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From the beginning of globalization, international trade plays a vital role in global economy und it is now undergoing a transformation period. The impact of economic circum-stances, the invention of new technologies and the increase of regulatory requirements on the global scale has continue to attract more attention in many major economies participating in the global trade environment. Trade finance is known as one of the oldest components of international finance which helps facilitating the transactions between suppliers, merchants and companies by providing them with sufficient working capital in order to finance their commercial transactions and reduce potential risks. Nowadays, trade process has become more interconnected and major events driven by political or macroeconomic factors like the financial crisis 2008 or the recent Brexit indicate that core of trade finance process is in need of disruption to decrease inefficiencies and improve cost factors as well as stability. Digitization in trade finance has been considered as challenging for a long time since the main process is heavily paper-based. Furthermore, cross-border trade activities usually involve a large number of different participants. During this process, exchanging trade-related information such as country of origin, product details, restrictions/prohibitions on import etc. creates large amount of documentation. The aim of this thesis is to research and explore the current state of trade finance with regard to banking industry and also to find out how blockchain technology can potentially enhance or even redesign the trade finance pro-cesses by reviewing how close is the industry to undergo major adoptions.
This thesis is structured in a way to provide readers the theoretical background to over-all trade finance process and get them familiar with the concept of letter of credit, guar-antee, bank endorsement, accounts receivable insurance etc. In the next part, the core aspects of blockchain technology and its usability will be explained, analysed and dis-cussed. Finally, to examine the feasibility of implementing blockchain in trade finance, different research methods will be conducted in the form of literature review, expert interviews, gathering of data through polls, questionnaires, and surveys.
This research paper fills in the gap on the effectiveness of freemium business models by investigating the impact on consumer behavior resulting from the use of a mobile game for a limited period of time. It investigates if the endowment effect can explain the potency of freemium models in application software. This research study is based on experimental design, followed by a survey of hypothetical nature that tests the willingness to pay, enjoyment factor and the Net Promoter Score of two groups of participants: an endowed group and a non-endowed group. Contrary to the initial hypotheses, the results show that the participants endowed with a Feature-Limited-Freemium digital good have a lower Willingness to Pay, a lower enjoyment factor and lower Net Promoter Score compared to the non-endowed group. These findings imply the non-existence of the endowment effect with digital applications. The results underpin the assumption that Time-Limited-Freemium models are more profitable than the Feature-Limited-Freemium models. In addition, the study suggests the development of artificial lock-in mechanisms to enforce loss aversion for freemium software applications in order to increase profitability. The results of the research paper are limited by the fact that the experiments were conducted in artificial conditions and, therefore, the participants might not exhibit the same behavior in life scenarios. Since there are no similar studies, the present research can constitute a benchmark for further considerations.
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.