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    <title>OPUS 4 Latest Documents RSS Feed</title>
    <description>Latest documents</description>
    <link>http://opus4.kobv.de/opus4-bamberg/index/index/</link>
    <pubDate>Mon, 17 Jun 2013 13:17:46 +0200</pubDate>
    <lastBuildDate>Mon, 17 Jun 2013 13:17:46 +0200</lastBuildDate>
    <item>
      <title>Verwählt? Eine Analyse des Konzepts "korrektes Wählen" bei der Bundestagswahl 2009</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3767</link>
      <description/>
      <author>Tatjana Rudi; Harald Schoen</author>
      <category>articlecollection</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3767</guid>
      <pubDate>Mon, 17 Jun 2013 13:17:46 +0200</pubDate>
    </item>
    <item>
      <title>Grote veranderingen en innovatie. De kunstenaressen van de Russische avant-garde</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3653</link>
      <description/>
      <author>Ada Raev</author>
      <category>article</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3653</guid>
      <pubDate>Fri, 14 Jun 2013 12:35:40 +0200</pubDate>
    </item>
    <item>
      <title>Modeling House Price Dynamics with Heterogeneous Speculators</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3249</link>
      <description>This paper investigates the impact of speculative behavior on house price dynamics. Speculative&#13;
demand for housing is modeled using a heterogeneous agent approach, whereas ‘real’&#13;
demand and housing supply are represented in a standard way. Together, real and speculative&#13;
forces determine excess demand in each period and house price adjustments. Three alternative&#13;
models are proposed, capturing in different ways the interplay between fundamental trading&#13;
rules and extrapolative trading rules, resulting in a 2D, a 3D, and a 4D nonlinear discretetime&#13;
dynamical system, respectively. While the destabilizing effect of speculative behavior on&#13;
the model’s steady state is proven in general, the three specific cases illustrate a variety of&#13;
situations that can bring about endogenous dynamics, with lasting and significant price swings&#13;
around the ‘fundamental’ price, as we have seen in many real markets.</description>
      <author>Roberto Dieci; Frank Westerhoff</author>
      <category>bookpart</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3249</guid>
      <pubDate>Fri, 14 Jun 2013 12:10:49 +0200</pubDate>
    </item>
    <item>
      <title>Effects of Inflation Expectations on Macroeconomic Dynamics: Extrapolative Versus Regressive Expectations</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3158</link>
      <description>In this paper, we integrate heterogeneous inflation expectations into a simple monetary model.&#13;
Guided by empirical evidence, we assume that boundedly rational agents, selecting between extrapolative&#13;
and regressive forecasting rules to predict the future inflation rate, prefer rules that have&#13;
produced low prediction errors in the past. We show that integrating this behavioral expectation&#13;
formation process into the monetary model leads to the possibility of endogenous macroeconomic&#13;
dynamics. For instance, our model replicates certain empirical regularities such as irregular growth&#13;
cycles or inflation persistence. Moreover, we observe multi-stability via a Chenciner bifurcation.</description>
      <author>Marji Lines; Frank Westerhoff</author>
      <category>article</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3158</guid>
      <pubDate>Fri, 14 Jun 2013 12:07:21 +0200</pubDate>
    </item>
    <item>
      <title>BPEL Conformance in Open Source Engines</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/1928</link>
      <description>More than five years have passed since the final release of the long-desired OASIS standard of a process language for Web Services orchestration, the Web Services Business Process Execution Language (BPEL). The aim of this standard was to establish a universally accepted Web Services orchestration language that forms a core part of service-oriented architectures and, because of standardization,&#13;
avoids vendor lock-in. By now, several fully conformant engines should have arrived in the market. It is our aim to shed light on this situation and to provide a comprehensive picture of the&#13;
current state of BPEL  upport. We present an evaluation of the standard conformance of five open source BPEL engines.&#13;
To obtain these results we have developed betsy, a tool that allows for a fully-automatic standard conformance testing of BPEL engines. The results demonstrate that full standard&#13;
conformance in contemporary engines is still far from given.</description>
      <author>Simon Harrer; Jörg Lenhard; Guido Wirtz</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/1928</guid>
      <pubDate>Fri, 14 Jun 2013 11:50:07 +0200</pubDate>
    </item>
    <item>
      <title>How management actions affect social exchanges in outsourcing relationships</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3034</link>
      <description>This paper explores the effect of management actions on social exchanges in outsourcing relationships. Social exchanges between individuals constitute relationship quality between client and vendor, which is an important factor of outsourcing success. Based on the interaction approach, we develop a framework for management actions entailing three dimensions: the exchange targeted, the organization targeted and the effect on social exchanges. We apply the framework to studying a comprehensive case of an outsourcing relationship full of conflict. This proof-of-concept shows that it is vital to consider side effects of management actions on social exchanges as they indirectly influence outsourcing success.</description>
      <author>Anna Wiesinger; Daniel Beimborn</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3034</guid>
      <pubDate>Fri, 14 Jun 2013 11:35:10 +0200</pubDate>
    </item>
    <item>
      <title>Online Social Networks as a Source and Symbol of Stress: An Empirical Analysis</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3033</link>
      <description>This research examines the sources and consequences of stress when using online social networks (OSN). In a first step, the five OSN-induced stressors invasion, pattern, complexity, uncertainty, and disclosure are identified. In a second step, the Model of Continuous OSN Usage is developed in order to examine the influence of these five stressors. Therefore, the model is based on the Model of Adoption of Technology in Households and the Post-Acceptance Model. Results of an empirical analysis with 154 OSNs users reveal that 57 per cent of satisfaction and 64 per cent of continuous usage intention can be explained within the Model of Continuous OSN Usage. Notably, the five stressors have a higher strength of effect on satisfactions than the three attitudinal beliefs hedonic, utilitarian, and social outcomes altogether. In summary, the results offer a theoretical foundation for recent practical observations that OSNs are a source and symbol of stress.</description>
      <author>Christian Maier; Sven Laumer; Andreas Eckhardt; Tim Weitzel</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3033</guid>
      <pubDate>Fri, 14 Jun 2013 11:26:06 +0200</pubDate>
    </item>
    <item>
      <title>The Influence of Pressure to Perform and Experience on Changing Perceptions and User Performance: A Multi-Method Experimental Analysis</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3032</link>
      <description>To address shortcomings of predominately subjective measures in empirical IS research on IT usage and human-computer interaction, this paper uses a multi-method experimental analysis extending empirical surveying with objective measures from eye-tracking and electrodermal activity (EDA). In a three stage process, objective user performance is observed in terms of task fulfillment and user performing of participants in four focus groups, classified by user system experience and the treatment pressure to perform. Initial results of this research-in-progress reveal that users with prior system experience perform considerably better and faster than users without system experience. This also accounts for users under pressure to perform compared to users without pressure to perform. However, the results of the EDA show that users under pressure to perform also have a higher objective strain level. Furthermore, a first regression analysis outlines that objective performance might help to understand user's system satisfaction to a greater extent.</description>
      <author>Andreas Eckhardt; Christian Maier; Ricardo Buettner</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3032</guid>
      <pubDate>Fri, 14 Jun 2013 11:21:56 +0200</pubDate>
    </item>
    <item>
      <title>Verrechnungsmöglichkeiten von Altverlusten aus Termingeschäften nach den Grundsätzen des § 3 Abs. 4 InvStG - zugleich Anmerkung zum Urteil des Hessischen FG v. 14.11.2012, 4 K 1902/08</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3742</link>
      <description/>
      <author>Jessica Wölfert; Roland Quinten</author>
      <category>article</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3742</guid>
      <pubDate>Fri, 14 Jun 2013 11:15:37 +0200</pubDate>
    </item>
    <item>
      <title>Fugger</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/2465</link>
      <description/>
      <author>Mark Häberlein</author>
      <category>articlecollection</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/2465</guid>
      <pubDate>Fri, 14 Jun 2013 11:02:16 +0200</pubDate>
    </item>
    <item>
      <title>Using User Personality to explain the Intention-Behavior Gap and Changes in Beliefs: A Longitudinal Analysis</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3031</link>
      <description>The research reported in this article intends to investigate whether individuals a) update degrees of beliefs over time and b) transfer behavioral intentions into adoption behavior in a different manner based on their personality. Therefore, the personality trait dispositional resistance is discussed within the Integrative Framework of Technology Use. Results of an empirical longitudinal analysis (N=145) show that individuals update their beliefs based on prior beliefs and usage behavior differently in accordance with their personality. Results also reveal that individuals transfer behavioral intentions into adoption behavior differently based on their personality. Hence, we discuss our contributions to technology adoption research by highlighting the importance of personality traits when investigating technology-related beliefs and behavior over time. Results also include an assessment of the findings' practical relevance by identifying which individuals maintain negative beliefs over time and by identifying the high extent of technology usage as a possibility for overcoming negative beliefs.</description>
      <author>Christian Maier; Sven Laumer; Andreas Eckhardt; Tim Weitzel</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3031</guid>
      <pubDate>Thu, 13 Jun 2013 10:59:16 +0200</pubDate>
    </item>
    <item>
      <title>Analyzing the impact of HRIS implementations on HR personnel's job satisfaction and turnover intention</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3030</link>
      <description>An in-depth case of an e-Recruiting system implementation is used while focusing on the level of Human Resource (HR) employees to research unintended consequences during the implementation of Human Resources Information Systems (HRISs). We develop a model that integrates the belief and attitude component of the technology acceptance literature with work-related consequences. We provide evidence for an indirect effect of attitudes toward the HRIS on turnover intention that is fully mediated by job satisfaction. Our results contribute to the literature on systems implementations and technology adoption by suggesting work-related outcomes as important additional success variables.</description>
      <author>Christian Maier; Sven Laumer; Andreas Eckhardt; Tim Weitzel</author>
      <category>article</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3030</guid>
      <pubDate>Tue, 11 Jun 2013 16:35:29 +0200</pubDate>
    </item>
    <item>
      <title>Mastering the Social IT/Business Alignment Challenge</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3029</link>
      <description>The crucial role of IT/business alignment for business value of IT has been investigated for more than two decades. While both the intellectual and the social dimension of alignment received considerable attention at strategic level, only few studies have provided insights into alignment at non-strategic levels. With the intellectual dimension being quite well understood, this work focuses particularly on the social dimension of alignment, addressing aspects like shared understanding, common language, shared domain knowledge, and interaction quality between business and IT. Furthermore, there is a lack of research on how to achieve and maintain social alignment, making it difficult to develop guidelines for practice in this important area. This paper presents a multi-level construct for social alignment and adopts an IT governance perspective in order to identify specific practices and investigate their impact on social alignment. Using a qualitative approach by conducting a series of case studies, this research aims to contribute to our understanding of key IT/business alignment antecedents (or managerial actions) and how they influence social alignment.</description>
      <author>Frank Schlosser</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3029</guid>
      <pubDate>Tue, 11 Jun 2013 16:28:18 +0200</pubDate>
    </item>
    <item>
      <title>Considering the Relative Relevance of Outsourcing Relationship Quality</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3025</link>
      <description>Outsourcing relationship quality (ORQ) has shown to be an important construct in previous research on outsourcing effectiveness. But, while there are various works that have conceptualized and operationalized ORQ as a rich and multi-dimensional construct, other studies which consider ORQ as (usually mediating) component of their theoretical models make hardly use of those works but often use less rich constructs. The research on hand attempts bridging the gap between those two groups of works. A multi-dimensional ORQ construct is used to evaluate the relative importance of different ORQ dimensions, such as commitment, trust, etc., in regard to different dimensions of outsourcing success (overall satisfaction, goal achievement, service quality). For example, while many studies use trust as proxy for ORQ, our study shows that, depending on the outcome variable, other ORQ dimensions might be more relevant and should be used instead or additionally. Thus, the main contribution is identifying those ORQ dimensions which are most relevant regarding different outsourcing success variables. Future studies on outsourcing success factors will have a better ground to argue for or against using certain ORQ dimensions in their studies. Moreover, the study sensitizes managers for different distinct ORQ dimensions and their importance for a successful outsourcing relationship.</description>
      <author>Daniel Beimborn</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3025</guid>
      <pubDate>Tue, 11 Jun 2013 16:26:06 +0200</pubDate>
    </item>
    <item>
      <title>Adoption of Online Appointment Schedule Platforms - An Interview-based Case Study Series with Micro-Enterprises</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3024</link>
      <description>Based on the Technology-Organization-Environment model we propose a model for explaining the adoption of online appointment schedule platforms by micro-enterprises in order to take the specific characteristics of this organizational type into consideration of technology adoption research. Using case study interviews from seven micro-enterprises we can show that the adoption decision is mainly influenced by the attitude of the entrepreneur, support and updates, scalability, test phase, training and compatibility. In addition, we identify a fourth context of marketing factors relevant for the adoption decision and not considered by the TOE-model so far. Moreover, we discuss whether rather individual- or organizational level adoption models are appropriate to explain the adoption decision of micro-enterprises.</description>
      <author>Philipp Ott; Sven Laumer</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3024</guid>
      <pubDate>Tue, 11 Jun 2013 16:22:47 +0200</pubDate>
    </item>
    <item>
      <title>The Bipartite Influence of Information Overload on User Resistance to Knowledge Management Systems</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3023</link>
      <description>This research centers on the relationship between information overload as an aspect of information quality on the one side, and, on the other side, user resistance to knowledge management systems as an aspect of an individual's decision process. While discussing this relationship theoretically we propose a bipartite influence of information overload as on the one hand it fosters acceptance of these system, but on the other hand also causes user resistance. By analyzing information overload in pre- and post-implementation phases of knowledge management systems we argue that information overload has an ambivalent causal effect as it can act both positively and negatively in relation to the point of time overload occurs or is expected. Therefore, based on existing literature we propose a research model and illustrate the relationships through results of a case study.</description>
      <author>Udo Wild; Sven Laumer; Aenne Krönke</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3023</guid>
      <pubDate>Tue, 11 Jun 2013 15:52:41 +0200</pubDate>
    </item>
    <item>
      <title>Conceptualization, Operationalization, and Empirical Evidence for an Individual's Dispositional Resistance to IT-Induced Changes</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3022</link>
      <description>As information systems (IS) usage is the missing link from information technology (IT) investments to the business value impact of IT (DeLone and McLean 2003), it is a significant issue for IS researchers and practitioners, if individuals resist using these systems. Several recent models have been developed in order to offer insights which perceptual beliefs foster user resistance. Results reveal perceptual beliefs as perceived threats, technostress, or switching costs as major determinants for user resistance. Nevertheless, user resistance has not been researched from a perspective of predisposed individual differences so far. Consequently, this paper proposes the new construct dispositional resistance to IT-induced changes. This reflects inclinations to resist any kind of IT-related change and discusses resistance from the perspective of individual differences. Within this approach, it is theoretically hypothesized, how this inclination influences perceptual beliefs, intentions, and behaviors. Empirical results reveal strong impacts of the newly proposed construct on technostress.</description>
      <author>Christian Maier; Sven Laumer; Andreas Eckhardt; Tim Weitzel</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3022</guid>
      <pubDate>Tue, 11 Jun 2013 15:34:16 +0200</pubDate>
    </item>
    <item>
      <title>The Shady Side Of Facebook: The Influence Of Perceived Information And Network Characteristics On The Attitude Towards Information Overload</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3021</link>
      <description>This research paper analyzes the impact of information and network characteristics on the affective, cognitive, and behavioral attitude towards information overload (IO) on Facebook. By using an information overload model and the data of 300 active Facebook users it can be shown that the various categories of attitude are influenced by different factors. The level of determination of the behavioral attitude towards IO is lower than the level of determination of the affective and cognitive attitude towards IO. The identified antecedents of IO explain up to 36 per cent of the variance of IO. Results indicate that affective and cognitive attitude towards IO are more influenced by these antecedents as the behavioral attitude towards IO. Furthermore, results reveal that the amount of information an individual receives is the major predictor of all three dimensions of attitude. Several implications for adoption research are discussed.</description>
      <author>Christoph Weinert; Christian Maier; Sven Laumer</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3021</guid>
      <pubDate>Tue, 11 Jun 2013 15:28:26 +0200</pubDate>
    </item>
    <item>
      <title>Recruiting Trends 2012 Suisse - Une étude empirique des 500 plus grandes entreprises suisses - Summary</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3020</link>
      <description/>
      <author>Alexander von Stetten; Sven Laumer; Christian Maier; Andreas Eckhardt; Tim Weitzel; Michel Ganouchi</author>
      <category>other</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3020</guid>
      <pubDate>Tue, 11 Jun 2013 15:23:26 +0200</pubDate>
    </item>
    <item>
      <title>Recruiting Trends 2012 Schweiz - Eine empirische Untersuchung mit den Top-500-Unternehmen aus der Schweiz - Summary</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3019</link>
      <description/>
      <author>Alexander von Stetten; Sven Laumer; Christian Maier; Andreas Eckhardt; Tim Weitzel; Michel Ganouchi</author>
      <category>other</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3019</guid>
      <pubDate>Tue, 11 Jun 2013 15:18:31 +0200</pubDate>
    </item>
    <item>
      <title>Exploring the Relation between Firm Ownership and IT Capability</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3017</link>
      <description>As IT spending continuously increased throughout the last years, it nowadays accounts for a significant amount of total corporate spending. Simultaneously, academic research validated the strategic importance and performance benefits derived from a superior IT capability - the ability to successfully deploy organizational IT skills and resources. Furthermore, shareholders pursuing long-term oriented goals are interested in consistent investments to develop organizational capabilities, such as IT capability. Consequentially, the question arises how a firm's ownership structure is related to its IT capability. 
This research question is addressed by analyzing secondary data on publicly listed U.S. companies of the last ten years. The results provide support for the hypothesized relation throughout the investigated period and withstand several control and robustness tests.
This study contributes to the ongoing research on IT capability by showing that certain types of shareholders promote the development and deployment of IT capability which in turn influences strategic topics. Findings further confirm that decisions on IT investments characterized by long-term benefits must be backed by owners with a corresponding long-term investment horizon.</description>
      <author>André Schäfferling; Heinz-Theo Wagner; Jochen Becker</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3017</guid>
      <pubDate>Tue, 11 Jun 2013 15:03:02 +0200</pubDate>
    </item>
    <item>
      <title>Workshop on Group Recommender Systems: Concepts, Technology, Evaluation (GroupRS)</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3730</link>
      <description/>
      <author>Tom Gross; Judith  Masthoff; Christoph Beckmann</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3730</guid>
      <pubDate>Mon, 10 Jun 2013 14:06:43 +0200</pubDate>
    </item>
    <item>
      <title>Towards Increased Utility of and Satisfaction with Group Recommender Systems</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3731</link>
      <description/>
      <author>Christoph Beckmann; Tom Gross</author>
      <category>conferenceobject</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3731</guid>
      <pubDate>Mon, 10 Jun 2013 13:52:22 +0200</pubDate>
    </item>
    <item>
      <title>Bewertung von Sterblichkeitsderivaten</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3578</link>
      <description>Die vorliegende Dissertation untersucht die historische Abhängigkeit zwischen Sterblichkeit und dem Finanzmarkt, entwickelt ein konkretes Arbitragemodell zur Berücksichtigung der gefundenen Abhängigkeit und bestimmt den Einfluss einer Abhängigkeit auf die Preise zweier Sterblichkeitsderivate. &#13;
&#13;
Für die Analyse des historischen Zusammenhangs werden für Deutschland und die USA zunächst diskrete Modelle für die Sterblichkeit sowie für breite Aktienindizes und möglichst risikolose Kassazinsen unter dem realen Maß geschätzt. Die Residuen dieser Modelle werden dann auf das Vorliegen einer multivariaten Normalverteilung sowie einer Korrelation untersucht. Es zeigt sich, dass die Sterblichkeit und der Finanzmarkt unter dem realen Maß nicht unabhängig sind. Genauer wird sowohl für die USA als auch für Deutschland eine signifikant negative Abhängigkeit zwischen Sterblichkeit und Aktien und zwischen Sterblichkeit und Zinsen entdeckt. Im ersten Fall tritt sie bei einer Zeitverzögerung von eineinhalb Jahren, im zweiten Fall bei einer Zeitverzögerung von zweieinhalb Jahren auf. Dies bedeutet, dass einer unerwartet niedrigen Sterblichkeit tendenziell hohe Aktienrenditen und - etwas später - hohe Zinsen folgen, und passt zu der Hypothese, dass eine Anpassung der Lebenserwartung nach Zeiten unerwartet niedriger Sterblichkeit die Gesamtersparnis steigere und die Risikoaversität verringere. &#13;
&#13;
Für die Bewertung von Sterblichkeitsderivaten schlägt die Arbeit ein zeitstetiges Short-Rate-Modell vor, das auf einer zeitstetigen und mehrdimensionalen Verallgemeinerung des demographischen Zeitindexansatzes von Lee &amp; Carter (1992) bzw. des Zinsmodellrahmens von Chan et al. (1992) beruht und eine zeitverzögerte Abhängigkeit zwischen Sterblichkeit und Zinsen über ihre jeweiligen Diffusionsterme modelliert. Ein Spezialfall des Modells mit eindimensionalem Zeitindex wird mit Hilfe einer Monte-Carlo-Simulation zur Bewertung eines Survivor Forwards und eines Survivor Caplets angewandt und dazu an der Zinsstrukturkurve und den historischen Sterblichkeitsdaten der USA kalibriert. &#13;
&#13;
Es zeigt sich, dass die Vernachlässigung der negativen Korrelation zwischen Sterblichkeit und Zinsen zu einer prozentual großen Überschätzung des Survivor-Caplet-Preises und einer Unterschätzung des aus Forward- oder Caplet-Preisen geschätzten Marktpreises des Sterblichkeitsrisikos führt. Auf den Preis des Survivor-Forward hat die Korrelation zwischen Sterblichkeit und Zinsen - sowohl absolut als auch relativ gesehen - eher geringe Auswirkungen. Dieses Ergebnis ist auch deshalb besonders relevant, weil eine Vernachlässigung der gefundenen negativen Korrelation zu einer Überschätzung des fairen Caplet-Preises führt und die Absicherung von Langlebigkeitsrisiken über Survivor Caplets unnötig teuer macht. Für die Entwicklung des Markts für Langlebigkeitsderivate bedeutet dies, dass v. a. die Entwicklung von Derivaten mit Hebelwirkung, die von diesem Preiseffekt der Korrelation profitieren, forciert werden sollte.</description>
      <author>Pia Brüggemann</author>
      <category>doctoralthesis</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3578</guid>
      <pubDate>Mon, 10 Jun 2013 13:46:03 +0200</pubDate>
    </item>
    <item>
      <title>Berücksichtigung "finaler Verluste" durch grenzüberschreitende Verschmelzung – Auswirkungen des Urteils in der Rs. A Oy</title>
      <link>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3734</link>
      <description/>
      <author>Florian Schiefer; Roland Quinten</author>
      <category>article</category>
      <guid>http://opus4.kobv.de/opus4-bamberg/frontdoor/index/index/docId/3734</guid>
      <pubDate>Mon, 10 Jun 2013 13:38:43 +0200</pubDate>
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