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Sales promotion are commonly used tool by marketers to manipulate consumer toward a certain offer or product. Attractiveness of a promotion can increase the demand of the promoted product. Monetary and non-monetary are considers the two main types of sales promotions. Monetary sales promotion, also known as price promotion, will provide immediate price discount upon purchase, for example 50% discount. Non-monetary sales promotions or premium promotion, on the other hand, usually grant consumer an extra free product or additional service for free. Previous studies also demonstrated that different sales promotion affect consumer behavior differently. Consumers’ value perception can be influenced by several factors. For instance, marketers use specific “phrase” such as “value pack” to influence consumer price perception. Rationally, consumers’ value perception should remain unchanged regardless of the phrases use to describe the promotion with same discount value. In this study, we examine the impact two sales promotion those are “50% discount” and “buy one get one free” on value perception of Thais consumers. These two deals have equal economic value but perceived differently by consumer. We aim to answer the question “does two different deals with the same value impact value perception of the same product differently?” In order to obtain logical answer, two set of questionnaires were send out to observe the maximum price which consumer willing to pay for “instant noodles” and “soy protein powder”. Unfortunately, the result from our survey were not significant enough for us to derive a concrete conclusion. We also discuss about potential cause of the unexpected result and interpret our result for better understanding. Even without a significant finding, this paper address that different sales promotions impact consumer in various ways supported by other literatures and also self-assumption.
Industry 4.0, a term coined at Hannover Messe in Germany in 2011, is believed to be the next disruptive force, driving human progress and innovation. The advent of technologies, such as the Internet of Things, Cloud Computing, Big Data, and new Mobile Technologies, fuel this disruption. To enable Industry 4.0, mankind is dependent on technological infrastructure, provided by companies, operating in the semiconductor industry. Over the last years, these companies have increased their profits and their stocks are currently trading near all-time highs. Yet, uncertainty created by the disruption of Industry 4.0, the growing influence of China on the semiconductor market, economic insecurities created by political uncertainties, like the 2020 US Presidential election, and the risk and implications of a second global wave of the COVID-19 pandemic, make the equity valuation of leading and established companies in the semiconductor industry exceptionally challenging. This paper examines, how different equity valuation methods compare under said circumstances and shows sophisticated valuation methods must be used to limit valuation error. Further, this paper gives an estimation of the possible ranges of value and suggests the industry may currently be overvalued.
When scaling, startups face managerial challenges and a downfall in innovation. A growing team and the resulting increased communication and organizational complexity bring issues previously not existing. Accountability Systems can assist startups overcome the mentioned issues and maintain their essence of innovation, vital for their success.
This paper discusses the relevance and benefits of implementing formal managerial systems in a growing startup. By mapping out the interdependence of culture, innovation and growth, it is demonstrated how Accountability Systems can support the preservation of an innovative culture when scaling a startup.
In a time when innovation is often disregarded due to a focus on process efficiency, Accountability Systems can provide a valuable tool for managing transition. This thesis serves as a general evaluation of Accountability Systems and their benefits. It is important to note that this paper is not intended to serve as a directly adaptable guide for startups.
This study is aimed at valuing two companies in the IT services industry with different valuation approaches. Therefore, the preconditions for an accurate and meaningful business value as well as the procedure, strengths and limitations of these approaches are examined. Additionally, the accuracy of the results is determined through comparison of valuation estimates with their corresponding stock prices occurring within the three months following the business valuations.
Furthermore, it is examined if one valuation approach is superior in terms of accuracy. Finally, to verify the quality and explanatory power of the valuation results, they are compared with the outcomes of the study on the information content of equity analyst reports by Paul Asquith, Michael B. Mikhail and Andrea S. Au. The results of the business valuations show that within the three-month period, no price target was exactly achieved by the corresponding stock prices.
Furthermore, no valuation approach could be determined that is significantly more accurate than the others. It can be concluded that despite some limitations in the explanatory power of the valuations, the average percentage approximations of Mastercard’s and Visa’s stock prices to target prices were only slightly below those of the comparative study. In view of the fact that the research capacities and experience behind these business valuations are significantly lower than those of the top analysts in the comparative study, the results are considered consistent with the outcomes of the study on the information content of equity analyst reports.
In recent decades, the topic of increasing wealth and income inequalities has received growing attention in research. The focus was frequently placed on examining past developments and influencing factors, which might have produced the present distributions.
This thesis attempts to summarize the effects of past developments and tendencies on the distribution of income and wealth of households based on the findings of existing academic literature. An understanding of the underlying forces is particularly important to respond correctly and effectively to rising inequality. In addition, this thesis aims at presenting the distribution of income and wealth in the euro area with respect to similarities and differences across euro area countries. For this purpose, data provided through the Household Finance and Consumption Survey has been used. Furthermore, the observations have been compared to corresponding data on income and wealth distributions in the United States, allowing for a better assessment of the circumstances in the euro area. The Federal Reserve Board and the U.S. Census Bureau published data on household wealth and income in the United States, which has been utilized in this thesis. The observed points in time are 2010 and 2014.
The conducted investigations and analyses yielded the result that relevant developments have been the process of globalization, the technological advancement, the evolution of labour markets, the growing importance of capital, the changes in governmental policies and societal developments. Furthermore, it could be shown that both income and wealth tend to be unequally distributed within and between euro area countries. In fact, wealth appeared to be much more concentrated than income. Large heterogeneity across countries was detected. Nevertheless, the degree of inequality is less severe than the one observed in the United States.
An analysis of the inter-rater reliability of ESG ratings within the consumer staples industry
(2020)
The aim of this study is to gain further insights into whether ESG ratings of the same firms from different rating agencies differ. To this end, this study examines and compares in particular the ratings of the providers Bloomberg, Sustainalytics and MSCI for companies in the consumer staples industry. The study comes to the conclusion that there are in some cases significant differences between these three providers in terms of the respective ESG ratings. Furthermore, a company-size bias is shown for Bloomberg and Sustainalytics ESG ratings. It appears that these agencies rate companies with a large market capitalization better than firms with a lower market value. These large discrepancies in ESG ratings of companies within the consumer staples industry and individual rating problems, such as the company-size bias, mean that today's ESG ratings tend to be not reliable and not valid. The study shows that ESG ratings will have to change a lot in the near future in order to contribute positively to the investment selection of socially responsible investors.
This thesis talks about the relation between investor sentiment, stock return and trading volume in the German stock market. Six Granger causality tests were performed in order to determine, whether one of the above mentioned factors is indicative of the others. The results imply that investor sentiment is indicative of both, stock return and trading volume in the specified time period. However, there is no further significant evidence for other relations among the variables. The results are mostly in line with the literature available on this topic and back up the importance of the concept of investor sentiment as investor sentiment delivers an attempt to explain why investors behave irrationally on the stock market. Hence, the factors influencing investor sentiment should be subject to further research in order to gain a broader understanding of the topic.
New developments in decentralized ledger technologies may have a huge impact on how we perceive and use money now and in the future. Most notably, it has led to the development of cryptocurrencies and a variation thereof –stablecoins. This thesis discusses the potential impact of Proof of Work based cryptocurrencies such as Bitcoin on the money market and the central bank’s ability to maintain control over the money supply. The IS-LM model is used to evaluate the effects of a private-issued digital currency. However, due to the characteristics of POW based cryptocurrencies, their impact on the money market is neglectable. In contrast, private-issued stablecoins of large international businesses with the potential of gaining enough users to overcome hindering network effects may pose a serious threat to the financial system, if there is no regulation on their usage.
As a response to this development and combined with the phenomenon of a declining cash usage in many countries, central banks have started to conduct research in their own digital currency, namely central bank digital currency (CBDC). Countries such as Sweden or The Bahamas have already started with the implementation of trial phases of their respective CBDC. However, design choices of the country’s digital currency differ due to financial, geographical, and cultural circumstances, among others. Nevertheless, many countries have utilized decentralized ledger technologies as the underlying technology for CBDC, showing its promising potential for further research and future developments.
Artificial Intelligence (AI) is often said to increase efficiency which is why it is especially interesting to companies seeking possibilities to improve existing processes. Consequently, this thesis, written in cooperation with the Corporate Communications and Marketing / Public Affairs department at Marquardt GmbH, explores opportunities in this field by determining prerequisites that should be met when considering working with AI as well as risks that should be taken care of. In order to determine the department’s level and progress in the field of AI, the employees involved in the existing tasks and processes completed a questionnaire, resulting in the department being at the lowest level. Moreover, providers of tools within the fields of social bots, document classification, content marketing, media planning and sentiment analysis are compared with the help of utility analyses, allowing for a recommendation regarding what the next steps of the department should be. The fields were chosen premised on the emplyoees’ current tasks while information required for the analyses was obtained by contacting the providers as well as their websites. Based on findings of the thesis, the department is recommended not to follow the trend of AI immediately as the effort required would be disproportionate to the return.
Chapter 1 will focus on explaining the main ideas around which this dissertation centers and explain individual terms that are crucial to understanding the problem of sustainability in the aviation industry and mention some measures that have been taken so far to tackle it. It will go through the development of aviation as we know it today, how climate change redefined business towards sustainability and modern trends among younger generations who fight for the protection of the environment and guarantee economic sustainability in order to provide future generations with a healthy planet to live and thrive on.
Chapter 2 will dive into the intricacies of taxing carbon emissions and its effects on the economy, the European Trading Scheme and how it has affected aviation in Europe and the world, as well as explaining what compensation initiatives are and focusing on atmosfair’s program to help offset carbon emissions.
Chapter 3 will finally present a set of new measures which would allow the aviation industry to be taxed more fairly and help reduce the amount of carbon emitted by relocating passengers to other modes of transport, motivate manufacturers to increase their innovativeness and come up with more efficient alternatives to fossil fuels, all of this without harming the global network of aviation that keeps our world united.
It will not focus on the politics behind the implementation of a new carbon compensation tax, only its economic impact. The cases and theoretical examples applied in the text will be centered on short-haul flights within the European Union and European Economic Area, although the covered initiative could also be applied to medium- and long-haul flights inside and outside of the EU.
Container environments permeate all areas of computing, such as HPC, since they are lightweight, efficient, and ease the deployment of software. However, due to the shared host kernel, their isolation is considered to be weak, so additional protection mechanisms are needed.This paper shows that neural networks can be used to do anomaly detection by observing the behavior of containers through system call data. In more detail the detection of anomalies in file and directory paths used by system calls is evaluated to show their advantages and drawbacks.