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Artificial intelligence is a disruptive technology, offering increasingly more opportunities to companies. However, the low digital maturity of the private banking sector, makes it hard for private banks to take advantage of this opportunity. Simultaneously, customers are expecting more digital solutions, forcing companies to adapt their services.
The aim of this paper is to provide an overview, drawing conclusions about whether the implementation of AI technologies is profitable in the private banking sector.
This thesis is based on recent research about current possible applications and the respective benefits, risks and costs. Two use cases will be thoroughly analysed: the application of automated credit risk management systems and AI powered indexes. In the first case, the software NOLA 2.0 will be evaluated and used as a benchmark to highlight the positive and negative aspects deriving from AI credit risk management software. In the second case, the AI powered index AiPEXAR will be presented and compared to the most common ETF S&P 500, analysing the differences in their computation and their performance over time.
The analysis concluded that, even though the benefits substantially depend on the individual company, AI chatbots, customers' engagement, credit risk management software and banking apps are advantageous for private banks. Yet, the implementation of AI powered indexes may be precocious and therefore not yet profitable. It can also be concluded that for private banks, whose core competitive advantage lies in the expertise of the relationship managers, the digitalization of advisory may lead to unsatisfied customers.
The Bachelor Thesis examines the effects of the integration of environmental, social and governmental (ESG) criteria in equity funds on performance compared to conventional equity funds. For this purpose, a quantitative analysis is carried out which includes a detailed examination of 769 equity funds. The equity funds are divided into two different groups - ESG equity funds and conventional equity funds - and are analyzed for various financial ratios. The goal of the study is to illustrate the financial performance differences between ESG-focused equity funds and conventional equity funds and thus provide a scientific contribution to the academic debate on sustainable investments. Initially, the thesis delves into the central concepts of ESG, the historical development of investment funds, theoretical frameworks, and existing studies. The following analysis provides an insight into the relationship between ESG criteria and the performance of equity funds. It not only draws on two different ESG rating systems, but also provides a geographical breakdown. Although the work as a whole helps to develop a deeper understanding of sustainable investment and highlights potential implications for investors and the financial sector, the results of the analysis show that more research is needed in this area.
The financial markets are currently facing uncertain circumstances, which is increasing their tail risk. A recent study was conducted to measure the tail connectedness between North America, Latin America, Europe, Asia, and Oceania. The study looked at 18 stock market indices using a neural network quantile regression approach from January 4, 2012, to May 5, 2022. The study found that the North American, European, and Latin American stock markets had the highest exposure to tail risk, while Asia and Oceania showed no significant risk compared to the rest of the world indices and were independent. The study also identified the Global Financial Crisis and the COVID-19 pandemic as intense events that yielded high tail risk. The Systematic Fragility Index ranked the pre-COVID period stock market and the Nasdaq during the COVID sample as the most susceptible markets. On the other hand, the Systematic Hazard Index identified the S&P as the chief risk contributor in the system.
Die vorliegende Bachelorarbeit untersucht die aktuelle steuerliche Behandlung
von Kryptowährungen und Krypto-Assets im deutschen Steuerrecht von Privatpersonen
und aus gewerblicher Sicht und hat zum Ziel, deren steuerliche Besonderheiten
umfassend darzustellen. Dabei werden zunächst verschiedene Arten
und Transaktionen von Krypto-Assets erläutert und die rechtlichen Grundlagen
und steuerlichen Regelungen für den Umgang mit Krypto-Assets beleuchtet. Anschließend
werden verschiedene Steuerarten analysiert. Bei der Analyse wird die
Besteuerung von Gewinnen aus den verschiedenen Arten von Transaktionen mit
Krypto-Assets, wie dem Handel oder Einkünften aus Mining, Lending und Staking
in bestehende Steuerkategorien eingeordnet. Die Analyse trägt zu einem besseren
Verständnis der steuerlichen Herausforderungen im Zusammenhang mit
Krypto-Assets bei und bietet eine Orientierungshilfe für alle, die sich für Krypto-
Investitionen interessieren.
Diese Bachelorarbeit beschäftigt sich mit der Forschungsfrage, wie die Materialwirtschaft die Kosten im Gastgewerbe beeinflusst und untersucht zudem, wie eine möglichst bessere Materialwirtschaft zu mehr Leistungsfähigkeit sowie Kostensenkung beitragen kann. Auf der Grundlage einer eingehenden Problemanalyse anhand eines Beispielrestaurants und einer gründlichen Untersuchung der theoretischen Herausforderungen im Gastgewerbe werden verschiedene Aspekte der Materialwirtschaft analysiert.
Die Forschungsmethode dieser Arbeit besteht aus einer empirischen Analyse und einem theoretischen Rahmen, wobei Daten aus dem Beispielrestaurant und aus relevanten Literaturquellen verwendet werden.
Die Ergebnisse der Analyse deuten darauf hin, dass saisonale Schwankungen, Wagniskosten sowie Abfallmengen und inflationsbedingte Kostensteigerungen erhebliche Herausforderungen für die Materialwirtschaft im Gaststättengewerbe darstellen.
Diese Untersuchung liefert bedeutende Erkenntnisse für die Gastronomen im Bereich der Materialwirtschaft und widmet sich als Grundlage für die Entwicklung neuer Strategien zur Kostenoptimierung und Leistungssteigerung im Gaststättengewerbe. Mit Hilfe dieser Erkenntnisse können Restaurantbetriebe ihre Rentabilität verbessern und zudem auf langfristiger Basis erfolgreich am Markt wirtschaften.
This thesis examines Life Cycle Costing through a literature review and a fictional case study. It explores key challenges faced in implementing and utilizing Life Cycle Costing, proposes strategies for overcoming these challenges, and evaluates the potential impact of early integration of this technique on decision-making processes. Additionally, by use of the case study, the thesis exemplifies how Life Cycle Costing identifies trade-offs that would otherwise have remained unnoticed. The case study highlights how the implementation of the technique unveils that the option initially expected to be more costly turns out to be more economical. The findings underscore the superiority of the Life Cycle Costing methodology, questioning the narrow focus on immediate costs in traditional cost accounting, opening the door to a business model where long-term cost savings are recognized and valued.
The goal of this study is to answer if the corona pandemic changed the risk aversiveness and risk tolerance of young German adults and how it changed their decisions when investing in shares, by using the behavioral finance approach.
To answer this question, a literature recherche and a quantitative study were done. The quantitative study consists of a questionnaire, which was answered by 216 German adults with ages ranging from 18 to 35.
Abstract
In the last decade, green bonds have become one of the most prominent and popular
financing instruments for mitigating climate change. The purpose of this paper is to analyze the impacts of green bonds with regard to climate neutrality and compare their performance with conventional bonds. Therefore, the following research questions were answered: What are the latest developments in the green bond market? What is the present state of standardized regulations? How do green bonds perform compared to their conventional counterparts? How transparent and "green" is the current green bond market? The paper is based on a literature review in the theoretical part and a practical part illustrating an insight into the current green bond market through three case studies.
In the green bond market, which has been growing steadily since 2015, Europe's increasingly strong and prominent position is evident. With a global market volume of over $500 billion in 2021, there has been a substantial increase in market growth during the past few years. A large body of literature shows that green bonds do not exhibit significant differences in performance compared to their conventional counterparts. As the green bond market matures, the phenomenon of a green bond premium is slowly disappearing. Which is in line with the results of the case studies. The green bonds outperform the conventional bonds and achieve a higher return. Further, a lack of standardized regulations can be observed. There are not one but many voluntary standards and regulations. As a result, the actual sustainability and impact of green bonds are difficult to measure.
Ziel dieser Arbeit ist es, die optimale Methode für Investoren zur Bewertung von Fußballvereinen aus der deutschen Bundesliga zu ermitteln. Dazu wurde der Ansatz verfolgt, den Dr. Tom Markham in der Arbeit "What is the optimal method to value a football club?" zur Validierung seines Ansatzes verwendet hat, indem er traditionelle Bewertungsmethoden auf ihre Eignung zur Bewertung der spezifischen Branche und des Marktes hin untersucht hat. Bei den drei untersuchten Modellen handelt es sich um die Substanzwertmethode, Varianten des DCF-Modells und Bewertungsmultiplikatoren. Darüber hinaus wurden zwei branchenspezifische Modelle vorgestellt, die Forbes-Liste der wertvollsten Fußballmannschaften und die Markham-Methode. Das Modell wurde nicht nur auf einen anderen Markt übertragen, sondern auch mit neueren Daten berechnet, nämlich mit den Spielzeiten 2010/10 bis 2020/21. Der Vergleich der Bewertungsergebnisse mit den tatsächlichen Transaktionen in diesem Zeitraum zeigt, dass die Markham-Methode zwar anwendbar ist, aber für die Bundesliga nicht die erste Wahl sein sollte.
This thesis examines the existence and magnitude of the Dividend Month Premium in the German stock market over the period 1999 to 2021. The findings indicate that there appear to be significant positive abnormal returns in the lead-up to the ex-dividend date, which are reversed thereafter. This mispricing around a predictable event arises as a contradiction of the efficient market hypothesis and is driven by price pressure from dividend-seeking investors who are not exposed to additional risk compared to non-dividend periods. The asset pricing anomaly intensifies in times of economic uncertainty and is related to the level of dividend yield and liquidity. However, if firms decide to omit their dividend payments, the return premium disappears.