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This paper examines the short-term effects of tax inversion announcements on inverting firms´ share prices, and thereby analyses the value creation of inversion activities. For the analysis, the paper looks at a sample of 41 inverted U.S. firms during the time period of 1994 to 2015. To quantify the stock returns related to inversion announcements, event study method has been implemented. Using the parametric t-test, the paper finds evidence indicating that the announcements of tax inversions have a significant negative impact on firm value with -4.8%. 16 out of 41 investigated firms show value changing effects associated with inversions. The highest impact on stock prices are captured directly on the announcement day. Furthermore, the performance of pharmaceutical and Irish incorporated deals indicate positive market reactions with 7.30% and 5.9% respectively.
Ever since its beginning, the prohibition of drugs has been a controversial policy that draws attention of many scholars, politicians and the general public. On the one hand, proponents of the policy fear that ending the prohibition would encourage drug use. Their opponents, on the other hand, argue that the War on Drugs led to various unintended consequences, whose impact on society has been devastating and clearly outweighs the advantages of drug prohibition. Firstly, this thesis offers a comprehensive overview of these consequences. Based on the existing empirical research as well as practical examples from the United States, the author constructs five hypotheses regarding drug prohibition and its consequences. In order to test validity of these hypotheses, two regions that have recently implemented alternative approaches in fighting drug abuse are selected. The author defines several indicators directly linked to the drug-related market liberalization and with help of multiple-source secondary data analysis finally shows that both the decriminalization of drug use in Portugal and the cannabis legalization in Colorado have helped successfully reverse some of the consequences of drug prohibition and have not led to a significant increase in drug consumption.
The Easterlin Paradox has been referred to in numerous studies over the previous decades, confirming the hypothesis holding that happiness levels of both individuals and societies cannot lastingly increase over time. Since recent years such traditional beliefs have been continuously disparaged in the field of happiness economic, by which new evidence has been produced, supporting the claim that happiness levels does in fact rise, in correspondence to economic growth. The rising role of absolute income in comparison to relative income challenges the importance of the income inequality public debate, contradictorily emphasizing a common global interest in further economic development of all nations.
This bachelor thesis deals with the topic “Business Strategies in Argentina: a Pharmaceuti-cal Industry Analysis” and carries out a qualitative analysis of the influence of location factors on business strategies. The aim is to answer how location-specific factors of the Argentinian macro- and industry environment have influenced business strategies of phar-maceutical firms in the country and whether a change in location factors also results in a change of business strategies. A closer look has been taken on the period after the Argen-tine crisis of 2001/02 until 2015.
Key findings are that protectionist policies of Kirchnerism have strongly influenced busi-ness strategies of pharmaceutical firms and hence their performance in the country.
There has been a shift towards a stronger performance of local firms over multinationals while more than 60% of the market has been dominated by national firms in 2010. The Generic Law of 2002 has led to many copies in the industry especially performed by na-tional firms copying from MNEs. The industry has further become more important on im-ports while import restrictions imposed by Cristina Fernández de Kirchner have triggered a disinvestment strategy of MNEs and a relocation of their activity to other countries favour-ing national firms. The business environment is highly complex and dynamic in Argentina and requires a constant assessment of external changes and the competition by pharmaceu-tical firms in the country.
However, a strategic consistency and implementation is still missing among the industry and firms have to better define their strategies in the market. The recent governmental change towards a more neo-liberal government leaves more space for an ongoing analysis of how new business environmental conditions will affect pharmaceutical firms in the coming years and whether there might be a return of MNEs to the country.
The Impact of Structural Adjustment Programs on Economic Growth and Poverty - A Case Study on Ghana
(2019)
Product placement relates to the purposeful integration of promotional content into a non-commercial context. It has become a very common practice during the last two decades. In search of alternative means to protrude in times of advertising bombardment, commercial clutter and sensual consumer overload with traditional advertising, marketers have assigned increasing awareness to non-traditional means of communication like product placement. This tool has enabled marketers to hybridize entertainment with advertising, a perfect condition to subtly convey product plug via a mainstream media like a movie to the unsuspecting and unbiased viewer who might possibly soon be transformed into a loyal consumer.
Can product placement trigger this transformation? The phenomenon product
placement seems to have immense potential available, a reason to analyze product placement in this thesis. The paper provides the reader with the conceptual foundations and theories to grasp product placement and aims at pointing out its five major possible advertising effects on the consumer which are attention, emotions and motivation, attitudes, perception and processing as well as learning.
Furthermore, it seeks to examine the relationship between the instrument and possible changes of consumers’ purchase intentions.
The Impact of Instagram Influencer Marketing on Influencer Credibility and on Brand Perception
(2019)
The goal of this bachelor thesis was to find out: which factors of the German
banking industry have been influenced by digitalisation and how does it impact
German banks?
The methodology part used a secondary analysis approach by taking a closer
look at various studies regarding fintechs in Germany, internet and online
banking usage in Germany and innovation and trends in the financial industry
worldwide.
This research showed that digitalisation mainly disrupts the German banking
sector through the establishment of a continuously growing fintech market
in Germany. This fintech market primarily focuses on the private customer
segment and the field of transferring money. 87.5% of banks in Germany
work together with fintechs and see them as an accelerator for innovation.
Digitalisation has created a digital world in which the generation of digital
natives has grown up. Banks face this generation as customers, employees and
entrepreneurs. Further results of the research showed that digitalisation has led
to an increase in the development of internet usage and online-banking usage
in Germany. Additionally, digitalisation has led to new financial services in the
banking industry. On top of that, digitalisation has decreased entry barriers of
the financial industry. Closing, digitalisation has changed the banking industry
through disruptive technologies and innovations.
In order to operate successfully in a business environment that is driven by
digitalisation, banks should create a learning organisation that could quickly
adapt to changes in technology.
This bachelor thesis shows a number of limitations as the scope of changes
influenced by digitalisation in the German banking sector exceeds the size of
this bachelor thesis.
The following bachelor thesis is enriching for banks, who want to understand
how digitalisation has changed their way of doing business. In order to create a
well-thought-out digitalisation strategy, this thesis has highlighted the most important challenges in regards to digitalisation in the banking industry and gives
suggestions on how to turn threats, which have been caused by digitalisation,
into opportunities for future success.
Business Model 2.0 - Developing a KPI-Based Business Model Approach for Early-Stage Start-ups
(2019)
The Political and Economic Management of the Millenium Development Goals: A case Study of Nigeria
(2019)
In recent years, there has been a growing consensus that social entrepreneurs should measure their social impact for external legitimization and internal learn-ing. Especially with the rise of new venture philanthropists pressing for a meas-ured statement of return for their social investment, a range of models have been proposed, which vary in their approach and complexity. While some models rely on quantifiable measurements or calculations, others take a qualitative approach to measuring impact. Many small to medium social enterprises struggle with a lack of time, money and expertise to measure their impact using complex meth-odologies however. Since there is only limited research on the feasibility of the impact measurement methods proposed, this paper aims to discuss the input-output-outcome-impact (iooi) method developed by the Bertelsmann Foundation, a logical approach to measuring social impact recommended in reporting guide-lines such as the Social Reporting Standard (SRS) or Phineo’s Social Impact Nav-igator, regarding its applicability and effectiveness as an impact measurement tool for small to medium social enterprises. By practically applying the model in a case study, this paper gives a recommendation on whether the iooi model can be considered a resource-sensitive impact measurement tool for social enterprises on the example of Impact Hub Berlin, an early-stage social enterprise. The findings indicate that the iooi method as a logical approach to measuring impact does pro-vide a feasible framework to depict social impact in small to medium social enter-prises, but is not adequate when it comes to comparing impact performance across organizations or industries. It cannot be concluded whether the iooi method is effective regarding the completeness of the measurement results, but the findings support the common claim that impact measurement contributes to organizational learning.
The bargaining process to peace in Colombia and its influence on the country’s tourism and society
(2019)
The purpose of this thesis is to propose a new model in behavioral pricing research, which includes customer satisfaction, brand loyalty and willingness to pay, and test this model empirically in the e-hailing sector. Existing research has shown that customer satisfaction and brand loyalty affect willingness to pay. Hereby, recent research suggests that the effect of satisfaction on willingness to pay is mediated by brand loyalty. Furthermore, recent studies highlight the importance of considering brand loyalty as a two-dimensional construct and isolate the effects of its two components, attitudinal and behavioral loyalty, on willingness to pay. This thesis contributes to behavioral pricing research by synthesizing findings of prior studies and testing the relationships among customer satisfaction, brand loyalty and willingness to pay in a sector on which few research has been conducted until now. Furthermore, it measures willingness to pay with a discrete choice model. For this thesis, a total of 151 valid responses were collected using the convenience sampling approach via an online survey. The sample included predominantly people residing in Europe, most respondents were younger than 26 years old and the average disposable income of respondents was below EU average. Respondents replied to questions about the e-hailing provider which they used last.
This thesis measures willingness to pay with a discrete choice model. Using a partial least squared (PLS) structural equations modeling (SEM) to test the hypotheses, this thesis has found that the positive effect of satisfaction on willingness to pay is fully mediated by brand loyalty. Additionally, it has been observed that attitudinal loyalty positively impacts willingness to pay while the effect of behavioral loyalty on the latter concept is insignificant. These findings highlight the importance of attitudinal loyalty, when aiming at increasing willingness to pay among customers, and indicates that customer satisfaction needs to result in loyalty to increase willingness to pay. These findings are important as price is a major profit driver and the thesis contributes to developing a better understanding of the factors which influence costumers’ willingness to pay. Managerial insights of this thesis are that e-hailing companies should focus on creating a positive brand attitude by addressing values that are important to customers and by meeting the customers’ expectations with a high service performance, that 6 arise from their experiences with and perceptions of an e-hailing brand. As a result of a consistent brand strategy, brand management and satisfaction management, willingness to pay among customers is likely to be increased. If and how a price differentiation can be used or prices should be raised to benefit from this higher willingness to pay among particularly attitudinally loyal customers, depends on company and customer characteristics and needs to be carefully assessed for each
individual case.
With the recent wave of advancements and development in the virtual reality industry, potential uses and opportunities arise due to its unique abilities. This study is an exploratory research investigating if virtual reality technology can become a potential marketing tool in the tourism industry. A large amount of theoretical work can be found on the subject, however empirical research is lacking. To test the potential use of virtual reality as a marketing tool in the tourism industry, theoretical background is presented and qualitative interviews are conducted, which results in the creation of primary data. The results reveal that virtual reality offers numerous benefits over traditional marketing content and shows great potential as a future marketing tool in the tourism industry.
This thesis carries out an analysis of initiatives set forth by Mauricio Macri, president of Argentina, in an attempt to rebuild the nation’s economy and to strengthen its competitive position in a global perspective. Key findings indicate that Macri inherited a challenging economic environment from his predecessor Cristina Fernández de Kirchner. Her protectionist policies and import restrictions have weakened Argentina’s position in the globalized world. Hence, Macri faces a serious challenge of boosting growth and employment and at the same time lowering inflation and guaranteeing the citizens’ welfare.
In response to the ailing economy, Macri has implemented a vast amount of policies trying to revitalize the country’s economic standing. He removed trade barriers and eased foreign exchange controls, he ended the publication of falsified economic data, he cut costly subsidies to reduce the fiscal deficit, he negotiated a successful agreement with holdout creditors and restored Argentina’s access to capital markets. By doing so, he sent a signal to the world that Argentina is back on the global stage and open for business.
Notwithstanding Macri’s efforts to repair the damaged economy, he has faced a storm of criticism and a sharp decrease in his approval ratings. Foremost, because his reforms are seemingly leading Argentina’s economy down the wrong path. However, the results reveal, that Argentina’s recovery from its recent recession is beginning and that the economy is seen to rebound in 2017.
Consumers in contemporary Western societies live in a world of extraordinary affluence. They are confronted with an abundance of product choice and continuously increasing commercial communication. The behavior and attitude of the economically important millennial generation reflects this prosperity and exuberance more than any other. The biggest and most important challenge for marketers today is to target this demanding and marketing-savvy cohort. While academic literature falls short of proposing strategies targeting millennials, new trends in branding have emerged in practice which focus on counteracting the abundance and obtrusiveness of today’s marketing. Debranding strategies aim to de-corporatize and differentiate a brand by using subtler marketing tactics. While the scope of debranding strategies vary, the holistic approach suggests decreasing the quantity and obtrusiveness of marketing and making a well-made product the core of the brand’s differentiation efforts. This study aims to analyses whether a holistic debranding strategy can be considered as an appropriate tool for brands to differentiate in an oversaturated world and ascertain the components influencing the success of such a strategy. The research objective is to define holistic debranding as an efficient and successful branding strategy to brand to the millennial consumer. The theoretical framework introduces the key factors influencing consumers’ purchase decision making process before elaborating the main characteristics of the millennial consumer behavior with focus on their attitude towards brands. Primary research was conducted in a sequential mixed method approach. Data was collected among millennials in from of a self-administered web-based questionnaire and complementary focus group discussion.