狀，並拋開金融機構分業管理的歷史包袱，允許獨立財務顧問存在，給予顧問費收費合法化空間等等。另外，打破現狀，允許商業銀行開放出交易平台供顧問代客戶執行交易，則有助於個別顧問與銀行的良性合作及競爭關係，發展投資理財市場朝向提供金融消費者最適化投資組合的有利環境。 / This paper naming”On the Enhancement of the Mutual Fund Distribution Marketing in Taiwan: Lessons from the UK” subjects local fund marketing status, aims to expose issues of current bank-sales and service model, meanwhile the transparency of sevice rate disclosure. With secondary evidence of foreign scholars’ academic research, concerns of dispute of capital flows as well as other issues i.e.whether consumers get proper sevices and products arised. The status quo in UK fund market is in particular that allows financial advisers to charge a single advisory fee by applying diversified portfolio fund platform and making portforlio suggestion for their clients which includes recommendations and trading of stocks, funds, insurance, pension schemes etc., so as the related services of custody and management. This market will only succeed if it can build a highly efficient operating platform that reduces the operating costs of intermediary firms and product providers alike – creating enhanced value across the value chain that can be shared between customers, intermediaries and product manufacturers (including platforms). Taking into account the development of UK mutual fund market, lessons we have captured such as integration professional licenses, the establishment of classes IFA function, legalization of advisory fees, and create an open trading financial multi-service platform system, etc. Also, financial supervision should play an important role in the research experience.

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近年來，金融環境的變遷，使金融業面臨很大的變化，金融業勢必提高非利息收入並發展不耗用資本的業務，因此財富管理業務成為銀行獲利來源重要的一環。理財專員是銀行財富管理業務的軸心，銀行理財專員的遴選便成為一項重要工作。 本研究採用五大人格特質理論的觀點，探討理財專員的人格特質與工作績效的關聯性。本研究以問卷調查方式，採用五大人格特質繁體中文量表，工作績效除了實際手續費收入之外，分為任務績效與脈絡績效，透過發放問卷由理財專員自評，問卷內容分為人口統計變項、五大人格特質量表及工作績效自評量表，研究對象為國內F銀行理財專員共183人，採用量化分析方法包括敘述性統計、皮爾森相關分析及迴歸分析，探討人格特質與工作績效的關聯性，實證結果發現： (1) 人格特質中的「經驗開放性」、「親和性」、「勤勉審慎性」及「外向性」與其工作績效是顯著有相關的，且皆屬於正相關。 (2) 「親和性」的人格特質對理財專員的「任務績效」及「脈絡績效」有正向的影響的。 (3) 「勤勉審慎性」的人格特質對理財專員的三項工作績效指標有正向的影響，而且該特質對於三項工作績效因素構面的影響力皆是最大的。 (4) 「經驗開放性」的人格特質對理財專員的三項工作績效指標有正向的影響。 (5) 「外向性」的人格特質對於理財專員的「脈絡績效」有正向的影響的。 本研究建議個案銀行日後在遴選理財專員時，可優先考慮選擇人格特質中具有「勤 勉審慎性」者，預期未來會有較佳的工作表現。 / In more recent years, changes in the financial environment are significant. Banks have to increase the profits from the non-interest income and develop the business not entailing Regulatory Capital. So the fee incomes from the Wealth Management Section become more important for banks. The financial advisor is the key factor of the Wealth Management Section. The selection of financial advisors is very important for the banks. The study is based on the view of the personality theory of Big-Five factor. The purpose of this study is to find the relationship between the personality traits of financial advisors and the job performance. The study involved a survey, comprised of three sets of questionnaires concerning demographics, Big-five personality and job performance. 183 financial advisors in the domestic F Bank participated in this study. The quantitative analysis of the questionnaires was conducted through descriptive statistics, Pearson correlation and regression analysis were used to indicate the direction and relationship between personality and job performance. The result of this study was showed as following： 1. Four of Big-Five factors including “Extraversion”, “Openness to Experience”, “Agreebleness” and “Conscientiousness” are positively correlated with job performance. 2. The factor “Agreebleness” has a positive effect on “task performance” and “contextual performance”. 3. The factor “Conscientiousness” has a positive effect on “task performance”, “contextual performance” and “fee income”. The factor “Conscientiousness” has the greatest effect on job performance among the Big-Five factors. 4. The factor “Openness to Experience” has a positive effect on “task performance”, “contextual performance” and “fee income”. 5. The factor “Extraversion” has a positive effect on “contextual performance”. Based on the results, the researcher recommends that F Bank select employees with personality trait “Conscientiousness” and “Conscientiousness” as the financial advisors. The researcher expects the financial advisors with personality trait “Conscientiousness” have better job performance.

This doctoral thesis contains three empirical research papers that center on the topics of private equity and the role of advisors in mergers and acquisitions. "Your Former Employees Matter: Private Equity Firms and Their Financial Advisors” is a study of how social networks that are formed by previous employment relations affect private equity firms’choice of financial advisors. A financial advisor is more likely to advice on a transaction if a former employee is one of the private equity professionals who constitute the deal team for the particular transaction. In turn, information and deals are sourced to private equity firms from sell-side financial advisors within the previous employment network. "Dual Role Advisors and Conflicts of Interest” focuses on the potential conflicts of interest that may arise when an advisor to a firm targeted in a merger or acquisition is simultaneously involved in financing the bidder. Overall, the results suggest that investment banks in these situations may not have fulfilled their obligation of obtaining the highest possible price on behalf of the seller. "Private Equity Firms and Quick Flip Sales” examines the particulars of quick flip investments and three hypotheses that may explain their prevalence. Private equity firms typically are long term investors, but occasionally exits take place in less than 18 months. Results point to that such quick flips may partly be due to conflicting interests between the limited and general partners. / <p>Diss. Stockholm : Handelshögskolan, 2010. Sammanfattning jämte 3 uppsatser</p>

The subject of this thesis is a technical analysis as a specific method for prediction of the future trend of equities. The topic is introduced by an analysis of investment opportunities in markets in the Czech Republic and in the world, by a comparison of analytical methods. The main part consists of exploration and description of selected indicators of technical analysis. On their basis business strategies are created and reflected in automated trading systems. These strategies are subject of testing on historical data and of subsequent optimization to maximize potential profitability. The results of testing are summarized and evaluated in the final phase of this thesis that also analyzes advantages and shortcomings of the technical analysis and gives an idea for further investigation.

National Security Dictatorships deployed in Southern Cone countries set innumerable episodes concerning the violation of human rights. In Brazil, for over twenty-one years military personal and some sectors from civil society were responsible for countless atrocities carried out against citizens, especially regarding the ones who were against the military coup. Inside Brazilian universities, reality was not different because the Academies were known as the most important institutions able to work against repression and as a consequence, they had to be effectively controlled. In the beginning of the 1970 s, Safety and Information Advisors Agencies were created in order to monitor and control all actions of academic communities and also the actions of the ones who positioned themselves against the government. The impact of such measure could be felt by all Brazilian universities, and for more than a decade the Safety and Information Advisors Agencies (ASIs) produced a substantial quantity of documents about the work of its agents as well as registers about the subversives . Taking into consideration the period after the dictatorship and the proposal of a Transitional Justice, considered incomplete in Brazil, it is suggested the reactivation of an institutional body from the Federal University of Santa Maria (UFSM) as an alternative to reach, at least in academic level, the principles of transitional justice whose were still not reached. These principles are: the institutional reform and the rescuing of the institution s memory; for such, it is proposed the granting of free access to the ASI/UFSM files. / As Ditaduras de Segurança Nacional implantadas nos países do Cone Sul determinaram incontáveis episódios de violações de direitos humanos. No Brasil, por mais de vinte anos, os militares e alguns setores da sociedade civil foram responsáveis por inúmeras atrocidades cometidas contra a população, particularmente aos que resistiam ao golpe. Dentro das universidades a realidade não foi diferente, pois a Academia, na percepção dos golpistas, era tida como uma das instituições mais importantes na resistência à repressão e precisava ser controlada de forma eficaz. A partir disso, foram criadas, no início dos anos 1970, as Assessorias de Segurança e Informações (ASIs/AESIs), com o propósito de monitorar e controlar as ações da comunidade acadêmica e dos contrários às ações do governo ditatorial. O impacto dessa medida pôde ser sentido na totalidade das instituições de ensino superior, públicas, já que todas tiveram suas ASI/AESI que, por mais de uma década produziram uma quantidade substancial de documentos que diziam respeito à atuação de seus agentes, assim como registravam os passos dos subversivos . Considerando a fase posterior à ditadura e a proposição da política de Justiça de Transição, (incompleta no caso brasileiro), propõe-se a reativação de um órgão institucional da Universidade Federal de Santa Maria (UFSM), como alternativa para o alcance em nível acadêmico, dos princípios da justiça transicional ainda não atingidos, entre eles a reforma institucional e o resgate da memória da instituição, propondo para tanto a reconstituição e o acesso ao acervo da ASI/UFSM.

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.

Sveriges största banker erbjuder både förmögenhetsrådgivning och privatrådgivning till sina kunder. Förmögenhetsrådgivare ger råd till bankkunder som innehar ett stort kapital, där storleken varierar från bank till bank, medan privatrådgivare ger råd till kunder som inte kvalificeras som förmögenhetskunder. Det som både förmögenhetsrådgivare och privatrådgivare har gemensamt är skapandet av kundernas riskprofiler som görs innan finansiella råd ges. De väsentliga påverkansfaktorerna i denna uppsats är reglering, styrsystem, kundens demografiska attribut, professionalism samt rådgivaren som individ. Det har tidigare studerats hur olika faktorer kan tänkas påverka generell risksättning men då har jämförelsen mellan förmögenhetsrådgivning och privatrådgivning inte tagits i bejakande. Syftet med denna uppsats är hur de olika faktorerna kan tänkas påverka den riskprofil som fastställs inom förmögenhetsrådgivning i jämförelse med privatrådgivning. Två hypoteser har konstruerats utifrån uppsatsens syfte och de teorier som är inkluderade. I denna uppsats används ett positivistiskt synsätt och en deduktiv ansats, där data har samlats in med hjälp av en enkätundersökning för att undersöka studiens syfte. Resultatet kan inte påvisa att faktorerna påverkar den riskprofilering som de finansiella rådgivarna fastställer och därför gick inte hypoteserna att acceptera. En antydan finns dock i att förmögenhetsrådgivare har högre precision i att fastställa kundens risktolerans. En annan antydan är att förmögenhetsrådgivare överskattar kundens risktolerans. Slutsatsen visar att forskningen ger en antydan till att rådgivarens professionalitet samt rådgivaren som individ påverkar den riskprofilering som förmögenhetsrådgivarna och privatrådgivarna sätter på kunden. Slutligen bidrar studien till en diskussion om skillnader mellan förmögenhetsrådgivare och privatrådgivare när de fastställer kundens risktolerans. Idén i denna studie har därmed bidragit till nya tankar gällande uppsatsens koncept. / Sweden's largest banks offer financial advice regarding the customer’s wealth. Wealth management advises bank customers who hold large capital where the size varies between the banks. Private advisers provide consulting to bank customers who do not qualify for wealth management. What both wealth managers and private advisors have in common is the creation of customer risk profiles that are made before any financial advice is given. The key impact factors in this paper are regulation, control systems, customer demographic attributes, professionalism and the advisor as an individual. It has previously been studied how different factors may affect general risk setting but not focusing on the professions of wealth managers and private advisors and the comparison between them. The purpose of this paper is how the various factors may affect the risk profile from wealth management in comparison to private advising. Two hypotheses have been constructed from the purpose of this paper and the theory’s that are included. This essay uses a positivistic approach and a deductive approach, in which data has been gathered through a questionnaire survey for studying the purpose of this paper. The result cannot show that the factors affect the risk profile set by the financial advisors and the hypotheses where therefore rejected. However, there is an indication that wealth managers have higher precision in determining the client's risk tolerance. Another indication is also that wealth managers overestimate the client's risk tolerance compared to private advisors. The research conclusions indicate that the advisor's professionalism and the adviser as an individual influence the risk profile that wealth managers and private advisor’s determents for the customers. Finally, the study contributes to a discussion of differences between wealth managers and private advisors when they determent the customers risk profile. The idea of this study has contributed to new thoughts about the essay concepts.

Bakgrund: År 2020 infördes ett nytt kompetenskrav i SwedSec om ekonomisk psykologi och finansiella rådgivare. Det har under de senaste åren varit stora ekonomiska oroligheter där konsekvenserna av Coronapandemin och det pågående kriget i Ukraina i kombination med andra faktorer har resulterat i rekordhöga inflationsnivåer, vilket i sin tur har resulterat i höjningar av styrräntan. Vid ekonomiskt oroliga tider är det en större risk att personer faller offer för psykologiska fallgropar eller påverkas av psykologiska faktorer. Således är det relevant att skapa förståelse om hur rådgivare påverkas och hanterar psykologiska fallgropar i rådgivningsprocessen. Syfte: Syftet med denna studie har varit att undersöka finansiella rådgivares råd och rekommendationer till kunder under de ekonomiska omständigheterna under första halvåret 2023. Författarna har analyserat hur rådgivare har anpassat sig till de nya kunskapskraven inom ekonomisk psykologi som införts i SwedSecs rådgivningslicens 2020, och utforskat i vilken utsträckning rådgivare uppger att de influeras av psykologiska bias i deras beslutsprocesser. Slutligen har studien syftat till att identifiera metoder som rådgivare använder för att undvika dessa fallgropar och förbättra kvaliteten på deras rådgivning. Metod: En kvalitativ metod har använts i form av nio semistrukturerade intervjuer med finansiella rådgivare. Studien har en abduktiv ansats och axial kodning användes för att analysera de transkriberade intervjuerna. Slutsats: Majoriteten av rådgivarna har låga eller obefintliga kunskaper kring ekonomisk psykologi och de har inte heller vidtagit några åtgärder för att försöka uppfylla SwedSecs kompetenskrav, några rådgivare kommer inte heller ihåg att kompetenskravet infördes. Trots detta är risken liten för att de skall påverkas av psykologiska bias på grund av de använder sig av ett standardiserat rådgivningsverktyg. Studiens resultat pekar således på att rådgivare inte behöver ytterligare kompetenshöjande utbildningar för att motverka psykologiska fallgropar vid rådgivning till kunder, så länge som de använder sig av det rådgivningsverktyget som finns på det finansiella institut som de arbetar på. / Background: In 2020, a new competence requirement was introduced in SwedSec on economic psychology and financial advisors. The past years have seen major economic turmoil where the consequences of the Corona pandemic and the ongoing war in Ukraine combined with other factors have resulted in record high inflation levels, which in turn has resulted in increased benchmark interest rates. In times of economic uncertainty, people are more likely to be influenced by psychological biases and psychological factors. Thus, it is relevant to understand how advisors are affected by and deal with psychological bias in the financial advisory process. Purpose: The purpose of this study has been to examine financial advisors advice and recommendations to clients during the economic circumstances of the first half of 2023. The authors have analyzed how advisors have adapted to the new knowledge requirements about economic psychology introduced in SwedSec's advisory license 2020 and explored the extent to which financial advisors state being influenced by psychological biases in their decision-making processes. Finally, the study aims to identify methods that advisors use to avoid these biases and improve the quality of their recommendations. Methodology: A qualitative method has been used in the form of nine semi-structured interviews with financial advisors. The study has an abductive approach and axial coding was used to analyze the transcribed interviews. Conclusion: Most of the advisors have little, or no knowledge regarding economic psychology and have not taken any measures to try to meet SwedSec's competence requirements, some advisors do not even remember that the competence requirement was implemented. Despite this, the risk of being influenced by psychological bias is small because they use a standardized advisory tool. The results of the study thus indicate that advisors do not need additional competence-enhancing training to counteract psychological pitfalls when advising customers, assuming they use the advisory tool available at the financial institution where they work

Bakgrund: Bakgrunden presenterar digitaliseringens utveckling och jämför det med media som tidigare varit analogt. Därefter redogörs för utvecklingen av automatiserade finansiella rådgivare och de utvecklingsstadier det genomgått. I samband med utvecklingen påträffas olika aspekter hos unga småsparare som påverkar förtroendet som övergången från att använda mänskliga finansiella rådgivare till robotrådgivare. Syftet: Syftet med uppsatsen är att undersöka hur företag inom fondförsäljning och aktiemäklarbanker kan nyttja robotrådgivningstjänster bland unga småsparare. Undersökningen fokuserar främst på aspekterna informationsspridning och riskupplevelse.  Teoretisk referensram: Denna studie utgår från tre olika teorier, vilka omfattar Unified theory of acceptance and use of technology, Theory of perceived risk och Innovation Diffusion Theory. Metod: Studien utför en kvantitativ ansats genom en tvärsnittsdesign. Urvalsramen inkluderar unga vuxna som är 18 till 30 år. Datainsamlingen genomfördes via sociala medier och skolplattformar, och totalt deltog 151 unga högskolestudenter i enkätundersökningen.  Slutsats: Utifrån resultaten förekommer det en positiv korrelation mellan användningen och riskupplevelsen, vilket gör att robotrådgivare har en möjlighet att attrahera unga vuxna till segmentet.