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This thesis provides a comprehensive empirical comparison of four prominent portfolio construction strategies—Equal Weight (EW), Minimum Variance (MV), Momentum (Mom), and Risk Parity (RP)—within the context of the German equity market. Utilizing monthly total return data for a diverse universe of 100 German stocks from February 2003 to March 2025, I conducted rigorous backtests employing standard academic methodologies, including monthly rebalancing, long-only constraints, a 36-month rolling window for covariance estimation (MV and RP), and a "12-1" signal for Momentum. The primary objective was to evaluate the absolute and risk-adjusted performance of these distinct approaches relative to each other and standard market benchmarks (DAX, MDAX, SDAX, TecDAX).
The empirical results reveal significant performance differentials. The Risk Parity strategy emerged as the most effective, delivering the highest Compound Annual Growth Rate (15.27%) and superior risk-adjusted returns (Sharpe Ratio 0.83), validating the principles of risk-based diversification. The simple Equal Weight strategy also proved remarkably robust, achieving strong absolute and risk-adjusted performance (CAGR 12.90%, Sharpe Ratio 0.68) and significantly outperforming market-cap benchmarks. Conversely, the Minimum Variance strategy successfully minimized volatility (7.04%) but at the cost of substantial return potential (CAGR 3.57%). The Momentum strategy, despite using a standard "12-1" signal, exhibited considerable fragility, characterized by high volatility (21.42%), severe drawdowns (-68.46%), and an anomalous negative beta, rendering its positive alpha insufficient compensation for its risk profile.
These findings suggest that, for the German equity market during the period studied, strategies emphasizing systematic diversification through either intelligent risk balancing (Risk Parity) or naive equal weighting offered significant advantages over traditional market exposure, pure volatility minimization, or the specific factor strategy tested. The research contributes practical insights into the application and relative merits of these portfolio construction techniques within a major European market.
Diese Arbeit untersucht die Printmedienberichterstattung zu Messerdelikten in Bayern und vergleicht sie mit den Kriminalitätsdaten der Polizeilichen Kriminalstatistik. Angesichts der zunehmenden medialen Aufmerksamkeit und der politischen Debatten zu Messerkriminalität ist es das Ziel, Unterschiede sowie Schnittmengen zwischen beiden Datenquellen herauszuarbeiten und im Kontext der Wahrnehmung der Kriminalitätsberichterstattung zu reflektieren. Die Arbeit gliedert sich in eine theoretische Auseinandersetzung mit der Medienforschung, eine empirische, quantitativ angelegte Medienanalyse zu 310 Messerstraftaten, sowie eine vergleichende Betrachtung mit der Polizeilichen Kriminalstatistik. Die Ergebnisse zeigen, dass Medienberichterstattung bestimmte Aspekte von Messerangriffen stärker fokussiert, während die Kriminalstatistik eine andere Phänomenologie abbildet, aber ebenfalls Überschneidungen bestehen. In der abschließenden Zusammenstellung aller Erkenntnisse kann exemplarisch aufgezeigt werden, wie die Berichterstattung in Abhängigkeit von informellen Selektionsprozessen polizeilicher Pressestellen steht. Die Bewertung der Erkenntnisse führt zuletzt in die Ableitung der Notwendigkeit weiterer Forschung zu Messertaten im häuslichen Bereich.
One of the key factors for reducing South Africa's reliance on fossil fuels and in addition, addressing the energy crisis and accelerate economic growth, is to ensure rapid and meaningful adoption of Renewable Energies. The need to have an inclusive approach requires that SMMEs, which are the backbone of the economy and contribute a large percentage of the Carbon Footprint (Alam et al., 2002) are not left behind in this transition. The South African National Development Plan approximates that 90% of the 11 million jobs are expected to come from the estimated 3.2 million SMMEs and 43,062 Co-operatives (DSBD, 2023).
Access to funding has been identified as one of the biggest barriers for SMMEs (in general business and in RE transition in particular) for participation, with many other challenges such as inadequate understanding of financial products, lack of government incentives, and other institutional barriers (Nxele and Hoque, 2022).
It is, therefore, critical to gain an understanding of the factors that determine successful attainment of funds and how these can be implemented to assist South African SMMEs in securing funding and successfully transitioning towards sustainable energy solutions.
Subsequent goodwill accounting: What changes to the standards would different stakeholders prefer?
(2025)
This thesis explores the ongoing debate on subsequent goodwill accounting under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (US-GAAP). Although both frameworks currently apply the impairment-only model for public companies, they diverge in key technical and practical areas. The impairment approach has also drawn criticism for allowing delayed recognition of losses, being costly, and relying heavily on managerial judgment. These
concerns prompted the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) to initiate reform agendas. However, only the IASB currently continues with active reform projects, raising concerns about possible future divergence.
The thesis combines a technical comparison of both frameworks with an empirical part that presents the views of five stakeholders: an academic, two preparers, an investor, and a consultant. Their preferences are summarized across six research topics: timeliness of impairment recognition, cost and practical burden of testing, disclosure sufficiency and usefulness, preferred accounting model, convergence between IFRS and US-GAAP, and gaps in the ongoing debate.
The findings indicate varying opinions on the timeliness, cost, and complexity of testing, prevailing support for retaining the impairment-only model, suggestions to change the scope and content of disclosure requirements, a preference for the standards’ convergence, and a recognized need for further empirical research.
This study investigates the impact of artificial intelligence (AI) on reducing return occurrences in e-commerce, within the German textile sector. As online retail sales in Germany have surged to €99.1 billion in 2022 (Lohmeier, 2024), the challenge of managing returns has become increasingly significant, particularly in the fashion industry where return rates often exceed 50% (Ntemiris, 2023). The research seeks to address the question: To what extent do AI-enabled approaches impact the reduction of return occurrences in the context of returns management?
Employing a deductive empirical approach (Pfeiffer, 2022a), the study conducts qualitative semi-structured interviews with ten experts in AI and technology along with interviews with three AI language models. This methodology bridges the gap between theoretical frameworks and practical applications of AI in returns management (Lettau & Breuer, n.d.). The research delves into AI technologies, such as machine learning, natural language processing in returns management strategies (Deges, 2017; Asdecker, 2014).
Key findings indicate that AI-enabled approaches have significant potential to reduce return rates through improved product recommendations, virtual try-on technologies, and predictive analytics (Yang et al., 2022; Maisuradze, 2023). The study also highlights challenges in implementing AI solutions, including data privacy concerns and ethical considerations (Kitzmann, 2022).
This research adds to the growing body of knowledge on AI applications in e-commerce and provides practical insights for retailers seeking to optimize their returns management processes. It offers a foundation for future studies on the integration of AI technologies in retail operations and suggests strategies for enhancing operational efficiency and sustainability in returns management practices (Sucky & Asdecker, 2022).
This study explores the integration of ESG principles and GVC resilience in the semiconductor manufacturing sector, focusing on TSMC, Samsung Electronics, and SMIC. It addresses the complex relationship between ESG, resilience, and geopolitics in today's rapidly changing world. The semiconductor industry's worldwide reach exposes it to geopolitical risks, particularly in Taiwan, China, and South Korea. This research underscores how growing global trade restrictions, regionalism, and technological competition affect these vulnerabilities. Balancing sustainability and resilience involves trade-offs, particularly in energy usage. Sustainable practices are essential for a resilient semiconductor value chain, aligning with government climate policies. The study highlights two possible actions to improve a firm’s geopolitical resilience: Enforcing the renewable energy transition and incorporating geopolitical risk management. Embracing renewable energy sources can enhance resilience against geopolitical risks, but it requires ongoing investments. TSMC, Samsung, and SMIC exhibit varying renewable energy usage. Asia's focus on energy transition investments is pivotal for achieving global net-zero goals. Leveraging green bonds and government grants can bolster compliance and energy security by 2050. Facilitating geopolitical risk management is vital but relatively new. Holistic resilience considers efficiency, culture, finance, and technology. Incorporating geopolitical risk into the company's overarching risk management strategy, coupled with the establishment of dedicated committees, can amplify overall effectiveness. A proactive approach to geopolitical risk analysis equips semiconductor firms with crucial tools to navigate a changing global landscape and maintain a competitive edge.
In conclusion, while the implementation of ESG alone does not guarantee resilience, it can be a foundational tool to strengthen resilience across various dimensions, including geopolitical factors.
Die öffentliche Verwaltung bedient sich zunehmend des Prozessmanagements, um die Digitalisierung von Verwaltungsleistungen voranzubringen. Zur grafischen Notation von Prozessen kommt häufig der Notationsstandard Business Process Model and Notation (BPMN) zum Einsatz. Allerdings werden Prozessmodelle nach BPMN im Laufe der Zeit umfangreicher, um erhöhte Informationsbedarfe zu decken. Um dies zu überwinden, kommen Casemanagement Model and Notation (CMMN) zur Modellierung von Fällen und Decision Model and Notation (DMN) zur Modellierung von Entscheidungen in Betracht. Dabei stellt sich insbesondere für die im Prozessmanagement noch wenig erfahrenen Kommunalverwaltungen die Frage nach der Eignung dieser Notationsstandards, um etwa aufwendige oder kostspielige Einführungsmaßnahmen auszuschließen. Das Ziel der vorliegenden Arbeit ist es, die Eignung von CMMN und DMN im Vergleich zu BPMN am Beispiel der Kreisverwaltung des Landkreises Oder-Spree zu untersuchen. Dazu werden die folgenden drei Forschungsfragen formuliert: 1. Inwieweit eignen sich BPMN, CMMN und DMN zur Erhebung und Dokumentation von Kernprozessen in der Kreisverwaltung des Landkreises Oder-Spree? 2. Inwieweit eignen sich BPMN, CMMN und DMN zur Analyse von Kernprozessen in der Kreisverwaltung des Landkreises Oder-Spree? 3. Wie könnte eine sinnvolle Arbeitsteilung zur Modellierung nach BPMN, CMMN und DMN in der Kreisverwaltung des Landkreises Oder-Spree aussehen? Zur Beantwortung der Forschungsfragen erfolgten qualitative Befragungen in Form von teilstrukturierten Leitfadengesprächen mit sechs Mitarbeitenden der Kreisverwaltung. Untersuchungsgegenstand waren zwei Kernprozesse im Sozialamt. Zu diesen wurden in Abhängigkeit der betrachteten Notationsstandards jeweils vier Modellvarianten erstellt. Die Ergebnisse zur 1. und 2. Forschungsfrage zeigen, dass die Kombination von BPMN mit DMN die höchste Eignung zur Erfassung und Dokumentation sowie Analyse von teilstrukturierten und strukturierten Kernprozessen aufwies. Dagegen war für CMMN keine hohe Eignung festzustellen. Zur Beantwortung der 3. Forschungsfrage wurde ein Vorschlag zur Arbeitsteilung erarbeitet. Nachfolgende Untersuchungen könnten z. B. die Eignung von BPMN, CMMN und DMN bei unstrukturierten Kernprozessen, bei Führungs- und Unterstützungsprozessen oder bei nicht-leistungsgewährenden Kernprozessen in Kommunalverwaltungen überprüfen.
The master thesis represents an exploratory study of the hypothesis suggesting that there is a correlation between employee well-being and organizational ability to have a positive Social and Environmental Impact (further SEI). The research is motivated by the assumption that to have a broader positive SEI an organization should be able to take good care of its internal structures, its employees, and their well-being (further EWB) first before contributing to national or global societal and environmental development.
The significance of the research cannot be overestimated in the face of data and studies available about overwhelming costs connected to employees’ sickness and a global engagement crisis connected to burnout rates. Unfortunately, stress and other health-damaging activities at work provoke depression, disengagement, and fatal stress-related diseases that have an impact not only on society but also on economic and environmental development. Moreover, the climate crisis puts further challenges on organizations, while governmental regulations regarding ethical, social, and environmentally friendly business development force organizations to invest in SEI initiatives.
Furthermore, demographic development and values, morals, and principal transformation of new generations, such as Generation Z, demand organizations to make solid investments in internal infrastructure and employee branding to attract talent. As any company consists of workers that have their needs and obligation and whose performance critically impacts the overall company performance, it’s crucial to find out if and how EWB influence the organizational ability to have a high SEI.
All the above put immense challenges on organizations to balance their investments in a way that benefits both employees and SEI. To completely understand how EWB affects SEI further research is needed. Moreover, to help companies take the right measures and invest effectively it is also necessary to identify specific employee benefits that improve workers’ engagement in the organizational SEI and willingness to contribute to sustainable company values.
The current research aims to answer the following question: What is the relationship between organizational investments and other efforts directed to the improvement of the EWB and its SEI? It is focused on the list of certified global Benefit Corporations (further B Corps). For now, the B Lab database encompasses over 8,564 certified companies. The data used in the research is pre-collected data that includes the complete information about all current and past assessments with 122,813 assessment results in total. Using the data from the B Corp website, it can be discovered if there is a relationship between the contributions of a company to the workers’ well-being and its ability to achieve a higher overall B Lab assessment i.e. have a greater overall SEI.
The research results showed that the variables are interconnected and develop parallelly i.e. higher Impact Area Workers scores mean higher Overall score and vice versa. The exploratory problem setting delivered multiple useful and interesting research results. Such as the difference between how Impact Business Models influence the Overall score. Moreover, the analysis showed the correlation between other stakeholder scores and the Overall Score. This provides impulses for further research and potential exploration of correlation or causational relationship between two variables.