Bank-managed equity funds are not inferior to their non-bank counterparts. Previous research reporting relative underperformance of bank-managed funds ignored their differing fiduciary standards. To evaluate bank and non-bank funds facing similar fiduciary responsibilities, domestic retail funds approved for Singapore’s Central Provident Fund Investment Scheme were examined, as they meet the same standard for managing social security savings. Returns from these funds correlate highly with market performance. Even though these fund returns exceeded guaranteed interest rates, they did not outperform their market index.With financial market deregulation in Southeast Asia, local banks in small economies withstand erosion of business by foreign competitors. Banks, in order to increase profits, compete with local as well as foreign insurance and investment companies by offering mutual fund products. To remain competitive, banks need to shed their reputation for not being able to generate impressive fund returns, as their funds are not inferior to those from insurance and investment companies in terms of assets under management, expenditures, returns and risk. To gain competitive advantage, banks can differentiate their fund characteristics and reduce portfolio management costs.Mutual fund characteristics can affect expected returns or transaction costs. Factors affecting expected returns include asset allocation and systematic risk, while transaction costs include explicit and implicit ones, which can be measured by expense ratios and size of funds respectively. Insignificance of transaction cost determinants in affecting actual returns can be attributable to dominance of factors affecting expected returns.

As instituições financeiras apresentam, como particularidade, a dependência de recursos de terceiros para o desenvolvimento de suas atividades, assumindo importância a realização de captações a baixos custos. Para tanto, é fundamental a manutenção de imagem de solidez financeira, eficiência de desempenho e boa reputação. Neste contexto, entende-se que a suavização de resultados (income smoothing) é prática de gerenciamento de resultados contábeis (GR) de especial interesse para os bancos. Isto decorre da relevância, no segmento bancário, de transmitir imagem de constância de resultados, evitando-se a apresentação de altas volatilidades nos lucros divulgados, as quais podem afetar negativamente a percepção dos investidores quanto aos padrões futuros de resultados e quanto aos riscos envolvidos nas operações da instituição. O presente trabalho investiga a utilização, pelas instituições financeiras (IF) em atuação no Brasil, da contabilização de operações de crédito, títulos e valores mobiliários (TVM) e derivativos para fins de GR. Questiona-se se os padrões contábeis vigentes no sistema financeiro nacional (SFN), nas três áreas mencionadas, estão sendo empregados com o propósito de suavização de resultados. Na pesquisa empírica, adotando-se as técnicas de correlação e regressão, foram avaliados dados contábeis semestrais das 50 maiores IF em atuação no Brasil, no período de junho de 2002 a dezembro de 2006, tendo em vista identificar a possível utilização da PDD (provisão para devedores duvidosos nas operações de crédito) ou de ajustes a valor de mercado de TVM ou do resultado com derivativos para a suavização de resultados. As análises são realizadas para o conjunto das 50 maiores instituições, com o objetivo de apreender o comportamento geral do SFN, não sendo propósito a identificação de comportamentos individualizados em termos de GR. Os resultados obtidos indicam o emprego das operações de crédito e derivativos na suavização de resultados contábeis e também dos ajustes positivos a valor de mercado de TVM. O efeito na suavização de resultados revelou-se mais forte no caso de operações de crédito, por meio da PDD, e derivativos, por meio do resultado com derivativos, nesta ordem de importância, tendo posição de menor relevância os ajustes a VM de TVM. Constatou-se que a PDD é o instrumento mais \"poderoso\" em termos de suavização de lucros bancários, seguido pelos derivativos; os ajustes positivos a VM de TVM também favorecem a suavização de resultados contábeis, mas desempenham papel menos relevante, não contribuindo de forma tão significativa como a PDD e o resultado com derivativos. Quanto aos derivativos, o efeito de suavização de resultados alinha-se com sua utilização como instrumento de proteção (hedge), de maneira a evitar maiores flutuações nos lucros contábeis das IF. Em suma, constatou-se o efeito de suavização no resultado contábil por meio das despesas com PDD (operações de crédito), resultado com derivativos e também, mas em menor intensidade, por meio das receitas com ajustes positivos a VM de TVM. As despesas com ajustes negativos a VM de títulos, por sua vez, não tiveram confirmada sua participação no processo de GR e de suavização dos lucros das instituições financeiras em atuação no Brasil. / Financial institutions present, as a distinctive feature, a dependence of financial resources from third parties for the development of their activities. This way, the obtaining of low cost funding becomes a major issue and in order to succeed in doing so, it is fundamental to sustain financial soundness, performance efficiency and a good reputation. In this context, income smoothing is perceived to be an earnings management (EM) practice of especial interest for banks. This derives from the fact that it is relevant - for the banking industry -, to transmit an image of constant earnings, thus preventing high volatilities in reported earnings, which could affect negatively investors\' perception concerning future levels of earnings as well as the risks taken in the operations carried out by the institution. This work investigates the employment of credit, securities and derivatives accounting by financial institutions in Brazil, for the purpose of managing results. The question is whether actual accounting standards of the Brazilian financial system (BFS) - in the three mentioned areas -, are being used so as to smooth earnings. In the empirical research, considering the period of June 2002 to December 2006, semiannual accounting data from the 50 greatest financial institutions in Brazil were analyzed so as to identify any pattern of income smoothing by means of loan & loss provision, unrealized gains or losses on securities or net gains (or losses) on derivatives. The analyses were conducted for the 50 greatest financial institutions taken as a whole, so as to grasp the general behavior of the Brazilian financial system. This way, individual behavior of any particular institution in terms of EM is not the purpose of this work. The results obtained in this work hints at the employment of credit and derivatives accounting as well as unrealized gains on securities in order to smooth earnings. The income smoothing effect proved to be more prominent in the case of loan & loss provisions derived from credit operations. Derivatives accounting were found to be next in importance, being unrealized gains on securities the less relevant source of smoothing. As for derivatives, the income smoothing effect is in accordance with their use as an instrument of hedging: they prevent great fluctuations (in terms of earnings) from happening. In short, this work indicates that the income smoothing is brought into effect by loan & loss provisions, gains (losses) on derivatives as well as via unrealized gains on securities (to a lesser degree). The unrealized losses on securities, however, had neither a role in the process of EM nor were they items that could account for income smoothing of financial institutions in Brazil, according to the estimates obtained from the correlation and regression analysis.

O presente trabalho visa analisar as implicações e desafios impostos ao direito penal na tutela da criminalidade econômica atual, especialmente no que tange ao delito de gestão fraudulenta de instituição financeira, previsto no caput do artigo 4º da Lei 7.492/86, delito mais severamente apenado na Lei dos Crimes contra o Sistema Financeiro Nacional. Em razão de sua descrição absolutamente genérica e da gravidade da sanção cominada buscar-se-á interpretar suas elementares típicas de forma conectada aos motivos que ensejaram a sua edição, bem como relacionada ao bem jurídico tutelado pela norma, aplicando-se redutores teleológicos no desiderato de conferir ao tipo uma identidade própria, agregando coerência interna na própria lei e minimizando os recorrentes problemas quanto ao âmbito de incidência de seus dispositivos legais, por vezes dispostos em situação de conflito aparente de normas. Nesses termos, o crime de gestão fraudulenta de instituição financeira será decomposto em todos os seus elementos típicos, objetivos e subjetivos, observando-se sua objetividade jurídica, objeto material, sujeitos ativos, passivos, concurso de pessoas, consumação e tentativa. Posteriormente, será adentrado à problemática do concurso aparente de normas entre o crime estudado gestão fraudulenta de instituição financeira e os demais tipos penais previstos na Lei 7.492/86, especialmente em relação aos tipos penais previstos nos artigos 5º, 6º, 9º, 10, 11, 16, 17, 21 e 22. A análise será feita com base nas relações lógico-conceituais entre os preceitos normativos, seguida de uma interpretação teleológica e valorativa, com base nos critérios de resolução de conflito aparente de normas propostos pela doutrina especialidade, subsidiariedade, consunção e alternatividade. Ao final, as conclusões encontradas serão confrontadas com o recorte jurisprudencial dos julgados atinentes à matéria, proferidos pelo Tribunal Regional Federal da 3º Região nos últimos 10 anos (01/01/2003 a 31/12/2013). / This work intends to analyze the implications and challenges imposed on criminal law for the defense of current economic crimes, especially in regards to the crime of mismanagement of financial institutions provided for in the main provision of Article 4 of Law No. 7492/86, a crime punished by maximum sentence in the Law of Crimes against the National Financial System. As a result of its completely general description and the severity of the sanction imposed, the interpretation of its typical elements shall be made in connection with the motives which originated the enactment thereof, as well as relating to the legal interest protected by the rule, while applying teleological reducers for the purpose of conferring a proper identity to the definition of the crime, adding internal consistency to the law itself and minimizing recurring problems regarding the scope of incidence of the legal provisions thereof, at times applied in situations of apparent conflict of rules. This way, the crime of mismanagement of financial institutions will be decomposed into all its typical objective and subjective elements, addressing legal objectivity, material object, perpetrators, victims, co-perpetration, consummation and attempt. Next, it will address the issue of the apparent joinder of rules between the crime examined - mismanagement of financial institution - and other criminal offenses established by Law 7492/86, especially in relation to criminal offenses provided for in Articles 5, 6, 9, 10, 11, 16, 17, 21 and 22. The analysis will be based on logical-conceptual relations between the normative precepts, followed by a teleological and judgmental interpretation, based on the solution criteria of apparent conflict of rules proposed by the jurists - specialty, subsidiarity, merger and alternativity. Finally, the conclusions reached will be confronted with case law clippings of decisions regarding the matter granted by the Federal Regional Court of the third Region in the past 10 years (01/01/2003 to 12/31/2013).

Magister Commercii (Industrial Psychology) - MCom(IPS) / Although South Africa is 18 years into creating a unique diversity management strategy, individuals - directly affected by diversity in organisation will differ completely from those individuals that have not been affected by diversity in organisations at all. The subject of diversity management has become a contentious issue causing disagreement and argument is in the last couple of years. Many organisations find it difficult to grasp the concept of diversity, thus creating an opportunity for organisational development consultants and management to make substantial profit (Dombai & Verwey, 1999). In the current working environment and the continuous change of the organisation‟s employees, the workforce has become more diverse. This resulted in wider employee knowledge, skills, experience and attitude which will allow the organisation to become more competitive globally. It is of utmost importance for organisations attract and retain staff from different cultural and diverse group of order to improve the employee performance and the competitive advantage of the organisation (Ferreira & Coetzee, 2010). Cumming and Worley (2009, p. 506-509) postulate that “organisational transformation – and more specifically diversity management - is impacting on the bottom line results of the organisation”. Organisational transformation implies radical changes in how members perceive, think, and behave at work. They are concerned with fundamentality altering the prevailing assumptions about how the organisation function and relates to its environment. The study aimed at determining the employees‟ perception towards workplace diversity in a financial institution operating in the Western Cape. More specifically, the following questions will be investigated in this study: What are employees‟ perceptions of workplace diversity? Do employees differ in their views/perception of workplace diversity based on their age, race, job categories, gender, job status and qualification? To what extent is workplace diversity understood by employees? What challenges are being faced to effectively implement workplace diversity? Information was gathered from both secondary and primary resources. All relevant information that was not obtained from publications was gathered through the use of questionnaires that were completed by employees in the financial institution. The primary resources in this research study used are questionnaires that were distributed to employees in a financial institution to complete. Permission was obtained from executive management, provincial management, junior management and the human resources department to distribute the research study questionnaire to the staff in the financial institution. Data was analysed by using structural, methodical and clear reasoning. Data analysis, involving a descriptive study in order to determine the relationship between the employees‟ perception towards workplace diversity in a financial institution operating in the Western Cape The descriptive study created an understanding of the relationship between the employees‟ perception towards workplace diversity, for the researcher and the organisation. The Pearson method was used to determine whether there is a relationship between age, race, gender, job category and qualification and the perceptions of workplace diversity in a financial institution. The Health Professional Council of South Africa (HPCSA)‟s ethical code of Professional Conduct for Psychologists was strictly adhered to. Voluntary participation was critical to the study because of the participants‟ time and energy required as well as asking participants to reveal personal information to the researcher. Permission to conduct the research was obtained from the financial institution where study was undertaken. Informed consent was obtained from participants before starting the data gathering process. Three hundred and nine (309) respondents completed a biographical questionnaire as well as the workplace diversity survey in order to understand their perception and understanding of workplace diversity. To ascertain the perception of workplace diversity, respondents completed a workplace diversity survey. While the results of the current study reveals interesting findings, the results should be interpreted with caution due to the size of the sample used which impacts the generalizability of the findings.

The diploma thesis deals with the taxation of financial institutions focused on European Union. The thesis provides a short view on the inception of financial crisis in USA and the costs spent by national governments on rescue of systemic important institutions on the market. The history of banking tax concept is briefly summarized on theoretical level and also two real historical examples of taxation in financial sector are provided. The main part of the work is focused on the current proposal of European Commission and the impact of its implementation. The practical part of diploma thesis is based on particular model examples how this proposal would work in practice.

The submitted diploma thesis deals with the taxation of financial institutions, focusing on current trends in this field. Its aim is to analyze and compare implemented forms of taxation of financial institutions in selected countries. The first chapter provides the analysis of taxation of financial institutions in the Czech Republic and focuses on the specifics related to corporate income tax and value added tax. The second chapter discusses the approach to the taxation of financial institutions in selected countries where the focus is on the financial stability contribution, financial activities tax and financial transaction tax. The third chapter deals with the development of the implementation of the financial transaction tax in the European Union. Moreover, briefly describes the process of these discussions and examines the current proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax. The thesis also contains an approximate prediction of tax revenues in case that the Czech Republic implemented the European financial transaction tax.

La recherche menée dans le cadre de ce mémoire s’intéresse à la prévention des cybercrimes. De façon plus précise, l’étude avait pour objectif d’évaluer les effets perçus d’une campagne de prévention des cybercrimes réalisée par une institution financière canadienne. Une attention particulière a été accordée aux perceptions des personnes en lien avec leur sentiment de sécurité. Après la fin de la campagne (qui a eu lieu en octobre 2018), 1452 clients francophones (831 hommes et 521 femmes) ont répondu au sondage par l’entremise d’un panel web disponible en ligne. Les résultats indiquent que la campagne de prévention a été bien perçue pour une majorité des répondants (75%), en particulier chez les participants plus âgés (55 ans et plus). Les analyses ont aussi révélé que le genre n’était pas un facteur associé significativement aux réponses des répondants. De façon générale, les participants ont estimé que la campagne avait contribué à augmenter leur sentiment de sécurité, cependant, on constate que la campagne a manqué de visibilité car seulement un faible pourcentage d’individus se souvient l’avoir vue avant de répondre au sondage. Il en ressort néanmoins que la plupart des répondants sondés ont démontré de l’intérêt à recevoir plus d’informations sur la cybercriminalité et les moyens de s’en protéger. Dans le futur, il serait utile de mener des campagnes de prévention plus ciblées afin de mieux atteindre les objectifs poursuivis. La discussion fait état de plusieurs autres recommandations qui prennent appui sur les résultats obtenus et sur l’analyse de la documentation consultée. / The purpose of this study was to evaluate the impact of a prevention campaign about cybercrimes that was run by a Canadian financial institution. More specifically, we examined how participants/clients perceived the financial institution’s initiative to inform them about cybercrimes. The study also explored whether or not the campaign had the desired effect, which was to reinforce their sense of security. This campaign took place on October 2018 and 1,452 adults (831 males and 521 females) participated in the online web survey. The results indicated that the prevention campaign had been positively perceived by most of the respondents (75%), especially among older individuals (55 y/o and over). Further analysis has shown no gender differences in participants’ responses. In general, participants felt that the campaign has increased their sense of safety; however, they also noted that the campaign lacked visibility and only a low percentage of individuals had seen it prior to the completion of the survey. Nonetheless, most participants have expressed an interest in receiving more information on cybercrime and how to take actions on protecting one’s self. In the future, it would be advisable to conduct targeted prevention campaigns in order to better achieve its objectives. Discussion also includes recommendations based on the results and the review of the literature.

In an ever-changing world of work Absa, as a business, is faced with various challenges including the continuous development of skills. Due to technological advancements, eLearning can provide a mechanism to rapidly build the required strategic and tactical skills that the organisation needs. This study explored the challenge of articulating the contribution of eLearning to business performance in an unbounded way. The study focused on the creation of knowledge about how the contribution of eLearning to business performance can be improved. In the process of knowledge creation, the study focused on identifying the point of value creation between Business and an eLearning intervention. This point of value creation can be seen as a leverage point. Systems Thinking was implemented as an approach in order to identify the leverage point. The following research objectives were defined: · To identify the driver problem that prevents eLearning from improving business performance. · To design the systems dynamic model that represents the driver problem. · To identify the leverage point within the systems dynamic model. · To reflect on the effect that the behaviour of the individuals, participating in the research process, has on the research inquiry. The sample of 28 focus group participants was selected from two specific divisions of Absa – the eChannels: Contact Centre and the Learning and Development Department. This sample consisted of Operational Management, Team Leaders, Contact Centre Consultants and learning design experts. Executive Management was excluded from the focus groups, but was included in the process as verifiers. This created an opportunity for Executive Management to voice their opinions. The results of the study indicate that the leverage point for successful contribution of eLearning to business performance is … A shared mental model of expectations between the participating stakeholders. Once Business and the Learning and Development Department start going through the constructive cycle of the systems dynamic model repeatedly, they will continuously build the shared mental model of expectations. This cycle will also build on the: 1) Level of visible support of the line managers; 2) Level of clarity of business needs to all relevant stakeholders; 3) Number of requests from business for eLearning opportunities; and 4) Level of awareness and understanding of appropriate eLearning interventions per target population. The effect of the positive reinforcement of the recurring cycle will ensure that eLearning continuously contributes to business performance. During the study the effect of the research process on the focus group participants as well as the effect of the focus group participants on the research process was also accounted for. Observers reflected on the behaviour of the focus group participants and found that their opinions and thought processes influenced the outcome of the study. The focus group participants felt that they had learnt something new, that the tasks set to the groups was clear and that the topics they had learnt most about were ‘systems thinking’ followed by the ’ relationship between eLearning and business performance’. Copyright / Thesis (PhD (Curriculum Studies))--University of Pretoria, 2004. / Curriculum Studies / unrestricted

För att alltid kunna erbjuda sina tjänster som ett finansiellt institut så är det viktigt att alltid vara informerad och uppdaterad när nya regelverk träder i kraft. Idag bidrar det till höga kostnader då det till stor del sker med humanitär kraft. För att se i vilken mån det går att effektivisera med hjälp av artificiell intelligens eller maskininlärning gjordes en litteraturstudie för att detta. Undersökningen visade att maskininlärning var den bäst lämpade metoden för denna problemställning. Arbetet hade inte de mest optimala förutsättningar för att få så säkert resultat som möjligt, trots detta visade resultatet på god förmåga att kunna klassificera produkter mot regelverk. Möjligheten till att applicera maskininlärning eller artificiell intelligens är god men det är viktigt med extremt stora mängder tränings- och testdata för att kunna effektivisera finansbranschen. / To always be able to offer their services as a financial institution, it’s important for them to always stay informed and updated when new regulations come into force. Today it contributes to high costs, largely due to humanitarian power. A literature study was performed to see as to what extent artificial intelligence or machine learning could be used to reduce the problem. The result of the study showed that machine learning was the best suited method for this problem. There were not the most optimal conditions to achieve the best possible result, despite that, the result gave promising ability to classify products to regulations. The possibility of applying machine learning and artificial intelligence is good but it is important to have extremely large amounts of training and test data in order to make the financial industry more effective.

L'opération de crédit bail est un ensemble contractuel dans lequel plusieurs contrats participent à la réalisation d'un but commun. Il s'agit du financement en vue de l'acquisition ou de la construction d'un bien mobilier ou immobilier. L'opération met en scène un contrat principal autour duquel s'agglomèrent d'autres contrats accessoires. La recherche de la sécurité étant « l'obsession » de l'établissement financier, l'opération se traduit par l'exigence par celui ci de diverses assurances dont chacune couvre un risque bien déterminé. L'assurance apparaît ainsi pour l'établissement financier comme le principal pilier sur lequel repose la sécurité du financement. « L'assurance dans l'opération de crédit bail » vise donc à étudier les différentes assurances exigées par l'établissement financier pour se protéger et protéger les intervenants à l'opération et le bien crédit baillé. Le nombre des protagonistes à l'opération, leurs intérêts souvent communs, parfois opposés, les modes de construction retenus, les techniques d'assurance utilisées complexifient l'opération. Cette thèse juge de l'efficacité de l'assurance dans le crédit-bail en appréhendant les droits et obligations des parties au crédit bail et de l'assureur. Sous le prisme de la couverture des risques de l'opération et de la survenance du sinistre, elle identifie les obstacles auxquels peuvent être confrontées les parties au crédit bail et les remèdes pour les surmonter. L'étude de l'assurance dans l'opération de crédit bail, vise ainsi à servir les intérêts pratiques des opérateurs économiques dans un double souci de sécurité et d'efficacité juridique. / The leasing transaction is a contractual package in which several contracts are involved in achieving a common goal. It is a source of funding for the acquisition or construction of a movable or immovable property. This operation features a main contract around which are established other ancillary contracts. In view of financial institutions "obsession" over security, the operation involves the requirement by the latter of various insurances each covering a specific risk. In fact, the institution considers insurance the main pillar for securing the funding."Insurance in Leasing Transactions" therefore aims to explore the various insurances required by the financial institution to protect itself as well as the other parties involved in the transaction and leased property. The number of stakeholders in the transaction; their often common, and sometimes conflicting, interests; the construction methods adopted and the insurance underwriting techniques used are likely to complicate the operation. This thesis assesses the effectiveness of the insurance in leasing by appraising the rights and obligations of the stakeholders of the leasing transaction and the insurer. In terms of hedging, the risks of the transaction and of the occurrence of the insured event, it identifies the obstacles which may be encountered by the parties to the leasing and provides solutions to overcome them. Thus, the study of insurance in leasing operations aims to serve the practical interests of the economic operators, for the sake of both security and legal efficiency.