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This thesis analyzes the stock prices of German companies during the Covid-19 pandemic. The first part of the thesis concentrates on the theoretical background on stock prices, their value, and how investors make an investment decision, which is all covered by academic literature. In the second part of this thesis, the author answers the question, whether investors experienced herding behavior on the German stock market during the Covid-19 pandemic, by conducting multiple empirical tests. Here, the methodology uses daily closing prices and cross-sectional absolute deviations to conduct regression models, which test specifically for herding behavior. The results imply that investors did not significantly herd around the market during the observation period from 1st June 2019 to 31st May 2021. Due to the never-before-experienced global health crisis, analysts and investors faced great uncertainty. They focused more on private information, because the opinions of others changed rapidly, just like the surroundings during the pandemic. This paper provides key insights about investors herding behavior during the last two years in Germany.
Studies on the empirical validation of beta-return relationship postulated in the CAPM has a relatively long history. The first study was conducted by John Lintner in 1965, shortly after the introduction of the model. In one of the recent studies, Malcolm Baker (forthcoming) examines two portfolios, one consisting of the 30% of U.S. stocks with the lowest beta, another of the 30% with the highest beta. By the end of the period, the low-beta portfolio significantly outperforms the high-beta portfolio (Economist, 2016).
Following two recognized testing methods developed by Lintner (1965) and Fama/MacBeth (1973), this bachelor thesis examines the nature of the relationship between beta and return for the German stock market. The sample periods observed in this study range from January 1973 to May 2016 depending on the testing method. The obtained results are then compared with the outcome of the previous studies for the European stock market. The analysis reveals that the relationship between beta and return is insignificant in most of the models. These results are consistent with the European stock market, if the unconditional cross-sectional analysis is considered.
Are Real Estate Investment Trust considered a safe investment choice in times of financial shock?
(2021)
This paper focuses on real estate investment trust (REIT), one specific asset class in the real estate sector, and intends to answer the following research question: are real estate investment trusts a safe choice for investors, particularly during financial shocks? This study re-examines the relationship between public-traded U.S. REIT and other asset classes by implementing statistical dependence analysis and OLS regression to determine whether and how they follow other markets in times of ambiguity. This study's final results indicate that public-traded U.S. REIT investment should not be considered a safe investment during crisis times because it follows the equity market.
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.
Bezahlbarer Wohnraum Welcher Anteil des privaten Haushaltseinkommens wird für Wohnen ausgegeben?
(2020)
In the last recent years, Bitcoin along with many other cryptocurrencies has grown and developed into multibillion dollar industry. Cryptocurrencies are perceived or even misunderstood by many people and experts as purely speculative assets, which have unpredictable values and extreme volatility. The public opinion is separated into two sides: the first side considers cryptocurrency, respectively, Bitcoin as one of the biggest financial bubble and the second side thinks of cryptocurrency as the future which has great potential to revolutionize the financial industry. In fact, the revolution initiated by digital currency does not lie in the transaction value or short-term earning opportunities for cryptocurrency investors, but rather in the underlying technology behind it called „Blockchain”. Since the very beginning of currency and private infor-mation, the existence of thieves and fraudster has always been problematic. Due to the complexity of fraud and the serious risks that fraud presents to business, fraud detection and fraud prevention is often conceived as cat-and-mouse game between companies and fraudsters. Admittedly, there is no completely fool-proofed system or technology, on the other hand fraudsters nowadays constantly change and develop their technique in order to bypass even the most complex security system. Block-chain is a shared distributed ledger that is immutable and resistant to tampering. Only verified contributors by blockchain are allowed to store, view and share digital infor-mation in a security-enhanced environment. The three following features of block-chain: distribution, immutability, permission which help to maintain trust, accountabil-ity and transparency in business relationships. This cutting-edged technology called blockchain has the capabilities and potentials to provide companies and organiza-tions the ultimate fraud prevention solution which they have been waiting for in a long time.
“The technology likely to have the greatest impact on the next few decades has ar-rived. And it is not social media, it’s not big data, it’s not robotic, it’s not even AI. You will be surprised to learn that it is the underlying technology of digital currencies like Bitcoin. It is called the blockchain – Blockchain.”.
Don Tapscott (Tapscott, 2016)
This paper prices risk factors in the Capital Asset Pricing Model (CAPM) to
explain portfolio returns of the German stock market. Using a two-part
regression procedure, we show that beta exhibits slight significance in
capturing the variations of asset returns. When higher co-moments and Fama
French factors are added to the model, we find a moderate improvement in the
significance levels of all risk factors and in the overall explanatory power of
the model. Moreover, following the conditional beta method employed in
Pettengill et al. (1995), we show that risk factors perform fairly well in crosssection
settings, especially in the down-market condition. Our chosen long
time horizon shows that the composite model with all factors included
performs better in post-recession periods.
Die folgende Arbeit untersucht das Geschäftsmodell des Fintech N26 hinsichtlich seiner Wettbewerbsfähigkeit gegenüber der Commerzbank.
Dabei wird eine deskriptive Fallstudienanalyse der benannten Forschungsobjekte nach dem Strukturierungsrahmen des Business Model Canvas durchgeführt, sodass Rückschlüsse auf die Wettbewerbsfähigkeit möglich sind. Die qualitative Vorgehensweise soll dazu dienen der Forschungslücke bezüglich der neuen Fintechs zu schließen.
Aus der detaillierten Auseinandersetzung geht die Unterschiedlichkeit der Geschäftsmodelle hervor. Das innovative Fintech N26 kreiert durch die Implementierung von Finanzdienstleistungen anderer Unternehmen eine ganzheitlich funktionelle Banking Plattform, die digital über eine App gesteuert werden kann. Dadurch schafft N26 ein besonders benutzerfreundliches, flexibles und mobiles Banking. Die Commerzbank differenziert sich durch die persönliche Beratungs- und Betreuungsleistung in stationären Filialen. Das Leistungsprogramm der Bank ist durch Qualität und Quantität ausgezeichnet.
In seinem Geschäftsmodell ist die klassische Bank besonders am Kunden bzw. Absatzvolumen orientiert. Im Kontext der Digitalisierung verliert die Präsenzstruktur jedoch an Signifikanz. Es ergibt sich bei der Commerzbank, dass eine Geschäftsmodellinnovation erforderlich ist, um die Wettbewerbsfähigkeit zu gewährleisten. Im Rahmen der Abschlussarbeit geht hervor, dass das Fintech N26 seine Wettbewerbsfähigkeit gegenüber der Commerzbank durch seine Nutzerorientierung schafft. Dabei sind die Elemente des Geschäftsmodells zueinander so konsistent gestaltet, dass diese den Interessen und Ansprüchen des Zielkundensegments, Generation Y, optimal zugeschnitten sind. Folglich sichert das Fintech die Wettbewerbsfähigkeit im Retail Banken Markt durch Value Innovation.