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Spořitelní a úvěrní družstva - jejich vývoj a současné postavení v komparaci s bankami / Credit Unions - historical development a current situation in comparison with banksVojnar, Jiří January 2010 (has links)
This thesis deals with credit unions in the Czech Republic. The work describes historical development and current situation of the credit unions. Trend of recent years is compared with the situation in the bank sector. Two representatives of credit unions -- AKCENTA and Moravský peněžní ústav -- are analyzed closer. There is also a comparison of competitiveness in current and saving account between two mentioned credit unions and two banks -- Česká spořitelna and mBank.
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La désynchronisation des temps professionnels : vers un nouvel ordre temporel ? / The desynchronization of professional time : towards a new temporal order ?Giotto, Timo 23 November 2017 (has links)
Où va le temps de travail ? Cette thèse reprend et tente de prolonger cette interrogation formulée, il y a presque vingt ans. En s’appuyant sur une étude quantitative et qualitative des dispositifs négociés de compte épargne-temps et des stratégies d’articulation des temps sociaux mises en œuvre par les salariés, cette thèse donne corps à la notion de désynchronisation. En admettant que l’industrialisation ait conduit à une synchronisation des temps professionnels et sociaux, cette recherche s’attache à montrer que ce mouvement s’est inversé. Elle dessine les contours d’un phénomène en construction, qui permet des configurations individuelles des temps et généralise ses marchandages. La thèse dresse le bilan de cette évolution en matière d’égalité, de classes et de genre ; elle expose les possibilités d’articulation temporelle et les risques relatifs à l’isolement et au maintien du lien social. En cherchant à faire la lumière sur le phénomène de désynchronisation, cette thèse s’interroge sur l’avènement d’un nouvel ordre temporel : le marché des temps. / Where is working time going? This thesis resumes and attempts to extend this query/question formulated almost twenty years ago.Based on a quantitative and qualitative study of negotiated time-saving accounts, and on employees’ strategies for social times articulation, this PhD thesis gives substance to the notion of desynchronization. Assuming that industrialization has led to a synchronization of professional and social times, it seeks to show that this movement has been reversed. It describes this phenomenon under construction, which allows individual configurations and generalizes time bargaining. It assesses class and gender equality; it exposes the opportunities for time articulation; it qualifies the risks of isolation and reveals the consequences for social ties. In seeking to shed light on the phenomenon of desynchronization, this thesis questions the advent of a new temporal order: the market of times.
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[en] INTEREST RATE RISK MANAGEMENT IN PENSION FUNDS: IMMUNIZATION S LIMITS AND POSSIBILITIES / [pt] GESTÃO DO RISCO DE TAXA DE JUROS EM ENTIDADES DE PREVIDÊNCIA COMPLEMENTAR: LIMITES E POSSIBILIDADES DE IMUNIZAÇÃOSERGIO JURANDYR MACHADO 18 October 2006 (has links)
[pt] O termo imunização denota a construção de uma carteira
de
títulos de
forma a torná-la imune a variações nas taxas de juros.
No
caso das entidades de
previdência complementar, o objetivo da imunização é
distribuir os recebimentos
intermediários e finais dos ativos de acordo com o fluxo
de pagamentos dos
benefícios. Em geral, quanto maior a classe de
alterações
na estrutura a termo das
taxas de juros (ETTJ), mais restritivo se torna o
modelo.
Embora exista uma vasta
literatura sobre o aspecto estatístico e sobre o
significado econômico dos modelos
de imunização, esse trabalho inova ao prover uma análise
detalhada do
desempenho comparado dos modelos, sob três perspectivas
complementares: o
método escolhido, a dimensionalidade e, ainda, o
horizonte
de investimento.
Entretanto, a decisão final do gestor não está restrita
à
escolha do método de
imunização, como também ao horizonte de investimento a
ser
imunizado, uma vez
que outros instrumentos financeiros podem garantir tanto
a
solvência econômica
quanto a financeira. Os limites não operacionais à
imunização são analisados por
meio da comparação das medianas do relativo de riqueza e
da probabilidade de
exaustão da carteira. A análise permite concluir que os
modelos de imunização
tradicional são mais eficientes, especialmente no médio
e
longo prazo, que os
modelos multidimensionais de gestão do risco de taxa de
juros. Ademais,
demonstra-se que não existem limites naturais à
imunização, quando aplicada ao
mercado previdenciário brasileiro por um período igual
ou
inferior a 10 anos. / [en] Immunization is defined as the investment in assets in
such a way that the
fixed income portfolio is immune to a change in interest
rates. In the special case
of pension funds, immunization seeks the distribution of
the cash inflows in
accordance with the outflows represented by the fund´s
liabilities. The article
compares distinct alternative methods of immunization
against the traditional
duration-matching strategy. All portfolios were obtained
as a result of
mathematical programming problems, where the choice of the
immunization
strategy led to the restrictions imposed on the evolution
of the term structure of
interest rates. Despite the intensive research related to
this subject, there are some
gaps to be filled yet, especially those concerned with the
investment horizon. That
is exactly the main objective of this thesis. The work
provides the basis for
selecting the most appropriate method for immunization and
also demonstrates the
superiority of the traditional duration-matching strategy,
especially in the medium
and long run. Moreover, it is demonstrated that there is
no limit other than
operational to the immunization process concerning
Brazilian markets for
investment horizons of less than 10 years.
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Effekten av företagsnamnets begynnelsebokstav : En studie om ”alphabetic bias” på Stockholmsbörsen / The effect of the company name’s initial letter : A study about alphabetic bias on the Stockholm Stock ExchangeGustafsson, Jonatan, Krusing, Linus January 2017 (has links)
Vi undersöker i denna uppsats om det finns “alphabetic bias” på Stockholmsbörsen. Praxis inom finans är att aktielistor visas i alfabetisk ordning. Studien undersöker om det finns något samband mellan Tobins Q och företagsnamnets placering i den alfabetiska ordningen. Vi undersöker också om det finns något samband mellan marknadsvärde och företagsnamnets placering i den alfabetiska ordningen. Kapaciteten för att inta information kan variera mellan åldersgrupper, därför undersöker även studien om det finns något samband mellan Tobins Q och åldersgrupper. Om det finns ett samband kan det visa att aktielistornas struktur skapar irrationalitet och ineffektiva placeringar. På den amerikanska aktie- och fondmarknaden har det visats att aktielistornas struktur skapar “alphabetic bias”. Efter att investeringssparkonto introducerades som sparform antar vi att nya individer kommer inträda på marknaden med minskad kunskap inom aktiehandel. Därför undersöker studien även en tvåårsperiod före samt efter investeringssparkonto introducering och jämför skillnader i resultatet. Studiens urval består av 249 företag noterade på Nasdaq OMX Stockholm för tidsperioden 2010-2013 och samtliga Svenska aktieägare över 18 år. Vår studie visar att det finns ett negativt samband mellan Tobins Q och företagsnamnets placering i den alfabetiska listan. Studien visar även att det inte finns något samband mellan marknadsvärde och företagsnamnets placering i alfabetet. Vidare visar vår studie att det finns ett negativt samband mellan Tobins Q och investerare i ålder 65+. Studiens resultat indikerar även ett positivt samband mellan Tobins Q och “breadth of ownership” efter att investeringssparkonto introducerades som sparform. Det vill säga att vi finner belägg för att praxis med alfabetisk ordning bidrar till irrationalitet och ineffektiva placeringar på Stockholmsbörsen. / In this report we investigate ”alphabetic bias” on the Stockholm Stock Exchange. The report investigates whether there is any correlation between Tobin Q and the company name´s placing in the alphabetical order. We also investigate whether there is any correlation between market capitalization and the company name placing in the alphabetical order. The report also investigates whether there are any correlations between Tobin's Q and age-groups. The study’s selection includes 249 companies listed on Nasdaq OMX Stockholm during the period 2010-2013 and all Swedish shareholders over 18 years old. Our report shows that there is a negative correlation between Tobin Q and the company name in the alphabetical list. The study also shows that there is none correlation between the market capitalization and the company names placing in the alphabet. Furthermore, our study shows that there is a negative relationship between Tobin Q and investors 65+. The study’s result indicates a positive relationship between Tobin Q and breadth of ownership after the investment saving account was introduced.
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Specifika prodeje pojistných produktů / Specificity of sale insurance productsHlavínová, Kristýna January 2009 (has links)
Thesis adresses specificity of sale insurance products. The theoretical part analyses specificity of insurance services and their reflection of marketing insurance company and methods of sale insurance products. The practical part analyses two products according to adjusted arguments, namely - investment life insurance, saving account (as a next possibility of financial source for clients). Both chosen products are model applied to one client. The aim of this analysis is to compare product specificity of sale insurance products. Characteristics of products and their segment specifics are listed in recapitulation as well as segment advantages and disadvantages of individual channels of distribution. Personal contact with client, which can be realized either throught network of insurance brokers or branch insurance company, is accented in connection with the specificity of insurance services and their complexity factors.
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Návrh expertního systému pro výběr optimálního spořícího produktu / Proposal of expert's system for selection of optimal saving productSteyer, Marek January 2008 (has links)
The diploma thesis focuses on the present-day system of social security in the Czech Republic. The pension system is analyzed in detail and compared to systems in other countries. It shows the differences among all the various ways of financing the pension systems and the columns it is supported by, also listing all the reasons for the reform of the pension system in our country.
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[en] THE IMPACT OF TAXATION ON THE CHOICE OF LONG TERM WEALTH ACCUMULATION PRODUCTS / [pt] O IMPACTO DA TRIBUTAÇÃO NA ESCOLHA DE PRODUTOS DE ACUMULAÇÃO DE RECURSOS DE LONGO PRAZOMARIANA AROZO BENICIO DOS SANTOS 28 September 2005 (has links)
[pt] O propósito deste trabalho é analisar o impacto da
tributação na seleção de
produtos de acumulação de recursos de longo prazo sob o
ponto de vista de um
investidor individual. Para o investidor tributado e
avesso a risco é realizada uma
simulação de seu patrimônio final líquido de impostos sob
três estratégias
distintas: aplicação em fundo de investimento, aplicação
em plano de previdência
PGBL e aplicação em seguro de vida com cobertura por
sobrevivência VGBL.
Além da hipótese de resgate total dos recursos, é
realizada a comparação dos
veículos sob a ótica do recebimento de uma renda mensal
após o período de
acumulação. São examinados diferentes horizontes de
investimento, saldos
acumulados iniciais, faixas de renda, taxas de retorno e
tipos de fundos onde
estarão aplicados os recursos. O trabalho incorpora as
alterações das regras
tributárias divulgadas no final de 2004 e início de 2005
(Leis 11.033/2004 e
11.053/2004 e suas regulamentações) e se propõe a auxiliar
os investidores na
escolha do melhor veículo de investimento. / [en] The purpose of this research is to analyze the impact of
taxation on the
selection of long term wealth accumulation products under
an individual investor's
point of view. For the tax paying and risk averse
investor, a simulation of his final
after-tax net worth is accomplished under three different
strategies: investments in
mutual funds, investments in retirement plans similar to
Individual Retirement
Account (IRA) in the USA and investments in life insurance
with coverage for
survival. Besides the hypothesis of total redemption of
the accumulated balance, a
comparison of the three vehicles above is accomplished
under the assumption of
reception of a monthly income after the accumulation
period. The analysis is
performed under different investment horizons, initial
invested balances, levels of
income and profiles of funds where the resources will be
invested. The research
incorporates the new tax rules alterations published in
late 2004 and early 2005
(Laws 11.033/2004 and 11.053/2004 and their regulations)
and it intends to aid
investors on how to choose the best investment vehicle.
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[pt] ENSAIOS DE MODELAGEM DINÂMICA APLICADA A SEGURO DE VIDA E PREVIDÊNCIA: LONGEVIDADE, RESGATE E OPÇÕES EMBUTIDAS / [en] ESSAY ON DYNAMIC MODELING IN LIFE INSURANCE AND PRIVATE PENSION: LONGEVITY, SURRENDER AND EMBEDDED OPTIONSCESAR DA ROCHA NEVES 11 April 2016 (has links)
[pt] Nesta tese, propomos quatro modelos dinâmicos para ajudar as seguradoras e fundos de pensão a medir e gerencias seus fatores de risco e seus planos de anuidade. Nos primeiros dois ensaios, propomos modelos de previsão de ganhos de longevidade de uma população, que é um importante fator de risco. No primeiro artigo, um modelo de séries temporais multivariado usando a abordagem SUTSE (seemingly unrelated time series equation) é proposto para prever ganhos de longevidade e taxas de mortalidade. No segundo artigo, um modelo estrutural multivariado com tendências estocásticas comuns é proposto para prever os ganhos de longevidade de uma população com uma curta série temporal de taxas de mortalidade, usando as informações de uma população relacionada, para qual uma longa série temporal de taxas de mortalidade é disponível. No terceiro artigo, outro importante fator de risco é modelado – taxas de cancelamento. Apresentamos um modelo estocástico multiestágio para previsão das taxas de cancelamento usando simulação de Monte Carlo depois de uma sequência de ajustes GLM, ARMA-GARCH e cópula multivariada ser executada. No quarto artigo, assumindo a necessidade de se avaliar as opções embutidas para manter a solvência dos planos de anuidade, propomos um modelo para mensuração das opções embutidas nos planos unit-linkeds brasileiros. / [en] In this thesis we propose four dynamic models to help life insurers and pension plans to measure and manage their risk factors and annuity plans. In the first two essays, we propose models to forecast longevity gains of a population, which is an important risk factor. In the first paper, a multivariate time series model using the seemingly unrelated time series equation (SUTSE) framework is proposed to forecast longevity gains and mortality rates. In the second paper, a multivariate structural time series model with common stochastic trends is proposed to forecast longevity gains of a population with a short time series of observed mortality rates, using the information of a related population for which longer mortality time series exist. In the third paper, another important risk factor is modeled – surrender rates. We propose a multi-stage stochastic model to forecast them using Monte Carlo simulation after a sequence of GLM, ARMA-GARCH and multivariate copula fitting is executed. Assuming the importance of the embedded options valuation to maintain the solvency of annuity plans, in the fourth paper we propose a model for evaluating the value of embedded options in the Brazilian unit-linked plans.
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[en] TACTICAL ASSET ALLOCATION FOR OPEN PENSION FUNDS USING MULTI-STAGE STOCHASTIC PROGRAMMING / [pt] ALOCAÇÃO TÁTICA DE ATIVOS PARA EMPRESAS DE PREVIDÊNCIA COMPLEMENTAR VIA PROGRAMAÇÃO ESTOCÁSTICA MULTIESTÁGIOTHIAGO BARATA DUARTE 11 July 2016 (has links)
[pt] Uma importante questão que se coloca para entidades abertas de
previdência complementar e sociedades seguradoras que operam previdência
complementar é a definição de uma gestão dos ativos e passivos (do inglês ALM
– Asset and Liability Management). Tal questão se torna mais relevante em um
cenário de alta competitividade, margens operacionais decrescentes, garantias
mínimas de rentabilidade para um passivo estocástico de longo prazo e um
período de queda da rentabilidade dos instrumentos financeiros, sendo estes
muitas vezes de difícil precificação e pouco previsíveis num mercado volátil
como o brasileiro. Somada a estas dificuldades, as companhias deste mercado
estão sujeitas a uma regulação baseada em riscos, oriunda de práticas
internacionais, adotada pelo órgão superior, Susep, que impõe restrições
regulamentares para a manutenção da solvência das companhias, o que eleva a
dificuldade da definição de um modelo. Diante deste cenário, esta dissertação
apresenta uma proposta de ALM baseada em um modelo de programação
estocástica multiestágio que tem como objetivo definir dinamicamente a alocação
ótima dos ativos, incluindo títulos com pagamentos de cupons, e mensurar o risco
de insolvência da companhia para o horizonte de planejamento. / [en] An important issue of open pension funds and insurance companies that operate supplementary pension is the definition of an asset and liability management (ALM) framework. Such a question becomes more relevant in a scenario of high competition, declining operating margins, minimum guaranteed returns to a stochastic long-term liability and a period of falling returns on financial instruments, these being often difficult to pricing and predictable in a volatile market such as Brazil. Added to these issues, those companies are subject to a risk-based regulation, derived from international practices adopted by the national insurance regulator, Susep, which imposes constraints to maintain solvency of companies and therefore increases the complexity of an ALM framework. Due this condition, this dissertation presents a proposition of ALM based on a multistage stochastic programming model, which aims to define a dynamic optimal asset allocation, including bonds with coupons payment, and measure the company s insolvency risk for the planning horizon.
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Expertní systém pro výběr spořícího produktu pro klienty společnosti OVB Allfinanz, a.s. / Expert System for Saving Product Selection for Clients of OVB Allfinanz, a.s.Bednářová, Zuzana January 2011 (has links)
This Master´s thesis deals with the topic of optional saving for retirement. The pension schemes of selected European countries and of the Czech Republic are described. Also the current situation and the problems these schemes are facing are analyzed. The thesis focuses on the forthcoming pension scheme reform in the Czech Republic. Further, the possible ways of the complementary pension scheme pillar financing using saving products are analyzed in detail. The objective of the thesis is to design an expert system for optimal saving product selection according to client´s individual requirements.
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