@phdthesis{Krause2018, author = {Krause, Marko Volker}, title = {Tax effects on asset prices}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-49648}, school = {BTU Cottbus - Senftenberg}, year = {2018}, abstract = {In this dissertation I treat questions of asset pricing under the presence of taxes. I present four published articles. The first three articles are concerned with topics of company valuation when debt is risky. The first article analyzes the applicable discount rate for the valuation of tax savings in a simple setting without taxes on cancelled debt. The article concludes that the discount rate of tax savings is the same as the one for interest payments. Other than frequently assumed, this discount rate is not necessarily the same as the discount rate for debt as a whole. With the prioritization of interest or principal payments in case of losses on debt payments, the discount rates on interest payments and of tax savings are regularly different from the one for the overall debt issue. Only a pro rata distribution of losses on principal and interest payments generally leads to equal discount rates for interest payments, principal payments, and, therefore, also for debt payments as a whole. The second article continues to look at the valuation of tax savings. It differentiates the case with and the one without the taxation of cancelled debt. For both cases, the article derives equations for the value of tax savings as well as for risk-adjusted discount rates and WACC-like equations. A major finding is that the previous corporate finance literature on this topic usually makes the implicit assumption that cancelled debt is taxed. In this case valuation equations have a simple form since they are independent from the distribution of losses between interest and principal payments. Without the taxation of cancelled debt, the distribution of losses on interest and principal payments becomes important for the valuation procedures and a differentiation between cases such as interest prioritization, principal prioritization and pro rata loss distribution is necessary. The third article uses the findings of the first two articles and constructs equations for a de- and re-levering procedure using the expected return equations from the mean-variance CAPM. It extends the regularly used procedure that uses the assumption of risk-free debt to simple settings with risky debt. The forth article looks at two economies, which differ only with respect to taxation - one features taxes on capital gains and one does not. The analysis leads to several extensions on prior findings on the question of the conditions under which asset prices are the same in both economies. The article provides sufficient conditions for unchanged prices for the case of a zero risk-free rate, which entails that all agents consume exactly the same in each state. Without a zero risk-free rate, prices are the same in both economies with exponential utility and normal returns and with linear marginal utility.}, subject = {Asset pricing; Tax; Risky debt; Cancellation of debt; Stochastic discount factor; Verm{\"o}genstitelbewertung; Erlassene Schulden; Riskante Schulden; Stochastischer Diskontfaktor; Steuern; Capital-Asset-Pricing-Modell; Unternehmensbewertung; Finanzierung; Schulden; Steuerwirkung}, language = {en} } @phdthesis{Pomp2025, author = {Pomp, Caron}, title = {Regional innovation systems and structural change in Lusatia}, doi = {10.26127/BTUOpen-7187}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-71871}, school = {BTU Cottbus - Senftenberg}, year = {2025}, abstract = {The 2015 Paris Agreement called on developed countries to reduce greenhouse gas emissions to prevent the average global temperature from rising above 2°C. To achieve this goal, Germany decided to phase out lignite by 2038 at the latest. Recognising that the phase-out would lead to structural change in lignite mining regions, the government established the Coal Commission, which issued recommendations in its final report on how to manage this structural change. Lusatia, one of Germany's three lignite mining regions, will receive a total of €17.2 billion. This money will be used to fund research and innovation, secure the competitiveness of the regional economy and transform the regional energy system with new technologies and business models. However, the question is whether this unique amount of funding will be sufficient to stimulate regional economic development and green transformation in the rural and peripheral region. This dissertation aims to contribute to answering this question from the perspective of Regional Innovation Systems (RIS). The RIS framework helps to explain the uneven geographical distribution of innovation and serves as a basis for the design and implementation of place-based innovation policies, the promotion of regional innovation capacity and the development of new industrial paths. The work is based on three different studies that focus on certain aspects of the RIS framework. Chapter 2 is dedicated to the question if the strength of German RIS is related to the cooperation for innovation. The study finds that there is indeed a strong positive correlation between the two, which helps to understand why it is useful to foster cooperation and establish new research institutes to improve Lusatia's RIS in the long term. Chapter 3 analyses green path development in the lignite industry and the influence of the respective RIS in the German mining regions. While there was an observable shift towards renewables in the regions, the lignite industry was hardly connected to the three RIS. In addition, especially the lignite industry in Lusatia suffered from technological lock-in and only started to pursue a path renewal after the phase-out decision. The implication is that transforming industries should be supported, but their willingness to transform is likely to depend on changes in regulatory and market conditions at the national or even international level, rather than on RIS conditions. Chapter 4 focuses on the Smart Specialisation approach and analyses if Smart Specialisation in the field of energy is realistic in Lusatia. The study shows that the potential for such specialisation has not been sufficient in the past, but that critical masses can be achieved if the new research facilities and projects actually attract new companies and workers in the long term and if this remains the case after the initial funding has ended.}, subject = {Regional innovation systems; Structural change; Lusatia; Regionale Innovationssysteme; Strukturwandel; Lausitz; Lausitz; Strukturwandel; Regionale Wirtschaftsentwicklung; Innovation}, language = {en} } @phdthesis{Gierth2019, author = {Gierth, Philippe}, title = {Verm{\"o}genspreisblasen - Identifikation und geldpolitische Reaktion}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-50156}, school = {BTU Cottbus - Senftenberg}, year = {2019}, abstract = {In der Vergangenheit haben spekulative {\"U}berbewertungen auf den Verm{\"o}gensg{\"u}term{\"a}rkten starke globale Auswirkungen auf die Realwirtschaft gehabt. Es stellt sich die Frage, ob und wie Zentralbanken zuk{\"u}nftig diese Fehlentwicklungen kontrollieren und steuern wollen. Im ersten Teil der vorliegenden Arbeit wird ein Identifikationsverfahren f{\"u}r Aktienpreisblasen mit Einheitswurzeltests entwickelt, welches anschließend auf europ{\"a}ische Aktienpreisindices angewendet wird. Es zeigt sich, dass mit dem Identifikationsverfahren die relevanten Preisblasen von 1985 bis 2015 f{\"u}r Europa identifiziert werden konnten. Der zweite Teil der Arbeit widmet sich der Reaktion von Verm{\"o}genspreisen auf geldpolitische und makroprudentielle Maßnahmen. Dazu wurden mit Hilfe von VARMA-Modellen (1,1) empirisch untersucht, welche Auswirkungen unkonventionelle geldpolitische Maßnahmen auf die Entwicklung von europ{\"a}ischen Aktienpreisindices haben. Es zeigt sich, dass die Wirkung der ersten unkonventionellen geldpolitischen Maßnahme auf die autoregressive Struktur und die Spill-Over-Effekte zu anderen europ{\"a}ischen Indices noch besonders groß ist und bei den anschließenden Maßnahmen abnimmt. Auf Basis der Ergebnisse dieser Arbeit ist eine Steuerung der Entwicklung der Verm{\"o}genspreise durch die Zentralbanken mit Hilfe geldpolitischer Maßnahmen zu empfehlen.}, subject = {Asset price bubbles; Verm{\"o}genspreisblasen; Identification; Macroprudential politics; Financial stability; Unkonventionelle Geldpolitik; Spekulative Blase; Verm{\"o}gen; Geldpolitik; Aktienmarkt; Immobilienmarkt}, language = {de} } @phdthesis{Weihrauch2017, author = {Weihrauch, Marcus}, title = {Regulierung von Banken - Motivation, kritische W{\"u}rdigung und kapitalstrukturtheoretische Implikationen im Kontext von Basel III}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-44391}, school = {BTU Cottbus - Senftenberg}, year = {2017}, abstract = {Die vorliegende Arbeit untersucht, inwieweit die erlebte Regulierungsflut f{\"u}r Banken im Nachgang des Ausbruchs der Finanz- und Wirtschaftskrise im Jahr 2007 zur Steigerung der Stabilit{\"a}t und {\"o}konomischen Effizienz f{\"u}hren kann. Sie stellt dabei heraus, wie sich die Regulierung normativ begr{\"u}ndet und wodurch ihre Maßnahmen zu einer gesamtwirtschaftlich besseren L{\"o}sung f{\"u}hren k{\"o}nnen. Die Arbeit fundiert ihre Aussagen und Antworten {\"u}ber eine distinktive und kritische Analyse mikro- und makroprudenzieller Regulierung sowie ihrer spezifischen Regulierungsinstrumente auf der Basis von Basel III. Ein Ergebnis ist, dass Regulierung im Sinne exogener Eingriffe nicht nur das Potential hat, zu stabilisieren, sondern ebenso Wechselwirkungen und Instabilit{\"a}ten zu verursachen, welche die Regulierung in der Konsequenz wiederum begr{\"u}nden. Ihre Effizienz ist damit kritisch. Es werden Argumente der Deregulierung evident, die dazu motivieren, im weiteren Verlauf der Arbeit auf das Problem einer effizienten Eigenkapitalregulierung im kapitalstrukturtheoretischen Kontext zu fokussieren. Auf der Basis des modelltheoretischen Rahmens des Irrelevanztheorems der Kapitalstruktur von Franco Modigliani und Merton Miller 1958 wird unter der Adaption ihrer Pr{\"a}missen auf die Umweltbedingungen von Banken gezeigt, dass insbesondere die Deregulierung des Eigenkapitals zu einer wohlfahrt{\"o}konomisch besseren L{\"o}sung f{\"u}hren kann, da der Unternehmenswert entgegen der These von Modigliani Miller gerade nicht invariant gegen{\"u}ber der Kapitalstruktur ist. Es l{\"a}sst sich erneut ableiten, dass existierende Regulierung hier die Eigenkapitalregulierung begr{\"u}ndet, da sie zu unerw{\"u}nschten Anreizen, konkret zu einem Minimierungskalk{\"u}l des Eigenkapitals f{\"u}r Banken f{\"u}hrt. Hingegen existieren unter den in dieser Arbeit getroffenen Pr{\"a}missen in einem Umfeld bestimmter reduzierter und ver{\"a}nderter Regularien Anreize, die zu wohlfahrts{\"o}konomisch w{\"u}nschenswerten Eigenkapitalquoten f{\"u}hren k{\"o}nnen. Hierbei spielen sich entfaltende disziplinierende Marktkr{\"a}fte eine zentrale Rolle. Kosten der Regulierung k{\"o}nnten reduziert werden. Diese Arbeit motiviert, die teils starke Konzentration der Regulierung von Banken auf Bilanzgr{\"o}ßen, die entsprechend starke Eingriffe in gesch{\"a}ftspolitische Entscheidungen bedeutet und hinsichtlich ihrer Komplexit{\"a}t, Ad{\"a}quanz und Wirkung durchaus kritisierbar ist, hin zu einer st{\"a}rker Ordnungsrahmen schaffenden Gestaltung der Regulierung zu pr{\"u}fen, in der sich Marktdisziplin {\"u}ber anreizkonforme Mechanismen entfalten kann.}, subject = {Banken; (De-)Regulierung; Kapitalstruktur; Eigenkapital; Marktdisziplin; Bankenregulierung; (De-)regulation; Capital structure; Equity; Market discipline; Basler Eigenkapitalvereinbarung (2010); Bankenaufsicht; Risikomanagement; Kapitalstruktur; Eigenkapital; Banks; Bank regulation}, language = {de} } @phdthesis{Jacobs2020, author = {Jacobs, Kathleen}, title = {Quantitative empirical studies on sustainable consumption}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-53333}, school = {BTU Cottbus - Senftenberg}, year = {2020}, abstract = {The overall research goal of this doctoral thesis is to better understand the determinants of sustainable purchase behaviour. By approaching several context-specific subgoals in a series of four quantitative empirical studies, major research gaps in the field of sustainable consumption are addressed. The first article examines the market potential for social banking in Germany. By means of an experimental survey using adaptive conjoint analysis, a sample of 2896 German social banking customers and a population-representative sample of 641 German conventional banking customers are compiled. Logistic regression modelling reveals that social banking customers differ significantly from their conventional counterparts regarding several consumer characteristics. The results further indicate a large untapped market potential ranging between 10 and 26\% of the German population in 2011. The second article investigates the phenomenon of the attitude-behaviour gap in the context of sustainable clothing. Based on survey data of 1085 female German consumers, a structural equation model is estimated to assess how large the possible gap between a positive attitude towards sustainable clothing and the corresponding purchase behaviour is. Apart from a considerable attitude-behaviour gap, the article indicates that a positive attitude, self-transcendence values, as well as an affinity to online and catalogue shopping, significantly enhance sustainable clothing purchases. Self-enhancement values and, remarkably, a preference for durability constitute purchase barriers. The third article studies the influence of product lifetime labelling by the example of electrical appliances. Using choice-based conjoint analysis, experimental survey data is collected from a population-representative sample of 499 German consumers. Hierarchical Bayes utility modelling suggests a decreasing positive effect of the label on purchase decisions and a deterioration of the purchase influence of existing brands. Structural equation modelling indicates, for instance, that the preference for a long product lifetime is fostered by a respective positive attitude and subjective norm. However, the attitude only exerts a significant influence if it is driven by personal rather than environmental gains. The fourth article sheds light on the effects of favourable and unfavourable environmental product information. The analysis draws on data gained from a survey-based experiment conducted among a population-representative sample of 524 German consumers. Using a two-level structural equation model, the results document that the negative effect caused by unfavourable product carbon footprint information on consumers' willingness to pay is significantly stronger than the positive effect caused by respective favourable information. Furthermore, consumers tend to not substantially differentiate between different high-range degrees of positive or negative environmental information.}, subject = {Quantitative empirical methods; Sustainable consumption; Purchase behaviour; Determinants; Labelling; Quantitative empirische Methoden; Nachhaltiger Konsum; Kaufverhalten; Determinanten; Labeling; Nachhaltigkeit; Kaufverhalten}, language = {en} } @phdthesis{Eichwald2021, author = {Eichwald, Antonia-Luise}, title = {Geldpolitik in der neuen Normalit{\"a}t : Finanzstabilit{\"a}t und Nullzinsuntergrenze}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-55615}, school = {BTU Cottbus - Senftenberg}, year = {2021}, abstract = {Die globale Finanzkrise hat elementare Merkmale des geldpolitischen Vorkrisen-Konsens, wie die Sicherung der Preisstabilit{\"a}t als Hauptaufgabe der Geldpolitik in Frage gestellt. Man spricht von einer Geldpolitik in der neuen Normalit{\"a}t, einen Zustand, bei dem es trotz geringer Inflationsrate und niedrigen Schwankungen des Outputgaps zu Risiken f{\"u}r die Finanzstabilit{\"a}t kommt. Die neue Normalit{\"a}t nach der Krise ist durch große Schwankungen der Kapitalstr{\"o}me und einen Leitzins nahe der Nullzinsuntergrenze gekennzeichnet. Da Preisstabilit{\"a}t, als traditionelles Ziel der Geldpolitik, nicht notwendigerweise wirtschaftliche Stabilit{\"a}t sichern kann, wurde die bisherige Vorgehensweise der Geldpolitik in Frage gestellt und die Thematik aufgeworfen, wie das Verh{\"a}ltnis der Finanzstabilit{\"a}t zur traditionellen Geldpolitik ausgestaltet sein sollte, insbesondere welche Politik, Geld- und/oder makroprudenzielle Politik sich zur Sicherung von Finanzstabilit{\"a}t eignet. Aufbauend auf der Erkenntnis, dass Geldpolitik vor allem durch den Risikoneigungs- und Kreditkanal mit Finanzstabilit{\"a}t wechselwirkt, werden anhand eines Neukeynesianischen Modells unter Ber{\"u}cksichtigung einer Finanzfriktion und mit Hilfe spezifischer Verlustfunktionen drei m{\"o}gliche Relationen zwischen der Geldpolitik betreibenden Zentralbank und einer f{\"u}r makroprudenzielle Politik verantwortlichen Regierung in unterschiedliche spieltheoretische Gleichgewichtskonzepte (Nash, Stackelberg und kooperativ) {\"u}bersetzt. Zur L{\"o}sung des Modells wird neben der theoretischen Analyse mit Maple zudem auf eine Simulationstechnik, der Software Matlab, zur{\"u}ckgegriffen. F{\"u}r die unterschiedlichen Gleichgewichtskonzepte werden wiederum unterschiedliche institutionelle Anordnungen identifiziert. Das Neukeynesianische Modell wird zus{\"a}tzlich dahingehend erweitert, dass der gelpolitische Zinssenkungsspielraum eingeschr{\"a}nkt ist, wenn der Zins auf die Nullzinsuntergrenze trifft. Auf diese Weise soll aufgezeigt werden wie und ob sich der institutionelle Aufbau durch die Erweiterung des Modells ver{\"a}ndert. Insgesamt l{\"a}sst sich aus den Ergebnissen schließen, dass eine geldpolitische Beh{\"o}rde, die in ihrem Entscheidungskalk{\"u}l neben Preis- und Outputstabilit{\"a}t, zus{\"a}tzlich Finanzstabilit{\"a}t und die Beschr{\"a}nkungen durch eine Nullzinsuntergrenze ber{\"u}cksichtigt, sowohl geldpolitische, als auch makroprudenzielle Politik ausf{\"u}hren sollte.}, subject = {Geldpolitik; Finanzstabilit{\"a}t; Makroprudenzielle Politik; Nullzinsuntergrenze; Neukeynesianisches Modell; Monetary policy; Financial stability; Macroprudential policy; Zero lower bound; New Keynesian model; Kreditmarkt; Stabilitätspolitik; Niedrigzinspolitik; Neokeynesianismus; Spieltheorie}, language = {de} } @phdthesis{Abdou2025, author = {Abdou, Mahmoud Ahmed Bakry}, title = {Cultural heritage and public-private partnerships : the rationales, limitations and potentials}, doi = {10.26127/BTUOpen-6992}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:co1-opus4-69923}, school = {BTU Cottbus - Senftenberg}, year = {2025}, abstract = {In the present day, PPPs have become highly appealing to many governments. Given the numerous benefits, public bodies are encouraged to partner with private contractors for heritage property conservation and secure substantial up-front finance for long-term maintenance and restoration. Limited experiences of PPPs in heritage conservation suggest a lack of literature exploring mechanisms, benefits, and pitfalls. Before considering any partnership in heritage conservation, it is crucial to develop a nuanced understanding of these unmatured themes. This study aims to investigate the rationales, benefits, and multifaceted challenges that might impede and undermine PPP in heritage conservation projects, potentially putting PPP at risk. The methodology followed in this research relies on a qualitative research approach employing a comparative two-case study strategy. A triangulation process of both literature review and interview techniques was used for data collection in this research. Research participants in this study were from different countries to enable a broader investigation and from diverse backgrounds to provide varied insights and interpretations from distinctive perspectives. The main findings resulting from this thesis imply that there are numerous significant challenges hindering an effective and efficient partnership between public and private bodies. These challenges vary in intensity and specificity according to the underlying features of each state. They encompass issues related to political commitment, the decision-making process, governance and public acceptance, the prolonged negotiation process, inadequate understanding and misrepresentation of PPPs, lack of a sound economic environment, and limited competitive capacities for the private sector. Additionally, demand-related risks also pose a significant challenge. In reality, although PPPs have yielded significant advantages in the two cases studied, it is evident that a considerable amount of effort is required to address these challenges and assert that heritage PPPs are indeed a healthy and beneficial policy. This undoubtedly relies on various determinants, including but not limited to public support, the presence of competitive markets, and a stable financial and regulatory structure.}, subject = {Varaždin Palace; Varaždin -Palast; Built heritage; PPPs; Quarantine Station; Gebautes Kulturerbe; Quarant{\"a}nestation; Palača Zagrebačkog kaptola (Varaždin); Baudenkmal; Kulturerbe; Public Private Partnership}, language = {en} }