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This paper analyses five different Cryptocurrencies, namely Bitcoin, Ethereum, XRP, Dogecoin and Litecoin, and studies their impact on traditional financial portfolios under different allocation strategies. The allocation strategies under consideration in this paper are the modern portfolio theory according to Markowitz, an extension of it such as the tangency portfolio, and the equally weighted portfolio. Further, this study explores the effect on the efficient frontier when Cryptocurrencies are added to the efficient portfolios. In addition to that, the paper aims to examine whether the mean – variance portfolio optimization according to Markowitz outperforms the naïve and tangency portfolio strategy. The portfolio performance is evaluated based on the Sharpe ratio. The quantitative analysis of this paper covers the time period from 2017 to 2022, in total five years. In accordance with the existing literature on portfolio optimization with Cryptocurrencies, the study reveals that besides some issues related with Cryptocurrencies such as cybercrime and a lack of regulations, Cryptocurrencies can be beneficial for portfolio diversification with traditional financial assets. Referring to the portfolio strategies, the study highlights that the optimal mean – variance portfolio and tangency portfolio do not differ significantly in terms of Sharpe ratio. However, both strategies outperform equally weighted portfolios.
The thesis introduces a case study research presenting the transfer pricing problem of a selected MNE. Hereby, the researcher derives an appropriate method for the case and concludes with a comparison of theory and practice. The theoretical part of the thesis evaluates existing transfer pricing methods as explained by the OECD, Germany and the USA. The second part is about the choice of the research methodology, case study research and expert interview.
The third part first introduces the case study, analyzes a theoretical framework of the transfer pricing process and evaluates the existing transfer pricing methods, which allows for the derivation of the most appropriate transfer pricing method for the case. The fourth part concludes the research by applying the derived transfer pricing method, the Cost Plus Method, to the particular case study. By combining theoretical and practical approaches, a solution to the problem is determined.
University-Industry Collaboration (UIC) is considered by academics and industry as a vital factor that has the power to both positively and negatively impact the open innovation (OI). To contribute to the literature and to identify challenges as well as to conceptualize some recommendations to help industries, this thesis raised a question:
what are the challenges of UIC and what recommendations can be made to solve the challenges. The main research objective was to recognize the determinants of UIC challenges. An empirical study was conducted in order to give an answer to the research questions and to meet the research objective. This research explicitly focused on students/interns and internships to analyze and to discover the challenges and solutions since students or internships are the least researched area in the field of UIC research. Participants were personally contacted with the survey link that was created online to conduct explorative research with the help of close-ended (quantitative) and open-ended (qualitative) questions. The results reveal that there are numerous challenges students face during the internship and thus these most likely hinder the successful UIC and ultimately successful OI. According to the results obtained from both quantitative and qualitative sections obvious and major challenges lie in innovation mediators ‘organizational culture’. From the quantitative result perspective only, major challenges are in the area of absorptive capacity and supervisors' support, internalization, and trust. Similarly, from the qualitative results perspective only, major challenges are bad crisis management, communication, and hierarchical structure.
Many articles claim that the structure of a self-organizing team achieves the highest level of agility. Therefore, this paper examines the assumption about the agility of self-organizing teams. This is done through a qualitative secondary research which answers the following questions:
1. What are the required attributes for a workforce to be agile?
2. What are the characteristics and attributes of self-organizing teams?
3. Do self-organizing teams fulfill the requirements of an agile workforce? If yes, how?
Through literature reviews the requirements that make a workforce agile and the characteristics of self-organizing teams are observed. It is considered that if the characteristics (which makes up the structure) of self-organizing teams fulfill the requirements of an agile workforce, this claim is then believed to be valid.
The results of such an examination shows that an agile workforce needs to be empowered, capable and competent, adaptive and flexible, team oriented, cooperative and collaborative and continuously given feedback and trained. Similarly, the observed characteristics of self-organizing teams describe them to be autonomous, communicative and collaborative, redundant and reconfigurable, cross-functional, team oriented and capable of learning.
Through an analysis of the findings, it is confirmed that self-organizing teams fulfill the basic requirements of an agile workforce. Therefore, self-organizing teams are considered to be agile. Finally, companies that seek agility are advised to adopt the structure of self-organizing teams.
Growing environmental awareness, especially among young generations, is reflected in the willingness to accept price premiums for sustainable and recyclable products. In recent years, marketers have focused on reinforcing consumers’ attention and interest in green goods by increasing the effectiveness of various sustainability information on product packaging.
In this thesis, an analysis of variance (ANOVA) investigated the effect of visual and verbal recycling claims on product packaging upon the willingness to pay (WTP). Although findings showed no changes in WTP related to a visual claim, the presence of a verbal claim positively impacted the WTP in two of four cases. Further, significant interactions between the two factors were detected. The results suggest that students considered an imagery seal irrelevant during product evaluation, whilst communicating recycling information with a textual message or with a conjunction of both claims showed a tendency to improve price-value perception. However, results for the verbal and interaction effects showed variations across products. Therefore, one may not draw unequivocal assumptions from the findings of this study without research replication on a larger scale.
The main goal of the study is to analyze students’ buying intention towards e-learning program by developing a structural model of e-learning acceptance by the students and analyzing perceived usefulness, perceived ease of use, attitudes, subjective norms, motivations and buying intentions according to the developed model.
Cultural considerations for Germans working with Japanese in virtual teams for project management
(2019)
In today’s globalized and multinational working world, being part of a team that uses technology in order to cross distance, time zones and even organizations, a so-called virtual team is becoming increasingly common. While extensive research on this topic is available, most of the current research is very theoretical and only in part useful for a member of a virtual team in order to enhance performance. A clear guideline on how to effectively work in an intercultural virtual team is not existent at this point.
This research, aims to produce a clear guideline for Germans working in virtual teams with Japanese in the style of the Project Management Body of Knowledge Guide. Identifying the key challenges of virtual teams and the specific cultural differences of Germans and Japanese, based on Hofstede’s cultural dimensions model are the starting point for this research. Due to the specificity and the novelty of this research a grounded theory approach has been taken and in-depth qualitative interviews were conducted with 12 Japanese employees, who regularly work in virtual teams with Germans. Grounded in the experiences and challenges of the participants, the findings help construct a guideline for Germans working with Japanese in virtual teams.
Results are structured according to 4 of the key challenges virtual teams face: trust, communication, leadership and technology/knowledge sharing. The guideline addresses the different communication styles of Japanese and Germans, differences in hierarchical thinking as well as the more collectivistic point of view of many Japanese. The guideline, that has been produced, is intended as a quick guide including recommendations for Germans to enhance their virtual team work with Japanese.
Purpose – To empirically examine the impact of a set of influencing factors on B-to-B sales call success from a buyer, salesperson and neuroscientific perspective
Design/methodology/approach – A literature review was conducted to find potential non-economic influencing factors and a set of hypotheses was generated. Subsequently, findings were verified through an expert interview. Then two surveys examining the buyer and sales perspective were carried out and hypotheses were tested. Lastly, results were aimed to be explained from a neuroscientific perspective.
Findings – The results show that trust, emotion and empathy are positively correlated to sales call success. However, communication, listening skills, empathy, appearance and personality variables were on average still perceived as somewhat important for sales call success by both survey groups. Neuroscientific literature could provide insights into the effects of trust, emotion, appearance and extroversion on sales call outcome.
Research limitations – The sample size permits only a general analysis and conclusions. Buyers participating in the survey tended to evaluate sales calls as rather successful, leading to an underrepresentation of “unsuccessful” sales calls in the data set. Neuroscientific literature provided insights but could not fully explain the suggested model.
Practical implications – Emotional and non-economic factors including trust, positive emotion and empathy should be part of a successful sales methodology so that the effects of these factors are considered to improve the outcome of sales calls
Private equity investors acquire companies, aim to increase the company’s corporate value and thus aim at selling the respective company at a profit after some time. To increase the value of their portfolio companies, private equity investors employ three main value creation strategies. Financial leverage, multiple expansion, and operational value creation. There has been a significant shift in importance between these three value drivers. While in the 1980s more than 50% of value creation was achieved by leveraging equity with the help of debt capital, this value driver only accounted for 15% in the 2010s. Instead, the value driver operational value creation has gained significantly in importance. It alone accounted for 55% of total value creation in the 2010s, more than financial leverage and multiple expansion combined. The aim of this thesis is to answer the question which operational value creation levers private equity investors use to increase the value of their portfolio companies during the holding phase. In addition, the thesis deals with the question of operational value creation drivers of the future. These are derived based on prevailing megatrends of the future. Research on the operational value drivers used by private equity investors revealed that these drivers can be assigned to three main aspects.
These aspects are, on the one hand, financial aspects, where private equity investors take measures to improve working capital. Moreover, within the framework of financial aspects private equity investors influence the cost structure as well as the cost of capital and the capital structure. Furthermore, private equity investors assert influence on the governance structures of their portfolio companies. For the aspect of governance, measures such as replacement of management/change of management structure, monitoring and controlling as well as incentive systems were identified to increase the value of the company. Another identified aspect for value creation are strategic aspects. In terms of strategic aspects, private equity investors use the levers of mergers and acquisitions, organic expansion, outsourcing/insourcing as well as product and pricing strategies.
The research on the value creation levers that private equity investors will have to apply in the future in order to ensure value creation of their portfolio companies is based on the megatrends of digitalization, demographic change and sustainability. The research revealed the implementation of digitalization measures, employee, and talent management as well as the implementation of ESG criteria.
This thesis has structurally outlined value drivers that contribute to value creation in private equity investments. The research also showed that value creation levers taken can directly and indirectly influence the value of the portfolio company. Value drivers II with a direct effect on the change in equity value affect either revenue, margin or net debt, while the indirect value drivers affect the valuation multiple.
The real-world possibilities for blockchain applications are endless, yet few real-world use cases exist in early 2018 beyond cryptocurrency. Among the many newly initiated and emerging proposals for applications of this unique technology, the area of vehicle emissions provides an opportunity to bring the advantages of cryptography and decentralized databases to the collection and storage of scientific research data. The reporting of vehicle emissions has been a publicly acknowledged area of deceit and scandal, while the cornerstones of blockchain are transparency and consensus. There is, perhaps, a way for this newly expanding technology to provide a disruption to the automotive industry by efficiently and reliably reporting vehicle emissions.
This paper seeks to analyze: the capabilities of an emerging technology when applied to an existing older technology and its utilized environment as well as propose a system for efficiently and reliably collecting and reporting internal combustion engine based vehicle emissions data using blockchain; also, finally, theorize the impact of such a system on the automotive industry.
By combining multiple technologies which already exist in practice, as well as some which are expected to be massively implemented in the near future, it is theoretically possible to establish a blockchain based system for not only recording emissions from every participating vehicle, but also electronically executing a check against local emissions restrictions via smart contracts defined by geo-locational range and GPS referencing. The data can be processed and stored in a way that protects the identity and location history of the driver by assigning responsibility of compliance to the identity of the vehicle. The network can be protected from malicious actors by way of an emissions application specific protocol which involves unique GPS data.
While the short run effects of such a system may be met with pushback from the automotive industry because of increased regulation and impact on sales of internal combustion engine vehicle inventory, the long run effects parallel and may even supplement the future effects of the global trends which make the system possible.