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Keywords
In today’s economy, organizations struggle with an increasingly complex and fast-changing environment. The aftermath of the economic crisis in 2008 is still present and the global economic growth is slow. More organizations nowadays use projects as a standard way of doing business. However, many projects are behind schedule, over budget or fail to meet project goals. In fact only 56% of strategic initiatives meet their original goals and business intent.
Lean thinking was once able to enormously improve efficiency in the manufacturing sector and has been implemented across industries. Applying lean thinking to project manage-ment can optimize traditional project management by reducing waste, saving resources, and leading towards project excellence. Lean project management focuses on creating value for the customer and making an effort to reduce waste in the value chain.
The aim of this thesis is to elaborate why traditional projects fail, to analyze which lean concepts are relevant to project management and how a lean project management frame-work can look like.
A case study of the REA group (REA), a small project office for renewable energy pro-jects, is presented in this thesis. As lean has its origin in the manufacturing sector and agile evolved in the IT industry, the thesis deliberately presents an unfamiliar industry. Within the case study existing project management practices and common challenges will be iden-tified and examined whether changes towards a lean approach should be made.
This paper analyzes the differences in labor demand
between family and non-family firms. The majority of firms in modern economies are still family controlled. In addition, these firms seem to exhibit
better employment performance than other companies. Therefore, this study estimates a labor demand
model with German establishment panel data. Moreover, a Heckman correction is introduced to the regressions to avoid selectivity. The results of random effects and fractional panel probit estimations
indicate that own-wage and output elasticities are
lower in absolute values, thus supporting the assumption that family firms offer higher job security and are more risk averse than other establishments. However, this result does not hold if the in
vestigation is restricted to establishments with 20 or
more employees. There is no evidence of different b
ehavior in larger family firms.
This work develops an evaluation framework to Arts
-
Based Brand Research (ABBR) to make methods
comparable. Further the evaluation framework is used to compare four arts
-
based methods. It turned
out that previous studies try to capture the brand image on a verbal cognitive level, but this proceeds cannot detect the unconscious emotions and attributes. There is a risk of standardized survey, because the emotions and attributes
to the brand, which manifest themselves through images, colors,
fragrances, etc., cannot be detected. The reason is the loss between the "translations" of non
-
verbal in
the verbal attributes. Therefore, there are arts
-
based methods that allow working closely on the human
senses. Four methods were compared based on the evaluation framework: Lego Serious Play (LSP),
Multi Sensory Sculpting (MSS), Psychodrawing (PD) and Collage (C). The results of this study show that the newly developed evaluation framework allows a distinguished and systematic comparison of
market research methods. The evaluation framework led to the conclusion that art
-
based methods are
well suited even on sensitive issues such as sustainability. Futhermore the respondents felt the methods as entertaining and enjoyable. The Methods Collage and Psychodrawing performed particularly
well with respect to the required time and the variety of associations.
Trends im Recruiting
(2016)
Abstract:
The master’s thesis addresses the question whether currency devaluations boost aggregate demand in small open economies in the short run from a post-Kaleckian point of view. Existing open economy versions of the post-Kaleckian model are presented and it is shown how they can be used to analyse the demand effects of currency devaluations. In the existing models, the effect of a currency devaluation on aggregate demand is ambiguous and depends on certain parameter values. Different approaches to modelling the distributional effects of devaluations are discussed and evaluated. All the existing models, however, disregard balance sheet effects that arise from foreign currency-denominated debt. The thesis therefore develops a novel post-Kaleckian model that builds on the existing literature but introduces external debt and balance sheet effects. The model is then used to analyse the effects of a currency devaluation on aggregate demand, growth, and external debt dynamics. The main findings are that the existence of balance sheet effects makes contractionary devaluations more likely, and that balance sheet effects, foreign interest rate hikes and a high propensity to finance investment out of foreign currency denominated debt have destabilising effects.
Abstract
The International migration became an ever-growing phenomena that has immense impact over the development of bothsending and receiving countries. However, recently the public opinion prevails the downside of the immigration. Claiming that immigration would contribute
negatively to the host countries .Since it may cause either economic hardship, in addition the security concerns. Many politicians and policy makers used the argument that migration may turn to be an economic burden in destination countries due to global financial crisis and the flow of low skilled migrants. In this paper we will explore, if their arguments is proved by literature and theory through understanding the causes of the immigration and its socio economic impacton the host countries. Providing Germany as a case study and illustrative example.
ABSTRACT
The modern capitalist corporate food regime is driven by large agroindustries, commodification of nature, monoculture, chemical contamination, land grabbing, and is becoming ever more self-destructive for food producers, consumers, and the whole planet as our web of life. In order to correct and adjust Anthropocene made climate change again and to abandon the false transfer of power from MNC to the power of the people, only a global struggle in localized agroecology can be a solution. As finance-led capitalism has increasingly urged politicized confrontation with the dominance of neoliberalism and agribusiness, the people who are looking to their own pool of ideas in a form of resistance to the "supreme knowledge monoculture", have increased their process of sharing and transferring knowledge, also called diálogo de saberes. This dialog among different knowledges and ways of knowing brought along important 'emergences' from the radical-transformative approach of food sovereignty to its paradigm of agroecology under the struggle of La Via Campesina. This movement has been able to group farmers, landless people, rural proletarian, indigenous people, consumers and even researchers by understanding inclusive diversity as enrichment. Most strikingly, small-scale food producers from developing countries come together with small-scale food producers from the industrial countries, while it is actually the latter's “free trade” agreements and practices that slow out small peasantry in developing countries. Nevertheless, they find and choose common ground by focusing on similarities and joint challenges such as the need for locally controlled food systems and the combined and connected grassroots action against the international violence of power by the corporate food regime. As an example, this thesis reflects on the positive and critical experiences of the Cuban illustrative agroecology training methodology practiced for more than two decades now. The learning values are identified, analyzed and adapted to the current European process of scaling up and strengthening the agroecology training network in the European section of La Via Campesina, the European Coordination Via Campesina. Conclusively, the thesis contributes to the movement by linking and advancing European’s collective action by looking “up” to Cuba’s experiences in the sense of horizontal diálogo de saberes.
The increase of the use of Information Technology (IT) in recent years has generated counter-‐effects on governments, businesses and economies around the world. Cyber terrorism represents a direct and indirect danger to critical infrastructure of governments and corporations as well as IT systems and networks, since it constitutes a low-‐cost weapon. Countries form their national cyber strategies, and policies encompassing cyber defense and deterrence strategies against cyberattacks. However, acknowledging the fact that threat has no boundaries, national strategies become inefficient when it comes to the responses. This dissertation aims to raise awareness of cyberterrorism which exposes to a risk not only states but also corporations. It discusses the need of international legal framework; emphasizes the significance of formulating an international corporation on cyber defense and deterrence to fight against it, and to preserve global stability and prosperity. It draws upon the necessity to establish a clear and common definition of a term 'cyberterrorism' as well as a set of internationally agreed cyber security standards to deal with threats. Finally, the dissertation conducts the analysis of the methods and represents essential steps forward that need to be taken to combat cyber terrorism
Abstract
Restrukturierungen stellen umfangreiche Veränderungsprozesse in Organisation dar. Kurzfristige Produktivitätssteigerungen oder Kostensenkungen sind dabei die häufigsten Ziele der Unternehmen. Mittel- und langfristige ökonomische Folgen aufgrund von negativen gesundheitlichen Auswirkungen durch Restrukturierungen auf die Belegschaften bleiben derzeit – trotz Fachkräftemangel – zumeist unberücksichtigt. Welche Faktoren für die Gesundheit von Arbeitnehmerinnen und Arbeitnehmern in Restrukturierungen eine Rolle spielen und welche Handlungsmöglichkeiten das Management für gesundheitserhaltende Restrukturierungen hat, untersucht in Form einer literaturbasierten Analyse die vorliegende Abschlussarbeit
Abstract
This study investigates the relationship between top executive compensation and company performance based on managerial power. Consistent with principal-agent theory, we find that executive compensation is positively associated with company performance. In return, executive compensation incentive can promote the increase of company performance. After considering managerial power, we find that managerial power has a positive effect on executive compensation, namely, compared with other enterprises, executive compensation has stronger positive correlation with company performance when the company has a greater managerial power. This finding is also consistent with managerial power theory. However, under different structure of managerial power, there will be a different effect of executive compensation incentive. These findings may provide new insights into the relationship between top executive compensation and company performance.
Abstract
Berlin has been famous for its underground scene and bohemian lifestyle for a
quarter of a century. In light of Richard Florida 2002 creative class treatise, the
issue of bohemian-like Berliner’s engagement with the electronic music industry
and the resulting impact on the urban economy has become more pertinent. In
spite of the fact that theoretically Berlin underground scenesters do not contribute
much to local GDP account nor tax income by themselves, relevant statistics has
shown these bohemian techno scenesters have a positive relationship with the
broader urban economy.
This research paper seeks to suggest the patterns how the creative class affects
urban economic development with a case study of Berlin. To create concrete ideas,
this dissertation is divided into three parts. Firstly, through examining theoretical
debates about the creative class, the concept of the creative class can be further
clarified. Secondly, empirical research and analysis is demonstrated through a
case study of Berlin electronic music cluster. In conclusion, a model of how the
creative class affects the urban economy is introduced and followed by its pros
and cons and recommendations for further research.
This paper give a comprehensive introduction of the universal banking system. Because of the process of competitive deregulation, both the US and the UK abandon the functional separation of financial activities which had long characterized their financial system and embrace universal banking, while Germany is the country adopts universal banking system from beginning to end. This paper wants to know the future of China’s financial system: is it a mixed operation market or a separate operation market? If it is a market of mixed operation, then which mode will China adopt? In order to solve these questions, this paper is divided in to eight chapters.
In the first two chapters, this paper gives a literature review about mixed-separate operation and universal banking. Then in the following three chapters, this paper introduces three types of universal banking in depth, represented by UK, US and Germany respectively. Each type will be given a case study. From the development path of the typical universal banks in the world, we can see why and when banks should become universal banks. In the sixth chapter, this paper shows the corporate governance of banks in these three countries and their supervisory system, both are very important to Chine’s supervisory bureau. In the seventh chapter, this paper gives a comprehensive introduction of China’s financial market in terms of legislation, corporate governance, and supervisory system etc. and in the last chapter, this paper gives recommendations to the development of universal banking in China.
In this paper, Universal banking is divided in to three types: one is “comprehensive management universal banking model”, represented by UK; one is “financial holding company model” represented by USA; the other one is “interior comprehensive management model”, represented by Germany. Universal banking is not simply "one size fits all". There is no fixed model can be replicated. The specific background such as economic environment, political environment etc. should be taken into consideration when develop a universal banking system.
Abstract
This thesis compares the Chinese and Japanese medical device market with special attention to diagnostic imaging. It is shown that China is showing much higher growth rates in this segment than Japan. China will probably overtake Japan as the biggest diagnostic imaging market in Asia in the next ten years. Also, since the Chinese import share of imaging devices is much higher than in Japan, it will probably remain much bigger market for foreign MNEs for a long time to come. However, Japan is showing market potential in the high end MRI segment, and will remain one of the most important markets, also due to its aging population. Both countries have shown a difficult regulatory environments, which were renewed in 2014. However, so far reactions in China to the new system have not been favourable, whereas in Japan market participants have not experienced much changes yet. The study shows, that Japan has a highly developed domestic CT and X-ray industry, but lacks technical capabilities in the MRI and PET segment, due to its regulation system and other social factors like risk aversion. In China the markets of all diagnostic imaging device segments are highly dominated by foreign MNEs, in the ultrasound segment however, local producers have become more competitive in recent years. A risk for foreign MNEs trying to succeed on the Chinese market, is the growing support of the Chinese government of domestic producers. The success of diagnostic imaging companies closely corresponds with their expenditure on R&D.
Abstract:
Cross-border M&A of Chinese state-owned and private-owned enterprises
have rapidly increased in the past decades. The study of post-merger integration and the
effects on labor relations is topic of this paper. Two German companies, that have been
acquired by Chinese multi-national corporations, have been examined with qualitative
research methods in form of case studies and interviews have been applied.
Abstract
The purpose of this paper is to assess the general conditions that might motivate
criminal networks to further adopt Bitcoin as a means for laundering the proceeds resulting
from the exchange of illegal goods and services. The link between payment technologies
and criminal networks is created when a criminal decides to use such technology as a
vehicle or tool for accomplishing illegal activities. The anonymous nature of Bitcoin
transactions and the existing evidence of illegal goods being sold on online black markets
renders this technology an attractive medium for laundering subsequent proceeds.
Furthermore, the technological advancements that make Bitcoin and other virtual currency
transactions more difficult to trace back, are increasingly appealing to criminals worldwide.
The estimates regarding Bitcoin’s geographical potential by the Bitcoin Adoption Index
coincide with the proliferating ground for new payment methods in the region. In fact,
criminals in countries such as Nigeria and Kenya have recently exhibited a greater reliance
on mobile technologies, demonstrating that their newly acquired “knowhow”
for payment
technologies could be used for criminal activities in the near future
The increasing mobile payment knowledge and receptiveness of criminals in
SubSaharan
Africa, coupled with a low reliance in national financial structures and
traditional payment methods, substantiates that the idea of criminals switching from
traditional payment methods to new payment methods for conducting criminal activities, is
not so far fetched. All the aforementioned factors create a fertile environment for a new type
of cyber criminal activity connected by networks.
In fact, approximating when criminal users are more inclined to use a payment
technology for criminal purposes is essential for its timely and adequate regulation.
Policymaking
bodies must be able to innovate to counteract criminals' ability to move
electronic funds anonymously. Notwithstanding, providing an approximate time frame for
the expected surge of money laundering through new payment technologies is a difficult
task. This has lead to a captivating question : when is the use of Bitcoin as means for money
laundering by criminal networks most likely to occur during the adoption process?
Table
Abstract
In 2007 the Commission proposed a Directive aimed exclusively at third-country nationals moving to Europe for the purpose of highly qualified employment that would set up a harmonized entry procedure, lay down common residence conditions and facilitate mobility through Europe. The Directive, named Blue Card, was meant to make Europe more attractive for highly qualified migrants by offering a fast--‐track entry procedure and social benefits in the EU. The Commission, despite the reluctance of Member States, managed to push through the Directive, which was finally approved in 2009. In the first three years since the Blue Card first entered into force in the majority of Member States in 2012, no more than 30,352 cards have been issued, of which about 26,200 by a single Member State. Why? A detailed analysis of the conditions set by the Directive and of the context in which it operates, as well as a comparison with the national labour migration schemes - in particular in Germany, Sweden and the Netherlands - with which it is in competition is provided in this thesis.
The impact of Foreign Direct Investment on the development of countries has been the debate among different school of thoughts especially the Mainstreams and the Radicals. The Mainstream support the fact that FDI is important especially for developing countries because it helps finance development projects due to insufficient budgetary income, thereby solving the problems related to the saving-investment constraints. For the Radicals, FDI brings detrimental effects like the crowding out of domestic firms and high unemployment. Therefore, this study investigates the positive and negative effects of FDI on development and has a case study Nigeria and to demonstrate under which conditions FDI could be beneficial and/or detrimental. Secondary statistics and data from the CBN, NIPC, and NBS, publications, journal, papers and the internet are used to demonstrate the relationship between FDI and the creation of job opportunities, the transfer of technologies and the development of infrastructure. Results demonstrate that, FDI results in the creation of several job opportunities, especially in the manufacturing and telecommunication sectors and has led to the development of several infrastructures. However, there is no evidence to demonstrate the role of FDI in the transfer of technologies to domestic firms in Nigeria. The main negative effect of FDI is the result of oil exportation in Nigeria. The fall in competition of the Nigerian agricultural products in the world market, the lack of incentive to risk investment in the agricultural sector and the overall drop in agricultural production in Nigeria are mainly due to the Dutch and the appreciation of the Naira. Though, FDI in Nigeria has been beneficial to some people, it is however not sufficient to trigger economic growth and development in
Nigeria. Therefore, the government should first and foremost consider all necessary preconditions for FDI to yield its results; infrastructure should be developed, security systems enhanced, corruption reduced and policies makers should consider FDI as a complementary tool for growth prospects rather than a substitute to other development measures.
Abstract
The master thesis is based on the need for further research in the field of internationalization
of Chinese companies. Various Chinese companies tried to internationalize, but studies
showed that the failure rate is rather high, therefore to understand how Chinese companies
internationalized successfully can contribute to a higher success rate of internationalization of
Chinese firms in the future. The master thesis is split into different Chapters. The literature
review, in which the various theories related to internationalization will be explained, is
followed by the actual research conducted about Lenovo and how it internationalized
successfully. The research shows that internationalization is more than venturing abroad,
especially in the case of Lenovo, it was rather a long-term knowledge accumulation process
which peaked in the acquisition of IBM´s personal computer division. Lenovo boosted its
knowledge base via various networks, it started to learn from network partners and finally
acquired IBM´s personal computer division. It was often discussed that Lenovo acquired
IBM´s PCD to gain market reach, but this research showed Lenovo acquired IBM´s PCD in
order to absorb knowledge in the fields of management, marketing and technology. Due to those findings the network theory was expanded in order to include this phenomena.
Abstract
This paper is divided into four parts, which are factual requirement, theoretical foundation, way choice and developmental measure.
21st century is an urban century. Urbanization, regarded as one of two subject matters affecting human society deeply, draw people’s attention in the world. China is becoming a modernization country and she makes urbanization as a economic and social stratagem International background and national practice call us for researching urbanization.
Many researchers and a series of theories on urbanization had come forth in Western countries. Since 1949, great progress and substantial fruit have been made in the research of urbanization, which is the theoretical foundation of the process of urbanization, and the analysis tools.
The process of our urbanization is uneven, which is valuable experience and the groundwork of propelling urbanization. In this paper, the stratagem of “Tri-paroles strength, Colony drive” should be brought into effect in the new century. On the one hand, the cluster of cities being subject to one large city should be constructed to drive the system of urbanization, on the other hand, small and medium sized cities’ should be best developed and their function should be brought into play in the modernization. In this way, our urbanization would have four characters, which are network city, multi-dimension pattern, and new industrialization propelling, sustainable development. This is a road with China’s characteristics, on which urban and rural should be made overall planning.
At last, this paper, on the analytic basis of the problem and cause about our urbanization, put forward new measures to propel the urbanization.1. Focus on developing cluster that surrounds a large magisterial city. 2. Set up regional combination and joint mechanism. 3. Arouse permanent population migration through the institutional innovation. 4. Develop industry involving agriculture in favor of town’s developing. 5. Strength the government’s operation in urbanization.
Abstract
An increase in purchasing power of consumers caused by the rapid economic growth of China has enabled the country to encounter with rapidly growing amount of textile waste. In spite of the fact that theoretically approximately 97 percent of textile waste can be recycled, since there have been no regulations that encourage recycling set by the government, the majority of the waste end up in landfills or are incinerated, which cause environmental pollution. Textile waste recycling can eliminate a number of environmental problems occurring during landfill and incineration processes. Moreover, it decreases the degree of dependence on virgin raw materials by recycling used garments as raw materials. This research paper seeks to suggest strategic actions that can be taken by each stakeholder of the textile recycling industry for the improvement of the textile waste collection in China. To create concrete strategic measures, two questions should be answered. First it will try to identify what kind of barriers and obstacles interrupt discarded textile articles being separated from other solid wastes. Second, the paper tries to find what kind of incentives should be given to make each actor actively participates in the textile waste separation and collection.
Abstract
Along with more than three decades of China's reform and opening up policy, the number of HNWIs in China is growing rapidly. Large high net worth population makes Chinese commercial bank face unprecedented private banking development opportunities. On the one hand, the stress from foreign banks and non-financial wealth management institutions formed the fierce competition landscape of China’s wealth market; on the other hand, a series of macroeconomic regulation and market controls make domestic commercial banks more difficult to benefit from their traditional deposit-loads spreads profit model, while the form of private banking industry chain and huge profit margins will become the new focus for banks' development.
In the face of huge private banking market, Chinese commercial banks showed great enthusiasm and strength compared with other wealth management institutions but still suffered from many setbacks such as lack of innovation and diversified products. The fundamental reason is unable to meet clients’ demand the the limitation of separate operation and regulation system. Considering the long history and promising brand of foreign banks, how to learn from international leading private banks and maintain our own strength is worth studying.
This paper starts from previous research and analyzes in depth about foreign banks success factors in diversified products, highly personalized services, brand strategy, relatively independent operation model and rich talents pool. In addition, understanding your clients are also important. As the accumulation of wealth, high net worth individuals are becoming more rational and mature, they do not only care about wealth creation, wealth preservation and diversified asset allocation are also getting more attention. Based on authorities reports, the author gives and in-depth analysis about China’s HNWIs, providing foundations for further strategy study. Since most of private banking researches are qualitative analysis so far, The innovation of this paper lies in using data and SCP paradigm explains the current situation about China’s wealth management market from the supply side and build a comprehensive strategic development strategy for Chinese commercial banks.
Abstract
The administrative cost of local government is an important indicator of the regional
competitiveness and creativity of modern society, it not only reveals the efficiency
and governance of the local government, but also relates to the regional economic
development and happiness of the civilian. With the continuous development of the
information age, loads of rent-seeking and corruption surfaces. The image of the local
government suffered tremendous trial, which emotionally turns the neutral word
“administrative cost” into a negative one. The issue of administrative cost is a puzzle
in the public administration academia; governments around the world are all
exploring ways to reduce the administrative cost. The issue is not exclusive but
criticized by the society which makes it the urgent affair in China. Since the reform
and open policy, the government has changed its functions, from “control-type
government” to “service-oriented government”, government no longer has hand in all
the aspects of social affairs, under the concept of “small government and big society”,
the social and political ecology is changing, on one hand the government is on a diet
that limits itself the public power and on the other hand it enhances the social power
which in turn increase the standard for the governance by the public. As for
service-oriented government nowadays, it canonizes civilian-oriented as well as the
pursuit of maximum profit, the goal of the government is to serve the civilian,
lowering the administrative cost and increasing the efficiency of the confined
economic resources could definitely benefit the civilian more, administrative cost is
somehow like an obstacle that blocks the way of increasing the administrative
efficiency. As for the Chinese government, lowering the administrative cost could
increase the administrative efficiency and improving the image of the government
simultaneously which helps to regain the public confidence and rebuild the
governmental prestige.
The article holds the broad sense that considers the administrative cost is made up of
both explicit and implicit cost. It uses data to analyze the issue of explicit cost and
uses cases to illustrate the implicit one. Later in the article, it makes the comparison
based on the cases of similar cities and also introduces the successful experience of
home and aboard. At last, it puts forward corresponding countermeasures to deal with
the issue combining with China’s reality. The article uses literature analysis and
comparative analysis, integrating inductive method with conductive method as well as
quantities method combining with qualitative method.
The innovation of the article lies in the empirical study more than the theoretical one.
In addition, the article keeps abreast of the times that analyses the great impact after
18th CPC National Congress so as to offer the public administration academia a latest
study.
Key words: government, administrative cost, countermeasure
Abstract
The world as we know it today is characterized by a massive process of digitalization in every prospect. Communication patterns, economy and business mechanisms as well as life styles are changing towards a higher utilization of technology, digital devices and the internet. With the bust of the dot.com bubble, the previously static and company dominated web changed into an interactive playground where everybody can become a publisher of content: the Web 2.0 was born. Social media developed soon which is competing with traditional media like TV, newspaper or radio.
Marketers worldwide quickly discovered the potential of using these social media to promote their brands, products and services. Social media has the huge advantage that it is able to track and store all data of a user’s history and actions. This makes it possible to target specific customer groups and provide them customized content. Nevertheless marketing approaches differ from country to country.
Therefore this thesis discusses the potential of social media marketing (SMM) for foreign companies in China in order to improve customer relationships. With market saturation of smartphones, the best and most cost-effective way in China to do SMM is via mobile social networks as they grant the closest access to targeted audiences. For this a “9-step social media action plan” is developed. The action plan is especially suitable for small and medium sized foreign enterprises who utilize the Chinese messenger app WeChat as their first marketing tool.
Kurzfassung
Gegenstand der hier vorgestellten Arbeit ist eine Betrachtung der Performance nachhaltiger Finanzprodukte. Die Arbeit schafft zunächst ein grundlegendes Verständnis für Nachhaltigkeit und deren Entwicklung in der Finanzwirtschaft, wobei die Stellung institutioneller Investoren in Bezug auf die aktuelle Situation und weiteres Potential für nachhaltige Investitionen herausgestellt wird. Die zwei wichtigsten Komponenten, Risiko und Rendite, werden dabei genauer beschrieben. Um einen tieferen Einblick in die Funktionsweise der Entscheidungsprozesse von Investoren zu schaffen, werden dann grundlegende finanztheoretische Modelle vorgestellt. Neben ihrer theoretischen Wichtigkeit für das Verständnis bestimmter Mechanismen auf den Kapitalmärkten, werden ebenfalls Kritikpunkte in Bezug auf die praktische Anwendbarkeit dieser Modelle aufgezeigt und ein mögliches „robusteres― Modell mit dem Black-Litterman-Modell vorgestellt. Darauf aufbauend wird die Performance von Anlagen, als wichtiges Maß für Investitionsentscheidungen, betrachtet. Als Performancemaße wird in der vorliegenden Arbeit die Sharpe-Ratio sowie das Dreifaktorenmodell nach Fama und French ebenso wie das Vierfaktorenmodell nach Carhart vorgestellt. In Verbindung mit Performance werden Risikomaße bezeichnet. Sowohl die finanztheoretischen Grundlagenmodelle als auch die Performance- und Risikomaße werden in SRI Performance Studien untersucht. Über das Impact Investing wird ein besonderer Investitionsstil eingeführt, welcher neben Rendite auch positive soziale und ökologische Auswirkungen voraussetzt.
Ziel der Arbeit soll es sein, zu verstehen, ob Nachhaltigkeit und verantwortungsbewusstes Investieren allein von der Performance einzelner Portfolios oder Anlagen abhängt und ob die Performance von SRI mit ihren konventionellen Counterparts gleich- oder besser zustellen