Subsidiary Controlling with Strategically Aligned Performance Measurement Systems

Schlegel, Dennis

Business & Money

Josef Eul Verlag GmbH

The interactions of financial securities are crucial to determine possible portfolio losses. Although this fact is well understood, two questions remain: What causes changes in the dependence structure of financial assets? How can fluctuating dependencies be measured?  The most common approach to identify the amplitude of financial assets' interactions are linear correlation coefficients. However, they fail to comprise shifts in the dependence structure. Alternatively, Copulas are a more flexible dependence measurement. This book focuses on the development of Dynamic Copula frameworks by implementing stochastic parameters into Archimedian and Elliptical Copula functions. In contrast to static correlation measures, the Dynamic Copulas are able to replicate unstable financial market interactions. Various Dynamic Copulas are applied to global stock, bond, commodity and exchange rate data to calculate the correlation time paths, which explain financial market reactions to economic shocks. Furthermore, the interactions of dependencies, volatility and returns are analyzed, to determine the efficiency of portfolio diversification in regards to wealth protection. Portfolio risks are estimated through Dynamic Copulas to demonstrate their abilities to replicate financial market interactions accurately. Additionally, this analysis reveals the impact of changing dependence intensities on the magnitude of possible portfolio losses. Finally, the Dynamic Copulas are utilized to allocate higher moment optimal portfolios. This examination emphasizes the effect of inaccurate correlation estimates on the portfolio choice.

Dynamic Copulas for Finance

Braun, Valentin

Education & Reference

This book includes three essays covering the ownership perceptions individuals experience in family businesses. It advances current knowledge on the organizational factors anteceding individuals' psychological ownership as well as the attitudinal and behavioral consequences. Investigating overly strong psychological ownership, the first essay provides insights into the phenomenon of aging family business owner-managers who face difficulties in 'letting go', i. e. passing on leadership to their successor(s). The second essay offers a study of family business owner-managers' leadership styles and their influence on nonfamily employees' psychological ownership of the family business as well as individuals' motivation and performance. Given the special situation of nonfamily members working in family businesses, the third essay examines the effects of employees' and nonfamily managers' justice perceptions on both the ownership experience and commitment to the family business. The works presented in this book built a basis for several publications, such as articles in the Journal of Family Business Strategy and Group & Organization Management. Furthermore, they have been presented at various international conferences, have been nominated for a "most creative paper" award, and have contributed to the Academy of Management Best Paper Proceedings. The findings not only constitute valuable additions to current research in management and organizational psychology, but can also provide benefit for those interested in family businesses. Managers, owners, and consultants working in or for family businesses would likely gain from the practical implications.

Psychological Ownership in Family Businesses

Bernhard Fabian

Service Oriented Architectures (SOAs) have become one of the most talked about aspects of modern software architecture design. This book argues that SOAs are not as innovative as often touted, but instead draw from a considerable number of predecessor architectural styles. Additionally, SOAs lack sound means of automating service discovery, composition, and orchestration. Using readily available semantic technologies, thus transforming SOAs to Semantic SOAs (SSOAs), is one way of addressing this deficit. After covering basic foundations of SOAs and surveying knowledge based technologies in the context of web services, the book describes a reference process for the design and implementation of a SSOA. Special attention is paid to possibilities created by introducing knowledge based technologies into the initial step of requirements engineering before using these elicited requirements to construct and describe a generic SSOA in a number of appropriate views and perspectives. Security considerations in the SSOA are also dealt with accordingly. Especially to answer the question of current feasibility of SSOAs, requirements, architecture, and implementation considerations of real-world research projects centered around SSOAs are described in all their detail. A comparative evaluation of these research projects with a hypothetical client/server system with the same functionality reveals the value already added by currently implementable semantic additions.

Semantic Service Oriented Architectures in Research and Practice

Schillinger, Rolf

Due to the globalization of supply chains, container logistics has been one of the emerging industry areas over the past years. The resulting growth of container handling volume causes the existing container terminals to meet their capacity limits and terminal operators to search for technologies for increasing the throughput of containers considering given terminal capacities. This work identifies RFID as an appropriate technology and provides an overview of its potential advantages in container logistics. The identified RFID-based information benefits are discussed with logistics experts and a subsequently accomplished two-stage Delphi study discovers that RFID in container logistics provides several benefits with varying degrees for each transport chain participant. Furthermore, the author analyzes all transshipment processes of a tri-modal transport chain and develops recommended actions in terms of accelerating and improving RFID-based process modifications. Subsequently, this work provides the results of a case study which measures the possible reduction of transshipment process times and discusses optimizations due to reduced labor requirements. Since the implementation of process modifications in a real-world container terminal is a difficult and costly venture, the author develops a physical miniature demonstrator to map the above presented improvements and illustrates the integration of RFID in maritime container logistics to give an understanding of this technology and its applicability to logistics practitioners. In summary, this work is an excellent contribution to the area of information technology and logistics. The book addresses researchers and students in the areas of business administration and computer science. In addition, managers and process owners in the fields of logistics and information technology can find valuable insights to make their businesses more efficient.

RFID in Maritime Container Logistics

Will Thomas

The European Alternative Investment Fund Managers Directive (AIFMD) has been formulated as a response to the global financial crisis, which climaxed in the collapse of Lehman Brothers on 15 September 2008. The securitisation of real estate risks that came about by launching financial innovations such as asset-backed securities (ABS), mortgage-backed securities (MBS), collateralised debt obligations (CDO) or structured investment vehicles (SIV) contributed particularly to the fast worldwide circulation of 'poisoned' papers. Assuming that the financial crisis of 2008/2009 was the consequence of wrongfully set incentives that primarily concerned the fund managers' remuneration, the European Commission followed the ideas of Jacques de Larosi re, Klaus-Heiner Lehne and Poul Nyrup Rasmussen and set the legal focus on the fund managers, as these entities launch and distribute financial products such as those mentioned above and also decide on the investment strategy that might bear systemic risks. Due to their financial market potential and in view of the design of financial products, these entities admittedly have a strong impact on the financial market development and may jointly be responsible for the realisation of systemic risks of transnational dimensions. In particular, in the view of a steady credit supply of the real economy, the enormous transnational mobility of capital and the global competition of financial market regulations, it seems doubtful whether one can identify the fund managers as those responsible for the financial market crisis of 2008/2009. This thesis highlights the history, symptoms and supposed core reasons of the financial crisis of 2008/2009 and critically assesses whether the AIFMD can reach its objective to effectively contain systemic risks in the context of a globalised financial system.

The European Alternative Investment Fund Managers Directive (Aifmd)

Bernhardt, Thomas

The financial crisis has shown that a significant proportion of the assets held by large corporations are exposed to credit risk that must be managed. This doctoral thesis sets out to analyse the contextual and organisational framework within which these activities are set and the practices employed by professionals in the field. This analysis draws on a set of interview-based data from large corporations in Europe and Brazil, predominantly from the chemical, energy, trading, and general manufacturing industries. Due to their diverse natures, the subjects of customer and financial institution counterparty credit risk are treated separately, addressing for each the organisation of the function, data acquisition process, and IT setup recommendable in order to effectively drive risk management, including a review for the practitioner to analyse his or her processes. A final chapter with analyses regarding trade credit insurance, sovereign risk, and quantitative special items rounds off the text making it into a comprehensive treatise on credit risk management in an industrial corporation.

Corporate Credit Risk Management

Langkamp, Christian

Insurance

There is broad theoretical and empirical evidence that investors exhibit a preference for skewness. However, there is little research regarding the extent to which individuals really favor positive skewness in individual decision making. In this dissertation, a controlled laboratory experiment is used to test for skewness preferences and prudence - a broader third-order risk preference that is closely linked to skewness preferences. Skewness and prudence preferences are further analyzed both within an Expected Utility Theory framework as well as with Cumulative Prospect Theory. For this, a sound experimental setup is used that also excludes any potentially distortionary effects from loss aversion. This dissertation therefore contributes to better understanding of individual risk preferences and other impact factors, such as a more "rational" vs. a more "intuitive" decision making process in individual decision making.

Third-Order Risk Preferences and Cumulative Prospect Theory

Borß, Michael

Product development and ramp-up is a well-researched challenge for industry. However, how to end the production of a product is a blind spot for industry and science although practitioners are calling for scientific support. This book sheds light on the topic of production phase-out by offering measures that can turn a process that is perceived as uninspiring to a success pillar for companies. The book reveals cross-industry insights on the relatively new topic of phase-out. The interview findings are mirrored with the Phase-Out Process Model, which describes activities and tasks to be performed during a phase-out. As an instrument to support the implementation of the process model, the Phase-Out Production Planning and Control was developed as an add-on to standard production IT support. It enables companies to better forecast spare parts needs and expected remaining stock costs at the proposed end of production. Through a qualitative and a conceptual research phase, the findings of this dissertation show that there is a high potential of improving phase-out in the industry. This manuscript provides theoretical and managerial implications to pave the way towards enhancing phase-outs. This potential can be raised by implementing the proposed formalization structures and mathematical models based on empirical and conceptual research. This book, therefore, helps to promote the effective implementation of a formalized phase-out in company's management practice to make their business more efficient.

Production Phase-Out

Wagner, Regina

Postmortale Gestaltungsmöglichkeiten im Erb- und Erbschaftsteuerrecht

Völker, Markus

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