{"id":34064,"date":"2020-03-03T13:06:45","date_gmt":"2020-03-03T13:06:45","guid":{"rendered":"https:\/\/jums.academy\/banks-and-financing\/"},"modified":"2025-12-07T22:37:57","modified_gmt":"2025-12-07T22:37:57","slug":"banks-and-financing","status":"publish","type":"page","link":"https:\/\/jums.academy\/en\/banks-and-financing\/","title":{"rendered":"Banks and financing"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:20px;--awb-padding-bottom:20px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#000000;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-unboxed\" id=\"accordion-34064-1\"><div class=\"fusion-panel panel-default panel-70bb161db9c0a1c71 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_70bb161db9c0a1c71\"><a aria-expanded=\"false\" aria-controls=\"70bb161db9c0a1c71\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-1\" data-target=\"#70bb161db9c0a1c71\" href=\"#70bb161db9c0a1c71\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">All published articles sorted by issues<\/span><\/a><\/h4><\/div><div id=\"70bb161db9c0a1c71\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_70bb161db9c0a1c71\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<ul style=\"list-style-type: none;\">\n<!--li><a href=\"https:\/\/jums.academy\/en\/v10i4-3\/\">Junior Management Science, Volume 11, Issue 1, March 2026<\/a><\/li-->\n<li><a href=\"https:\/\/jums.academy\/en\/v10i4\/\">Junior Management Science, Volume 10, Issue 4, December 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i3\/\">Junior Management Science, Volume 10, Issue 3, September 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i2\/\">Junior Management Science, Volume 10, Issue 2, June 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i1\/\">Junior Management Science, Volume 10, Issue 1, March 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i4\/\">Junior Management Science, Volume 9, Issue 4, December 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i3\/\">Junior Management Science, Volume 9, Issue 3, September 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i2\/\">Junior Management Science, Volume 9, Issue 2, June 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i1\/\">Junior Management Science, Volume 9, Issue 1, March 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i4\/\">Junior Management Science, Volume 8, Issue 4, December 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i3\/\">Junior Management Science, Volume 8, Issue 3, September 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i2\/\">Junior Management Science, Volume 8, Issue 2, June 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i1\/\">Junior Management Science, Volume 8, Issue 1, March 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i5\/\">Junior Management Science, Volume 7, Issue 5, December 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i4\/\">Junior Management Science, Volume 7, Issue 4, September 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i3\/\">Junior Management Science, Volume 7, Issue 3, July 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i2\/\">Junior Management Science, Volume 7, Issue 2, June 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i1\/\">Junior Management Science, Volume 7, Issue 1, March 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i4\/\">Junior Management Science, Volume 6, Issue 4, December 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i3\/\">Junior Management Science, Volume 6, Issue 3, September 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i2\/\">Junior Management Science, Volume 6, Issue 2, June 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i1-2\/\">Junior Management Science, Volume 6, Issue 1, March 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i4\/\">Junior Management Science, Volume 5, Issue 4, December 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i3\/\">Junior Management Science, Volume 5, Issue 3, September 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i2\/\">Junior Management Science, Volume 5, Issue 2, June 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i1\/\">Junior Management Science, Volume 5, Issue 1, March 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i4\/\">Junior Management Science, Volume 4, Issue 4, December 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i3\/\">Junior Management Science, Volume 4, Issue 3, September 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i2\/\">Junior Management Science, Volume 4, Issue 2, June 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i1\/\">Junior Management Science, Volume 4, Issue 1, March 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i4\/\">Junior Management Science, Volume 3, Issue 4, December 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i3\/\">Junior Management Science, Volume 3, Issue 3, September 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i2\/\">Junior Management Science, Volume 3, Issue 2, June 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i1\/\">Junior Management Science, Volume 3, Issue 1, March 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i3\/\">Junior Management Science, Volume 2, Issue 3, December 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i2\/\">Junior Management Science, Volume 2, Issue 2, September 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i1\/\">Junior Management Science, Volume 2, Issue 1, June 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v1i2\/\">Junior Management Science, Volume 1, Issue 2, December 2016<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v1i1\/\">Junior Management Science, Volume 1, Issue 1, June 2016<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>\n<div class=\"fusion-title title fusion-title-1 sep-underline sep-solid fusion-title-text fusion-title-size-five\" style=\"--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;--awb-sep-color:#000000;\"><h5 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:18;--minFontSize:18;line-height:1.38;\"><\/h5><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#000000;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#ffffff;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-unboxed\" id=\"accordion-34064-2\"><div class=\"fusion-panel panel-default panel-aa49ab6de5a864355 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_aa49ab6de5a864355\"><a aria-expanded=\"false\" aria-controls=\"aa49ab6de5a864355\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-2\" data-target=\"#aa49ab6de5a864355\" href=\"#aa49ab6de5a864355\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">All published articles sorted by areas of business<\/span><\/a><\/h4><\/div><div id=\"aa49ab6de5a864355\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_aa49ab6de5a864355\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<ul style=\"list-style-type: none;\">\n<li><a href=\"https:\/\/jums.academy\/banken \">Banken und Finanzierung<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/steuerlehre \">Betriebswirtschaftliche Steuerlehre<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/controlling \">Controlling <\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/nachhaltigkeit \">Ethik und Nachhaltigkeit in der BWL<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/rechnungswesen\">Externes Rechnungswesen und Wirtschaftspr\u00fcfung<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/familienunternehmen\/\">Familienunternehmen und Unternehmerfamilien<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/marketing \">Marketing <\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/personalwesen \">Personalwesen und Leadership<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/logistik \">Produktionswirtschaft und Logistik<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/strategie\">Strategie und Organisation<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/technologie\">Technologie, Innovation und Entrepreneurship<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/wirtschaftsinformatik\">Wirtschaftsinformatik<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>\n<div class=\"fusion-title title fusion-title-2 sep-underline sep-solid fusion-title-text fusion-title-size-five\" style=\"--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;--awb-sep-color:#000000;\"><h5 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:18;--minFontSize:18;line-height:1.38;\"><\/h5><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-0 fusion_builder_column_inner_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-1\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-builder-row fusion-builder-row-inner fusion-row\"><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-1 fusion_builder_column_inner_3_4 3_4 fusion-three-fourth fusion-column-first\" style=\"--awb-bg-size:cover;width:75%;width:calc(75% - ( ( 4% ) * 0.75 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;margin-top:12px;width:100%;\"><div class=\"fusion-separator-border sep-double\" style=\"--awb-height:20px;--awb-amount:20px;--awb-sep-color:#ffffff;border-color:#ffffff;border-top-width:0px;border-bottom-width:0px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-text fusion-text-2\" style=\"--awb-content-alignment:left;\"><h2>Banks and financing<\/h2>\n<\/div><div class=\"fusion-text fusion-text-3\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column_inner fusion-builder-nested-column-2 fusion_builder_column_inner_1_4 1_4 fusion-one-fourth fusion-column-last\" style=\"--awb-bg-size:cover;width:25%;width:calc(25% - ( ( 4% ) * 0.25 ) );\"><div class=\"fusion-column-wrapper fusion-column-has-shadow fusion-flex-column-wrapper-legacy\"><div class=\"fusion-fa-align-center\"><i class=\"fb-icon-element-1 fb-icon-element fontawesome-icon icon-fachbereicheBanken-Finanzierung_schwarz circle-no\" style=\"--awb-iconcolor:#000000;--awb-iconcolor-hover:#000000;--awb-font-size:100px;\"><\/i><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-4 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-title title fusion-title-3 sep-underline sep-solid fusion-title-text fusion-title-size-five\" style=\"--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;--awb-sep-color:#000000;\"><h5 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:18;--minFontSize:18;line-height:1.38;\"><\/h5><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-margin-bottom:100px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-4\"><p><a name=\"A9\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Determinants of Corporate Bond Mutual Fund Flows<\/h5>\n<\/p>\n<p>Vanessa Jeske, University of Stuttgart (Bachelor thesis)<br \/>Junior Management Science 10(4), 2025, 1028-1052<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-3\"><div class=\"fusion-panel panel-default panel-7ea12586e4c089329 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_7ea12586e4c089329\"><a aria-expanded=\"false\" aria-controls=\"7ea12586e4c089329\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-3\" data-target=\"#7ea12586e4c089329\" href=\"#7ea12586e4c089329\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"7ea12586e4c089329\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_7ea12586e4c089329\"><div class=\"panel-body toggle-content fusion-clearfix\">This paper examines the determinants of investor flows into U.S. corporate bond mutual funds, with a focus on monetary policy and fund-specific characteristics during the COVID-19 crisis. These funds, as non-bank financial intermediaries, are vulnerable to sudden investor redemptions due to liquidity mismatches. Using monthly data from 2001 to 2021, the analysis applies panel regressions with fund style and time fixed effects to assess how monetary policy, fund characteristics, and market conditions influence investor behavior. Results show that higher effective federal funds rates are significantly associated with reduced fund flows. Past flows and performance rankings are strong predictors of current flows, while fund cash holdings matter mainly in riskier fund types. During the COVID-19 crisis, flow sensitivity to interest rate changes intensified. Although Federal Reserve policy announcements in spring 2020 coincided with a quick return of inflows, the findings emphasize ongoing structural fragility. By analyzing flow dynamics alongside macroeconomic factors and policy responses, this research contributes to understanding the determinants of corporate bond mutual fund flows and the complex role of central bank actions during periods of systemic stress.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-5\"><p><em>Keywords: corporate bond mutual funds; COVID-19 crisis; federal reserve policy; fund flows; liquidity risk.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-6\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i4pp1028-1052\">https:\/\/www.doi.org\/10.5282\/jums\/v10i4pp1028-1052<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/12\/BA_Jeske.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i4pp1028-1052\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-7\"><p><a name=\"A9\"><\/a><\/p>\n<\/p>\n<h5 style=\"text-align: left;\">Understanding the Effect of Hedge Fund Activism on the Target Firm \u2013 A Qualitative Study on Shareholder Value<\/h5>\n<\/p>\n<p>Philipp Rittgen, EBS Business School (Master thesis)<\/p>\n<p>Junior Management Science 10(1), 2025, 236-266<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-4\"><div class=\"fusion-panel panel-default panel-43412605b90bcff50 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_43412605b90bcff50\"><a aria-expanded=\"false\" aria-controls=\"43412605b90bcff50\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-4\" data-target=\"#43412605b90bcff50\" href=\"#43412605b90bcff50\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"43412605b90bcff50\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_43412605b90bcff50\"><div class=\"panel-body toggle-content fusion-clearfix\">This thesis represents a qualitative study analyzing a comprehensive interview dataset of long-standing target executives, investment bankers, and activist specialists to improve our understanding of the effects of hedge fund activism on target firms. Hedge funds possess a broad set of tools to alter the firm&#8217;s trajectory for long-term value creation or short-term gains that may compromise long-term growth. As such, engagement is shaped by several factors, including the fund&#8217;s incentives, fund size, credibility, and geography. Understanding these drivers is vital in comprehending the dynamics of hedge fund activism to increase shareholder value. However, understanding engagement does not directly translate into understanding the consequences for the target firm. Therefore, this thesis provides a theoretical model grounded in shareholder theory that conceptualizes the impact of measures based on their effectiveness to unlock value in the short &#8211; or long-term horizon. This research reveals that different measures have distinct temporal implications for value creation, showing that hedge fund activists often advocate for measures aimed at unlocking immediate shareholder value, while the long-term consequences depend upon the alignment with the target firm&#8217;s overarching strategy.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-8\"><p><em>Keywords: hedge fund activism; shareholder theory.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-9\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i1pp236-266\">https:\/\/www.doi.org\/10.5282\/jums\/v10i1pp236-266<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-3 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/03\/MA_Rittgen.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-4 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2025\/03\/MA_Rittgen_Appendix.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-5 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v10i1pp236-266\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-10\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\">The Impact of Prospectus Language on IPO Underpricing: A Textual Analysis of European IPOs<\/h5>\n<p>Nicolas von Bodman, Technical University of Munich (Master thesis)<br \/>\nJunior Management Science 9(4), 2024, 1934-1963<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-5\"><div class=\"fusion-panel panel-default panel-cc37b4d5689fbaf4a fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_cc37b4d5689fbaf4a\"><a aria-expanded=\"false\" aria-controls=\"cc37b4d5689fbaf4a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-5\" data-target=\"#cc37b4d5689fbaf4a\" href=\"#cc37b4d5689fbaf4a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"cc37b4d5689fbaf4a\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_cc37b4d5689fbaf4a\"><div class=\"panel-body toggle-content fusion-clearfix\">This study explores the impact of IPO prospectus language on the prevalent underpricing in European IPOs, using natural language processing techniques. Specifically, it investigates whether a relationship exists between litigious, negative, positive, and uncertain language, as well as the degree of document similarity and IPO underpricing. For this purpose, qualitative text data is converted into quantifiable metrics using modern analysis techniques. The study presents new methodological approaches to textual analysis. The results establish a clear relationship between underpricing and multiple dimensions of prospectus language and highlights unique features of European markets. These include specific disclosure obligations of various market segments and the different listing types available to issuing firms. The results of the variables related to sentiment analysis all reveal significant relationships. However, no robust evidence emerges for variables related to document similarity. Overall, the introduced methodological approaches offer enhanced explanatory power over traditional methods, effectively contributing to the explanation of the underpricing phenomenon in European markets.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-11\"><p><em>Keywords: IPO; NLP; prospectus language; textual analysis; underpricing.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-12\"><p><em>DOI: <a href=\"https:\/\/www.doi.org\/10.5282\/jums\/v9i4pp1934-1963\">https:\/\/www.doi.org\/10.5282\/jums\/v9i4pp1934-1963<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-6 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2024\/12\/MA_von_Bodman.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-7 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2024\/12\/A_von_Bodman.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-8 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/www.doi.org\/10.5282\/jums\/v9i4pp1934-1963\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-13\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\">How Sustainable Is Private Equity? Unlocking the Impact of Private Equity on Asset-Level Sustainability: An Empirical Investigation<\/h5>\n<p>Paul Sunzenauer, Technical University of Munich (Master thesis)<br \/>\nJunior Management Science 9(1), 2024, 1100-1122<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-6\"><div class=\"fusion-panel panel-default panel-d73552b21ce4abeff fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_d73552b21ce4abeff\"><a aria-expanded=\"false\" aria-controls=\"d73552b21ce4abeff\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-6\" data-target=\"#d73552b21ce4abeff\" href=\"#d73552b21ce4abeff\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read Abstract<\/span><\/a><\/h4><\/div><div id=\"d73552b21ce4abeff\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_d73552b21ce4abeff\"><div class=\"panel-body toggle-content fusion-clearfix\">The debate over the broader impact of the private equity industry has been a contentious topic in the academic literature. While recently, private equity investors have endorsed sustainability in their investment strategies, little is known whether the industry promotes sustainable transformation. This research uses data from the U.S. Environmental Protection Agency on the emission and handling of toxic chemicals in U.S. factories from 1991 to 2021 as a proxy for facility sustainability. The study reveals that, compared to the overall peer group facilities involved in a private equity takeover reduce pollution by 1.55 %-points less and reduce production waste by 1.1 %-points more in the two years after takeover. Further analysis indicates, that with a higher environmental hazard of the underlying chemicals, both the increase in pollution and the decrease in production waste become more pronounced. The study reveals that private equity ownership does not result in enhanced ecological sustainability. Further, the concurrence of the found trends with generally rising costs of both pollution control and raw materials of higher hazards suggest that the private equity business model is only effective in achieving sustainability goals if those are well aligned with financial objectives.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-14\"><p><em>Keywords: impact of private equity; private equity; SRI; sustainability; sustainable finance.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-15\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v9i1pp1100-1122\">https:\/\/doi.org\/10.5282\/jums\/v9i1pp1100-1122<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-9 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2024\/03\/MA_Sunzenauer.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-10 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2024\/03\/A_Sunzenauer.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-11 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v9i1pp1100-1122\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-9 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-16\"><p><a name=\"A9\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Green Funds and Environmental Disclosure Quality<\/h5>\n<p>Katharina Dormann, Humboldt-Universit\u00e4t zu Berlin (Masterarbeit)<br \/>\nJunior Management Science 8(3), 2023, 772-797<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-7\"><div class=\"fusion-panel panel-default panel-feb66b09c47887a48 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_feb66b09c47887a48\"><a aria-expanded=\"false\" aria-controls=\"feb66b09c47887a48\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-7\" data-target=\"#feb66b09c47887a48\" href=\"#feb66b09c47887a48\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"feb66b09c47887a48\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_feb66b09c47887a48\"><div class=\"panel-body toggle-content fusion-clearfix\"><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">I study the association between the selection of a company by a green fund and its environmental disclosure quality. Based on fund holding and environmental disclosure data of companies in the EU between 2017 and 2021 I conduct a descriptive as well as an empirical analysis. I investigate whether the environmental disclosure quality is associated with the selection by a green fund. Literature examines green funds and environmental disclosure quality separately, but the theories discussed allow for the expectation that the green fund selection and the environmental disclosure quality of companies are positively associated. I find that (i) the environmental disclosure quality of green fund investees is higher than of companies which are not selected, and (ii) the environmental disclosure quality increases further after the selection by a green fund, (iii) but this increase does not seem to be due to the selection itself but a trend of increasing environmental disclosure quality. (iv) The results suggest that green funds which rely on environmental disclosures in their selection process tend to select companies with higher environmental disclosure quality than those selected by green funds which use additional data sources besides the disclosures in their selection processes. <\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-17\"><p><em>Keywords: Environmental disclosures; Green funds; Disclosure quality; Sustainable finance; Fund selection processes.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-18\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v8i3pp772-797\">https:\/\/doi.org\/10.5282\/jums\/v8i3pp772-797<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-12 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/07\/MA_Dormann.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-13 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/07\/A_Dormann.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-14 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i3pp772-797\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-19\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/k-dormann\/\">Zur Artikel-Seite<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-10 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-20\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Private Equity Transactions: Value Creation through Operational Engineering \u2013 Evidence from Europe<\/h5>\n<p>Victor Heinrich, Technische Universit\u00e4t M\u00fcnchen (Masterarbeit)<br \/>\nJunior Management Science 8(3), 2023, 634-657<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-8\"><div class=\"fusion-panel panel-default panel-923ee7a934f27e636 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_923ee7a934f27e636\"><a aria-expanded=\"false\" aria-controls=\"923ee7a934f27e636\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-8\" data-target=\"#923ee7a934f27e636\" href=\"#923ee7a934f27e636\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"923ee7a934f27e636\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_923ee7a934f27e636\"><div class=\"panel-body toggle-content fusion-clearfix\"><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">This paper investigates private equity value creation strategies through operational engineering. To examine this, I define a KPI framework typically favored by private equity firms. I apply propensity score matching to a dataset of European PE transactions compared to non-PE backed companies to study value creation. By applying a Difference and Difference regression setting and thereby controlling for two-way fixed effects, I can find strong evidence on PE value creation through operational engineering. This paper adds new insights to academia as (a) there are only few contributions using propensity score matching to examine PE value creation and (b) this paper is the first, to the best of my knowledge, to combine the approach of propensity score matching and Difference in Difference regressions, yielding highly significant results on the relevance of EBITDA margin improvement. <\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-21\"><p><em>Keywords: Private equity; Value creation; Operational engineering; Propensity score matching.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-22\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v8i3pp634-657\">https:\/\/doi.org\/10.5282\/jums\/v8i3pp634-657<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-15 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/07\/MA_Heinrich.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-16 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/07\/A_Heinrich.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-17 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i3pp634-657\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-23\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/v-heinrich\/\">Zur Artikel-Seite<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-11 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-24\"><p><a name=\"A5\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Determinants and Capital Market Consequences of Net Zero Targets<\/h5>\n<p>Samuel Jonas Kaltenhauser, Technische Universit\u00e4t M\u00fcnchen (Masterarbeit)<br \/>\nJunior Management Science 8(2), 2023, 404-430<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-9\"><div class=\"fusion-panel panel-default panel-897ded100669502f5 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_897ded100669502f5\"><a aria-expanded=\"false\" aria-controls=\"897ded100669502f5\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-9\" data-target=\"#897ded100669502f5\" href=\"#897ded100669502f5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"897ded100669502f5\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_897ded100669502f5\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">Net zero emission \u2013 Recently, a frequently cited climate target in the corporate sector. Meeting public pressure, gaining reputation, and optimizing resources are among the core motivations to pursue such a target. Opposed to this stand a high level of complexity and costs. Thus, from an investor\u2019s view, an assessment of profitability can be mixed. Moreover, the risk of greenwashing renders it challenging to assess the sincerity of such a target. The goal of this paper is twofold. First, I analyze which firm and industry determinants might explain net zero target announcements by Russell 1000 listed companies. Second, I measure the capital market reaction by means of an event study and examine the influence of target characteristics defined within a purpose-developed ESG score. The results reveal a significant correlation between a variety of determinants and a net zero target announcement (e.g., industry profile, firm size) and show a significant negative capital market response irrespective of a target\u2019s individual attributes. The latter result indicates a general skepticism of investors towards net zero pledges. I conclude that enhanced external enforcement options and greater transparency by companies regarding their actual target realization plans may reduce this skepticism.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-25\"><p><em>Keywords: Net zero; Carbon neutral; Climate target; Determinants; Capital market consequences.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-26\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v8i2pp404-430\">https:\/\/doi.org\/10.5282\/jums\/v8i2pp404-430<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-18 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/06\/MA_Kaltenhauser.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-19 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/06\/A_Kaltenhauser.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-20 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i2pp404-430\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-27\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/S-J-Kaltenhauser\/\">Zur Artikel-Seite<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-12 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-28\"><p><a name=\"A8\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Passive ownership and long-term orientation around the world<\/h5>\n<p>Tobias Ruf, Technische Universit\u00e4t M\u00fcnchen (Masterarbeit)<br \/>\nJunior Management Science 8(2), 2023, 473-504<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-10\"><div class=\"fusion-panel panel-default panel-5dc0ade3e080e6118 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5dc0ade3e080e6118\"><a aria-expanded=\"false\" aria-controls=\"5dc0ade3e080e6118\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-10\" data-target=\"#5dc0ade3e080e6118\" href=\"#5dc0ade3e080e6118\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"5dc0ade3e080e6118\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5dc0ade3e080e6118\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">The recent growth of passive investors led to concerns regarding their economic impact. This thesis investigates the influence of passive investors on the long-term orientation of their portfolio firms by using global panel data of publicly listed firms from 2000 to 2019. To tackle endogeneity concerns an instrument variable approach with MSCI All Country World Index membership as the instrument is applied. I find that exogenous increases in passive ownership enhance long-term investment in tangible assets, human capital, and organizational capital. While my results suggest that capital expenditures, number of employees, staff cost, and selling, general &amp; administrative expenses are positively connected with higher passive ownership, I find no evidence for an effect on research &amp; development expenses and average staff costs. In additional analyses I find the effect of passive investors to be time-variant and dependent of a firm\u2019s country of origin. My findings suggest that passive investors globally foster long-term orientation in their portfolio firms.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-29\"><p><em>Keywords: Passive investors; Index funds; Long-term orientation; Innovation; Instrumental variables estimation.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-30\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v8i2pp473-504\">https:\/\/doi.org\/10.5282\/jums\/v8i2pp473-504<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-21 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/06\/MA_Ruf.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-22 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/06\/A_Ruf.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-23 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i2pp473-504\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-31\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/T-Ruf\/\">Zur Artikel-Seite<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-13 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-32\"><p><a name=\"A3\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Is Cash (the only) King? \u2013 A critical analysis of the relevance of Cashflow figures according to IAS 7<\/h5>\n<p>Jonas P\u00fctter, Heinrich-Heine-Universit\u00e4t D\u00fcsseldorf (Bachelor thesis)<br \/>\nJunior Management Science 8(1), 2023, 219-236<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-11\"><div class=\"fusion-panel panel-default panel-9cbd8239d36ee0ca6 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_9cbd8239d36ee0ca6\"><a aria-expanded=\"false\" aria-controls=\"9cbd8239d36ee0ca6\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-11\" data-target=\"#9cbd8239d36ee0ca6\" href=\"#9cbd8239d36ee0ca6\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"9cbd8239d36ee0ca6\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_9cbd8239d36ee0ca6\"><div class=\"panel-body toggle-content fusion-clearfix\">\nWhen accountants or academics state \u201eCash is King\u201c, they usually want to emphasize the practical relevance of Cashflow figures for external addressees of annual financial statements. In particular, Cashflow figures are considered relatively free from accounting policy measures and therefore appear to be particularly suitable indicators for measuring corporate success. Within this article, the actual relevance of Cashflow figures according to IAS 7 is evaluated. For this purpose, the influence of accounting policy measures on Cashflow figures according to IAS 7 is assessed. In addition, literature is examined that directly compares the ability of Cashflow figures and earnings figures to represent the success of a company. An important result of this article is that companies reduce the informative value of their Cashflow statement, when they decide to use the indirect method for the Cashflow from operating activities. For this reason, an obligation to use the direct method, when presenting the Cashflow from operating activities, would be desirable.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-33\"><p><em>Keywords: IAS 7; Cashflow; Cashflow statement; accounting policy.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-34\"><p><em>DOI: https:\/\/doi.org\/10.5282\/jums\/v8i1pp219-236<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-24 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/03\/BA_Puetter.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-25 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i1pp219-236\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-35\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/j-puetter\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-14 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-36\"><p><a name=\"A9\"><\/a><\/p>\n<h5 style=\"text-align: left;\">An Empirical Analysis of European Credit Default Swap Spread Dynamics<\/h5>\n<p>Leon Specht, Leibniz-Universit\u00e4t Hannover (Master thesis)<br \/>\nJunior Management Science 8(1), 2023, 1-42<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-12\"><div class=\"fusion-panel panel-default panel-a05cc038048343284 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_a05cc038048343284\"><a aria-expanded=\"false\" aria-controls=\"a05cc038048343284\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-12\" data-target=\"#a05cc038048343284\" href=\"#a05cc038048343284\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"a05cc038048343284\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_a05cc038048343284\"><div class=\"panel-body toggle-content fusion-clearfix\">\nI analyze the dynamics of European credit default swap spreads by estimating CDS spreads via an extension of the structural credit risk models by Black and Cox (1976) as well as Leland (1994), the so called CreditGrades model proposed by Finger et al. (2002). Using two different procedures in approximating the asset volatility surface of obligors, the models are calibrated by means of historical equity volatility and volatility extracted out of at-the-money options. I discover that model performance strongly depends on the distribution of input parameters clustered by economical sectors. Model spreads exhibit significant correlation with market spreads and seem to predict market spreads contingent on sectors and model calibration techniques. The gap between model and market spreads, derived model spreads and empirical market spreads are analyzed by running panel regressions in fashion of Collin-Dufresn et al. (2001) and Bedendo et al. (2011). These show that times of disconnectedness between credit and equity markets, model inherent misspecifications as well as possible market inefficiencies can contribute to the inability to estimate spreads reliably. Robustness checks show that determinants of gap, model and market spreads are sector specific, time varying and tenor dependent.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-37\"><p><em>Keywords: Credit Risk; Credit Risk Modelling; Structural Models; Credit Risk Management; Quantitative Finance.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-38\"><p><em>DOI: https:\/\/doi.org\/10.5282\/jums\/v8i1pp1-42<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-26 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/03\/MA_Specht.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-27 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/03\/A_Specht.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-28 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i1pp1-42\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-39\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/l-specht\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-15 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-40\"><p><a name=\"A9\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Blessing or Curse? The Influence of Neobrokers on the Investment Behavior of Young Investors<\/h5>\n<p>Maximilian Janussek, Technical University of Munich (Master thesis)<br \/>\nJunior Management Science 7(5), 2022, 1375-1399<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-13\"><div class=\"fusion-panel panel-default panel-0f8a21515cd1bb028 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0f8a21515cd1bb028\"><a aria-expanded=\"false\" aria-controls=\"0f8a21515cd1bb028\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-13\" data-target=\"#0f8a21515cd1bb028\" href=\"#0f8a21515cd1bb028\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"0f8a21515cd1bb028\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0f8a21515cd1bb028\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p><span role=\"\" data-sheets-value=\"{\" data-sheets-userformat=\"{\">My thesis addresses the topic related to the impact of neobrokers on the investment behavior of investors. I deal with the questions of which target groups are particularly attracted by neobrokers, for which investment strategies neobrokers are primarily used, and to what extent the design of the neobroker applications plays a significant role in the investment decisions of its users. Based on my online-based questionnaire, it can be determined that neobroker customers are predominantly younger and willing to take more risk compared to customers of branch or direct banks. Moreover, neobrokers are used for short-term investments and not for retirement planning. Here, the design of neobroker applications has a decisive influence on the trading behavior of its users. Not only is the risk of shares assessed differently due to the representations of the stock prices within the neobroker applications but buys as well as sells are carried out more frequently using neobrokers than in comparison to traditional broker providers. Ultimately, I also show that a learning section including a knowledge check of the newly acquired financial expertise within the neobroker applications is perceived as helpful by its users as it is for customers of traditional financial service providers.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-41\"><p><em>Keywords: Neobroker; Trading; Fintech; Attention-grabbing.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-42\"><p><em>DOI: https:\/\/doi.org\/10.5282\/jums\/v7i5pp1375-1399<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-29 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/12\/MA_Janussek.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-30 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/12\/A_Janussek.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-31 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v7i5pp1375-1399\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-43\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/m-janussek\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-16 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-44\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\">The Idiosyncratic Volatility Puzzle \u2013 Anomaly or Data Mining<\/h5>\n<p>Leon Kowalke, Leibniz University Hannover (Master thesis)<br \/>\nJunior Management Science 7(4), 2022, 945-985<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-14\"><div class=\"fusion-panel panel-default panel-f2e1feec51abcfb6b fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_f2e1feec51abcfb6b\"><a aria-expanded=\"false\" aria-controls=\"f2e1feec51abcfb6b\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-14\" data-target=\"#f2e1feec51abcfb6b\" href=\"#f2e1feec51abcfb6b\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"f2e1feec51abcfb6b\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_f2e1feec51abcfb6b\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>In this study, I investigate the robustness of the idiosyncratic volatility puzzle to the configuration of the research design. Using the regression- as well as the portfolio-based concept, I start with the replication of the idiosyncratic volatility puzzle approving the findings of Ang et al. (2006). However, when idiosyncratic volatility is estimated from monthly data and a time window spanning 1 or 5 years, the puzzle vanishes, regardless of the research method employed. Similar result hold if only stocks with a market capitalization above the cross-sectional median or those with a price higher than 10$ are used. Independent of the weighting scheme, the puzzle is also absent in the regression-based context when the risk premia are estimated by generalized least squares weighting returns by the inverse of their variance estimates. The same finding is derived in the portfolio-based context by extending the holding period to 12 months or controlling for the past month maximum daily return.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-45\"><p><em>Keywords: Idiosyncratic Volatility; Cross-section of stock returns; Predictability; Risk Premium; Robustness.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-32 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/09\/MA_Kowalke.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-46\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/l-kowalke\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-17 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-47\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Exploring How Macroeconomic Factors Affect REITs and Evaluating Its Downside Risk \u2013 Empirical Evidence From China and the US<\/h5>\n<p>Xiaoyu Hu, Technical University of Munich (Master thesis)<br \/>\nJunior Management Science 7(4), 2022, 874-898<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-15\"><div class=\"fusion-panel panel-default panel-5c4b29a1e87e2d740 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5c4b29a1e87e2d740\"><a aria-expanded=\"false\" aria-controls=\"5c4b29a1e87e2d740\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-15\" data-target=\"#5c4b29a1e87e2d740\" href=\"#5c4b29a1e87e2d740\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"5c4b29a1e87e2d740\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5c4b29a1e87e2d740\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Real Estate Investment Trust (REIT) is considered as a financial instrument operated and managed by professional management teams based on a range of income-producing real estate. The focus of this thesis is on publicly traded equity REITs. There are four research questions that this thesis attempts to answer. How did REITs develop in the United States (US)? What are the critical factors that incentivized the Chinese government to promote REITs, and what is the progress? Are REITs a good hedge against macroeconomic risk factors? How can the downside risk of REITs be evaluated? To begin, the first two questions have been answered using the literature review methodology. The VAR model is constructed to evaluate the relation between the REIT market and macroeconomic factors. Ultimately, downside risk of REIT market is assessed by the GARCH(1,1)-VaR model based on the student\u2019s t-distribution.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-48\"><p><em>Keywords: Equity REITs; Macroeconomic risks; VAR; VaR; GARCH(1,1).<span data-sheets-value=\"{\" data-sheets-userformat=\"{\"><br \/>\n<\/span><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-33 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/09\/MA_Hu.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-49\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/x-hu\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-18 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-50\"><p><a name=\"A9\"><\/a><\/p>\n<h5 style=\"text-align: left;\">The Economic Upside of Green Real Estate Investments: Analyzing the Impact of Energy Efficiency on Building Valuation in the Residential Sector<\/h5>\n<p>Timo Deller, Technical University of Munich (Bachelor thesis)<br \/>\nJunior Management Science 7(3), 2022, 802-825<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-16\"><div class=\"fusion-panel panel-default panel-80054d5657007f49d fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_80054d5657007f49d\"><a aria-expanded=\"false\" aria-controls=\"80054d5657007f49d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-16\" data-target=\"#80054d5657007f49d\" href=\"#80054d5657007f49d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"80054d5657007f49d\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_80054d5657007f49d\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>The rising sustainability awareness will affect the carbon-intensive European real estate industry and will force it to adapt to meet climate targets. The purpose of this thesis is to examine whether the energy efficiency of buildings plays a role in the valuation of buildings in the residential sector in the Rhein-Main Region in Germany. This is done by looking at the impact of energy performance certificates of buildings on their rent and sales prices. Data from publicly available real estate advertisements for the years 2019-2020 are analyzed using hedonic regression models. The rent market analysis (N = 44 442) finds significant cold rent premiums of 5.82%, 2.04%, 3.06% for A+, A and B rated buildings compared to the reference level of D. Significant warm rent premiums of 3.86% and 1.98% are found for A+ and B rated buildings. No significant discounts are found for buildings rated below D for cold and warm rents. The sales market analysis (N = 31 426) shows significant premiums of 6.81%, 3.14% and 1.52% for A+, A and B rated buildings, a range of indifference with no premiums or discounts for C to F rated buildings and discounts of -1.73% and -8.80% for G and H rated buildings. The results show that high energy efficiency of buildings creates significant value for investors.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-51\"><p><em>Keywords: Real estate investments; real estate valuation; green buildings; energy efficiency; sustainability.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-34 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/07\/BA_Deller.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-52\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/a-boehle-5-2-3-2-2-2-2-2-2\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-19 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-53\"><p><a name=\"A5\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Analysis of Green Bonds<\/h5>\n<p>Tobias Friedrich Fau\u00df, University of T\u00fcbingen &amp; University of Nottingham (Master thesis)<br \/>\nJunior Management Science 7(3), 2022, 668-689<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-17\"><div class=\"fusion-panel panel-default panel-9eee6d5a892fce5ea fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_9eee6d5a892fce5ea\"><a aria-expanded=\"false\" aria-controls=\"9eee6d5a892fce5ea\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-17\" data-target=\"#9eee6d5a892fce5ea\" href=\"#9eee6d5a892fce5ea\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"9eee6d5a892fce5ea\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_9eee6d5a892fce5ea\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Issuing its first green federal security in 2020, Germany pioneered a unique twin bond concept to address potential liquidity risks compared to their conventional counterparts. A switch mechanism between green and conventional bonds was introduced that allows debt-neutral sale-and-purchase (switch) transactions by the issuing authority. The main goal of this dissertation is to provide a theoretical model that is capable to explain the effects of this twin bond concept on the pricing of green bonds. For this purpose, a stochastic liquidity premium following a Vasicek (1977) process, a constant green premium and a switch option, which is executed when the green bond price falls below the price of its conventional twin bond, are assumed. The model results confirm that this twin bond concept is a viable solution to mitigate illiquidity-induced costs for the green bonds. The main learning from the model is a potential positive value of the switch option before its execution. This implies that issuers adopting this concept could benefit from lower costs of capital compared to ordinary green bonds without a switch mechanism. For investors holding the green instruments, this implies a reduced exposure to liquidity risks.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-54\"><p><em>Keywords: Green bonds; German twin bonds; green premium; liquidity premium; switch transactions.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-35 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" L.Szeli href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/07\/MA_Fauss.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-55\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/t-f-fauss\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-20 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-56\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Investigating Market Behavior Correlations between Classified Tokens using the International Token Classification Framework<\/h5>\n<p>Felix van Walbeek, Technical University of Munich (Bachelor thesis)<br \/>\nJunior Management Science 7(2), 2022, 524-542<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-18\"><div class=\"fusion-panel panel-default panel-e1eaf28ccfeeec557 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_e1eaf28ccfeeec557\"><a aria-expanded=\"false\" aria-controls=\"e1eaf28ccfeeec557\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-18\" data-target=\"#e1eaf28ccfeeec557\" href=\"#e1eaf28ccfeeec557\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"e1eaf28ccfeeec557\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_e1eaf28ccfeeec557\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>A social enterprise is a company founded by a social entrepreneur following a social purpose. Inter-organizational relations of social enterprises are an important topic in research on social entrepreneurship. The aim of this paper is to provide an overview regarding these relations in the context of a literature review. The findings are seperated into the following three cooperation phases: initiation, process and outcomes of social enterprises\u2018 inter-organizational relations. Furthermore, insights about the functions of network management are collected. The findings show that the most articles focus on the cooperation process and strategic networks are examined most often. In addition, it could be observed that cooperative alliances with other organizations play an important part in social entrepreneurial practice. Inter-organizational relations of social enterpises represent a promising topic for future research. Research about aspects concerning the initiation phase and the outcomes of these relations is especially required. The functions of network management need to be further examined in this research context as well.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-57\"><p><em>Keywords: Blockchain; token; correlation; classification; Bitcoin.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-36 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/06\/BA_Walbeek.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-58\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/f-walbeek\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-21 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-59\"><p><a name=\"A8\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Carbon Risk in European Equity Returns<\/h5>\n<p>Fabian Alexander Meyer, University of Vienna (Master thesis)<br \/>\nJunior Management Science 7(2), 2022, 429-454<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-19\"><div class=\"fusion-panel panel-default panel-79ef8cdba1b0a6fe2 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_79ef8cdba1b0a6fe2\"><a aria-expanded=\"false\" aria-controls=\"79ef8cdba1b0a6fe2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-19\" data-target=\"#79ef8cdba1b0a6fe2\" href=\"#79ef8cdba1b0a6fe2\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"79ef8cdba1b0a6fe2\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_79ef8cdba1b0a6fe2\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Investors perceive climate change and the volatility of asset prices caused by the ongoing low carbon transition of the economy, so-called carbon risk, to have an impact on their portfolio performance. However, the extent of carbon risk\u2019s impact on asset prices is still largely unknown. This paper provides a comprehensive quantification of carbon risk in European equity prices and examines whether it constitutes a systematic risk factor. I construct a carbon risk factor to determine the unique share of return attributable to differences in carbon intensity. During the sample period less (more) carbon intensive firms offer higher (lower) returns, which leads to a significant positive return of the carbon risk factor. Moreover, the carbon factor is significantly related to the sample covariance matrix of returns and offers a carbon risk premium in the cross-section of returns. In combination with the enhanced explanatory power relative to standard asset pricing models, this indicates that carbon risk constitutes a systematic risk factor. Consequently, investors can estimate carbon risk exposures based on widely available stock returns and include stocks without explicit carbon emission information in their risk management and investment process.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-60\"><p><em>Keywords: Carbon risk; carbon risk factor; factor model; asset pricing.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-37 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/06\/MA_Meyer.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-61\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/f-a-meyer\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-22 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-62\"><p><a name=\"A6\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Survival Analysis: An Investigation of Covid-19 Patient Data<\/h5>\n<p>Akira Karimkhani, Free University of Berlin (Bachelor thesis)<br \/>\nJunior Management Science 7(2), 2022, 338-353<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-20\"><div class=\"fusion-panel panel-default panel-51fd00c395e0b0251 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_51fd00c395e0b0251\"><a aria-expanded=\"false\" aria-controls=\"51fd00c395e0b0251\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-20\" data-target=\"#51fd00c395e0b0251\" href=\"#51fd00c395e0b0251\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"51fd00c395e0b0251\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_51fd00c395e0b0251\"><div class=\"panel-body toggle-content fusion-clearfix\">\nThe aim of this work is to test the feasibility of a model based on survival analysis for Covid- 19 patients. To investigate the feasibility, a Cox regression (CPH-Model) was constructed and evaluated using introduced diagnostic methods and modified using presented extensions. It is shown that disregarding the model assumptions can lead to biased estimation results. Furthermore, a sample analysis of the current literature in which CPH-Model was used revealed that the underlying model assumptions were comprehensibly tested in 40% of the articles reviewed. The novelty value of this work is based on the data analysis showing that the conventional CPH-Model is inappropriate for the Covid-19 dataset studied. In order to apply CPH-Model, the model had to be extended. It was necessary to adjust the functional form of a variable, remove outliers, include time interactions and stratify the data set. Finally, this allowed the creation of a final model that met all assumptions. However, four of the estimated coefficients appear questionable. Therefore, the adequacy of the extended model is doubtful. This implies that when CPH-Model is applied, the fulfillment of the model assumptions should be checked most carefully, and more robust estimation methods should be used in case of nonfulfillment.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-63\"><p><em>Keywords: Covid-19; Cox-Regression; CPH-Model; Proportional Hazards Model; Survival Analysis.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-38 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2022\/06\/BA_Karimkhani.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-64\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/a-karimkhani\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-23 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-65\"><p><a name=\"A8\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Backtesting the Expected Shortfall<\/h5>\n<p>Konstantin Spring, University of Konstanz (Master thesis)<br \/>\nJunior Management Science 6(3), 2021, 590-636<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-21\"><div class=\"fusion-panel panel-default panel-7ee4f9beea3bf728e fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_7ee4f9beea3bf728e\"><a aria-expanded=\"false\" aria-controls=\"7ee4f9beea3bf728e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-21\" data-target=\"#7ee4f9beea3bf728e\" href=\"#7ee4f9beea3bf728e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"7ee4f9beea3bf728e\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_7ee4f9beea3bf728e\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Backtesting of risk measure estimates is an integral part for an effective risk management. With the growing importance of the Expected Shortfall (ES) to potentially replace the Value at Risk (VaR) as a primary measure for market risk this also calls for suitable backtesting solutions. Although a variety of approaches has been proposed in the past, there is still an on-going discussion whether the ES can be properly backtested. The thesis adds to this discussion in the following way. Five of the most promising backtests for the ES are implemented, compared based on theoretical properties like empirical size and power and tested against ES estimation models which are fitted to historical returns of the S&amp;P 500. In addition, all backtests in scope are assessed against a set of criteria which reflect their practical applicability for both regulators and financial institutions. Results presented within this thesis confirm that backtesting the ES is indeed not much more complicated than backtesting the VaR. Backtesting ES might be conceptually less straight forward, but there are multiple promising approaches which allow for a reasonable validation of ES estimation models.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-66\"><p><em>Keywords: Expected shortfall; backtesting; risk measures; statistical test.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-39 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2021\/09\/MA_Spring.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-67\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/k-spring\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-24 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-68\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\">The Role of the European Central Bank in a Sustainable Financial System<\/h5>\n<p>Nele Braun, Darmstadt University of Applied Sciences (Bachelor thesis)<br \/>\nJunior Management Science 6(3), 2021, 468-488<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-22\"><div class=\"fusion-panel panel-default panel-54d9a96d1520a7640 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_54d9a96d1520a7640\"><a aria-expanded=\"false\" aria-controls=\"54d9a96d1520a7640\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-22\" data-target=\"#54d9a96d1520a7640\" href=\"#54d9a96d1520a7640\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"54d9a96d1520a7640\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_54d9a96d1520a7640\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>The Paris Agreement acknowledged climate change as an urgent threat to the planet and human society. To fulfil the aim of<br \/>\nlimiting global warming, public and private investments and especially long-term investments are supposed to shift towards<br \/>\nsustainable practices. Given the high investments required to pursue a sustainable financial system, it will be essential to<br \/>\ninvolve the financial sector, as well as its participants and authorities. This thesis discussed the role the European Central<br \/>\nBank (ECB) could play in a transition towards a sustainable financial system. First, the framework conditions and the need<br \/>\nfor a sustainable financial system were explained, in particular the recent developments like for instance the introduction of<br \/>\nthe EU Taxonomy regulation, a classification system for sustainable activities which aims to provide clarity and limit the risk<br \/>\nof green washing. After that, it was outlined how climate-related risks can spread to the financial system and why central<br \/>\nbanks are concerned of them. Three links for the relation between climate change and the financial system were identified \u2013<br \/>\nphysical risks, transition risks and liability risks. In particular, the impact of climate change on price stability, financial stability<br \/>\nand the portfolio management of central banks were examined. The objectives and the strategy of the ECB were described,<br \/>\nto establish a base for the subsequent analysis of their instruments. Furthermore, the European Green Deal, an answer of the<br \/>\nEuropean Union to the challenges caused by climate change was presented.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-69\"><p><em>Keywords: Sustainable finance; green finance; central banking; sustainability.<span data-sheets-value=\"{\" data-sheets-userformat=\"{\"><br \/>\n<\/span><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-40 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2021\/09\/BA_Braun.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-70\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/n-braun\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-25 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-71\"><p><a name=\"A6\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Variance Risk Premiums on German Government Bonds<\/h5>\n<p>Burak Sarac, Karlsruhe Institute of Technology (Bachelor thesis)<br \/>\nJunior Management Science 6(2), 2021, 370-392<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-23\"><div class=\"fusion-panel panel-default panel-0e3c847bd5a48ef42 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0e3c847bd5a48ef42\"><a aria-expanded=\"false\" aria-controls=\"0e3c847bd5a48ef42\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-23\" data-target=\"#0e3c847bd5a48ef42\" href=\"#0e3c847bd5a48ef42\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"0e3c847bd5a48ef42\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0e3c847bd5a48ef42\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Volatility and related to it the uncertainty inherent to financial markets has an eminent role. Variance swaps are suitable for the trading of it and have led to profound insights in various markets, especially regarding the variance risk premium.\u00a0However, research on government bonds is less common and insightful, which is why this study aims to fill the gap and extend the research on this topic. This is achieved by two main aspects: First, a European-wide comparison of the Bond variance risk premium is enabled by analyzing the German, French, and Italian Treasury markets. Secondly, two different approaches of structuring the Bond variance swap are considered. While one of them has its theoretical justification, the other is more suitable for practical applications. The results of this study show that the variance risk premium is to be found in the German as well as the European Treasury markets. By shorting the variance swaps attractive returns are feasible, but this varies greatly according to the considered country or approach of structuring.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-72\"><p><em>Keywords: Varianzswaps; Volatilit\u00e4t; Varianzrisikopr\u00e4mium; Staatsanleihen; modellfrei.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-41 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2021\/06\/BA_Sarac.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-73\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/b-sarac\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-26 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-74\"><p><a name=\"A7\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Modern Approaches to Dynamic Portfolio Optimization<\/h5>\n<p>Philipp Schiele, Ludwig Maximilian University of Munich (Master thesis)<br \/>\nJunior Management Science 6(1), 2021, 149-189<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-24\"><div class=\"fusion-panel panel-default panel-484b01856390a892a fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_484b01856390a892a\"><a aria-expanded=\"false\" aria-controls=\"484b01856390a892a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-24\" data-target=\"#484b01856390a892a\" href=\"#484b01856390a892a\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"484b01856390a892a\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_484b01856390a892a\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Although appealing from a theoretical point of view, empirical assessments of dynamic portfolio optimizations in a mean-variance framework often fail to reach the high expectations set forth by analytical evaluations. A major reason for this shortfall is the imprecise estimation of asset moments and in particular, the expected return. This work levers recent advancements in the field of machine learning and employs three types of artificial neural networks in an attempt to improve the accuracy of the asset return estimation and the expected associated portfolio performances. After an introduction of the dynamic portfolio optimization framework and the artificial neural networks, their suitability for the considered application is analyzed in a two asset universe of a market and a risk-free asset. A comparison of the corresponding risk-return characteristics and those achieved using a more traditional exponentially weighted moving average estimator is subsequently drawn. While outperformance of the artificial neural networks is found for daily and monthly estimated returns, significance can only be established in the latter case, especially in light of trading costs. Multiple robustness checks are performed before an outlook for subsequent research opportunities is given.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-75\"><p><em>Keywords: Portfolio optimization; machine learning; multilayer perceptron; convolutional neural network; long short-term memory.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-42 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2021\/03\/MA_Schiele.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-76\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/p-schiele\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-27 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-77\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\">The Value of CSR in Times of Increased Policy Uncertainty: Evidence from the Brexit Referendum<\/h5>\n<p>Olivia Hohlwegler, University of St Andrews (Master thesis)<br \/>\nJunior Management Science 6(1), 2021, 1-24<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-25\"><div class=\"fusion-panel panel-default panel-c3f8ffbee13b34ff8 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_c3f8ffbee13b34ff8\"><a aria-expanded=\"false\" aria-controls=\"c3f8ffbee13b34ff8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-25\" data-target=\"#c3f8ffbee13b34ff8\" href=\"#c3f8ffbee13b34ff8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"c3f8ffbee13b34ff8\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_c3f8ffbee13b34ff8\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Scrutinising the 2016 Brexit Referendum, this paper examines the impact of economic policy uncertainty on the relationship between corporate financial performance and CSR using a sample of 320 non-financial firms listed at the London Stock Exchange. The sample covers the period of 2014 to 2018 with 2016 marking increased, and 2017 and 2018 representing years of moderated policy uncertainty. Using cross-sectional regression analysis of shock-period buy-and-hold returns, this paper finds (I) a statistically and economically significant inverse relationship between reservoirs of social capital previously accrued through CSR initiatives and returns. The effect is driven by the Governance component of CSR, whereas the impact of combined Environmental and Social pursues was not found to be meaningful. Using difference-in-difference methodology with continuous treatment, this investigation concludes (II) high-CSR and low-CSR firms do not differ in terms of sensitivity to adverse Brexit shock implications on operating performance, profitability, financial health, and firm value. Further, (III) effects of CSR on aforementioned aspects of real performance were not found to vary alongside levels of policy uncertainty.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-78\"><p><em>Keywords: Brexit referendum; CSR; ESG investing; policy uncertainty.<span data-sheets-value=\"{\" data-sheets-userformat=\"{\"><br \/>\n<\/span><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-43 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2021\/03\/MA_Hohlwegler.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-79\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/o-hohlwegler\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-28 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-80\"><p><a name=\"A2\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Impact of Weather on the Stock Market Returns of Different Industries in Germany<\/strong><\/h5>\n<p>Astrid Schulte-Huermann, WHU \u2013 Otto Beisheim School of Management (Bachelor thesis)<br \/>\nJunior Management Science 5(3), 2020, 295-311<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-26\"><div class=\"fusion-panel panel-default panel-ff320c7d604187262 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_ff320c7d604187262\"><a aria-expanded=\"false\" aria-controls=\"ff320c7d604187262\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-26\" data-target=\"#ff320c7d604187262\" href=\"#ff320c7d604187262\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"ff320c7d604187262\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_ff320c7d604187262\"><div class=\"panel-body toggle-content fusion-clearfix\"><span data-sheets-formula-bar-text-style=\"font-size:13px;color:#000000;font-weight:normal;text-decoration:none;font-family:'Arial';font-style:normal;text-decoration-skip-ink:none;\">Weather affects people\u2019s mood, according to psychological studies. For example, low temperature can cause aggression, whereas high temperature can induce apathy. Therefore, it may be possible that weather-influenced mood, driven by mood\u2019s impact on decision-making, exerts an influence on investment decisions and risk-taking behaviour. Thereby, it might also impact stock market returns. I examine market returns of nine industries in Germany. Empirical results illustrate two findings. First, a statistically significant, negative correlation between market returns and temperature, second, a different effect of weather on industrial sectors is identified. A significant correlation can be found for six out of nine sectors.<\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-81\"><p><em>Keywords: Stock markets; investor behaviour; weather effect; market returns; decision-making.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-44 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/09\/BA_Schulte_Huermann.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-82\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/a-schulte-huermann\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-29 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-83\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Prospect Theory and Stock Returns During Bubbles<\/strong><\/h5>\n<p>Maximilian Piehler, Ludwig Maximilian University of Munich (Master thesis)<br \/>\nJunior Management Science 5(3), 2020, 262-294<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-27\"><div class=\"fusion-panel panel-default panel-5ee0751faa0d6a379 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5ee0751faa0d6a379\"><a aria-expanded=\"false\" aria-controls=\"5ee0751faa0d6a379\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-27\" data-target=\"#5ee0751faa0d6a379\" href=\"#5ee0751faa0d6a379\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"5ee0751faa0d6a379\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5ee0751faa0d6a379\"><div class=\"panel-body toggle-content fusion-clearfix\"><span data-sheets-formula-bar-text-style=\"font-size:13px;color:#000000;font-weight:normal;text-decoration:none;font-family:'Arial';font-style:normal;text-decoration-skip-ink:none;\">I test the hypothesis that investors evaluate stocks based on the prospect theory value of the distribution of past returns. Because some investors tilt towards stocks with high prospect theory value, these stocks become overvalued and earn low subsequent returns. During bubbles this effect should be stronger, due to rising limits to arbitrage and increased participation of individual investors. I do not find strong support for this prediction in the cross section of returns in U.S. stock markets. In contrast to other variables know to explain returns however, prospect theory value does not lose its predictive power during bubbles. Investors with prospect theory preferences seem to choose stocks whose returns optimally combine low standard deviation with high skewness.<\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-84\"><p><em>Keywords: Prospect Theory; bubbles; limits to arbitrage; individual investors. <\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-45 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/09\/MA_Piehler.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-85\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/m-piehler\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-30 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-86\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Analyse des Einflusses nationaler Nachhaltigkeits-Regelungen auf den Unternehmenswert<\/strong><\/h5>\n<p>Florian R\u00f6\u00dfle, University of Augsburg (Bachelor thesis)<br \/>\nJunior Management Science 5(2), 2020, 209-222<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-28\"><div class=\"fusion-panel panel-default panel-0b143b72f94ebcccc fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0b143b72f94ebcccc\"><a aria-expanded=\"false\" aria-controls=\"0b143b72f94ebcccc\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-28\" data-target=\"#0b143b72f94ebcccc\" href=\"#0b143b72f94ebcccc\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"0b143b72f94ebcccc\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0b143b72f94ebcccc\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p><span data-sheets-formula-bar-text-style=\"font-size:13px;color:#000000;font-weight:normal;text-decoration:none;font-family:'Arial';font-style:normal;text-decoration-skip-ink:none;\">Das Ziel der vorliegenden Bachelorarbeit war es zu analysieren, ob es einen messbaren Einfluss auf den Wert b\u00f6rsennotierter Unternehmen gibt, wenn Nationen Gesetze zugunsten der Nachhaltigkeit erlassen. Daf\u00fcr wurden die wichtigsten Nachhaltigkeits-Regelungen der L\u00e4nder D\u00e4nemark, Frankreich und Deutschland zu verschiedenen Zeitpunkten der Gesetzgebungsverfahren betrachtet und analysiert. Um den Einfluss solcher Ereignisse auf den Wert von b\u00f6rsennotierten Unternehmen messbar zu machen wurde die Methodik der Event Study verwendet. Die Unternehmenswerte wurden \u00fcber die Ver\u00e4nderung der Aktienrenditen an den Kapitalm\u00e4rkten mit Hilfe der statistischen Verfahren des Marktmodells und des Fama-French Dreifaktorenmodells gesch\u00e4tzt.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-87\"><p><em>Keywords: Nachhaltigkeit, sustainability, CSR, ESG.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-46 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/06\/BA_R\u00f6\u00dfle.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-88\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/f-roessle\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-31 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-89\"><p><a name=\"A3\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Measuring the Impact of MiFID II on Information Asymmetries Using Microstructure Models<\/strong><\/h5>\n<p>Erik-Jan Senn, University of T\u00fcbingen\u00a0(Bachelor thesis)<br \/>\nJunior Management Science 5(2), 2020, 197-208<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-29\"><div class=\"fusion-panel panel-default panel-0659aac5cac2918b5 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0659aac5cac2918b5\"><a aria-expanded=\"false\" aria-controls=\"0659aac5cac2918b5\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-29\" data-target=\"#0659aac5cac2918b5\" href=\"#0659aac5cac2918b5\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"0659aac5cac2918b5\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0659aac5cac2918b5\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p><span data-sheets-formula-bar-text-style=\"font-size:13px;color:#000000;font-weight:normal;text-decoration:none;font-family:'Arial';font-style:normal;text-decoration-skip-ink:none;\">This paper evaluates the impact of the Markets in Financial Instruments Directive II (MiFID II) regulation on information asymmetries. The microstructure models of Madhavan, Richardson, and Roomans (1997) and Glosten and Harris (1988) are adapted to estimate potential changes in the adverse selection component of the spread. I use trade and quote data of 50 German stocks traded at the Cboe Europe Equities exchange from October 2017 to March 2018. To classify trades in presence of uncertainly about the sequence of trades and quotes within a second, a robust classification method is developed. I find a short-term increase in adverse selection and transaction cost after the MiFID II implementation. A long-term reduction of information asymmetries due to the regulation is indicated and discussed.<\/span><\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-90\"><p><em>Keywords: Market Microstructure; MiFID II \/ Markets in Financial Instruments Directive II; Information Asymmetry in Limit Order Books; Trade Classification; Financial Market Regulation.<br \/>\n<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-47 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/07\/BA_Senn.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-91\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/e-senn\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-32 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-92\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>UX in AI: Trust in Algorithm-based Investment Decisions<\/strong><\/h5>\n<p>Leon Szeli, University of Cambridge and Technical University of Munich (Master thesis)<br \/>\nJunior Management Science 5(1), 2020, 1-18<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-30\"><div class=\"fusion-panel panel-default panel-b4f2891fb87646419 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_b4f2891fb87646419\"><a aria-expanded=\"false\" aria-controls=\"b4f2891fb87646419\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-30\" data-target=\"#b4f2891fb87646419\" href=\"#b4f2891fb87646419\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"b4f2891fb87646419\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_b4f2891fb87646419\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>This Thesis looks at investors\u2019 loss tolerance with portfolios managed by a human advisor compared to an algorithm with different degrees of humanization. The main goal is to explore differences between these groups (Humanized Algorithm, Dehumanized Algorithm, Humanized Human and Dehumanized Humans) and a potential diverging effect of humanizing. The Thesis is based on prior research (Hodge et al., 2018) but incorporates new aspects such as additional variables (demographics, prior experiences) and a comparison between users and non-users of automated-investment products. The core of thi sresearch is an experiment simulating an investment portfolio over time with four different portfolio managers. Subjects were asked to decide if they want to hold or sell a declining portfolio at \ufb01ve points in time to measure their loss tolerance. A cox regression model shows that portfolios managed by the Humanized Human had the highest loss tolerance. Humanizing leads to higher loss tolerance for the human advisor but to lower loss tolerance for algorithmic advisors within the non-user group.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-93\"><p><em>Keywords: K\u00fcnstliche Intelligenz; Arti\ufb01cial Intelligence; Behavioral Finance; Behavioral Economics; Human-Computer-Interaction; User Experience; Investmententscheidungen; Nutzervertrauen.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-48 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" L.Szeli href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/03\/MA_Szeli-1.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-94\" style=\"--awb-line-height:0.1;\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/en\/l-szeli\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-33 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-95\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Der Einfluss digitaler Finanzberatung auf das Anlageverhalten von Privatinvestoren<\/strong><\/h5>\n<p>Carl Justus Nowak, Goethe University Frankfurt (Bachelor thesis)<br \/>\nJunior Management Science 4(4), 2019, 478-492<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-31\"><div class=\"fusion-panel panel-default panel-b2d11d345e4ec5a28 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_b2d11d345e4ec5a28\"><a aria-expanded=\"false\" aria-controls=\"b2d11d345e4ec5a28\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-31\" data-target=\"#b2d11d345e4ec5a28\" href=\"#b2d11d345e4ec5a28\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"b2d11d345e4ec5a28\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_b2d11d345e4ec5a28\"><div class=\"panel-body toggle-content fusion-clearfix\">Diese Arbeit untersucht anhand vorhandener Literatur wie Robo Advisor das Anlageverhalten und die Portfolioperformance von Privatinvestoren im Vergleich zu konventioneller Finanzberatung ver\u00e4ndern. Dabei wird der Einfluss der Empfehlungen von Robo Advisors und konventionellen Beratern bez\u00fcglich der Portfoliomerkmale: Nettorendite, Diversifikation und Personalisierung untersucht. Dar\u00fcber hinaus wird gepr\u00fcft inwiefern die Anlageempfehlungen vorhandene Verhaltensverzerrungen der Privatinvestoren beeinflussen.<\/p>\n<p>Aus der Betrachtung der konventionellen Finanzberatung folgt, dass diese zwar die Diversifikation von Privatinvestoren stark erh\u00f6ht, sie aber die Nettorendite der Investoren durch Geb\u00fchren negativ beeinflusst. Robo Advisor wirken auf den ersten Blick wie das Allheilmittel zur Verbesserung der Finanzberatung, doch auch sie weisen Defizite auf. Zwar f\u00fchren typische Robo Advisor eine Wertpapierallokation in \u00dcbereinstimmung mit der Kapitalmarkttheorie durch, was zu einer hohen Nettorendite und Diversifikation f\u00fchrt, jedoch ist die durchgef\u00fchrte Personalisierung bei Robo Advisors h\u00e4ufig mangelhaft. Die Beratung durch Robo Advisor empfiehlt sich daher vor allem f\u00fcr Personen, welchen bewusst ist, dass sie nur eine standardisierte Anlageempfehlung erhalten. F\u00fcr Privatanleger mit komplexen Finanzstrukturen bleibt eine Beratung durch einen pers\u00f6nlichen Finanzberater daher alternativlos.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-96\"><p><em>Keywords: Robo Advisor; Financial Advice Behavioral Bias; Private Investors.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-49 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/02\/BA_Nowak.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-97\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/c-j-nowak\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-34 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-98\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Measuring the Impact of Carbon Emissions on Firm Value Using Quantile Regression<\/strong><\/h5>\n<p>Lukas Ferner, University of Augsburg (Bachelor thesis)<br \/>\nJunior Management Science 4(3), 2019, 422-432<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-32\"><div class=\"fusion-panel panel-default panel-55073b0223611e46c fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_55073b0223611e46c\"><a aria-expanded=\"false\" aria-controls=\"55073b0223611e46c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-32\" data-target=\"#55073b0223611e46c\" href=\"#55073b0223611e46c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"55073b0223611e46c\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_55073b0223611e46c\"><div class=\"panel-body toggle-content fusion-clearfix\">A fundamental transformation of the global economy towards a low-carbon economy is inevitable in order to achieve the climate targets set by the United Nations. Hence, it becomes increasingly important to understand how firm level carbon mitigation affects the value of a company. The purpose of this thesis is not only to estimate the average relationship between carbon emissions and firm value but to investigate whether this relationship is heterogeneous and thus whether the effect of carbon emission on firm value depends on the value of the respective company. A quantile regression approach with firm value measured as Tobin\u2019s Q as the dependent variable is applied. The estimation outcomes clearly indicate that higher carbon emissions reduce firm value for all quantiles. However, the extent of the effect depends strongly on the value of the respective company suggesting that the value-enhancing effect of reduced carbon emissions is higher for firms with relatively high firm value.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-99\"><p><em>Keywords: carbon emission; firm value; quantile regression.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-50 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2019\/09\/BA_Ferner.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-100\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/l-ferner\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-35 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-101\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Portfolio Optimization and Ambiguity Aversion<\/strong><\/h5>\n<p>Belinda Kellerer, Ludwig Maximilian University of Munich (Master thesis)<br \/>\nJunior Management Science 4(3), 2019, 305-338<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-33\"><div class=\"fusion-panel panel-default panel-36fa8c837c197675e fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_36fa8c837c197675e\"><a aria-expanded=\"false\" aria-controls=\"36fa8c837c197675e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-33\" data-target=\"#36fa8c837c197675e\" href=\"#36fa8c837c197675e\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"36fa8c837c197675e\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_36fa8c837c197675e\"><div class=\"panel-body toggle-content fusion-clearfix\">This thesis analyses whether considering ambiguity aversion in portfolio optimization improves the out-of-sample performance ofportfolio optimization approaches. Furthermore, it is assessed which role ambiguity aversion plays in improving the portfolio performance, especially compared with the role of estimation errors. This is done by evaluating the out-of-sample performance of the approach of Garlappi, Uppal and Wang for an investor with multiples priors and aversion to ambiguity compared to other portfolio optimization strategies from the literature not taking ambiguity aversion into account. It is shown that considering ambiguity aversion in portfolio optimization can improve the out-of-sample performance compared to the sample based mean-variance model and the Bayes-Stein model. However, the minimum-variance model and the model of na\u00efve diversification, which are both independent of expected returns, outperform the approach considering ambiguity aversion for most of the empirical applications shown in this thesis. These results indicate that ambiguity aversion does play a role in portfolio optimization, however, estimation errors regarding expected returns overshadow the benefits of optimal asset allocation.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-102\"><p><em>Keywords: portfolio choice; asset allocation; estimation error; ambiguity; uncertainty.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-51 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2019\/09\/MA_Kellerer.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-103\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/b-kellerer\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-36 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-104\"><p><a name=\"A6\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Charakteristika vs. Carry \u2013 Outperformance in Devisenm\u00e4rkten<\/strong><\/h5>\n<p>Tom O. K. Zeissler, Vienna University of Economics and Business (Master thesis)<br \/>\nJunior Management Science 4(2), 2019, 265-304<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-34\"><div class=\"fusion-panel panel-default panel-3ac5347ea40672fff fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_3ac5347ea40672fff\"><a aria-expanded=\"false\" aria-controls=\"3ac5347ea40672fff\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-34\" data-target=\"#3ac5347ea40672fff\" href=\"#3ac5347ea40672fff\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"3ac5347ea40672fff\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_3ac5347ea40672fff\"><div class=\"panel-body toggle-content fusion-clearfix\">Die optimale W\u00e4hrungsallokation ist eine der Kernfragen des international agierenden Investors. Ich teste in diesem Zusammenhang empirisch den Mehrwert des Portfoliooptimierungsverfahrens von Brandt et al. (2009) im Devisenkontext und vergleiche das Ergebnis mit einer diversifizierten Carry-Strategie und weiteren Benchmarks. Da im Zuge dieses Verfahrens sogenannte Charakteristika als Inputsignale f\u00fcr die Allokation ben\u00f6tigt werden, selektiere ich auf Basis bereits vorhandener Literatur zur Pr\u00e4diktabilit\u00e4t von W\u00e4hrungsrenditen die Faktoren Carry, Momentum, realer Wechselkurs, Leistungsbilanzsaldo, Produktionsl\u00fccke und Volatilit\u00e4t und untersuche die Performance der auf Basis dieser Signale generierten Portfolios \u00fcber den Zeitraum von Anfang 1990 bis Ende 2017. Ich finde die st\u00e4rkste Evidenz f\u00fcr Carry, aber auch Momentum, der reale Wechselkurs und der Leistungsbilanzsaldo wirken mitunter als Signal f\u00fcr die Allokation der optimalen Portfoliogewichte interessant. Ebenfalls kann ich feststellen, dass die Profitabilit\u00e4t beinahe aller untersuchten Strategien ma\u00dfgeblich vom gew\u00e4hlten Anlageuniversum abh\u00e4ngt, wobei bei gegebener Datenverf\u00fcgbarkeit eine breite Definition mit Industrie- und Entwicklungsl\u00e4ndern zu bevorzugen ist. Des Weiteren kann ich teils interessante Diversifikationseigenschaften und positive Wechselwirkungen zwischen den Charakteristika dokumentieren, welche sich durch Kombination mittels des gew\u00e4hlten Optimierungsansatzes realisieren lassen. Auch stelle ich fest, dass Transaktionskosten im Schnitt einen wesentlichen negativen Einfluss auf die Renditen der Strategien haben. Die Sensibilisierung des Verfahrens durch Inklusion eines entsprechenden Transaktionskostenterms f\u00fchrt jedoch zu einer Performance-Regeneration.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-105\"><p><em>Keywords: quantitative easing; unconventional monetary policy; asset purchase program; credit default swaps; corporate sector purchase program.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-52 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2019\/06\/MA_Zeissler.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-106\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/t-zeissler\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-37 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-107\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Does Subordinated Debt Discipline Banks? Empirical Evidence of Market Discipline in Europe<\/strong><\/h5>\n<p>Daniel Sch\u00fcrk, Goethe University Frankfurt (Bachelor thesis)<br \/>\nJunior Management Science 4(2), 2019, 228-240<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-35\"><div class=\"fusion-panel panel-default panel-1cb57cc1830d44f38 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_1cb57cc1830d44f38\"><a aria-expanded=\"false\" aria-controls=\"1cb57cc1830d44f38\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-35\" data-target=\"#1cb57cc1830d44f38\" href=\"#1cb57cc1830d44f38\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"1cb57cc1830d44f38\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_1cb57cc1830d44f38\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>This thesis provides a differentiated answer to the question whether subordinated debt disciplines bank\u2019s risk-taking behavior. I investigate the conditions and applicability of market discipline through subordinated debt instruments by critically reviewing the state of research. Relating to the regulatory context, I discuss proposals and various empirical studies and find that subordinated debt is an adequate measure to discipline banks under certain conditions.<br \/>\nMy own empirical analysis contributes to evidence provided by prior studies and updates them for the European case. I conclude that subordinated debt investors perceive differences in risk between banks and across time and are sensitive to credit ratings and accounting variables at generally higher spread levels compared to senior bonds. Results include that spread is positively sensitive (increases with respect to one standard error) to equity to capital (225 BPS), provision for loan losses (200 to 225 BPS), non-performing loans to equity (400 to 715 BPS) and interest coverage ratio (60 BPS). Spread is negatively sensitive (decreases with respect to one standard error) to ROA (120 BPS) and loan loss reserves (360 to 620 BPS).<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-108\"><p><em>Keywords: debt market discipline; bond spreads; subordinated debt; bail-in; bail-out; BRRD; Basel II; Basel III; market monitoring; market influence.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-53 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2019\/06\/BA_Schuerk.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-109\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/d-schuerk\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-38 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-110\"><p><a name=\"A6\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>The Effect of ECB's Corporate Sector Purchase Programme on CDS Premia \u2013 An Empirical Analysis<\/strong><\/h5>\n<p>Silie Homayon Nawabi, <span data-sheets-value=\"\" data-sheets-userformat=\"\">Goethe University Frankfurt<\/span> (Master thesis)<br \/>\nJunior Management Science 4(1), 2019, 123-150<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-36\"><div class=\"fusion-panel panel-default panel-c2705bb3a0af653fb fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_c2705bb3a0af653fb\"><a aria-expanded=\"false\" aria-controls=\"c2705bb3a0af653fb\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-36\" data-target=\"#c2705bb3a0af653fb\" href=\"#c2705bb3a0af653fb\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"c2705bb3a0af653fb\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_c2705bb3a0af653fb\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>In response to the intensification of economic crises in the euro area, the European Central Bank (ECB), along with other central banks, has conducted both conventional and unconventional monetary policy. The most recent unconventional measure has been outright asset purchases under the corporate sector purchase programme (CSPP) targeting euro-denominated investment-grade bonds issued by non-financial corporations in the euro area. Using a Difference-in-Differences (DID) approach on a sample of euro-zone data I find that the CSPP initiative has consistently contained credit risk. In contrast, spillover effects to firms not subject to the CSPP policy are limited.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-111\"><p><em>Keywords: quantitative easing; unconventional monetary policy; asset purchase program; credit default swaps; corporate sector purchase program.<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-54 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2019\/03\/MA_Nawabi.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-112\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/s-h-nawabi\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-39 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-113\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Cryptocurrencies as an Alternative Asset Class<\/strong><\/h5>\n<p>Marius Max Lucas Mayer, Goethe University Frankfurt\u00a0(Master thesis)<br \/>\nJunior Management Science 3(4), 2018, 1-29<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-37\"><div class=\"fusion-panel panel-default panel-5902a863e9a7933c3 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_5902a863e9a7933c3\"><a aria-expanded=\"false\" aria-controls=\"5902a863e9a7933c3\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-37\" data-target=\"#5902a863e9a7933c3\" href=\"#5902a863e9a7933c3\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"5902a863e9a7933c3\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_5902a863e9a7933c3\"><div class=\"panel-body toggle-content fusion-clearfix\">Bitcoin was the first digital currency to rely on a decentralized peer-to-peer network instead of a trusted third party. This was achieved through Bitcoin\u2019s revolutionary underlying technology based on cryptographic proof: the blockchain. After Bitcoin\u2019s emergence, many other so called cryptocurrencies entered the market and we have seen enormous price increases that promised large returns for early users. The return characteristics of cryptocurrencies have been studied by various scholars and some have even declared cryptocurrencies to be an asset class instead of a digital currency. Due to the fast changes in the cryptocurrency market and the increased importance of other cryptocurrencies than Bitcoin, we believe that research focusing on the financial performance of cryptocurrencies should be renewed on a regular basis. Therefore, with this work we aim to shed light on the return characteristics of cryptocurrencies in relation to traditional asset classes and on the potential of cryptocurrencies to improve portfolio diversification. In addition, we investigate the cryptocurrency market, describe selected cryptocurrencies in more detail and provide an overview of potential technological risks arising with the use of cryptocurrencies. Our results indicate that cryptocurrencies provide large return potentials with high levels of volatility but compared to traditional asset classes provide a higher level ofreturn per level of risk. We also find that selected cryptocurrencies can improve diversification in a cryptocurrency portfolio, as well as in a portfolio of international equity and private equity investments.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-114\"><p><em>Keywords: Alternative Asset Classes, Cryptocurrency, Portfolio Diversification,<br \/>\n<\/em><em>Risk-Reward Profile und Cryptocurrency Risks<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-55 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2020\/01\/MA_Mayer.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-115\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/m-mayer\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-40 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-116\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Ankereffekt und Risikopr\u00e4mie anhand einer Crowdfunding-Kampagne<\/strong><\/h5>\n<p>Simon Hux, University of Zurich (Bachelor thesis)<br \/>\nJunior Management Science 2(3), 2017, 73-103<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-38\"><div class=\"fusion-panel panel-default panel-3316c88ca317c2bd7 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_3316c88ca317c2bd7\"><a aria-expanded=\"false\" aria-controls=\"3316c88ca317c2bd7\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-38\" data-target=\"#3316c88ca317c2bd7\" href=\"#3316c88ca317c2bd7\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"3316c88ca317c2bd7\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_3316c88ca317c2bd7\"><div class=\"panel-body toggle-content fusion-clearfix\">Als \u201eCrowdfunding\u201c wird eine alternative Finanzierungsform bezeichnet, die in den letzten Jahren sowohl im nationalen Rahmen der Schweiz, als auch im internationalen Kontext Wachstumsraten im dreistelligen Prozentbereich aufwies. Die vorliegende Arbeit untersucht die Existenz des Ankereffektes in Form einer unverbindlichen Preisempfehlung und die allf\u00e4llige Risikopr\u00e4mie in Bezug auf die Subkategorie des \u201ereward-based Crowdfundings\u201c. Im Rahmen dieser Arbeit wurde eine online-basierte, experimentelle Befragung durchgef\u00fchrt. Mittels einer mehrfaktoriellen univariaten Varianzanalyse konnte gezeigt werden, dass der Ankereffekt \u2013 zumindest im Fall der Personen, die am Experiment dieser Arbeit teilgenommen haben \u2013 im Bereich des reward-based Crowdfundings auftritt und der Effekt nach Cohen als stark einzustufen ist. Weiter zeigt die im Rahmen dieser Arbeit durchgef\u00fchrte Studie, dass die Unterst\u00fctzer einer reward-based Crowdfunding-Kampagne f\u00fcr ihr eingegangenes Risiko entsch\u00e4digt werden m\u00f6chten und somit eine Risikopr\u00e4mie verlangen. Dieser Risikozuschlag kann als Teil der Finanzierungskosten von Crowdfunding-Projekten interpretiert werden.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-117\"><p><em>Keywords:\u00a0Ankereffekt, Crowdfunding, reward-based Crowdfunding, Risikopr\u00e4mie<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-56 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2017\/12\/BA_Hux.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-118\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/s-hux\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-41 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-119\"><p><a name=\"A2\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Investment-Cash Flow Sensitivity \u2013 A Focus on the Panel-Data Econometrics Involved<\/strong><\/h5>\n<p>Philip Schnorpfeil, WHU \u2013 Otto Beisheim School of Management (Masterarbeit)<br \/>\nJunior Management Science 2(1), 2017, 17-48<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-39\"><div class=\"fusion-panel panel-default panel-f954092300542af0c fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_f954092300542af0c\"><a aria-expanded=\"false\" aria-controls=\"f954092300542af0c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-39\" data-target=\"#f954092300542af0c\" href=\"#f954092300542af0c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Abstract lesen<\/span><\/a><\/h4><\/div><div id=\"f954092300542af0c\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_f954092300542af0c\"><div class=\"panel-body toggle-content fusion-clearfix\">I revisit Fazzari (1988) seminal paper on the investment-cash flow sensitivity as a measure of financing constraints and augment their approach with the findings from recent papers. I find that the investment-cash flow sensitivity has decreased and mostly disappeared over time, in line with recent literature. This finding is robust to alternative specifications and a number of robustness checks. I contribute to the literature by explicitly analyzing the strict-exogeneity assumption of the fixed-effects and first-differences estimators in empirical practice. In this setting, strict exogeneity does not hold and the violation can cause substantial inconsistencies.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-120\"><p><em>Keywords:\u00a0Investment-cash flow sensitivity, Capital market imperfections, Strict exogeneity, Panel data<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-57 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2017\/07\/MA_Schnorpfeil.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Arbeit lesen<\/span><\/a><\/div><div class=\"fusion-text fusion-text-121\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/investment-schnorpfeil\/\">Zur Artikel-Seite<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-42 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-122\"><p><a name=\"A5\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Entwicklung eines modifizierten Binomialmodells zur Bewertung von Mitarbeiteraktienoptionen \u2013 Bewertungsmodell zur Ber\u00fccksichtigung der Besonderheiten von Mitarbeiteraktienoptionen und Vergleich mit Angaben der DAX und MDAX-Unternehmen<\/strong><\/h5>\n<p>Benedikt von Bary, Technical University of Munich (Master thesis)<br \/>\nJunior Management Science 1(2), 2016, 84-117<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-40\"><div class=\"fusion-panel panel-default panel-58ecacb4e4736f09c fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_58ecacb4e4736f09c\"><a aria-expanded=\"false\" aria-controls=\"58ecacb4e4736f09c\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-40\" data-target=\"#58ecacb4e4736f09c\" href=\"#58ecacb4e4736f09c\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"58ecacb4e4736f09c\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_58ecacb4e4736f09c\"><div class=\"panel-body toggle-content fusion-clearfix\">Die Mitarbeiteraktienoptionen, die Unternehmen ihrem Vorstand gew\u00e4hren, unterscheiden sich von herk\u00f6mmlichen Optionen durch bestimmte Einschr\u00e4nkungen und Aus\u00fcbungsbedingungen. Diese Besonderheiten m\u00fcssen bei der Ermittlung der erreichten Verg\u00fctung ber\u00fccksichtigt werden. Im Zuge dieser Arbeit wird deshalb ein Verfahren entwickelt, dass es erm\u00f6glicht, auf die Herausforderungen bei der Bewertung von Mitarbeiteraktienoptionen einzugehen. Durch die Modifikation eines herk\u00f6mmlichen Binomialmodells werden verschiedene Aus\u00fcbungsh\u00fcrden, die Dauer der Vesting Period und Handelsbeschr\u00e4nkungen, denen die Optionen unterliegen, ber\u00fccksichtigt. Zus\u00e4tzlich werden auch die fr\u00fchzeitige Aus\u00fcbung durch den Vorstand, ein m\u00f6glicher Verfall der Optionen sowie die rechtlichen Vorschriften des IFRS 2 bei der Bewertung beachtet.<br \/>\nBei der Konzeption des Modells wurde gro\u00dfer Wert auf die M\u00f6glichkeit einer einfachen Implementierung gelegt. Dies unterscheidet das entwickelte Verfahren von den meisten vorhandenen wissenschaftlichen Ver\u00f6ffentlichungen und erm\u00f6glicht einen Vergleich der aktienoptionsbasierten Verg\u00fctung \u00fcber verschiedene Unternehmen und Jahre hinweg.<br \/>\nDas vorgestellte modifizierte Binomialmodell erreicht eine Korrelation von \u00fcber 82% mit den Angaben aus den Gesch\u00e4ftsberichten der DAX- und MDAX-Unternehmen aus den Jahren von 2006 bis 2012. Durch die Ber\u00fccksichtigung der unterschiedlichen Besonderheiten reduziert sich der Wert der betrachteten Mitarbeiteraktienoptionen um durchschnittlich 35% im Vergleich zu einer Bewertung anhand des Black-Scholes-Modells ohne zus\u00e4tzliche Anpassungen.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-123\"><p><em>Keywords: Vorstandsverg\u00fctung, Mitarbeiteraktienoptionen, aktienbasierte Incentives, Binomialmodell, Corporate Governance<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-58 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2016\/12\/MA_von_Bary.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-124\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/b_v_bary\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-43 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-125\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Variance Risk Premia<\/strong><\/h5>\n<p>Alexander Wahl, Ludwig Maximilian University of Munich (Master thesis)<br \/>\nJunior Management Science 1(1), 2016, 1-33<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-34064-41\"><div class=\"fusion-panel panel-default panel-48481d0e37349be0d fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_48481d0e37349be0d\"><a aria-expanded=\"false\" aria-controls=\"48481d0e37349be0d\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34064-41\" data-target=\"#48481d0e37349be0d\" href=\"#48481d0e37349be0d\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"48481d0e37349be0d\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_48481d0e37349be0d\"><div class=\"panel-body toggle-content fusion-clearfix\">Using a relatively model-free approach to extract the risk-neutral expected variance from an extensive set of traded options on 29 single stocks and eight stock indices, I derive the variance risk premium defined as the difference between the actually realized variance and the expected variance under the risk-neutral measure. The analysis reveals that variance risk premia are persistently negative for the majority of underlyings and show a clear link to the underlying\u2019s exposure to systematic market variance. Moreover, I find that both the risk associated with continuous as well as discontinuous price movements contribute to observed variance risk premia.<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-126\"><p><em>Keywords:\u00a0Variance risk premium, Volatility premium, Jumps, Risk-neutral, Model-free<\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-59 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2016\/07\/JUMS_Wahl.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-127\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/variance-risk-premia-wahl\/\">Go to article page<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4889,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-34064","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/P7lBbr-8Rq","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/34064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/users\/4889"}],"replies":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/comments?post=34064"}],"version-history":[{"count":57,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/34064\/revisions"}],"predecessor-version":[{"id":63550,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/34064\/revisions\/63550"}],"wp:attachment":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/media?parent=34064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}