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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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Funds of the supplementary pension savings in the pension system of the Czech Republic
FERJANČIČOVÁ, Aneta
This bachelor's thesis focuses on supplementary pension savings. The aim is to compare supplementary pension savings funds according to selected criteria and to evaluate the impact of the pension reform on the selected market segment. The main purpose is to present specific products of the financial market which are pension companies including their pension funds which operate on the pension market in the Czech Republic. Furthn the work includes the analysis of pension funds according to selected criteria. The funds are evaluated according to the calculation of the real appreciation, standard deviation, cost of the given funds, share of pension companies in the market and according to other criteria. In conclusion, the simple sum of the ranking method is used, which evaluates the best supplementary pension fund.
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Funds of the supplementary pension savings in the pension system of the Czech Republic
MACHOVÁ, Jana
This bachelor thesis deals with problems asociated with pensions scheme in the Czech Republic and judge the effect of the pension reform on this market segment. The theoretical part is focused on the general characteristics of pension systems, history and present development of the pension scheme in the Czech Republic. It also describes transformed and participant funds and explain their origins. The practical part compares the strategy and revenues of pension companies operating in the Czech Republic. Pension companies are evaluated on the basis of the number of participants, including their deposits and the number of funds offered, which are evaluated on the basis of their profitability and risk. At the end of the work, the best pension company is evaluated based on a simple sum order method for real data.
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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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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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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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Pension systems and analysis of pension companies in the Czech Republic
Kadeřábek, Ondřej ; Cibulka, Jakub (advisor) ; Radová, Jarmila (referee)
The aim of the bachelor thesis is to analyse pension system in the Czech Republic and particular attention will be paid to the pension systems worldwide. The first part defines the theoretical aspects of the pension systems and funds, describes international trends, explains legislative changes in the Czech Republic and compares pension systems of selected countries. The second part evaluates the evolution of Czech market representatives and Czech pension market as a whole. Last part is targeted on summary and final conclusion.
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Comparative Analysis of Pension Companies that are Involved in the Additional Pension Savings in the Czech Republic
Valešová, Věra ; Prachař, Ondřej (advisor) ; Šarapatka, Michal (referee)
This bachelor thesis concerned with the current situation on the market of additional pension savings in the Czech Republic that has undergone significant changes as a result of the latest pension reform. The thesis primarily aims to draw a comparison of individual pension companies. The introductory part of the bachelor thesis contains a brief description of the czech pension systém, while the vast majority of the thesis is focused on the third pillar of additional pension savings. All essential basic characteristics concerning legislation, history, number of participants, the claims of participants, state contributions and changes since 2013 are specified and analysed. The core of the thesis is a the comparison of individual pension companies according to the number of participants, results of management, structure of investments, the volume of managed assets, equity, capital adequacy and especially achieved appreciation.The conclusion of thesis, based on the knowledge acquired, provides an assessment of transformed funds.
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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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