Markus Bruetsch – författare

Essay from the year 2003 in the subject Business economics - Accounting and Taxes, grade: 1,8 (A-), Oxford Brookes University (Business School), course: International Financial Accounting, language: English, abstract: "e;Accounting is not a science: It has been developed to serve a purpose"e;. A statementthat might be controversially discussed nowadays since the collapse of the socialism,growing globalisation and the convergence of international financial markets haveforced national accounting systems to change during the last decades. This paperwill examine the validity of this statement in particular on the example of the recentdevelopment in Poland. First it will briefly introduce the social and economicenvironment in Poland under socialism, its transition to a market economy and thecurrent situation and future prospects. Second, the economic and social developmentof Poland will be related to changes in the polish system of accounting and financialreporting. A short view on the development of the accounting profession will begiven. Finally, a conclusion will compare the given statement with the polish situationand give proof for its validity. After World War II Poland introduced a planned economy urged by the Russianparadigm. Private property was restricted to agriculture, manufacturing and fewbusiness services. In the late 70th Poland went into serious economic strugglesemerging from a high level of public debt from reinforcing the industrial sector. Poland had to face sustainable inflation problems which finally lead to the breakdownof the communistic regime (Roberts et al, 1998b). It was replaced by a coalitiongovernment under leadership of the trade union movement Solidarnosc in 1989. [...]

Essay from the year 2002 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,9 (B+), Oxford Brookes University (Business School), course: International Finance & Investment, language: English, abstract: Ever since in the history of stock markets, financial theorists try to understand how investors take decisions under uncertainty in order to value stocks precisely and predict their future returns. Their wish to develop a consistent model gave raise for various theoretical approaches and empirical examinations. This work tries to give a short overview on the traditional theory of asset pricing and discusses the need for a paradigm change due to the recent development in the US and UK stock markets.

Essay from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,9 (B+), Oxford Brookes University (Business School), course: Practise of International Banking, language: English, abstract: Derivatives trading is now the world's biggest business, with an estimateddaily turnover of over US$2.5 trillion and an annual growth rate of around14 per cent (Swan, 1999). Derivatives markets have ancient origins, anda long and complex history of trading and regulation. This work examinesthe history of derivatives and their impacts on the structure ofinternational banks in order to show the implications of moderninternational banking in comparison to domestic banking. Mishkin (2003) describes banks as financial institutions that acceptdeposits and grant loans. In this definition banks are the financialintermediaries that the average person contacts most frequently for itsfinancial dispositions, savings, investments and payments. The structureof a bank therefore seems to be adjusted to the purpose of its businessactivity. Mishkins traditional definition of a bank includes to those financialinstitutions we refer to as mutual savings banks, savings and loanassociations, commercial banks and credit unions. Their traditional corebusiness is to provide the settlement of national payments and totransform funds from savers over time as well as to process marketinformation (Canals, 1997). They focus on domestic or regional,eventually even local markets and realize their profits from interestmargins and balance sheet activities. Therefore they employ an asset- andliability management in order to avoid liquidity and credit risks.

Essay from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,4 (A), Oxford Brookes University (Business School), course: International Investment & Finance, language: English, abstract: Since the euro has been introduced as the common currency of theEuropean Monetary Union (EMU) exchange rate policy-making has notbeen noticeably mentioned on the agenda of the European Central Bank(ECB). This work examines and explains the development of the eurosince its introduction in 1999. A discussion of possible exchange rateregimes, their impacts on domestic and international trade and livingstandards, as well as a brief introduction on market intervention will putforward a recommendation to the ECB for its future exchange rate policy. Since most of the past currency crises emerged from monetary systems offixed exchange rates, empirical data suggests a non fixed external regimeto the EMU, even more since this allows a range of steering andcounteracting opportunities. Following the Keynesian monetary theory, the forces of supply anddemand are not always sufficient to guarantee a stable and soundeconomic environment for successful trade and growth. Therefore a freefloating system of exchange rates might not be the right way for the ECBto follow its aim of price stability and competitiveness in a highlyintegrated area as the EU. We recommend employing an external managed floating system at areasonably high level of currency value, i.e. purchasing power, dependingon the situation of employment and export-import balance. The ECBshould carefully carry out market interventions, limited by internationalexchange rate agreements, e.g. by the G-10 Nations summits.

Essay from the year 2003 in the subject Business economics - Accounting and Taxes, grade: 1,5 (A), Oxford Brookes University (Business School), course: International Financial Accounting, language: English, abstract: This essay will compare and contrast the accounting systems of Germany and theUnited States of Amerika. First the single systems, their core concepts and purposeswill be introduced. Second, the two core concepts of conservatism and true and vairvalue will be presented. Both systems will be examined in order to show how theyincorporate these concepts and how this might affect the calculation of profits. Wheredata is available, selected examples from published company accounts will beshown. Finally some short comments on how the systems come closer to each othersince several german companies aim for crosslistings in both countries. A conclusionwill summarize the main facts. Different accounting systems might come to different results in their calculations ofprofits. This can be shown by drawing an example from the Siemens AG s annualreport 2000. In their report based on German GAAP (General Accepted AccountingPrinciples) the net income in 2000 was 7,901 million . The same calculation basedon U.S. GAAP amounts in the F-20 report for the Securities and ExchangeCommission (SEC) to 8,860 million (see figure 1). Now the Question is how comethis difference of nearly 14%? Is one system more exact? [...] As we have seen in assignment 1, accounting is not a science. It has beendeveloped to serve a purpose. Accounting systems are influenced by several socialand economic factors (Radebaugh and Gray, 1997). [...] It seems that German GAAP and US GAAP have different objectives. Therefore wewill analyze the two systems in their national contexts now.

Essay from the year 2003 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: 1,5 (A), Oxford Brookes University (Business School), course: Synoptic Essays in International Banking & Finance, language: English, abstract: After the collapse of the Bretton-Woods-System in 1973 and the transition to asystem of floating rates between the major global currencies, central banks still useinterventions for exchange rate maintenance. This paper aims to examine thefunction of Central Bank operations in foreign exchange markets on the basis of twoempirical data sets, explaining both, appreciation and depreciation. It tries to analysethe impacts on capital flows recorded in the balance of payments and the efficiencyof interventions. Further it will analyse the impacts on domestic monetary suppliesand if necessary how to sterilise these effects. At certain stages endnotes will refer tothe appendix for more detailed explanations or data. To illustrate, how central bank interventions work, we will take the European CentralBank (ECB) as an example and concentrate on two currencies, the euro ( ) and theUS dollar ($). [...] If the ECB aims at an appreciation of the own currency, the bank will engage in aforeign exchange operation and buy euros against its US dollar reserves. Thedemand for euros increases (demand curve shifts to the right) and simultaneously supply is reduced, because the ECB takes Euro out of the market (supply curveshifts to the left). Through the forces of supply and demand the value of the euro willstrengthen in international markets (the exchange rate moves from r1 to r2). Depreciation (see diagram 2)If the ECB aims at a depreciation of the own currency, the bank will sell euros againstdollars. In this case, demand for euros declines (demand curve shifts to left) and thesupply increases (shift to the right) because the ECB pays the purchased dollars ineuro. Again, the forces of supply and demand determine the new exchange rate at r2. The value of the euro will weaken in international markets (and inversely the USdollar value will rise). [...]

Essay from the year 2005 in the subject Business economics - Business Management, Corporate Governance, grade: 1.0, The University of Chicago (GSB Chicago The University of Chicago Graduate School of Business), language: English, abstract: "e;I'll make him an offer he cannot refuse"e; Vito Corleone (Marlon Brando) in The Godfather I Telling the compelling story of an Italian crime family, the Corleone Family, named after the town of its Sicilian origination, the Trilogy of The Godfather has become one of the greatest sagas in movie history. Written by Mario Puzo and directed by Francis Ford Coppola, the 10 hour epic narrates the story of eight-year old Vito Andolini (Brando), escaping from the town of Corleone out of a deadly threat of a local mafia killing. Being sent to New York at the break of the 20th century he makes his way to the top of the five New York mafia families. Now feared and respected, Don Vito is known by all as the Godfather. In the course of the trilogy the aging Don rules his empire with the aid of his four sons: quick-tempered Sonny (Caan), weak Fredo (Cazale), Ivy League-educated Michael (Pacino) and adopted Tom Hagen (Duvall), nearly each of which comes to a death tragically connected to the heritage of his father. As the next generation Don of the family, "e;Commendatore"e; Michael grabs for the power and expands the business beyond the US national borders becoming the ruthless and fiercely powerful head of a conglomerate of drug and gambling businesses, backed by top-level corruption, killings and betrayal. Distinct to common gangster movies, the often colliding interests of old friends, business partners and enemies makes this movie a fine tuned masterpiece on the complexity of friendship, trust, honor and politics. For the purpose of this paper, prior knowledge of the movie eases the understanding of the sometimes long reaching and fine notions in the characters actions. Nonetheless the presented background information on the course of actions will be sufficient to enable the reader to fully understand the implications of each analyzed move. Subject of this analysis will be the Don's reach for the control for an international business conglomerateImmobiliare.Several parties are striving for this position in the third part of the epic, often using third parties for their moves, following different but not always mutually exclusive objectives. [...]