Finance & Accounting
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This thesis assesses whether a momentum strategy, which buys past winner and sells past loser stocks, implemented in the German stock market yields positive returns. Additionally, it provides an evaluation of potential sources and implications to stock market efficiency. The findings indicate that momentum profits are on average positive and significant in a time period between 1999 and 2018 and that these profits, in general, seem to contradict the efficient market theory. Hence, after a review of behavioral finance models, these profits seem to be due to inefficient price reactions to new firm-specific news. Despite their strong positive average returns, momentum strategies yield significant negative returns which occur in times of market reversal after panic states and crashes.
This thesis deals with the determination of decision criteria for the development of a fixed-floating mix for non-financial firms and applies them to the example of Heineken.
Existing literature fails to offer a clear guidance on how to approach the fixed-floating decision. Managerial incentives, leverage, the availability of natural hedges, firm liquidity and the shape of the yield curve are frequently mentioned as factors influencing the fixed-floating mix of non-financial firms. I analyse a theoretical approach to constructing the fixed-floating mix and depict the difficulties that such a model based on historical data has in the current interest rate environment.
Conducting a peer group analysis, I study the trends in interest rate risk management in the brewery and alcoholic beverages industry. A clear tendency of the firms in the sample to maintain a high percentage of debt with fixed interest rates is visible. Furthermore, I analyse the risk-return trade-off and conclude that the importance of the fixed-floating split decision for the individual firm depends mainly on leverage and the firm’s capability to absorb volatility in interest expenses, measured by interest coverage.
Additionally, I determine leverage, the level of interest rates, the shape of the yield curve and the comparison to a core peer group as decision criteria Heineken should apply when reconsidering its fixed-floating mix in place. The analysis of these criteria leads to the conclusion that the current interest rate environment, financial metrics of Heineken and the comparison to a core peer group justify having a high percentage of debt with fixed interest rates and can even trigger Heineken to further increase the fixed portion of its debt.
The following bachelor thesis with the title “Accounting of financial instruments according to IFRS 9 with an analysis of first time adoption effects for companies at the DAX, MDAX and SDAX stock exchanges” is focusing on the theoretical basics of accounting for financial instruments according to the newly implemented IFRS 9 and delivers a comprehensive analysis of first time adoption effects for companies who are listed at the three major stock exchanges in Germany. Therefore, the first part of the thesis contains the theoretical guidelines around all IFRS and IAS standards which are connected to financial instruments as well as deep dive in the new accounting rules according to IFRS 9. The second part of the thesis comprises an empirical research with a defined analysis area of changes in equity, financial assets and KPI`s. The research took place for a sample of 92 companies and is based on the annual reports for the fiscal year 2018.
In general, the empirical research shows neither on index nor on field level a material impact on the analysed areas.
“Without data, you're just another person with an opinion.” (W. Edwards Deming)
The main objective of this thesis is to establish whether or not a quantitative forecasting method can be utilized by WAFIOS AG for the prediction of future revenues. If so, a data foundation for the forecasting calculations will be defined.
I conducted expert interviews with selected employees in the WAFIOS sales department and performed calculations to analyze the possible methods and indicators that WAFIOS might be able to use in their forecasting process.
The result of this work shows that forecasting the WAFIOS revenue, using a multiple regression analysis and indicators suggested by the sales department of WAFIOS, is not possible. However, during my research and analysis, other potential methods were discovered that might prove useful to WAFIOS and should therefore be examined more closely at a later time.
The goal of this thesis is to evaluate the impact the choice of registered cooperatives as legal form for start-ups can have on the success of crowdfunding campaigns regarding information asymmetry and agency costs. The theoretical analysis argues that due to the reduction of information asymmetry between founders and contributors, agency costs should be reduced,and success of their crowdfunding campaigns should be more likely. This result is confirmed with some caveats with the help of expert interviews. In conclusion, only companies that aim for additional benefits of registered cooperatives are eligible to be founded as registered cooperatives in order to decrease information asymmetry and increase chances of success in crowdfunding.
Throughout the paper, the different concepts are applied to the practical example of the founding process of a social start-up, the Zeitcafé Freiburg, which results in the recommendation of registered cooperatives as legal form and crowdfunding as one source of capital.
Die tiefgreifende digitale Transformation von Wirtschaft und Gesellschaft stellt Unternehmen und insbesondere deren Controlling vor Herausforderungen. Als Teillösung für den Umgang mit diesen Veränderungen wird in dieser Bachelorarbeit eine Anwendung von Predictive Analytics im Controlling untersucht. Die Anwendung wird geprüft, um zu bestimmen, in welchen Bereichen und unter welchen Bedingungen es durchführbar ist, um anschließend beurteilen zu können, ob das Verfahren praktisch anwendbar erscheint. Das Vorgehen beruht auf einer deduktiven Methode und soll durch logische Verknüpfung Rückschlüsse auf die gewünschten Elemente ermöglichen. Als Ergebnis dieser Arbeit wurde eindeutig festgestellt, dass das Verfahren im Controlling anwendbar ist und in den unter-suchten Bereichen deutlich effektivere Prozesse ermöglicht.
Microfinance and The Empowerment of Women "A self-sustainable approach towards gender equality"
(2020)
Women have always been a victim of injustice, inequality, and the domination of men all over the world and still today, women are being deprived of developmental, financial or educational opportunities.
The empowerment of women is one of the most challenging goals the world is trying to achieve in terms of development.
The goal of this thesis is to give an overview of the role of microfinance in the empowerment of women, discover whether microfinance is a self-sustainable approach towards gender equality and examine how microfinance institutions are able to provide financial services to people, who are defined as unbankable by commercial banks.
Therefore, the business concepts of microfinance institutions, as well as their impacts on borrowers, especially women, are analyzed by taking a qualitative secondary data approach.
The results show that MFIs can successfully substitute financially valuable collateral by issuing loans to interdependent borrowing groups.
Furthermore, microfinance shows significant positive impacts on the financial and non-financial empowerment of women, although they are facing tough challenges to get access to women in patriarchal structures, targeting the poorest of the poor and still remain self-sustainable.
Successful examples, such as the Grameen Bank in Bangladesh show the possibilities of microfinance.
However, further research has to be conducted regarding the customer base of successful MFIs, that do not have to rely on external financial aid.
Analyzing the customer base can verify that those MFIs are not just successful because their target group shifted to wealthier borrowers, demanding higher loan amounts. Though customer data is confidential and therefore challenging to access.
Obwohl es die Volatilität als Anlagemittel schon seit kurz nach der Jahrtausendwende
gibt, so ist diese für viele institutionelle Anleger immer noch ein Mysterium und beinhaltet
viele Ungewissheiten. Ziel der Bachelorarbeit war es, am Markt häufig verwendete
Volatilitätsstrategien auf ihre historische Performance zu untersuchen und diese bei
gegebener Eignung dem bestehenden Investment Portfolio der EnBW Energie BadenWürttemberg AG zuzufügen. Dazu wurden fünf verschiedene Volatilitätsstrategien,
welche durch qualitative Interviews ausfindig gemacht wurden, über mehrere Zeiträume
auf deren Verhalten untersucht. Zu den Beobachtungszeiträumen gehörten sowohl ein
Zeitraum einer ruhigen Marktphase, sowie ein Zeitraum einer Finanzkrise. Durch die
Untersuchungen konnte herausgefunden werden, dass Volatilitätsstrategien die
Merkmale einer eigenen Anlageklasse aufgrund ihres Diversifikationspotenzials erfüllen.
Des Weiteren konnte mit Hilfe der Ergebnisse festgestellt werden, dass mit
Volatilitätsstrategien Renditen im zweistelligen Bereich erzielt werden können, bei einer
geringen Volatilität im einstelligen Prozentbereich. Das zeigt, dass eine Investition in
bestimmte Strategien zur Einnahme der Volatilitätsrisikoprämie rentabel für Investoren
sein können.
The aim of this study consists oftwo main objectives: First,to investigatethe penetration and preferences of fintech solutions from the payments sector within the studied population, as well as the elaboration of a forecast for the upcoming years.Second, to examinethe main elements that influence the intention of young customers when deciding to adopt fintech-basedpayment solutions. Existing research has tested several factorsfrom which the variables of trust, transaction efficiency and ease of use are included onthis paper. Additionally,the value-added propositionfrom this studyis represented by the incorporation of sustainability-related purposes into thisanalysiswith the intention of reflecting the increasing presence of efforts to integrate this component within thefinancial industryin recent years.A research model is proposed and tested by including elements based on theTechnology Adoption Model (TAM). By exploring the results of primary data through asurvey with 463 responses from university studentsandexamining secondary sourcesof information, the findings of this study demonstratethat all four tested variables have a positive impact on the intention of using fintech-based payment solutions.Sustainability-related purposes do not play a major role in the decision of using these apps, however, even with a minimal influence, theeffect on intention is positiveand statistically significant. The findings of this study pose important implications for stakeholders within the fintech spectrum whose purposes are related to increasing the intention of young consumers towards using these productsandto provide enoughevidence of the importance of designing incentives that fuel sustainability stewardshipwithin the financial sector.
Finanzkrisen sind Störungen im gesunden Ablauf eines Finanzmarktes. Diese können negative Konsequenzen auf alle darin integrierten Akteure, wie auch auf die gesamte Wirtschaft haben. Die davon Betroffenen sind private Haushalte, Unternehmen und sogar Regierungen. Dies dürfte Grund genug sein, dieses Thema zu erarbeiten und, um eine potenzielle Krise zu verstehen, neue Lösungsansätze zu suchen. Da gerade Ökonomen vor der Gefahr der aktuellen Situation warnen, könnte eine derartige Krise in naher Zukunft entstehen. Die Bereiche welche instabil sein können, sind oft bekannt, trotzdem ist es schwierig zu wissen, wann und woher eine potentielle Krise entstehen könnte. Heutzutage sind Teile der Welt wie Europa, die Schwellenländer oder auch die U.S.A. vermehrt in diesem Fokus. Interessanterweise ist letztere der Entstehungsort der letzten großen Finanzkrise. Aufgrund dessen ist das Ziel dieser Arbeit die Situation dieses Marktes zu analysieren. Faktoren wie Konsequenzen für davon Betroffene, Veränderungen der Angebots- und Nachfragemenge von Anleihen und Aktien werden in Ansätzen analysiert. Desweiteren wird über Schulden, Zinssätze und auch Handelsentscheidungen zwischen den U.S.A. und China gesprochen. Hierzu wird vorab ein Finanzmarkt und dessen Ablauf definiert. Verschiedene Faktoren, die zu einer Finanzkrise führen könnten, werden dann erörtert und im Weiteren frühere Finanzkrisen in Bezug zum aktuellen U.S. Finanzmarkt betrachtet. Hierzu gehört eine genauere Analyse der Schuldenhöhe, des Angebots und der Nachfrage von Aktien und Anleihen, der Zinssätze, der BIP/Schulden Ratio und der Inflation.
Das Resultat der Analyse ergibt, dass die momentan finanzielle Situation der U.S.A. instabil ist und ein unvorhergesehenes Ereignis dort eine nächste Krise verursachen könnte. Zur Vermeidung letzterer wird nach eingehender Analyse ein besseres ethisches Verhalten aller Finanzakteure sowie eine strengere Kontrolle des Finanzmarktes vorgeschlagen. Nichtdestotrotz wird eine wahrscheinlich auftretende Krise von Drittländern ausgehen, die sich an einem kritischen Punkt vor der Insolvenz befinden.