The objective of this study is to analyze how liquidity shocks affect households\' decisions related to entrepreneurial activities in order to identify whether households are liquidity constrained. This study focused on households\' responses to anticipated income shocks, via the receipt of pension benefits, since under complete markets, decisions should not be affected by a liquidity shock when the timing and amount of that shock are known. We exploited the fact that eligibility rules for old age pension were partially determined by age and used a Fuzzy Regression Discontinuity Design to estimate the causal effects. The results suggest that Brazilian small business owners in the informal sector of the economy are liquidity constrained. / O objetivo do presente trabalho é analisar como choques de liquidez afetam as decisões de empreendedorismo dos domicílios a fim de identificar se os domicílios têm restrições de liquidez. Esse trabalho teve como foco a análise das respostas dos domicílios a choques antecipados de renda, advindas da aposentadoria, desde que com mercados completos, decisões não devem ser afetadas por um choque de liquidez quando o momento e a quantidade do choque são conhecidos. Utilizamos regressão descontínua para estimar este efeito causal, dado que a elegibilidade para aposentadoria por idade é parcialmente determinada pela idade do indivíduo. Os resultados sugerem que proprietários de pequenas empresas brasileiras do setor informal da economia sofrem problemas de liquidez.

Several recent corporate governance scandals relate to non-disclosure or high amounts of pension benefits given to executive directors. The lack of disclosure and transparency has gained pensions benefits greater attention as a significant part of the total remuneration received by executive directors. Due to the associated problems there is a greater need for better disclosure and in turn heightened transparency towards shareholders.   This qualitative case study focuses on general retailers in Sweden and the United Kingdom. Due to the lack of research five general retailers from respective country were chosen to be examined and compared during 2006-2010. The aim is to examine the disclosure of individual pension benefits of executive directors and the development in levels of pension benefits in the following general retailers Bilia, Clas Ohlson, Debenhams, Dunelm Mill, Fenix Outdoor, Halfords, JD Sports Fashion,  Kappahl, Mekonomen and N Brown Group. The findings show that the majority of general retailers have complied with their respective corporate governance code during 2006-2010. The level of disclosure has differentiated, where UK general retailers have a higher level of individual disclosure. The development in levels of pension benefits has shown that there are higher amounts of pension benefits in Swedish general retailers. A negative trend in the development of the Chief Executive Officers amounts of pension benefits has mainly been present in 2007-2009. Reversal of the negative trend came in the last year of the case study. No distinctive trends were found in the development of pension benefits for all other executive directors.

The objective of this study is to analyze how liquidity shocks affect households\' decisions related to entrepreneurial activities in order to identify whether households are liquidity constrained. This study focused on households\' responses to anticipated income shocks, via the receipt of pension benefits, since under complete markets, decisions should not be affected by a liquidity shock when the timing and amount of that shock are known. We exploited the fact that eligibility rules for old age pension were partially determined by age and used a Fuzzy Regression Discontinuity Design to estimate the causal effects. The results suggest that Brazilian small business owners in the informal sector of the economy are liquidity constrained. / O objetivo do presente trabalho é analisar como choques de liquidez afetam as decisões de empreendedorismo dos domicílios a fim de identificar se os domicílios têm restrições de liquidez. Esse trabalho teve como foco a análise das respostas dos domicílios a choques antecipados de renda, advindas da aposentadoria, desde que com mercados completos, decisões não devem ser afetadas por um choque de liquidez quando o momento e a quantidade do choque são conhecidos. Utilizamos regressão descontínua para estimar este efeito causal, dado que a elegibilidade para aposentadoria por idade é parcialmente determinada pela idade do indivíduo. Os resultados sugerem que proprietários de pequenas empresas brasileiras do setor informal da economia sofrem problemas de liquidez.

The submitted thesis deals with the system of retirement pension insurance within the territory of the Czech Republic. In the opening chapters it explains rudimentary terms and other important notions whose - at least sketchy - characterization is necessary for further full comprehension of the complex system of retirement pension benefits. The fifth chapter focusses on elementary terms which make clear the general calculation of retirement pension income. In the thesis different pension incomes (old age pension, disability pension and surviving dependant's pension) are defined by a general introduction into the topic of the respective types of pensions and their caracterization. In some cases there is a brief note about the historical context of the pension, in particular in case of surviving dependants' pensions. The thesis refers to the roots of such an adjustment. Then it is made clear what the legal conditions for the pension claim are, what entitles the benefit duration and when - according to the law - the respective benefit of pension insurance system expires, including the amount and payment of different pension incomes. The thesis includes important judicial verdicts of Czech law courts, principally on the retirement age interpretation, and a significant sentence of the European Court of...

Thesis (LLM. (Labour Law)) -- University of Limpopo, 2015 / This mini-dissertation discusses the legal reform of the taxation of pension benefits under the South African law. This study also discusses how South African pension benefits are taxed in instances wherein the member exits the fund either as a result of resignation, death, dismissal, retrenchment, disability and retirement. It further discusses the comparative study between South Africa, Canada, Australia and United Kingdom

Thesis (LLM. (Development and Management Law)) -- University of Limpopo, 2013 / Preservation occurs when money saved for retirement through pension, provident and preservation funds remains in those funds until the person retires, or is rolled over into another similar retirement savings vehicle without incurring taxes or penalties when a person changes jobs. This research focuses on legislative framework, preservation of pension benefits and retirement reforms. In future, retirement funds will be required to identify appropriate preservation funds for exiting members, who will be encouraged to preserve when changing jobs.

Thesis (LLM. (Labour Law)) -- University of Limpopo, 2013 / This study will analyse section 37D of the Pension Funds Act, 24 of 1956. The analysis will also give insight to pension benefits, and how they are afforded special protection by the legislature. Section 37A (1) prohibits the reduction, transfer, cession, pledge or hypothecation of pension benefits. In terms of the Act if a member becomes insolvent, pension benefits are deemed not to form part of the insolvent estate and are thereby protected from erosion by creditors. Section 37C of the Act deems pension benefits payable on the death of a member, subject to certain exceptions, not to form part of the assets of the estate of the deceased member. Section 19 of the Act also serves to protect pension benefits by restricting the manner in which a fund’s assets may be invested.

As time progresses and compensation increases for CEOs, the need for information will be required to debate whether it is rational for CEOs to receive more pay in various forms. According to agency theory, CEOs have an intrinsic need to act in their self-interests, while the shareholder requires value creation and implements various safeguards to ensure that the CEOs do what they are expected to do. Therefore, corporate governance, which is a part of corporations' mechanisms, could be an act to minimise agency costs while forming the CEOs' compensation and controlling the work with various measures. Financial performance methods themselves, such as comparing revenue between years to control CEOs' work, are indeed essential to see if these could influence the CEOs' agenda.  There have been previous studies regarding CEO compensation and company growth. However, there is a lack of research made in Sweden, especially for listed companies on OMX Stockholm. This research found a relationship between CEO compensation and firm growth. Nonetheless, previous research has shown contradicting results. This thesis performed a panel data regression that includes 354 unique firms that formed the OMX Stockholm PI, an index on Nasdaq. The firms have been observed for seven years, creating a data set with approximately 2,500 observations.