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The aim of this study is to measure total transaction costs as well as the cost components for six German investment management firms from August 1st until October 31st 2001. The investigation is based on a unique order-level data set that includes all relevant information (e.g. time of investment decision, order-release to the broker and trade execution). For computing transaction costs we use tick by tick price data for the 75 stocks of the Euro Stoxx 50- and Stoxx 50-universe.
Volume weighted, i.e. effectively paid, one way transaction costs sum up to 66.76 bp. Market pact is the highest cost component and amounts to 27.93 bp for volume weighted averages. According to a regression analysis market impact is driven by high volatilities and bid ask spreads; market momentum induces market impact to fall, indicating mean reversion of stock prices. High free float and market activity do not influence the market impact, but lead – just as high volatilities and bid ask spreads - to a reduction in trading aggressiveness. Trading duration decreases with high volatility and diminishing bid ask spreads. Overall, the results illustrate that to some extent German investment management firms trade strategically. Nevertheless, a further reduction in market impact, and therefore an increase in investment performance, seems to be possible, if traders pay greater attention on the liquidity indicators known already at order release.
Within the e-leaming industry, demand and supply factors jointly determine a need for mass customization of e-leaming products. This paper asks whether e-leaming products can be mass-customized, and if so, how this can be done. Firstly, the paper characterizes e-leaming and e-leaming technologies. Secondly, a learning model is developed in order to enhance the understanding of how learning processes differ across individuals. Based on this, the paper argues that e-leaming products in general can be mass-customized. However, mass customization is only possible for some e-leaming technologies and some types of communication, namely instruction and supplementary interaction, while it cannot support collaboration. In this context, solutions for the most common problems of mass customization are discussed. The results are then applied to the market for higher management education. It is shown that mass customization has a limited relevance for degree programs that are demanded by individuals, while it is crucial for programs that are either demanded by organizations or offered in specialized modules.
The purpose of this paper is to determine whether and how e-leaming technologies and e-leaming programs should be used in order to support knowledge management in multinational companies. These questions are important for two reasons. Firstly, so far only a few papers discuss the relationship between knowledge management and e-learning. Secondly, e-leaming initiatives in multinational companies are of limited success. The paper relates requirements of different types of knowledge with the characteristics of e-leaming technologies and e-leaming programs. Based on this, the paper shows how multinational companies should use e-leaming technologies and e-leaming programs. Different roles of corporate headquarters are discussed in this context.
Corporate Raider
(2002)
Lehrstuhlbericht
(2002)