Esta dissertação analisa a existência de oportunidades de obtenção de ganhos econômicos através da adoção de estratégias de investimento que explorem o viés de sobre-reação de preços no mercado de ações brasileiro no período de 1995 a 1998. De forma complementar, busca identificar se os resultados são persistentes a alterações do indicador de retorno utilizado, período de tempo da análise, método de acumulação de retornos e número de ativos da carteira. Os indicadores de retorno utilizados foram: retorno total, excesso de retorno de mercado e retorno ajustado ao risco, para períodos mensais, trimestrais, semestrais, anuais e bianuais. Utilizou-se a acumulação aritmética e composta, bem como diferentes quantidades de ações (fixas de 5 e 10 ações e variável de 5% e 10% da carteira total). Os instrumentos utilizados para os testes estatísticos de associação foram o teste de diferença de médias para duas amostras independentes, o teste de proporções, além do coeficiente de correlação de Spearman. A amostra compreendeu todas as ações existentes no período, cujos dados estavam disponíveis no banco de dados Economática. Os resultados demonstraram que existe a oportunidade de se obter ganhos no curto prazo, pois a estratégia contrária de investimento apresentou ganhos estatisticamente significantes para os períodos mensal e trimestral. / This dissertation analyzes the possibility of obtaining gains by adopting contrarian investments policy in the Brazilian Stock Market during the period from 1995 to 2003, in order to prove the existence of the overreaction bias in the investors? behavior. As a complementary objective, it was explored whether the strategy performance depends upon the measure employed to address performance, time period, cumulating returns method or number of securities in the portfolios. The research has involved different measures of performance: total return, market excess return and risk-adjusted return for different time horizons: monthly, quarterly, semi-annually, annually and biannually. It was computed two methods for cumulating returns, arithmetic and buy-and-hold, and also various quantitites of securities in each portfolio. The statistical procedures used to measure the degree of association were: difference of sample means test, proportions test and Spearman?s correlation coefficients. The sample included all stocks listed in Bovespa, with available data in the Economática database. Results show that there is an opportunity to gain in the short-time horizon, once the contrarian investment strategy presented statistically significant gains for monthly and quarterly periods.

<p>Introduction: In 1998, the pension system was changed and the so called PPM system was introduced. The PPM system is partly fund-based, partly distribution-based. There are approximately 700 different investment funds to choose between, at a maximum five for each individual. For persons who are not familiar with the financial market, the choice might be difficult. The lions’ part of the investors do not seem to have an active strategy. Are the reasons for that the complexity of the system or which factors do influence the choice between different fund strategies?</p><p>Problem area: The problem area of this thesis was to clarify the following questions: Why do not more peoples entitled to the Swedish PPM system make active investments and changes between different fund options? On the individual level, which factors influence how actively placements and changes are made within the PPM system?</p><p>Propose: Our mission was to investigate the reasons for the lack of activity of the individuals entitled to the benefits of the Swedish PPM system.</p><p>Methods: Our main approach was to quantitatively analyse the relations and to draw conclusion based on the questionnaire answers from a cohort of 100 respondents living in the city of Stockholm. The results were statistically analysed by using the computerised program SPSS.</p><p>Results: The lack of knowledge, experience and interest seem to be the factors most positively associated with the lack of initiative to actively make use of the possibilities offered by the PPM system.</p><p>Conclusions: The quantitative analysis performed indicates that a large majority of the Swedish population lack the qualities needed to manage the money obtainable within the Premium Pension System. It is evident that there are individual differences depending on educational level, income, age and risk attitude.</p> / <p>Inledning: 1998 reformerades det svenska pensionssystemet och det så kallade premiepensionssystemet infördes, som dels är fondbaserat, dels distributionsbaserat. I systemet finns omkring 700 olika fonder emellan spararen kan välja, maximalt fem. För en individ som inte är hemma på den finansiella marknaden kan valet av fonder vara ett svårt beslut. Är systemets komplexitet orsaken till att merparten av spararna inte har en aktiv strategi för sin premiepension eller vilka faktorer är det som styr detta?</p><p>Problemområde: De problemområden som avsågs klargöras genom denna studie var: Varför väljer inte fler svenska premiepensionssparare att aktivt placera och byta fonder? Vilka individuella faktorer styr hur aktiv individen är i sitt placerande av premiepensionsmedlen?</p><p>Syfte: Syftet var att undersöka orsakerna till varför merparten av de svenska premiepensionsspararna inte agerar aktivt i valet av fonder samt vilka individuella faktorer som är nav betydelse för graden av aktivitet i premiepensionssparandet.</p><p>Metodval: En kvantitativ ansats har huvudsakligen använts i denna uppsats då syftet var att uppdaga samband och dra slutsatser baserat på enkätsvar från en stor urvalsgrupp. Urvalet utgjordes av ett bekvämlighetsurval med 100 deltagande respondenter i stockholmsregionen. Det empiriska materialet bearbetades statistiskt i dataprogrammet SPSS.</p><p>Resultat: De faktorer författarna funnit haft störst inverkan för aktiviteten i premiepensionsvalet är kunskap, erfarenhet samt intresse. Avsaknaden av dessa antas vara vad som resulterar i många av de svenska premiepensionsspararnas passivitet i premiepensionsvalet.</p><p>Slutsatser: Den kvantitativa undersökning som genomförts indikerar att stora delar av den svenska befolkningen saknar de egenskaper som krävs för förvaltande av premiepensionen. Det framgår även att det föreligger skillnader beroende på bland annat individens utbildning, inkomst, ålder, kön samt åsikter kring risktagande.</p>

The purpose of this thesis is to examine if professional investors areindicating tendencies of irrational behavior when exposed to certainpsychological dilemmas related to the financial world.

As corporate sponsorship of sporting events becomes a more popular marketing tool, the price tag associated with these sponsorship agreements has steepened considerably. Over the past thirty years, sponsorship has become an integral part of the Olympic Games. In this paper, we employ an event study methodology to assess the impact of both the Vancouver 2010 Winter Olympic Games and the performance of Canadian Olympic athletes on the shareholder value of national Olympic sponsors. We hypothesize, in line with current behavioral finance research, that the national Olympic sponsors will capitalize on the positive mood and attention associated with the Games in such a way that Olympic sponsorship will positively impact shareholder value. However, we find that, from a stock return perspective, corporate sponsorship of the Vancouver 2010 Olympic Games is not a value-adding investment. We find that while the market index is positively impacted by both the Olympic Games and Canadian medalists, there is a negative and significant impact of the Olympic Games on national sponsors. Furthermore, Canadian medalists have a positive impact on the stock returns of three individual sponsors, but these winners' effects are negative for two sponsors and insignificant for another two sponsors.

The researchers are currently engaged in wealth management professionals for over twenty years of practice areas, and for providing financial services wealth management asset allocation process, the experience of people in the pursuit of economic self-interest maximization process, often because the investors themselves for risk point of view and the cognitive, emotional or thought patterns, often become the reason he specifically interact with one of the key variables; contrary Holding institutions wealth management, wealth management because of their professionalism, motivation and company performance requirements of multiple variations, which will affect both the wealth management and customer interaction, or even affect the financial holding institution's operational performance. Operating financial holding companies are facing competition and changing regulatory requirements, this paper's major research-oriented background. In this study, thesis research purposes are as follows: 1 for the financial holding company status and wealth management and financial holding corporate social responsibility with the maxmun balance 2. Clarify the related adaptive to help wealth managers, except in self-motivation considerations for customers in the best interests of objective wealth planning, To achieve the true meaning of Wealth Management , the qualitative research papers in an open-ended questions, for wealth management executives, wealth management financial planning experts, wealth management customers, visit the open-ended questionnaire. Research findings of this paper are as follows: 1. ECFA circle of the era, Taiwan's wealth management expertise and practical experience in human resources. The main objective of the Bank seek power. This part of the commissioner on the future of Taiwan's financial planning and career development. 2. Financial holding company or the bank's private wealth management side representative is a major opportunity.bank or financial holding company for the wealth management side, the design should consider the KPI and bank profit center planning. Clarify the objectives and performance factors driving re-factor. 3 Faced with such public information so open and fast, many investors may continue to disrupt the signal wealth managers investment decisions, so individuals and companies how to operate the asset allocation, wealth management to provide objective Planning, this is the focus of future wealth management and financial holding companies, financial planning experts should be aware of the efforts. Follow-up study suggests the following 1 The traditional financial products and simple, systematic, wealth management has been unable to meet the increasingly diversified and international Internationalization of the wealth management market, how to more accurately identify the creation of wealth management clients - financial holding company or bank- Financial Commissioner and other common collection point and win the main factors, should this study follow-up recommendations. 2. Financial holding companies, the mainland's financial services future, how will Taiwan's current commissioner of the existing financial management practices by Experience and tacit knowledge for integrated knowledge management, and design combined with career planning, financial commissioner, then a total of The land bank to enter the mainland China and the integration of financial resources for financial arbitrage and planning. 3. Proposed noise signal for investment in confusion, how Wealth Management exclusive customer base for the message does not symmetry of the investment decisions of game theory into research. 4 .We recommended for the wealth management, financial holding companies, drivers of business performance and profit center design, long-term short-term. Re-assess the factors to be measured, has been in response to the current demand for wealth management clients plan features and long-established company sustainable long road to wealth management.

The key features of this dissertation pertain to limited investor attention and its indirect consequences of conservatism and representativeness biases that have impacts on the Taiwan Stock Market. Thus, this dissertation contributes to the empirical work on investors¡¦ limited attention and heterogeneous beliefs to public information, as well as representativeness heuristics. This study examines the market reaction of a sequential release of annual reports in Taiwan, in which different stages of attention-grabbing cause different market reactions. Moreover, investors with limited attention have an incomplete understanding about the content of the annual report, in which different years present significant positive or negative reactions of trading volume, and the evidence supports the hypothesis of limited attention. If people focus primarily on the strength of the evidence, they tend to neglect its weight and manifest representativeness bias. On the other hand, when people are unimpressed by the strength of the evidence, they focus too much on its weight and exhibit conservatism bias. Thus, this study distinguishes the behavioral biases between global representativeness bias and local representativeness bias. The results suggest that accounting performances globally have low strength but high weight features, leading investors to show conservatism bias, and other valuation ratios globally have high strength but low weight features, leading investors to exhibit representativeness bias. However, when global sequence is further decomposed into a local sequence, those behavioral biases disappear. This study also sheds light on how investors are sensitive to the streak length of performance, and the empirical evidence indicates that investors exhibit the gambler¡¦s fallacy to the trend of performance.

<p>The purpose of this thesis is to examine if professional investors areindicating tendencies of irrational behavior when exposed to certainpsychological dilemmas related to the financial world.</p>

The Local Multiplier: Theory and Evidence. I show that 1) the policy-relevant "global multiplier" can be written as the sum of a spending component and a taxation component, all scaled up by spillover effects, 2) the "local multiplier" is exactly the spending com- ponent, and 3) if trade is anonymous, the local effects of a shock to federal government purchases in a county will be identical to the effects of a shock to consumer demand for the exports of that locality. I estimate a bound for the local multiplier and consider spillover effects to contiguous counties. I find that a shock of $48,000 creates at least one job-year locally. Analysis at a monthly frequency suggests that these jobs are more persistent than previously estimated. Evidence of higher multipliers in recessions is mixed. / Economics

Syfte: Syftet med denna uppsats är att hitta samband mellan de demografiska faktorerna och en förändring i det privata pensionssparandet år 2015. Teoretisk och empirisk metod: Forskningsstrategin för denna studie har varit av kvantitaiv form, med en hypotetisk deduktiv ansats. En enkätundersökning låg till grund för insamling av empirin i denna forskning. Målgruppen för respondenterna var mellan 20-65 år, då det anses till största del vara dessa som pensionssparar. Enkäten bestod till största del utav frågor med alternativ som respondenterna fick fylla i. Resultat och Slutsats: Resultatet av denna forskning visar hur vissa av demografiska faktorer påverkar personers privata pensionssparande och även hur de agerat efter förändringen av avdragsrätt. De demografiska faktorer som kan påvisas påverka är en persons ålder och inkomst. Det fanns ett positivt samband mellan stigande ålder och summa pensionssparande och stigande inkomst och summa pensionssparande. Åldern och inkomsten sågs även påverka hur individer valde att ändra pensionssparandet efter ändringen i avdragsrätt. / Purpose: The purpose of this paper is to find connections between demographic factors and a changing of the reduced deductibility year 2015. Theoretical och empirical method: The strategy for this empirical study has been in a quantitative shape with a deductive approach. A survey has been formed to collect the empirical material. The target group for this study has been individuals between 20-65 years old, because these are the people that should be saving for their retirement. The questionnaire was for the most part filled with beforehand given answers that the individual chose the answer that they felt represented themselves. Conclusion: The results of this paper shows how some of the demographic factors has an impact on how an individual acts when they are saving for their retirement and that there is some differences on how they have act after the reduced deductibility. The two factors that have an impact is a person’s age and their level of income. Where people in a higher age and with a higher income will save more for their retirement then others. People with a higher income and a higher age will have change their retirement plan after 2015.

The fund industry has grown tremendously over the last decades and the function for mutual funds and their managers have gained importance. Sweden is today the greatest fund saving country in the world however the function of the mutual funds and their managers is still rather unexplored. Mutual fund managers were blamed for the recent financial crisis and their irrational behavior was highlighted. This indicated how weak the classic financial theories are when trying to explain the function of human behavior and the irrationality in the market.  Behavioral aspects for fund managers are greater than previously thought and there is a need to incorporate this better in the financial theories. The financial crisis together with the possibility of earning excess return over a long time period has indicated that the markets are not efficient. The confidence for mutual fund managers from the public is low because of the last financial crisis. There is a need for more regulation, better-suited payment schemes, greater transparency and products that everyone can understand in order to raise the confidence back to the previous level.