With the development of technologies, as well as the introduction of new regulations, the banking sector is facing increasing competition from Fintech startups and companies. This weakens the monopoly of banks on financial services, which can now be provided by various kinds of companies. This situation democratizes many financial areas that were previously inaccessible or inaccessible to the general public and drives financial inclusion. One such area is investment. As part of the ongoing product development and improvement path of Fintech, startups want to get deeper and better into their potential users in order to create products that meet their problems and needs. This study is devoted to a deep study of the habits and Paterno behavior of the Swedish Millennial of investment. In order to explore the most important aspects in the process of investment decision-making, the authors studied behavioral finance research and highlighted the most common factors that have the greatest weight in determining how people invest money. These are the following factors: behavior towards risk, financial literacy, knowledge and sources, sustainability and investment motives. Survey and in-depth interview research methods were used to collect data around the aforementioned factors. Some of the key findings define crucial investment behavior patterns among age group of 20-30. Slightly more than half of the people invest their money, while reason for non/investors is high complexity and lack of knowledge. Also, the majority pursues economic and emotional goals from investing money, and prefers low risk and long-term gain over short-term speculative investing. Moreover, the respondents showed a high level of financial literacy. As for the sustainability factor, for the majority sustainability is not the major driver of a stock choice. Also, when making choices, people appeared to trust offline communities more than online. / Banksektorn har som följd av teknikutveckling och introduktion av nya regleringar, under de senaste åren, ställts inför en ökad konkurrens från Fintech-startups och andra företag. Detta har försvagat bankernas monopol på ekonomisk tjänster, och du kan idag bli försedd av flera olika sorters företag för att komma åt samma tjänster. Denna utveckling har demokratiserat många finansiella områden som tidigare var otagbara eller otillgängliga för allmänheten och har drivit ekonomisk integration. Ett sådant område är investering. Som en del av den nuvarande produktframtagning och riktningen som utvecklingen Fintech sektorn är på, vill startups ha en djupare och bättre förståelse inför deras potentiella användare för att skapa produkter som kommer möta deras problem och behov. Denna avhandling ägnas åt en djupgående studie av vanorna och beteendet hos svenska i åldersgrupperna 20-30 år. För att utforska de viktigaste aspekterna i processen för investeringsbeslut, har författarna studerat beslutsfattning kopplat till investeringar och lyfter fram de vanligaste faktorerna när det kommer till att avgöra hur människor investerar pengar. Dessa faktorer är följande: beteende relaterat till risk, finansiell kompetens, kunskap och källor, hållbarhet och investeringsmotiv. Forskningsmetoder som frågeformulär och djupintervjuer användes för att samla in data kring tidigare nämnda faktorer. Nyckelfynden från denna rapport behandlar investeringsbeteendemönster i åldersgrupprna 20-30 år. I denna åldersgrupp ser vi att fler än hälften investerar sina besparingar. Bland de som inte investerade så var orsakerna kopplade till bristande kunskap och hög komplexitet. Dessutom sätter majoriteten upp ekonomiska och känslomässiga mål för sina investeringar, och föredrar låg risk och långsiktig vinst framför kortsiktiga spekulativa investeringar. När det gäller faktorer kopplade till hållbarhet visade det sig att majoriteten av investerarna inte har det som huvudsakliga drivkraften för ett aktieval. Vidare, visade studien på att denna åldersgrupp tenderar att fatta investeringsbeslut baserat på offline-gemenskaper mer än online.

Modern investors are considering investments in sustainable companies more than ever and oneof the main metrics that are of use is ESG performance. This criterion provides a comprehensiveoverview over an organization’s ability to generate value for all stakeholders, including employees,customers and shareholders. As the use of ESG criterion increases, so does the amount ofstudies regarding ESG performance and a company’s profitability. Most of these studies showa non negative correlation between the two. This study will however aim to examine how ESGperformance impact the efficiency and productivity level of a company. This will be done bystudying the sales generated by each employee. Moreover, the project will focus on two industries,tech and industrial and will analyse their differences. The results will be of help to business ownersand decision makers with questions regarding if investing in the company’s ESG performancecan be a way of increasing the company’s internal performance. The results of this projectsuggest that there exist a statistically significant correlation between them for both industries.The project also presented an insight to which categories of ESG are most significant in theregression model in the two different industries. The adjusted R2 for the regression model forindustrials was higher than the tech industry, which means that it is a more extensive correlationbetween the regressors and the response variable for the industrial industry. / Moderna investerare överväger i allt större grad företag som är hållbara och ett av de främsta mätvärden som kommer till användning är ESG-prestanda. Dessa kriterier ger en omfattande överblick på ett företags förmåga att generera värde för dess intressenter. Då användandet av ESG-värden ökar, ökar även mängden av studier angående ESG och ett företags lönsamhet. Majoriteten av dessa studier tyder på att det finns en korrelation mellan dem. Denna rapport kommer däremot att analysera korrelationen mellan ESG och hur effektivt samt produktivt ett företag är. Som hjälp kommer ett företags försäljning per anställd användas som mätvärde. Förutom detta kommer projektet att fokusera på industriella företag och techindustrin samt skillnaden mellan dessa två. Resultaten kommer vara till användning för beslutsfattare då detta kommer visa om satsningar på ESG-faktorer kan öka ett företags produktivitet. Rapportens resultat tyder på det existerar en statistiskt signifikant korrelation, detta gäller för båda branscherna. Adjusted R2 för regressionsmodellen för industriella företag var högre än modellen för techindustrin. Detta betyder att korrelationen mellan oberoende och beroende variablerna för industriella företag är mer omfattande.

The increased penetration of servitization is an ongoing trend within the industrial machinery space. This typically means that industrial machinery manufactures themselves retain ownership of the machinery they manufacture whilst also taking over maintenance operations. Essentially, offering customers a netresult. Servitization has several documented benefits for both customers and manufactures. Forcustomers it offers certainty in terms of operationality and costs. Whilst for manufacturers it generates stability in revenue generation and increasingly ties customers closer to their orbit. On a different note, record low interest levels coupled with developments within asset management such as the endowment model has resulted in that institutional investor such as pension funds have redirected capital towards alternative assets such as non-listed real assets. The shift has been so profound that many are struggling to find attractive real assets and thus institutional capital is looking for new types of real assets. Servitization and institutional investment has largely existed in separate silos. The study has studied an intersection of these two domains and has firstly found that servitized industrial machinery has several core attributes clearly align with infrastructure. These traits include non-cyclical and long-term revenue, long(er) lifetime, quasimonopolistic, and environmental benefits. The study indicates that as servitization becomes more widespread, industrial manufactures realize that servitization will result in more deployed capital. Therefore, companies will need to find new forms of financing for their servitization operations. From a financing point of view, companies prefer debt-based financing such as asset backed securities such that operational control can still be had. The study found that the core attributes of servitization and its closeness to infrastructure is appealing for institutional investors and see it as a possible future real asset investment class however, institutional investors feel unsure how to properly gauge the longevity of specific types of industrial machinery. Institutional investors who participated in the study have almost exclusively invested in real asset through equity. However, in regard to the financing of servitized industrial machinery, investors are also willing to invest via debt, if the expected returns justify the risk taken. The study indicates that there is a clear linkage between servitized industrial machinery and infrastructure whilst also demonstrating a substantial interest from industrial machinery manufacturers and institutional investors to engage with each other for the financing of servitized industrial machinery going forward. / Inom maskintillverkningsindustrin har tjänstefiering (servitization) blivit en allt viktigare del. Tjänstefiering innebär att maskintillverkare behåller ägandeskap av de maskiner de tillverkar samtidigt som de ansvarar för underhållet av dessa. Därmed erbjuder maskintillverkare sina kunder en tjänst dvs kapabiliteten i vad en industriell maskin kan leverera. Tjänstefieringen av industriella maskiner har ett flertal dokumenterade fördelar både för kunder och maskintillverkare. För kunder innebär tjänstefiering en ökad kännedom kring kostnader och en ökad säkerhet för att maskiner skall fungera. För maskintillverkare medför tjänstefieringen ökad stabilitet i försäljning samt ökar betydelsen av dem hos sina kunder. På ett helt annat plan, har rekordlåga räntenivåer tillsammans med utveckling inom fondförvaltning såsom endowment modellen resulterat i att institutionella investerare allokerat en allt större andel av sitt kapital i alternativa tillgångar såsom i icke-noterade reala tillgångar. Detta skifte har resulterat i att många investerare har svårt att hitta tillräckligt attraktiva tillgångar då kampen om dessa reala tillgångar hårdnat vilket har resulterat till att driva upp priset på dessa tillgångar. Tjänstefiering och institutionell investering har till stor del existerat i skilda domäner. Denna studie har undersökt en skärningspunkt mellan dessa två domäner och har bland annat funnit att tjänstefierade industriella maskiner besitter flera likheter med infrastruktur så som icke-cykliska och långsiktiga intäktströmmar, långa tekniska livslängder, kvasi-monopolistisk ställning samt positiva hållbarhetsaspekter. Industriella maskintillverkare som deltagit i studien vittnar om att nya finansieringsformer kommer behövas då tjänstefieringen med all sannolikhet kommer utgöra en väsentlig del av affären framöver och därmed binda mer kapital, allt annat lika. För att finansiera denna affär föredrar företagen skuldfinansiering då det blir enklare att hantera organisatoriskt. Studien finner att attributen av tjänstefierade industriella maskiner och dess likheter med infrastruktur är intressanta för investerare och de ser detta som en framtida realtillgångsklass. Däremot känner sig investerarna osäkra kring hur man skall beakta livslängden kring olika typer av maskiner. Investerare som deltagit i studien har tidigare allokerat ytterst lite av sina realtillgångar via skuldinstrument. Investerare är däremot öppna att investera vi både skuldtillgångar och via eget kapital, såvida den förväntade avkastningen upplevs som fördelaktig i relation till den risk som tas. Studien indikerar att den finns en koppling mellan tjänstefierade industriella maskiner och infrastruktur samt visat att det finns intresse från både investerare och maskintillverkare för att nya former av finansiering för tjänstefierade industriella maskiner i framtiden.

In the context of the Sustainable Development Goals and the Paris Agreement, the European Union has devised a sustainable finance strategy that relies on the engagement of both institutional and private investors in responsible investing to deliver on those goals. Several studies have found high interest in responsible investing among retail investors, but a relatively low engagement therein. Research up to this point on the responsible investing experience of retails investors has not established a clear cause for the gap between interest and engagement and has particularly neglected the increasingly popular investment type of exchange-traded funds (ETFs). This thesis therefore aims to shed light on the obstacles that prevent retail investors from investing in responsible ETFs. The research is organized by a five-stage framework for the responsible ETF investing process that identifies potential obstacles in the first three process stages problem recognition, information search, and evaluation of alternatives. An empirical analysis was performed by means of an online survey of European retail ETF investors and non-ETF investors (n = 101). The results indicate that the majority of retail investors experience a gap between their interest and engagement in responsible ETF investing. The most difficult stage of the responsible ETF investing process appears to be the evaluation of alternatives. Incomparability of information on responsible ETFs and a lack of labels and standardization present obstacles that impair investors’ ability to evaluate different options for responsible ETFs. The incomparability of information can be ascribed to the divergence of environmental, social and governance (ESG) ratings. The survey further found a high support among ETF investors for the planned standardizations and regulations by the EU and increased willingness to invest in responsible ETFs if these measures are implemented. These findings emphasize the role of regulations in facilitating responsible investing and pave the way for more comprehensive studies on the information needs and obstacles of European retail ETF investors. / Inom ramen för målen för hållbar utveckling och Parisavtalet har Europeiska unionen utformat en hållbar finansstrategi som bygger på att både institutionella och privata investerare engagerar sig i ansvarsfulla investeringar för att uppnå dessa mål. Flera studier har visat stort intresse för att göra ansvarsfulla investeringar bland privatinvesterare, men ett relativt lågt engagemang däri. Forskning som är aktuell om privatinvesterare erfarenheter har inte visat någon tydlig orsak till klyftan mellan intresse och engagemang och har särskilt försummat den alltmer populära investeringstypen av börshandlade fonder (ETF). Avhandlingen syftar därför till att belysa de hinder som hindrar privatinvesterare från att investera i ansvarsfulla ETF:er. Forskningen är organiserad av ett femstegsramverk för den ansvarsfulla ETF-investeringsprocessen som identifierar potentiella hinder i de tre första processtegen för problemigenkänning, informationssökning och utvärdering av alternativ. En empirisk analys utfördes med hjälp av en online-undersökning av europeiska ETF-investerare och icke-ETFinvesterare (n = 101). Resultaten visar att majoriteten av privatinvesterare upplever ett gap mellan deras intresse och engagemang för ansvarsfull ETF-investering. Det svåraste steget i den ansvariga ETF-investeringsprocessen verkar vara utvärderingen av alternativ. Ojämförbarheten mellan information om ansvarsfulla ETF:er och brist på klassificering och standardisering utgör betydande hinder som försämrar investerarnas förmåga att utvärdera olika alternativ för ansvariga ETF:er. Informationens ojämförbarhet kan tillskrivas skillnaderna mellan miljömässiga, sociala och styresmässiga (ESG) betyg. Undersökningen fann vidare ett stort stöd bland ETF-investerare för EU:s planerade standardiseringar och regler och ökad vilja att investera i ansvarsfulla ETF om dessa åtgärder genomförs. Dessa resultat  betonar regelverkets roll för att underlätta ansvarsfulla investeringar och banar väg för mer omfattande studier om informationsbehov och hinder för europeiska ETF-privatinvesterare.

Актуальность темы – обеспечение эффективного инвестирования средств с свою деятельность, поскольку сейчас коммерческие банки наращивают свое влияние и активно участвуют в социально-экономическом развитии страны. Конкуренция в банковском секторе постоянно растет, что заставляет банки расширять спектр оказываемых услуг, непрерывно работая над улучшением качества оказания услуг. Кредитные учреждения используют свои собственные средства для инвестиций в различные проекты, вложений в ценные бумаги, в собственное развитие. Все вышеперечисленное обуславливает актуальность выбранной темы. Целью магистерской диссертации является анализ и оценка особенностей инвестиционной деятельности коммерческих банков в собственную деятельность. В соответствии с целью работы были поставлены и последовательно решены следующие задачи: выделить основные виды инвестиционной деятельности коммерческих банков; исследовать ключевые особенности инвестиций в собственную деятельность; провести анализ и дать оценку инвестирования по внедрению нового продукта коммерческого банка; выявить проблемы внедрения в банковской сфере; разработать технологически и экономически выгодное решение интеграции нового продукта с целью повышения операционной эффективности банковской деятельности; оценить экономическую эффективность предложенного решения. / The relevance of the topic is to ensure effective investment of funds from their activities, since now commercial banks are increasing their influence and actively participating in the socio-economic development of the country. Competition in the banking sector is constantly growing, which forces banks to expand the range of services provided, continuously working to improve the quality of services. Credit institutions use their own funds to invest in various projects, investments in securities, and in their own development. All of the above determines the relevance of the chosen topic. The purpose of the master's thesis is to analyze and evaluate the features of commercial banks' investment activities in their own activities. In accordance with the purpose of the work, the following tasks were set and consistently solved: to identify the main types of investment activities of commercial banks; to investigate the key features of investments in their own activities; to analyze and evaluate investments in the introduction of a new commercial bank product; to identify problems of implementation in the banking sector; to develop a technologically and economically advantageous solution for the integration of a new product in order to improve the operational efficiency of banking activities; to evaluate the economic efficiency of the proposed solution.

Venture Capitals and early stage companies are of fundamental importance for how the market operates and develops. In the last decade more focus has been put on the ESG strategies and governance of organizations. However, ESG is a relatively new and complex research area in which ignorance and measurement problems have led to inconsistency in applications of ESG concepts and strategies. Based on empirical data consisting of qualitative document analysis and interviews with Swedish Venture Capitals this thesis aims, from theoretical perspectives within decision-making and ESG strategies, to investigate which ESG strategies are used among Swedish Venture Capitals investing in tech, and how these are applied in, are weighted and impact the decision-making process. The result shows that the decision making process can be assumed to be based on bounded rationality tinged by fragmented application of ESG concepts and strategies in which diversity and CO2 impact are prioritized focus areas. The common perception was also that investing in tech created a natural aligning to ESG. Active Ownership, Positive- and Negative screening are the central strategies that were applied with the aim to develop and manage the lack of information and the risks that follows with early stage investing. / Venture Capitals och early stage bolag är av fundamental betydelse för hur marknaden fungerar och utvecklas och under det senaste årtiondet har större fokus riktats mot organisationers ESG strategier och styrning. ESG är dock ett relativt nytt och komplext forskningsområde där okunskap och mätningsproblematik har lett till att begrepp och strategier tillämpas inkonsekvent. Utifrån empiri baserad på kvalitativ dokumentanalys och intervjuer från svenska Venture Capitals avser denna studie, utifrån teoretiska perspektiv inom beslutsfattande och ESG strategi, att undersöka vilka ESG strategier som används bland svenska Venture Capitals och hur de tillämpas, viktas och påverkar beslutsfattandet vid investeringar i tech. Resultatet visade att beslutsprocessen kan antas baseras på begränsad rationalitet präglad av fragmenterad tillämpning av ESG begrepp och strategier där jämställdhet och CO2 påverkan var prioriterade fokusområden. Den gemensamma bilden var även att investering i tech skapade en naturlig förankring till ESG. Active ownership, Positive- och Negative screening var de centrala strategierna som tillämpades i syfte att utveckla och hantera den informationsbrist och de risker som medföljde early stage investering.

The increasing amount of power and potentially negative impacts that corporations exert within society has become a growing concern for many people. In response to this and due to the changing role of business in society, more and more members of social groups, who are affected by corporate activities, are claiming their rights to be better informed of and more involved in corporate decision-making. Consequently, the need for companies worldwide to be more accountable for the ways in which they conduct their business has grown at a tremendous rate. Especially during the last decade, companies have globally been placed under increasing pressure from different stakeholder groups to demonstrate and prove their commitments to the idea of Corporate Social Responsibility (CSR). In order to facilitate and guide these CSR-commitments, society has for many years already begun to implement various standards of behaviour/performance, which corporations need to achieve in order to be accepted as being part of the citizenry. However, despite an abundance of such standards in terms of CSR-related guidelines and codes, a clear need has been identified for the development of better measuring tools of CSR, in order to efficiently assess and monitor companies’ performance. The Bench Marks is one of the most comprehensive sets of social and environmental criteria and business performance indicators available. It offers an ethical standard on which to base decisions about global corporate social responsibility. Consequently, the need arose from the Bench Marks Foundation - in collaboration with the Bench Marks Centre for Corporate Social Responsibility at the North-West University – to develop the current Bench Marks CSR Framework into a practical measuring instrument. This need has successfully been fulfilled through this research by means of two methods, namely a literature review and an empirical study. During the literature study, the concepts CSR and Corporate Personality were contextualised - particularly with the investigation of related concepts; as well as critically examined - specifically in terms of their theoretical measurement properties. During the empirical research, quantitative research techniques have been utilised which involved: the application of certain ‘theoretically recognised phases’ of measuring instrument development; as well as a survey in the form of a ‘preliminary measuring instrument’ (in questionnaire format) that was administered on a random sample respondents (n = 350), including the statistical analysis of the results. 189 Questionnaires were completed, which gave a response rate of 54%. The statistical analysis mainly served as an effective guideline for determining the best CSR items (in terms of reliability and validity) to be included in the final version of the instrument. Apart from measuring CSR performance in line with the Bench Marks, the instrument that has been developed by this study, can also be used as a measuring mechanism for Corporate Personality. This is achieved by assessing company behaviour in terms of the theoretical dimensions of CSR (economic, legal, ethical and philanthropic) and Sustainable Development (economic, social and environmental). In doing so, this instrument provides companies with a unique way of identifying their status of being true Corporate Citizens. / Thesis (Ph.D. (Sociology))--North-West University, Potchefstroom Campus, 2012

Submitted by Mariana Dornelles Vargas (marianadv) on 2015-05-15T20:14:53Z No. of bitstreams: 1 informacoes_contabeis.pdf: 1621025 bytes, checksum: 576beab81ed3e0d309b43f56e009caaf (MD5) / Made available in DSpace on 2015-05-15T20:14:53Z (GMT). No. of bitstreams: 1 informacoes_contabeis.pdf: 1621025 bytes, checksum: 576beab81ed3e0d309b43f56e009caaf (MD5) Previous issue date: 2010-03-23 / Banco Santander / Banespa / O presente estudo objetivou analisar como as informações voluntárias disponibilizadas pelas companhias nos Relatórios da Administração são utilizadas pelas Corretoras de Títulos e Valores Mobiliários nas recomendações de investimento em ações. Para tanto, foi encaminhado aos analistas das corretoras um instrumento de coleta de dados, que procurou identificar as informações que estes utilizam para realizar as recomendações. Obteve-se 30 retornos de uma população de 108 corretoras cadastradas na CVM. Estas 30 corretoras informaram as empresas cujas demonstrações analisam, obtendo-se, assim, a segunda amostra da pesquisa. Para analisar as informações divulgadas pelas companhias de capital aberto, foi feita análise de conteúdo dos Relatórios da Administração entregues a CVM do ano de 2008. Fez-se uma análise descritiva dos dados das duas amostras de forma individual, onde foi possível verificar o perfil dos respondentes e suas opiniões sobre a importância das informações apresentadas pelas companhias de capital aberto. Já na análise descritiva dos Relatórios da Administração, foi possível verificar o nível de evidenciação das empresas, e ainda examinar as informações que são divulgadas com maior frequência. Foi realizada a análise de conglomerado (Cluster) com a amostra das corretoras, verificando-se que não há uma unanimidade na forma de análise das informações que são por estas utilizadas. Procedeu-se uma segunda análise de conglomerado, unindo os respondentes e as empresas, para verificar a relação existente entre as informações divulgadas pelas companhias de capital aberto e a sua utilização por parte das corretoras. Os resultados dessas análises indicam que os relatórios que as empresas apresentam possuem muitas particularidades, desde as que fazem a apresentação apenas levando em consideração os aspectos legais e outras os utilizam como um canal de comunicação das atividades realizadas. Já com relação aos analistas, verificou-se que, de forma geral, as informações contábeis divulgadas ao mercado são utilizadas e possuem relevância nas análises que são feitas para as recomendações de investimento em ações. / The objective of the present study is to analyze the relationship between the voluntary information provided by companies in the Reports of Directors and its use by Brokers Securities in evaluating and recommending investments in stocks. So, an instrument of data collecting was sent to the brokerage analysts to identify the information used on the recommendations. 30 returns were received from a population of 108 brokerages registered on Securities Exchange Commission. After receiving the returns, it was verified which companies were analyzed by the brokerages, and with this verification the second sample of the research was taken. To analyze the information released by the companies, an analysis was done on the Administration Reports sent to the Securities Exchange Commission in 2008. A descriptive analysis was done in both samples individually, so it was possible to verify the personality of the respondents and the opinion about the importance of the information presented by the companies. And on the descriptive analysis of the Administration Reports was possible to identify the level of disclosure of the companies, and besides that it was possible to verify which information is released more often. The conglomerate analysis (Cluster) was done with the brokerages sample, and it was verified that there is not an unanimously way to analyze the information used by the respondents. So, a second conglomerate analysis was done, this time with respondents and companies together to verify the relation between the information released by the companies and the usage of this information by the brokerage. The results of theses analyzes indicate that the reports presented by the companies have many particularities, since the ones that take under consideration only the legal aspects, and others that used this report as an communication channel of the company activities. About the analysts, it was verified that the information released to the market is used, and this information is relevant on the analysis made for recommendation of stock investments.

Made available in DSpace on 2016-04-25T16:44:47Z (GMT). No. of bitstreams: 1 Dissertacao Paulo de Sa Pereira.pdf: 641021 bytes, checksum: 5b48d843ebfe14352bac73bfbea9cc00 (MD5) Previous issue date: 2006-05-22 / The objective of this dissertation is a comparative analysis of investing in stock in Brazil compared to investing in government bonds and other reserve securities type of assets, aiming at deciding whether the incurred risk in stock has been rewarded by an increased return compared to investing in more conservative assets. The covered period of analysis is from March 1986 to December 2005. The analysis was made based on Modern Portfolio Theory and the studies were carried out on secondary data on the main financial assets and indicators, namely: the Bovespa index, the Selic rate, Gold, Dollar, Savings Accounts and one inflation indicator, the General Price Index IGP. In order to enhance the comprehension of the subject, throughout the dissertation, the history of the Stock Exchange, the economic environment of the respective economic plans, analysis of the result and a conclusion has been included. Various performed studies points to the fact that investing in stocks, represented by the Bovespa index, and when compared to fixed interest in this case, government securities remunerated according to the Selic had a lower return in spite of the greater risk / O objetivo deste trabalho é a análise dos investimentos em ações no Brasil, comparativamente a investimentos em títulos federais e outros ativos típicos de reserva de valor, procurando estabelecer se o adicional de risco incorrido em ações foi recompensado pelo aumento do retorno quando comparado a ativos mais conservadores. O período de análise está compreendido entre março de 1986 e dezembro de 2005. A fundamentação teórica foi conduzida com base na Moderna Teoria de Portfólios e os estudos foram desenvolvidos com base em dados secundários sobre os principais ativos financeiros e indicadores, a saber: Índice Bovespa, taxa Selic, Ouro, Dólar, Caderneta de Poupança e um indicador de inflação, o Índice Geral de Preços IGP. Para melhor compreensão desse tema, no decorrer desta dissertação, também, foram abordados a história das Bolsas de Valores, o ambiente econômico vigente nos diversos planos econômicos, a análise dos resultados e apresentada a conclusão. Os diversos estudos realizados indicaram que o investimento em ações, representado pelo Índice Bovespa, quando comparado ao de renda fixa no caso, o título público remunerado pela taxa Selic apesar de maior risco, apresentou um retorno inferior ao longo do período pesquisado

Nous étudions des stratégies d'investissement dont l'utilisation s'est généralisée sur les marchés financiers, et leur impact sur le prix des actifs et le risque de marché.Dans le premier chapitre nous nous intéressons aux stratégies de diversification de portefeuille. Nous montronsau travers d'un modèle théorique que si la diversification a un effet positif au niveau individuel pour l'investisseur,elle crée également des liens entre les différents investisseurs et titres, qui peuvent se révéler dangereux d'un pointde vue systémique. Nous mesurons les deux effets afin de discuter de la désirabilité globale de la diversification.Le second chapitre considère les stratégies d'investissement basées sur le groupement de titres financierspartageant certaines caractéristiques en différentes classes, ou styles. Nous postulons que ces stratégies créentun co-mouvement excessif entre titres d'un même style, qui seront vendus et achetés ensemble au sein d'une mêmeclasse. Appliquant cette intuition aux notes des agences sur les obligations, nous montrons qu'une obligation quichange de note se met en effet à varier comme sa nouvelle note, même quand les fondamentaux économiques ne lejustifient pas.Dans le troisième chapitre nous étudions trois types d'investisseurs opérant sur le marché des changes : les carry traders, les chartistes et les fondamentalistes. Notre modèle théorique suggère que l'interaction entre cestrois règles d'investissement peut expliquer la déconnexion bien documentée entre le taux de change et sa valeurfondamentale, ainsi que provoquer un effondrement endogène des taux de change. / We study how popular investment rules in financial markets may induce endogenous movements inasset prices, leading to higher market risk.In the first chapter, we focus on portfolio diversification. We show through a theoretical model that this strategyis beneficial at the individual investor level, but also creates endogenous links between assets and investors, whichcan be dangerous from a systemic perspective. We measure both effects in order to discuss the overall desirabilityof diversification.The second chapter considers strategies based on grouping assets that share common characteristics intodifferent classes, or styles. We postulate that these strategies create excess comovement between assets of asimilar style, as they are traded together as part of the same class. Applying this reasoning to bond credit ratings,we show that bonds joining a new rating class indeed start comoving more with the bonds of this rating, evenwhen fundamental factors suggest otherwise.In the third chapter, we study three investors who operate in the foreign exchange market: carry traders,chartists and fundamentalists. We provide a theoretical model which suggests that the interaction between thesetrading rules may explain the well documented exchange rate disconnect from its fundamental value, and lead toendogenous currency crashes.