ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen – serie
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41 produkter
41 produkter
Strategische Herausforderungen im Investment Banking
Integration von Wholesale und Retail Banking
Häftad, Tyska, 1998
566 kr
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In den letzten Jahren hat das Investment Banking innerhalb der Banken-Industrie gegenüber dem Commercial Banking erheblich an Bedeutung gewonnen. Dabei unterteilt es sich traditionell in das Geschäft mit juristischen Personen, Wholesale Investment Banking genannt, und das Geschäft mit natürlichen Personen, welches als Retail Investment Banking bezeichnet wird. Eine der großen strategischen Herausforderungen, mit denen sich die zur Zeit in einem starken Umbruch befindliche Investment-Banking-Industrie konfrontiert sieht, betrifft die Frage, inwieweit diese traditionelle Trennung zwischen Wholesale- und Retail Geschäft aufzuheben ist. Im vergangenen Jahr haben zwei bedeutende Transaktionen innerhalb dieser Industrie in den USA, zum einen die Übernahme des drittgrößten Retail Brokers und Kreditkartenanbieters Dean Witter, Discover durch Morgan Stanley, eine der weltweit führenden Wholesale-Investment-Banken, zum anderen das Kooperationsabkommen zwischen Amerikas größtem Anbieter von Investmentfonds, Fidelity, und der Wholesale-Investment-Bank Salomon Brothers möglicherweise wichtigen Handlungsbedarf unter diesem Aspekt verschärft aufgezeigt. Der Autor geht in seiner hier vorliegenden Arbeit der Frage nach, inwieweit eine solche Integration von Wholesale und Retail Banking in der Investment-Banking Industrie aus ökonomischer Perspektive vorteilhaft ist. Dazu wurden Strategien der Vorwärts- und Rückwärtsintegration sowohl unternehmensbezogen aus finanz- und leistungswirtschaftlicher Perspektive als auch wettbewerbsbezogen einer Beurteilung unterzogen.
566 kr
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Strategische Unternehmensnetzwerke versus Cross-border-Unternehmensakquisitionen
Analyse alternativer Markteintrittsformen
Häftad, Tyska, 2000
566 kr
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Auf der Basis ausgewahlter Ansatze der Neuen Institutionenokonomik und mit Hilfe des ressourcenorientierten Ansatzes des strategischen Managements identifiziert Andreas Padberg Kriterien, die einen systematischen Vergleich der beiden Markteintrittsformen erlauben.
Zukunftsperspektiven des Beratungsmarktes
Eine Studie zur klassischen und systemischen Beratungsphilosophie
Häftad, Tyska, 2001
566 kr
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Bestimmungsfaktoren und Alternativen der Absatzwegewahl
Das Beispiel Automobilindustrie
Häftad, Tyska, 2002
870 kr
Skickas inom 10-15 vardagar
Vor dem Hintergrund der auslaufenden Rechtsgrundlage des heute in Europa dominierenden Vertriebssystems fur Automobile analysiert Bernd Geiseler Bestimmungsfaktoren und Alternativen der Absatzwegewahl und leitet langfristige Handlungsempfehlungen fur die Gestaltung des zukunftigen Automobilvertriebs in der Europaischen Union ab.
Organisatorische Voraussetzungen erfolgreicher Wertschöpfungspartnerschaften
Dargestellt am Beispiel der Automobilindustrie
Häftad, Tyska, 2002
819 kr
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Thomas Pock zeigt praxisorientiert, wie ein Unternehmen organisiert sein muss, um Zeit-, Kosten- und Wissensintegrationsvorteile aus Wertschopfungspartnerschaften zu erschliessen und gleichzeitig damit verbundene Risiken zu vermeiden.
Wettbewerbliche Veränderungen im Bankensektor und ihre Auswirkungen auf die Geldpolitik der EZB
Häftad, Tyska, 2002
566 kr
Skickas inom 10-15 vardagar
Globale Unternehmens- und Wertschöpfungsnetzwerke
Grundlagen — Organisation — Gestaltung
Häftad, Tyska, 2002
870 kr
Skickas inom 10-15 vardagar
718 kr
Skickas inom 10-15 vardagar
Marc Siemes zeigt, dass fur sogenannte "Market Orphans", d.h. am Kapitalmarkt kaum wahrgenommene Unternehmen, der Ruckzug von der Borse eine attraktive Moglichkeit ist und dass Finanzinvestoren diese Unternehmen im Rahmen einer Transaktion aktiv begleiten konnen.
Mergers & Acquisitions im deutschen Bankensektor
Eine Analyse der Bestimmungsfaktoren
Häftad, Tyska, 2003
819 kr
Skickas inom 10-15 vardagar
Nils H. Troger analysiert die aktuellen Treiber der M&A-Aktivitaten und zeigt mikrookonomisch fundierte Fusionsmotive fur Banken auf. Diese Erklarungsansatze werden anschliessend im Rahmen einer empirischen Untersuchung von Praktikern und Wissenschaftlern bewertet.
870 kr
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Mittels einer umfangreichen und empirisch unterlegten Ereignisstudie analysiert Patrick R. Bettscheider die langfristigen Auswirkungen von Indexveranderungen im Bereich des FTSE-100 und erlautert die Determinanten der Indexeffekte. Es zeigt sich, dass die teilweise uberzogenen Erwartungen von Unternehmen und Anlegern korrigiert werden mussen.
Tragfähigkeit von Geschäftsmodellen der New Economy
Das Beispiel elektronische B-to-B-Märkte
Häftad, Tyska, 2003
616 kr
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Joachim Deinlein untersucht, inwieweit die elektronische Abwicklung fur Anbieter und Nachfrager tatsachlich Nutzen stiftet. Er erarbeitet einen umfassenden Katalog von Kriterien, die die Tragfahigkeit elektronischer Markte massgeblich beeinflussen, und entwickelt einen Ansatz zur internetmassigen Vermarktungsfahigkeit von Gutern und Dienstleistungen.
M&A-Myopia und Integrationsmanagement
Mentale Barrieren bei der Umsetzung eines effektiven und effizienten Integrationsmanagements bei Mergers & Acquisitions
Häftad, Tyska, 2004
718 kr
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Matthias Baur zeigt, dass Integrationsprobleme bei M&A typischerweise erst spat im M&A-Prozess thematisiert werden, was schwerwiegende Konsequenzen fur den M&A-Erfolg haben kann. Diese Form der Kurzsichtigkeit, auch M&A-Myopia genannt, wird mit Hilfe sozial-psychologischer Theorieansatze analysiert und darauf aufbauend werden Losungsansatze entwickelt.
667 kr
Skickas inom 10-15 vardagar
Armin J. Hartmuth entwickelt ein Analyseinstrumentarium, mit dem sich der Wandel der Institution Borse aus der Perspektive der evolutorischen Okonomik beschreiben und erklaren lasst. Er zeigt, dass sich der Wandel von Borsen im Zuge einer "Koevolution der Technologie und der Institution Borse" vollzieht.
550 kr
Skickas inom 10-15 vardagar
Management and art - do these two fit together? Is an investment into art "worthwhile" from a shareholder's point of view? Regardless of the answer to these questions, a number of inter national companies establish large art collections or offer related art programmes for their human resources, their clients or the general public in recent years. The size of these art col lections or the amount of funding available has in some cases reached a dimension, which from an economic point of view justifiably questions whether such a commitment or invest ment is at all advisable. This situation raises numerous more questions and problems, in par ticular concerning the direct or indirect benefits that can be expected from the arts in the cor porate environment, notwithstanding the methodological problem of measuring their success. Depending on the interests or perspectives involved, very different aspects are in the spotlight, e. g. art as a financial investment, as a public relations tool or as a tool in human resource de velopment. The author of this book concentrates primarily on the impact of art respectively art experience on human resources' general perception and their perceptual competence. In doing so she is breaking new ground in research, since until to date only very few studies have been con cemed with the questions above and with the particular subject of this doctoral thesis.
Anlageberatung bei Retailbanken
Einfluss auf das Anlageverhalten und die Performance von Kundendepots
Häftad, Tyska, 2008
687 kr
Skickas inom 10-15 vardagar
Selected Essays in Empirical Asset Pricing
Information Incorporation at the Single-Firm, Industry and Cross-Industry Level
Häftad, Engelska, 2008
550 kr
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Research in empirical asset pricing has – fostered by the availability of new databases – become an important field of research within the last three decades. This kind of - search contributes to the ongoing and exciting debate between the neoclassical and the behavioral explanation of asset pricing and can help to better explain the evolvement of asset prices in capital markets. Research in empirical asset pricing requires multiple competences: a sound - derstanding of capital markets, market designs, trading processes, and asset pricing models, a superior handling of large databases, and efficient programming skills. Chr- tian Funke lives up to this challenge and his doctoral thesis comprises of three important essays in empirical asset pricing. In the first essay, Christian investigates the long term performance of rival c- panies related to acquisition targets. He documents an underreaction of capital markets to the information contained in M&A announcements. Following large rival gain events due to positive information signaling and large rival loss events due to the negative competitive effects of the transaction, he observes a return drift for up to 12 months after the announcement. The second essay documents a strong and prevalent drift in long-term industry returns after M&A announcements. Specifically, industries that experience positive - erage announcement reactions continue to do well in the future, while industries that experience negative average announcement reactions continue to do poorly. The e- dence suggests that capital markets underreact to the industry-wide information p- vided by merger announcements.
Del 71 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Long-Term Success of Mergers and Acquisitions in the International Automotive Supply Industry
Häftad, Engelska, 2009
550 kr
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It is precisely the kind of highly variable success that Schaeffler KG was forced to endure during its acquisitions of FAG Kugelfischer and Continental, which provides a telling account of the myriad potential consequences of mergers and acquisitions in the automotive supply industry. The global competitive landscape for automotive s- pliers is wholly unique, and not just because its consumers and key customers, the automotive manufacturers, have joined together in an ever-narrowing oligopoly over the last twenty years, nor because the current focus on suppliers is already helping restore an increasingly stable balance of power. Since automotive manufacturers serve international markets, the competitive environment for suppliers has also always been transnational. This becomes all the more relevant when we consider recent shifts in the automotive manufacturing value chain. Meanwhile, some suppliers are producing a higher value contribution during constr- tion of a car than the actual manufacturer. In these situations, international M&A tra- actions seem especially attractive, and should, in actual fact, generate positive reactions on the capital markets. But is that really the case? Studies looking specifically into the long-term success of international M&A transactions have been a rare commodity until now, the current state of knowledge on the success of acquisitions in the automotive supplier industry is even more limited, and the transferability of evidence based on - periences in other sectors is highly questionable.
Del 72 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Real Estate Risk in Equity Returns
Empirical Evidence from U.S. Stock Markets
Häftad, Engelska, 2009
550 kr
Skickas inom 10-15 vardagar
Asset pricing theory aims at linking an asset’s higher return to its higher risk exposure. However, the Capital Asset Pricing Model (CAPM) of Sharpe (1964) and Lintner (1965), the most widely taught model in business and economics classes, has been largely contested in the literature by researchers finding anomalous patterns in equity returns. Based on the failure to match the CAPM with empirical data, researchers have been in an ongoing dispute whether the anomalous behavior in equity returns is still reconcilable with market equilibrium and, therefore, with a risk-based explanation, or must be seen as consequences of investors’ irrational behavior and the agency costs of professional investment management. To support a rational pricing story, Fama and French (1992, 1993, 1996) develop a three-factor model that is highly successful in c- turing the two well-known anomalies related to a stock’s market capitalization and valuation level, the size and book-to-market effects. They argue that their model must be seen in the context of Merton’s (1973) Intertemporal Capital Asset Pricing Model (ICAPM) so that their size and book-to-market factors act as state variables capturing the investor’s hedging motives. They consider relative distress risk as the economic source of the common variation in stock returns related to their factors.
Del 75 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Short Selling Activities and Convertible Bond Arbitrage
Empirical Evidence from the New York Stock Exchange
Häftad, Engelska, 2010
550 kr
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The main cause of financial crisis may be found in the over-optimistic investing of b- ers that leads market prices away from fundamental values. However, in the aftermath of “excess” when stock markets tumble, it is usually the pessimists or short sellers who get publicly blamed. Despite the longstanding controversy on short selling activities, this market instrument remains a widely misunderstood concept by the public while it is an essential tool used by hedge funds for speculation and arbitrage. That is why it is important to investigate short selling for its different motivations and the resulting effect on stock returns, a subject whose empirical study is in its infancy. In his doctoral thesis, Sebastian examines convertible bond arbitrage, which is a typical hedge fund strategy that involves a long position in a convertible bond and a significant short position in the underlying stock. The short selling is employed as a hedge against movements in the stock price. With every change in the stock price, the hedge needs to be continuously readjusted, a practice which should lead companies with convertible bonds outstanding to have on average higher short selling activity than companies without convertible bonds. Furthermore, fundamental information should be processed differently in stocks with convertible bonds as stock price reactions based on the information are accompanied by the short selling of the convertible bond arbit- geurs.
Del 74 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Welfare State Change in Leading OECD Countries
The Influence of Post-Industrial and Global Economic Developments
Häftad, Engelska, 2010
550 kr
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1. 1 Research Scope Ever since the introduction of social insurance legislation beginning in the last th decades of the 19 century, social scientists have been interested in analyzing the causal forces behind the development of the modern welfare state. Precisely, for most of the period the academic debate has hereby mainly centered on the following qu- tions: Why was the welfare state founded in the first place? And which factors have 1 contributed to its rapid expansion in the aftermath of World War Two (WWII)? With the advanced capitalist welfare states beginning to face increasing ch- lenges from the mid-1970s onwards, academic research has recently shifted from providing explanations on the rise of the welfare state to understanding processes of welfare state adaptation. In general, advanced capitalist welfare states confront today two types of challenges: on the one hand, pressures from post-industrial devel- ments, and on the other hand, pressures from global economic forces (see Buti, Franco, and Pench, 1998, pp. 17-26). Following Pierson (2001a), the most severe “post-industrial pressures” (p. 80) involve ongoing processes of deindustrialization, population ageing, changing household structures, and welfare state maturation (pp. 82-83). Apart from these domestic challenges, advanced capitalist welfare states have recently also been affected by developments occurring in the global sphere. While processes of international economic integration had already resumed in the imme- ate aftermath of WWII, they have significantly intensified during the last four decades.
Del 79 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Responsible Investment and the Claim of Corporate Change
A Sensemaking Perspective on How Institutional Investors May Drive Corporate Social Responsibility
Häftad, Engelska, 2011
550 kr
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Elisa M. Zarbafi analyzes the role of financial stakeholders as a potential driver of Corporate Social Responsibility (CSR) and focuses her theoretical analysis on socio-psychological drivers to understand the complex nature of responsible investment.
Del 73 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
IS Offshoring
Essays on Project Suitability and Success
Häftad, Engelska, 2009
550 kr
Skickas inom 10-15 vardagar
The industrialization of service industries is a phenomenon which industries such as banking and finance adopted several years ago. Although IT can be considered an enabler in these efforts, the IT industry itself has not yet taken much advantage of industrialization. As this is slowly changing, ideas like global sourcing and global value chains have entered the mindset of top and middle IT management. Although sourcing IT services from near or far away countries in order to profit from labor cost differentials is a topic frequently generating a lot of controversy, it can no longer be ignored as one of several options for staying globally competitive. Even though some businesses promise to refrain from offshoring in order to strengthen local economies, they might not be willing to accept the costs of IT services fully provided domestically. Thus, even businesses which are reluctant when it comes to directly offshoring their own IT services might be indirectly profiting from it as they expect their service providers to stay globally competitive – be it by offshoring or by any other means. With this controversy in mind, it is exceptionally important that offshoring endeavors turn out to be as successful as possible or at least as successful as expected. However, businesses indulging in offshoring do not necessarily report convincing outcomes. Particularly in the case of offshoring from non-English speaking countries, language barriers seem to be significantly impeding offshoring success.
515 kr
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921 kr
Skickas inom 10-15 vardagar
Lageberichterstattung über den Bereich Pharmaforschung und -entwicklung
Eine Analyse aus theoretischer und empirischer Perspektive im Rahmen des Arzneimittelrechts
Häftad, Tyska, 2011
1 022 kr
Skickas inom 10-15 vardagar
Del 78 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Assessing the Economic Value of Venture Capital Contracts
An Option Pricing Approach
Häftad, Engelska, 2011
550 kr
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Dr. Jil Caroline Onimus identifies the baskets of real options embedded in model venture capital contracts as published by the National Venture Capital Association (NVCA) and shows how they can be priced in interaction using Least Squares Monte Carlo simulation.
Del 51 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Contractual Relationship between Clients and Management Consultants
A Transaction Cost Economic Analysis
Häftad, Engelska, 2005
550 kr
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In recent decades, the influence of consultants in our economy has increased continuously. Many large client organizations regularly involve consultancies in managerial projects. At the same time, clients have become more discerning in how they involve these advisors. They have gained experience in dealing with consultants. In addition, a larger spectrum of alternatives for the execution of projects, such as external consultants, in-house consultants and internal project teams is available to them. Given these contractual choices and the heavily debated use of consultants, the question arises why managers choose to involve consultants in their project activities and how they structure the contractual relationship with them. Sandra Niewiem provides an empirical examination of the contractual relationship between clients and consultants on the basis of the transaction cost economic (TCE) theory of vertical integration. The comparative contracting perspective is the traditional focus of TCE research. Despite offering a fundament of concepts and empirical evidence, TCE has not yet been applied to consulting settings. Sandra Niewiem's work includes a meta-review of the empirical literature on TCE, which, with a selection of 160 studies, is the largest and most comprehensive review ofTCE literature ever conducted.
Del 52 - ebs-Forschung, Schriftenreihe der EUROPEAN BUSINESS SCHOOL Schloß Reichartshausen
Human Resource Due Diligence
A Concept for Evaluating Employee Competences in Mergers & Acquisitions
Häftad, Engelska, 2005
550 kr
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Mergers & Acquisitions (M&A) has almost become an emotive phrase in academic research and business practice in recent years, especially due to the large number of studies that report on their failure. One of the most prominent reasons for the low success rate of M&A transactions is the insufficient involvement of employees in such transactions. Although in recent years human resource issues have increasingly been addressed in M&A due diligence, the specific employee competence requirements that ensue from M&A transactions have to date hardly been investigated in academic research and business practice. Daniela Peterhoff develops a concept for Human Resource Due Diligence (HRDD) in M&A that addresses the context-specific employee competence requirements resulting from such transactions. In developing her concept, the author presents a three step HRDD process. In step one she develops focus areas for HRDD based on the objectives underlying an M&A transaction. The second step shows how the HRDD information identified as relevant in step one can be generated. The author develops indicators to break down employee competences, and identifies valuation tools through which these indicators can be assessed. In the third and final step, she compiles the HRDD information generated in step two based on controlling ratios and human resource portfolios.
1 022 kr
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