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Specifics in investment structure of private pension funds in the Czech Republic
Vančura, Filip ; Streblov, Pavel (advisor) ; Červinka, Michal (referee)
The objective of the thesis is to investigate the efficiency of pension funds' investment strategy in the Czech Republic and the adequacy of the current level of real estate investments in their portfolios. We employ Markowitz portfolio theory and construct the optimal market investment portfolio. The optimal portfolio is then compared with the portfolio of Czech pension funds and the loss arising from asset class misallocation is estimated. Besides, the comparison of portfolio structures of all current pension funds in the Czech Republic is done with the intention to detect whether they follow significantly different investment strategies or not. The analysis is done on quarterly data over the period 2000 - 2011. In the last chapter of the thesis, other sources of market inefficiency of the Czech pension funds are discussed.
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Analysis of Old-ahe pension schemes
Veverková, Jana ; Mlčoch, Lubomír (advisor) ; Schneider, Ondřej (referee)
Master Thesis Analysis of Old-age Pension Schemes provides comparison of pay-as-you-go system and funding pensions from the theoretical point of view. Comparison is made assuming constant population and population under demographic crisis as well. Next issue is a demographic development of the Czech republic. The thesis answers the question whether demographic crisis in the Czech republic occurs. The last part of the thesis analyses the current pension system of the Czech republic assuming analysed development of population growth.
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Risk comparison of the pay-as-you-go pension system and the private funds
Kolafa, Ondřej ; Teplý, Petr (advisor) ; Hurt, Jan (referee)
of the bachelor's thesis Title: Risk comparison of the pay-as-you-go pension system and the private funds Author: Ondřej Kolafa Department: Department of Probability and Mathematical Statistics Supervisor: PhDr. Petr Teplý Ph.D., Finance and Capital Markets, Institue of Economic Studies, Faculty of Social Sciences, Charles University in Prague Abstract: The thesis deals with risks of the pay-as-you-go pension system and the private funds, that are meant for savings for pensions. The aim of the thesis is to compare these two totally different systems and evaluate their risks. Private funds topic points out a development of funds that are similar to the funds mentioned in the pension reform concepts that were planned or done in the Czech and Slovak Republic. The risk analysis of the pay-as-you-go pension system studies population development in the Czech Republic and its effect on pensions. Finally, achieved outcomes are used to compare the pure pay-as-you-go pension system with the pay-as-you-go pension system combined with private funds; these comparasions are based on different scenarios of the economic development. Keywords: risk, pensions, pension funds, pay-as-you-go
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Optimal Investment Portfolio with Respect to the Term Structure of the Risk-Return Tradeoff
Urban, Matěj ; Rippel, Milan (advisor) ; Červinka, Michal (referee)
My thesis will focus on optimal investment decisions, especially those that are planned for longer investment horizon. I will review the literature, showing that changes in investment opportunities can alter the risk-return tradeoff over time and that asset return predictability has an important effect on the variance and correlation structure of returns on bonds, stocks and T bills across investment horizons. The main attention will be given to pension funds, which are institutional investors with relatively long investment horizon. I will find the term structure of risk-return tradeoff in the empirical part of this paper. Later on I will add some variables into the model and investigate whether it can improve the results. Finally the optimal investment strategies will be constructed for various levels of risk tolerance and the results will be compared with strategies of Czech pension funds. I am going to use data from Thomson Reuters Datastream, Wharton Research Data Services and additionally from some other sources.
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Comparison of Selected Financial Products Contributing to Old Age Ensurance
Sýkorová, Renáta ; Oppl, Michal (referee) ; Rejnuš, Oldřich (advisor)
This bachelor thesis deals with one of the biggest social problems of present days, with the retirement system. Regarding the fact that the retirement system in the Czech Republic is unsatisfactory, it is necessary to prepare for the retirement individually without relying on the support of the state. I aim my bachelor thesis at selected products of the financial market that can help ensure contented old age. The analysis takes into consideration the age, the amount of savings and, last but not least, the tax rates to which people belong. The theoretical part deals with the most important definitions and describes the functioning of particular products. The practical part analyses examples of clients saving their money at different times, in different combinations of investment sum, and various examples of tax groups. This part deals with comparison of different products and tries to find the ideal combination for saving for the old age.
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Comparative analysis of II. and III. pillar of pension system of the Czech Republic and Switzerland
Heresová, Kateřina ; Loužek, Marek (advisor) ; Brabec, Petr (referee)
The aim of this thesis is to compare and evaluate pension system of the Czech Republic and Switzerland and the pension funds operating at the level of II. and III. pillar. In many aspects Switzerland is claimed to have the right and healthy pension system. This thesis tries to answer if it is true and in what way could be Switzerland inspiring for the Czech Republic. At first, the study focuses on present pension systems in both countries, characterizes them and after it describes their economic environment. Using method of quantitative analysis the paper compares pension funds in the Czech Republic and Switzerland according chosen factors. As the conclusion the paper is devoted to final comparison of pension systems of both countries and evaluates them.
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The occupational pensions and their role in providing people of old age
Borisova, Olga ; Radová, Jarmila (advisor) ; Bártová, Hana (referee)
This bachelor work focuses on such a product as occupational pensions in its former form and current version called additional pension savings. The first part is dedicated to the reasons of the pension reform in CR which occurred in parametric as well as in paradigmatic transformations of the whole pension system, which is described in the end of the part. Due to the goal of the work the progress of occupational pensions is being studied throughout recent years to evaluate and compare the pension funds from the aspect of their efficiency. An important attempt is the juridical comparison and evaluation of differences of those two variations. As well the work outlines the other alternatives of financial provisions in comparison with the third pillar.
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Determinants of entry of inhabitants of the Czech Republic to the second pillar of pension reform
Jetmar, Jan ; Vostrovská, Zdenka (advisor) ; Krebs, Vojtěch (referee)
This thesis summarizes, compares and analyses determinants with the major influence on the decision-making process of a potential participant of the second pillar of pension reform in the Czech Republic. This was achieved by using the method of interviews with financial institution employees which arranged the savings in the second pillar. Based on theoretical knowledge there were six aspects that have been identified with a potential to take part in the decision-making process of participant -- political risks, awareness, experience with foreign countries, voluntariness, yields on capital markets and financial situation, reluctance of entry and alternative investment. By using this method the political risks has been detected as the most important determinant linked with negative campaign of opposition and distrust in political establishment. The experience with foreign countries has shown as insignificant factor. The value added by this study consists in application this method on the topic of second pillar entrance.
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Pension and supplementary pension insurance within the pension system in the Czech Republic
PRINCOVÁ, Alena
The aim of the bachelor thesis is to describe the development of pension insurance and evaluate influence of pension reform to this market segment. The research was realised on the basis of available data from the annual reports of pension companies, the Ministry of Finance and the Association of Pension Companies. The practical part gives an overview of pension companies in the Czech Republic and it includes analysis of the funds according to selected indicators. It compares number of participants, the volume of property in the funds, productivity, risk, and other indicators, which serve for evaluation of the best pension company. The best pension company was evaluated Conseq PS. The theoretical part characterizes the pension systems, history and current situation of pension system in the Czech Republic, which currently consists of three pillars.
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