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The FinTech industry is very dynamic and the multitude of innovative business models created by these new entrants has increased over the past years. FinTechs display a competitive advantage in the field of technology, agility and customer-centricity that traditional banks cannot compete with. However, the regulatory requirements often pose a challenge for FinTechs to grow and expand their business models. Nevertheless, in recent years the phenomenon of BaFin licensed FinTechs such as N26 or Solaris Bank became apparent in Germany.
Since this topic is of high actuality no studies can be found on the topic of licensed FinTechs yet. Hence, this research paper will examine how the business models of these BaFin licensed FinTechs is constructed and what impact financial licenses by the BaFin can have on these business models and their positioning in the financial services industry. The focus thereby lies on FinTechs with a BaFin license active in the B2B-sector only. Based on an interview series conducted with relevant experts from different licensed FinTechs the findings show that the financial license allows these firms to become an independent entity, expand their product offering and strengthen their market position in the financial services industry.
After the fall of Lehman Brothers, systemic risk which triggers the whole financial system has gained more attentions from researchers. Recently, graph theory is applied to measure this risk. DebtRank algorithm is one of the network based models which illustrates
the on going shock propagation when no default occurs. Knowingly the important of systemic risk, this paper captures the broad picture of a potential interbank network of ASEAN region in the recent period 2013-2017 using DebtRank. This is done by assign a stress of different levels on external assets of banks by two scenarios: simultaneously and individually. Networks are constructed based on probabilities and the desired density of the network is found to be 10% of total possible links. The first case shows that the studied banking system in ASEAN is stable as systemic risk has the falling pattern. However,
the rising figure in 2017 implies the system in this year is less stale than previous years.
Moreover, the declining of loss caused by contagion is due to the decrease of interconnectedness and rise in capital during this period. Furthermore, the total loss calculated in a range of external shocks is a concave curve. In the second scenario, the results show that the most harmful banks are, at the same time, most fragile one. Besides, there are evidence of high dependence of the individual impact on systemic risk of the system and the vulnerability on bank size and connectivity.
Although a numerous reports have been published on the very imminent effects of FinTechs on Banking, there has been no in-depth analysis on individual enterprise level. This thesis focuses on not only the industry level changes caused by the rapid digitization and adoption of the FinTech services in the payment and credit market, but aims to identify the key factors to identify the cause of mass appeal to move away from the more traditional Banking services to the dynamic and ever evolving FinTech services.
This study helps shed light on the thinking behind these new FinTech services, in order to better understand how market opportunities are identified and customized products or services are created helping move the customer base from a traditional to a more revolutionized “banking” services.
Most of the studies on factor models have been based on the U.S. stock market. Results of these studies have shown that conventional factor models explain the vast part of its return variation and that each of these models strengthens the descriptive power of the traditional CAPM. However, when applying factor models on the stock markets of emerging countries, studies have yielded rather mixed results. Even though most of them find that conventional factor models explain a major part of their returns, they argue that other country-specific risk factors should also be considered, in order derive a model that describes their returns in the most comprehensive way. For this reason, this paper investigates the significance of both common and specific risk factors, in order to find which are the most important risk factors that impact the performance of the stock markets in the BRICS countries. The effect of systematic co-moments is also tested.
Empirical evidence shows that the market premium is the most significant risk factor for all of the BRICS countries. Additionally, the value, size and momentum factors are proven to be insignificant, whereas the investment and profitability factors are among the main determinants of stock returns. Specific factors also appear to be more important than the common one. Moreover, the popular extensions of the CAPM and higher-order moments do not substantially strengthen its descriptive power. Additionally, conventional factor models explain a lower part of the return variation of the BRICS countries compared to the U.S. stock market, indicating that they do not possess the same explanatory power in developed and emerging markets.
This paper adds more information to the existing literature regarding the performance analysis of Directional funds. The findings of this study suggest that both conventional market risks, strategy risks and macro-economic factors are needed for the sake of explaining the returns of Directional funds. By augmenting existing models and creating four new strategy-based factor models this study was able to explain the returns of four Directional strategies. Each of the four analysed Directional strategies applied distinctive investment approaches on diverse asset markets. Therefore, although there are some similarities present between some of the analysed strategies, this paper concluded that each Directional strategy is subject to different risk factors.
The objective of this paper was to determine the effect of macroeconomic variables on the profitability of banks in Germany using the quarterly data from the time period of 1996 to 2018. The data was collected from FRED, OECD and European Central Bank Statistical Data Warehouse. This study used multiple regression to examine the effect of macroeconomic variables (GDP, interest rate spread, share price, unemployment, exchange rate, inflation, credit loan and wage) on the profitability which is measured by ROA. The analysis was conducted in EViews10. The empirical finding from the study suggested that there is a significant relationship between interest rate spread, unemployment, share prices and return on asset. However, there is no significant relationship between GDP, exchange rate, inflation, credit loan, wage and return on asset. Therefore, the banks and government are recommended to implement better policies and monitor the macroeconomic variables to improve the financial performance of banks in Germany.
The aim of this study is to analyze if Turkish firms apply a market timing strategy on their financing decisions and to analyze the persistence of the market timing decision on their capital structure. The sample data of this study contains the 85 initial public offers from 2010 to 2015 in Istanbul Stock Exchange(BIST). Regression analysis method is used for testing the relationship between market timing and equity issues, and short-run and long-run effect of market timing. The year before IPO and the three subsequent years after the IPO considered for analyzing the impact of market timing. The results of this study show that there is a positive relationship between market timing and equity issues. Firms that are decided to go public in “hot” market periods, issue more equites and reduce their leverage ratio sharply right after the IPO, and this relationship shows an impact on capital structure only in short run. This short-term impact of market timing starts vanishing after the second year of going public.
Despite its simplicity, the yield curve is one of the best predictors of future economic activity. Empirical studies suggest that the yield curve is capable of forecasting recessions in major economies. In this paper, the relationship between the yield curve and stock bear markets will be studied with the focus on predicting bear markets in the U.S. and Germany. Also this paper seeks to answer the question if a market-timing strategy, based on yield-curve information, can outperform the market.
The results of this study suggest that for the U.S. the spread between 10-year and 1-year interest rates outperforms other spreads in predicting bear markets. Furthermore, the yield spread can be used to profitably time the market and outperform a buy-and-hold strategy.
For the Germany yield curve, the study has found a statistical significant relationship between the yield curve and bear markets. However, depending on the observation period, the forecasting ability differs tremendously. For the entire period, the yield curve was not able to predict local bear markets reliably, nor was it possible to use the information contained in the yield curve to outperform the stock market.
This paper focuses on the European stock market and the forces that determine the stock price movements on it. As a basis for the analysis, well known and used factor models’ methodology is applied for the investigation and explaining of the variance of the returns on the European stock market. An emphasis in the analysis is put on the description power of fundamental risk factors along with the momentum factor. As a result, five factors show abilities in explaining the returns in Europe. Particularly, the QMJ (Quality minus Junk), SMB (Small minus Big), PE (Price-to-Equity), ILLIQ (Illiquidity) and DE (Debt-to-Equity) show the greatest explanatory power among the overall 27 tested risk factors. Furthermore, a factor model constructed of the five aforementioned risk factors managed to achieve on average the greatest explanatory power when tested with six other famous factor models.
The Efficient Market Hypothesis would lead one to believe that stock markets are perfectly efficient and that abnormal/ deviant average returns are not possible. However, the existence of calendar anomalies empirically shows how specific periods during a week, month and year can influence the average returns in the stock markets. Research from scholarly journals and books, industry-related news sources, and industry-experts shows the occurrence of various calendar anomalies in global markets that led to unbalanced average returns and confronted the fundaments of the Efficient Market
Hypothesis.
In countries such as the UK and Australia, Public-private partnerships (PPPs) have become the preferred tool for the public sector to procure infrastructure. With this development it has become necessary to assess PPPs regarding their success, and it seems that research has been insufficient to this point. This thesis will give an in-depth insight into the field of success measurement for PPPs. First, it explains the theory behind PPPs by explaining the theory. Then, in the next step, a framework for success measurement in PPPs will be derived based on this theory. It will serve as the basis for the Success Measurement System (SMS) that will be developed. In this regard, the thesis adds value to existing research by using a fully encompassing approach. The SMS will allow for a sound measurement of success for PPPs, which includes a measurement of success for different stakeholders, different phases and categories.
In the main part of this thesis, the system is applied on eight transport PPPs through case studies. The insights, from these case studies, will be used to answer the following questions: First, are PPPs in general successful and should governments continue their implementation? Second, in which areas do PPPs fail? This is especially relevant to improve outcomes of PPPs in the future and to enhance PPP policies. Third, how can PPPs be compared with each other? In this regard, the results of the case studies will serve as a benchmark for future PPPs.
In regard of the first and the second question, the research has shown that PPPs are in general successful but often fail to meet cost and time targets. In addition, sometimes problems were encountered during the procurement phase, contract management and risk allocation. These are the areas where the public and the private sector should focus to improve outcome of future PPPs. The results of the SMS assessment led to an average success rate which can be used as a benchmark to compare outcomes of other PPPs.
Zunächst ist zu erwähnen, dass die richtigen Mitarbeiter zum Unternehmenserfolg beitragen.
Um das Unternehmen am Markt auf dem neuesten Stand zu bringen, müssen passende Kandidaten für das Unternehmen eingestellt und langfristig beibehalten werden.
Jedoch ist dies in der heutigen Zeit nicht so einfach. Es ist zu erwähnen, dass am Arbeitsmarkt in Deutschland Fachkräftemangel herrscht (vgl. Ullah/Witt 2015: 8).
Der Zusammenhang zwischen der Kommunikation mit Führungskraft und dem Wohlbefinden der Mitarbeiter
(2019)
Wer ein Leben lang mit Lebensmittelintoleranzen zu kämpfen hat, weiß wie schwierig es sein kann Lebensmittel zu finden, die dem Körper nicht schaden. Die Kennzeichnung von Allergenen auf Lebensmitteln ist allerdings erst seit Ende 2014 verpflichtend. Sie hilft seitdem Millionen Menschen in Deutschland, denen es zuvor schwer fiel ihre Lebensmittel einzukaufen, keine Angst zu haben an einer allergischen Reaktion zu erleiden. Eine Auseinandersetzung mit Lebensmitteln und ihren Inhaltstoffen zieht in den meisten Fällen ein klareres Bewusstsein für eine gesunde Lebensweise mit sich. Allerdings macht es die geografische und finanzielle Lage einigen Menschen oft unmöglich die gewünschten Lebensmittel zu besorgen. Die Möglichkeit sich gesund und allergenfreundlich zu ernähren ist dennoch am ausschlaggebendsten von der Produktion, dem Transport, der Distribution und allen weiteren Wertschöpfungsprozessen abhängig. Nicht selten nutzen Produzenten, Verarbeiter und andere Stakeholder einer Wertschöpfungskette ihre Macht und das Unwissen der Konsumenten aus, um Lebensmittelkennzeichnungen zu manipulieren. Doch auch ohne die vorsätzliche Manipulation von Lebensmitteln bleiben diese nicht vor Krankheiten und Verunreinigungen verschont, was sowohl gesundheitliche, als auch wirtschaftliche Schäden zur Folge hat. Die Themenstellung dieser Arbeit entwickelte sich zum einen aus dem Bedürfnis nach einer ehrlichen und vertrauenswürdigen Lebensmittelkennzeichnung und zum anderen aus dem hohen Interesse an dem Supply Chain Management und innovativen Technologien. Das Vorurteil, dass ein System zu Fehlern neigt, solange auch nur ein einziger Mensch in den Prozess involviert ist, ist weit verbreitet. Die Blockchain Technologie stellt sich diesem Vorurteil entgegen und zeigt, dass eine vollkommen fehlerfreie und vertrauenswürdige Kommunikations- und Informationsinfrastruktur erst dann entstehen kann, wenn die Kontrollinstanz nicht von einer Maschine oder einem Menschen, sondern von allen Menschen gleichzeitig ausgeht. Bei der ständig ansteigenden Angst, die Technologie würde den Menschen ersetzen, schafft die Blockchain Technologie Sicherheit. Sie ist eine perfekte Symbiose aus Mensch und Technologie, bei der der Mensch nicht ohne den Einsatz der Blockchain und die Blockchain nicht ohne die Teilnahme des Menschen eine absolute Sicherheit gewährleisten kann. Die Möglichkeit diese beiden nahezu gegenteiligen Themengebiete miteinander zu verbinden schaffte die Grundlage für die Ausarbeitung.
Zum Abschluss möchte ich allen Personen danken, ohne dessen Unterstützung ich nicht im Stande wäre diese Arbeit mit solch einer Begeisterung zu schreiben.
Die vorliegende Bachelorarbeit entstand im Rahmen meines Bachelorstudiums
der Fachrichtung Business Administration an der Hochschule für Wirtschaft und
Recht (HWR) im Wintersemester 2018/2019 im Themengebiet der Finanzierung.
Das Thema der Weltwirtschaftskrise und die Regulierungen der Banken wurde
im Rahmen meiner Hauptvertiefung der Investition und Finanzierung oft diskutiert
und untersucht. Hierzu ergaben sich für mich passende Verknüpfungspunkte zu
meinen persönlichen Interessen und somit eine adäquate Wahl für eine Arbeit in
größerem Umfang.
Mein Dank gilt zunächst meinem Erstprüfer Herrn Reinhard Borck und meinem
Zweitprüfer Herrn Prof. Dr. Martin Uzik, welche die Begutachtung meiner
Bachelorarbeit übernommen haben. Weiterhin bedanke ich mich bei dem an der
Untersuchung beteiligten Experten der damaligen Hypo Real Estate in New York,
Christoph Donner, und bei allen Korrekturleserinnen und -lesern.
Aus Gründen des besseren Leseflusses der Arbeit wird im Folgenden auf die
explizite Benennung der weiblichen Form verzichtet. Die ausschließliche
Verwendung der männlichen Form soll dabei als geschlechterunabhängig
verstanden werden und stellt keine Absicht zur Diskriminierung des weiblichen
Geschlechts dar.
DER DIESELSKANDAL - Abbildung der Risiken in den IFRS-Abschlüssen der deutschen Automobilindustrie
(2019)
Die Durchführung von Vernehmungen ist eine wichtige Aufgabe der Polizei. Qualitätsvolle Vernehmungen tragen wesentlich dazu bei, Straftaten aufzuklären. Dabei sind rechtliche Vorgaben zu beachten, um die gewonnenen Informationen im Strafverfahren verwerten zu dürfen. In vielen Fällen bedarf es eines psychologisch-taktischen Vorgehens, um an wahre Informationen zu gelangen. Von der Gestaltung der Vernehmungssituation hängt nicht zuletzt auch die Akzeptanz der Polizeiarbeit in der Öffentlichkeit ab.
Um diesen vielfältigen Anforderungen gerecht zu werden, benötigen Polizeibeamtinnen und Polizeibeamte zahlreiche Kompetenzen. Die Autorin und der Autor beschäftigen sich seit ca. 20 Jahren mit der Frage, wie diese Kompetenzen erfolgreich zu vermitteln sind. Die Ergebnisse ihrer Forschungen fassen sie in der vorliegenden Veröffentlichung zusammen.
Nach einer Erhebung des Ist-Zustands zur Aus- und Fortbildung in Vernehmungstechniken bei der Polizei Berlin entwickeln sie ein exemplarisches Vernehmungstraining für den gehobenen Polizeivollzugsdienst. Zum Abschluss stellen Sie ein gemeinsam entwickeltes Konzept vor, das eine kontinuierliche Qualitätssicherung der Vernehmungskompetenz bei der Berliner Polizei gewährleisten soll. Dafür werden Erkenntnisse aus der Lern- und Bildungsforschung sowie Erfahrungen mit Vernehmungstrainings aus anderen Ländern berücksichtigt. Die Autorin und der Autor wollen damit den Diskussionsprozess für eine möglichst zeitnahe Verbesserung der Vernehmungsausbildung- und -fortbildung in der Berliner Polizei anregen.