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[{"key": "dc.contributor.advisor", "value": "Heimonen, Kari", "language": "", "element": "contributor", "qualifier": "advisor", "schema": "dc"}, {"key": "dc.contributor.author", "value": "Hypp\u00e4nen, Antti", "language": "", "element": "contributor", "qualifier": "author", "schema": "dc"}, {"key": "dc.date.accessioned", "value": "2023-07-06T10:32:48Z", "language": null, "element": "date", "qualifier": "accessioned", "schema": "dc"}, {"key": "dc.date.available", "value": "2023-07-06T10:32:48Z", "language": null, "element": "date", "qualifier": "available", "schema": "dc"}, {"key": "dc.date.issued", "value": "2023", "language": "", "element": "date", "qualifier": "issued", "schema": "dc"}, {"key": "dc.identifier.uri", "value": "https://jyx.jyu.fi/handle/123456789/88267", "language": null, "element": "identifier", "qualifier": "uri", "schema": "dc"}, {"key": "dc.description.abstract", "value": "Tutkimuksen tarkoitus on perehty\u00e4 Pohjoismaiden el\u00e4kej\u00e4rjestelmien sijoitustuottoihin, sek\u00e4 verrata niit\u00e4, ja niiden riskitasoja kesken\u00e4\u00e4n. Jokaiselle tutkimusmaalle luodaan oma vertailuindeksi maan sijoitusrajoitteiden puitteissa, johon el\u00e4kej\u00e4rjestelm\u00e4n tuottojen tunnuslukuja voidaan verrata. El\u00e4kej\u00e4rjestelmien reaalituottojen maksimointi on t\u00e4rke\u00e4\u00e4, jotta pitenev\u00e4t elinajanodotteet eiv\u00e4t pienenn\u00e4 el\u00e4kel\u00e4isten kulutustasoja. Tutkielma perustuu kirjallisuuteen el\u00e4kej\u00e4rjestelmien kulurakenteen ja tehokkuuden tutkimuksista. My\u00f6s tutkimukset maksu- ja hy\u00f6typerusteisten el\u00e4kej\u00e4rjestelmien vahvuuksista ja heikkouksista loivat pohjaa t\u00e4lle tutkimukselle, koska Pohjoismaissa on pitk\u00e4\u00e4n k\u00e4ytetty p\u00e4\u00e4asiassa hy\u00f6typerusteisia el\u00e4kej\u00e4rjestelmi\u00e4. N\u00e4iden j\u00e4rjestelmien kest\u00e4vyys v\u00e4est\u00f6n ik\u00e4\u00e4ntyess\u00e4 on kuitenkin ongelmallista. Tutkimuksen empiirisen osion aineisto saatiin Pohjoismaiden tilastokeskuksien ja finanssivalvontaviranomaisten tietokannoista. Empiirinen osuus toteutetaan optimoimalla vertailuindeksien portfoliot Sharpen suhdeluku maksimoiden, jolloin riskikorjattu tuotto maksimoituu. El\u00e4kej\u00e4rjestelmien tuottojen tunnuslukuja verrataan luotuihin portfolioihin. Vertailun tulokset paljastavat ainoastaan Norjan el\u00e4kej\u00e4rjestelm\u00e4n tuottaneen paremmin vertailuindeksiins\u00e4 n\u00e4hden. El\u00e4kej\u00e4rjestelmien mahdollisia ylituottoja ja niiden m\u00e4\u00e4r\u00e4\u00e4 pyrittiin selitt\u00e4m\u00e4\u00e4n my\u00f6s lineaarisella regressiomallilla, mutta Tanskaa lukuun ottamatta ylituottoja markkinaportfolioon n\u00e4hden ei havaittu. Lis\u00e4ksi selvitettiin kotimarkkinoihin kohdistuvan sijoitusstrategian houkuttelevuutta kotimarkkinoiden tukemisen mieless\u00e4, koska el\u00e4kej\u00e4rjestelm\u00e4t ovat merkitt\u00e4vien sijoitusinstituutioiden asemassa, mutta siihen liittyy merkitt\u00e4v\u00e4 riskin kasvu. On t\u00e4rke\u00e4 muistaa, ett\u00e4 tutkimus tehtiin historiallisen aineiston pohjalta, eik\u00e4 historiallisten tuottojen avulla optimoidun portfolion tuottojen vertaaminen el\u00e4kej\u00e4rjestelm\u00e4n realisoituneisiin tuottoihin ole t\u00e4ysin virheet\u00f6nt\u00e4. T\u00e4st\u00e4 huolimatta tutkimus el\u00e4kej\u00e4rjestelmien varallisuuden sijoittamisen tehokkuudesta, ja tuottojen maksimoinnista on t\u00e4rke\u00e4, koska monet kehittyneet valtiot ovat ik\u00e4\u00e4ntyv\u00e4n v\u00e4est\u00f6n, ja laskevan syntyvyyden luoman ongelman edess\u00e4, eik\u00e4 ongelmaan ole yksiselitteist\u00e4 ratkaisua.", "language": "fi", "element": "description", "qualifier": "abstract", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Submitted by Miia Hakanen (mihakane@jyu.fi) on 2023-07-06T10:32:48Z\nNo. of bitstreams: 0", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.description.provenance", "value": "Made available in DSpace on 2023-07-06T10:32:48Z (GMT). No. of bitstreams: 0\n Previous issue date: 2023", "language": "en", "element": "description", "qualifier": "provenance", "schema": "dc"}, {"key": "dc.format.extent", "value": "63", "language": "", "element": "format", "qualifier": "extent", "schema": "dc"}, {"key": "dc.language.iso", "value": "fin", "language": null, "element": "language", "qualifier": "iso", "schema": "dc"}, {"key": "dc.rights", "value": "In Copyright", "language": null, "element": "rights", "qualifier": null, "schema": "dc"}, {"key": "dc.subject.other", "value": "sijoitustuotto", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Sharpe", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.subject.other", "value": "Modigliani", "language": "", "element": "subject", "qualifier": "other", "schema": "dc"}, {"key": "dc.title", "value": "Pohjoismaiden el\u00e4kej\u00e4rjestelmien sijoitustuotot ja riskitasot", "language": "", "element": "title", "qualifier": null, "schema": "dc"}, {"key": "dc.type", "value": "master thesis", "language": null, "element": "type", "qualifier": null, "schema": "dc"}, {"key": "dc.identifier.urn", "value": "URN:NBN:fi:jyu-202307064401", "language": "", "element": "identifier", "qualifier": "urn", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Master\u2019s thesis", "language": "en", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.type.ontasot", "value": "Pro gradu -tutkielma", "language": "fi", "element": "type", "qualifier": "ontasot", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4 University School of Business and Economics", "language": "en", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.faculty", "value": "Jyv\u00e4skyl\u00e4n yliopiston kauppakorkeakoulu", "language": "fi", "element": "contributor", "qualifier": "faculty", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Taloustieteet", "language": "fi", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.department", "value": "Business and Economics", "language": "en", "element": "contributor", "qualifier": "department", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "Jyv\u00e4skyl\u00e4n yliopisto", "language": "fi", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.contributor.organization", "value": "University of Jyv\u00e4skyl\u00e4", "language": "en", "element": "contributor", "qualifier": "organization", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Taloustiede", "language": "fi", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "dc.subject.discipline", "value": "Economics", "language": "en", "element": "subject", "qualifier": "discipline", "schema": "dc"}, {"key": "yvv.contractresearch.funding", "value": "0", "language": "", "element": "contractresearch", "qualifier": "funding", "schema": "yvv"}, {"key": "dc.type.coar", "value": "http://purl.org/coar/resource_type/c_bdcc", "language": null, "element": "type", "qualifier": "coar", "schema": "dc"}, {"key": "dc.rights.copyright", "value": "\u00a9 The Author(s)", "language": null, "element": "rights", "qualifier": "copyright", "schema": "dc"}, {"key": "dc.rights.accesslevel", "value": "openAccess", "language": null, "element": "rights", "qualifier": "accesslevel", "schema": "dc"}, {"key": "dc.type.publication", "value": "masterThesis", "language": null, "element": "type", "qualifier": "publication", "schema": "dc"}, {"key": "dc.subject.oppiainekoodi", "value": "2041", "language": "", "element": "subject", "qualifier": "oppiainekoodi", "schema": "dc"}, {"key": "dc.subject.yso", "value": "riskit", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "el\u00e4kej\u00e4rjestelm\u00e4t", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "sijoitustoiminta", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "tuotto", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "Pohjoismaat", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.subject.yso", "value": "el\u00e4kerahastot", "language": null, "element": "subject", "qualifier": "yso", "schema": "dc"}, {"key": "dc.rights.url", "value": "https://rightsstatements.org/page/InC/1.0/", "language": null, "element": "rights", "qualifier": "url", "schema": "dc"}]
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