{"id":34750,"date":"2019-06-07T17:55:36","date_gmt":"2019-06-07T17:55:36","guid":{"rendered":"https:\/\/jums.academy\/v4i2\/"},"modified":"2022-11-18T08:40:25","modified_gmt":"2022-11-18T08:40:25","slug":"v4i2","status":"publish","type":"page","link":"https:\/\/jums.academy\/en\/v4i2\/","title":{"rendered":"v4i2"},"content":{"rendered":"<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\" 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:#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-34750-1\"><div class=\"fusion-panel panel-default panel-992d551f6948c6439 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_992d551f6948c6439\"><a aria-expanded=\"false\" aria-controls=\"992d551f6948c6439\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-1\" data-target=\"#992d551f6948c6439\" href=\"#992d551f6948c6439\"><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=\"992d551f6948c6439\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_992d551f6948c6439\"><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 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><span class=\"awb-title-spacer\"><\/span><div class=\"title-sep-container\"><div class=\"title-sep sep-single sep-solid\" style=\"border-color:#000000;\"><\/div><\/div><\/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 fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-four\" style=\"--awb-margin-bottom:-5px;--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;\"><h4 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:26;line-height:1.43;\"><h4><strong>Junior Management Science, Volume 4, Issue 2, June 2019<\/strong><\/h4><\/h4><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_5 1_5 fusion-one-fifth fusion-column-first\" style=\"--awb-bg-size:cover;width:20%;width:calc(20% - ( ( 4% ) * 0.2 ) );margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-image-element fusion-image-align-center in-legacy-container\" style=\"text-align:center;--awb-caption-title-font-family:var(--h2_typography-font-family);--awb-caption-title-font-weight:var(--h2_typography-font-weight);--awb-caption-title-font-style:var(--h2_typography-font-style);--awb-caption-title-size:var(--h2_typography-font-size);--awb-caption-title-transform:var(--h2_typography-text-transform);--awb-caption-title-line-height:var(--h2_typography-line-height);--awb-caption-title-letter-spacing:var(--h2_typography-letter-spacing);\"><div class=\"imageframe-align-center\"><span class=\" fusion-imageframe imageframe-none imageframe-1 hover-type-none\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"592\" height=\"838\" title=\"Deckblatt_v4i2\" src=\"https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2020\/03\/Deckblatt_v4i2.jpg?resize=592%2C838&#038;ssl=1\" alt class=\"img-responsive wp-image-31910\" srcset=\"https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2020\/03\/Deckblatt_v4i2.jpg?resize=200%2C283&amp;ssl=1 200w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2020\/03\/Deckblatt_v4i2.jpg?resize=212%2C300&amp;ssl=1 212w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2020\/03\/Deckblatt_v4i2.jpg?resize=400%2C566&amp;ssl=1 400w, https:\/\/i0.wp.com\/jums.academy\/wp-content\/uploads\/2020\/03\/Deckblatt_v4i2.jpg?w=592&amp;ssl=1 592w\" sizes=\"(max-width: 800px) 100vw, 400px\" \/><\/span><\/div><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-3 fusion_builder_column_4_5 4_5 fusion-four-fifth fusion-column-last\" style=\"--awb-bg-size:cover;width:80%;width:calc(80% - ( ( 4% ) * 0.8 ) );\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><ol>\n<li><a href=\"#A1\"><b>Carina Brettschneider,<\/b> R&amp;D Accounting Discretion as an Income Smoothing Tool: An Empirical Analysis of German Listed Companies, 151-172<\/a><\/li>\n<li><a href=\"#A2\"><b>Theresa Langenmayr<\/b>, Implementation of Strategic Change by Franchisees: A Sensemaking Perspective, 173-194<\/a><\/li>\n<li><a href=\"#A3\"><b>Maximilian B\u00f6lstler,<\/b> The Influence of Cryptocurrencies on Enterprise Risk Management \u2013 an Empirical Evidence by the Example of Bitcoin, 195-227<\/a><\/li>\n<li><a href=\"#A4\"><b>Daniel Sch\u00fcrk<\/b>, Does Subordinated Debt Discipline Banks? Empirical Evidence of Market Discipline in Europe, 228-240<\/a><\/li>\n<li><a href=\"#A5\"><b>Philipp K\u00fcst<\/b>, The Impact of the Organic Label Halo Effect on Consumers\u2019 Quality Perceptions, Value-in-Use and Well-Being, 241-264<\/a><\/li>\n<li><a href=\"#A6\"><strong>Tom O. K. Zeissler<\/strong>, Charakteristika vs. Carry &#8211; Outperformance in Devisenm\u00e4rkten, 265-304<\/a><\/li>\n<\/ol>\n<\/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-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 style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-5 fusion_builder_column_1_6 1_6 fusion-one-sixth fusion-column-first fusion-column-no-min-height\" style=\"--awb-padding-top:10px;--awb-padding-bottom:10px;--awb-bg-size:cover;width:13.3333%; margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-aligncenter\"><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\/2019\/06\/JUMS_Volume4_Issue2_2019.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read issue<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-6 fusion_builder_column_1_2 1_2 fusion-one-half fusion-column-no-min-height\" style=\"--awb-bg-size:cover;width:48%; margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 2px; height: 2px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-7 fusion_builder_column_1_6 1_6 fusion-one-sixth fusion-column-no-min-height\" style=\"--awb-padding-top:10px;--awb-padding-bottom:10px;--awb-bg-size:cover;width:13.3333%; margin-right: 4%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-aligncenter\"><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=\"_self\" href=\"https:\/\/jums.academy\/en\/submit\/\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Submit thesis now<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-8 fusion_builder_column_1_6 1_6 fusion-one-sixth fusion-column-last fusion-column-no-min-height\" style=\"--awb-padding-top:10px;--awb-padding-bottom:10px;--awb-bg-size:cover;width:13.3333%;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-aligncenter\"><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=\"_self\" href=\"https:\/\/jums.academy\/en\/newsletter\/\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Keep up to date<\/span><\/a><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><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 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-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 style=\"width: 2px; height: 15px;\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><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-2\"><p><a name=\"A1\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>R&amp;D Accounting Discretion as an Income Smoothing Tool: An Empirical Analysis of German Listed Companies<\/strong><\/h5>\n<p>Carina Brettschneider, Ludwig Maximilian University of Munich (Bachelor thesis)<br \/>\nJunior Management Science 4(2), 2019, 151-172<\/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-34750-2\"><div class=\"fusion-panel panel-default panel-9ccb94f186859380e fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_9ccb94f186859380e\"><a aria-expanded=\"false\" aria-controls=\"9ccb94f186859380e\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-2\" data-target=\"#9ccb94f186859380e\" href=\"#9ccb94f186859380e\"><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=\"9ccb94f186859380e\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_9ccb94f186859380e\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Capitalization of development costs is compulsory according to IFRS if a set of criteria is fulfilled. However, this obligation<br \/>\nis considered as a de facto right for capitalization since the criteria are quite subjective, allowing for a certain degree of<br \/>\nflexibility. Hence, the question arises whether managers use research and development (R&amp;D) accounting to conduct earnings<br \/>\nmanagement in terms of income smoothing. Using a sample of German listed companies, the study conducts several regression<br \/>\nanalyses to test whether there is a negative relationship between R&amp;D capitalization and different income smoothing proxies.<br \/>\nResults show that the hypothesis is supported independent of the income smoothing proxy used. The study proofs that<br \/>\nmanagers indeed use R&amp;D capitalization judgments to conduct income smoothing.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-3\"><p><em>Keywords: R&amp;D capitalization; income smoothing; earnings management; R&amp;D accounting; development costs.<\/em><\/p>\n<\/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\/2019\/06\/BA_Brettschneider.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-4\"><div style=\"width: 2px; height: 5px;\"><\/div>\n<p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/c-brettschneider\/\">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-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-5\"><p><a name=\"A2\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>Implementation of Strategic Change by Franchisees: A Sensemaking Perspective<\/strong><\/h5>\n<p>Theresa Langenmayr, University of Zurich (Master thesis)<br \/>\nJunior Management Science 4(2), 2019, 173-194<\/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-34750-3\"><div class=\"fusion-panel panel-default panel-501be626286006e4a fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_501be626286006e4a\"><a aria-expanded=\"false\" aria-controls=\"501be626286006e4a\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-3\" data-target=\"#501be626286006e4a\" href=\"#501be626286006e4a\"><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=\"501be626286006e4a\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_501be626286006e4a\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Franchisees play an important role when inter-organizational change, initiated by franchisors, is to be implemented. The objective of this thesis is to gain insights into franchisees\u2019 sensemaking activities. Drawing on sensemaking theories and franchising literature, a case study on franchisees in the automotive industry reveals how social processes of interaction, within and across their organizational boundaries, influence their interpretations of change initiatives. It contributes to the sensemaking literature through expanding research to inter-organizational change. It also contributes to the franchising literature through analyzing the franchisees\u2019 role during franchisor-initiated change from a sensemaking perspective.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-6\"><p><em>Keywords: sensemaking; inter-organizational change; franchising.<\/em><\/p>\n<\/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:\/\/jums.academy\/wp-content\/uploads\/2019\/06\/MA_Langenmayr.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-7\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/t-langenmayr\/\">Read abstract<\/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-8\"><p><a name=\"A3\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>The Influence of Cryptocurrencies on Enterprise Risk Management \u2013 an Empirical Evidence by the Example of Bitcoin<\/strong><\/h5>\n<p>Maximilian B\u00f6lstler, University of St.Gallen (Bachelor thesis)<br \/>\nJunior Management Science 4(2), 2019, 195-227<\/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-34750-4\"><div class=\"fusion-panel panel-default panel-0423d11eb7d40c0b2 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0423d11eb7d40c0b2\"><a aria-expanded=\"false\" aria-controls=\"0423d11eb7d40c0b2\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-4\" data-target=\"#0423d11eb7d40c0b2\" href=\"#0423d11eb7d40c0b2\"><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=\"0423d11eb7d40c0b2\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0423d11eb7d40c0b2\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>This thesis analyzes the influence of cryptocurrencies in the context of risk management by considering the emerging risk<br \/>\nfactors of Bitcoin as a payment method. By means of an empirical analysis through an online survey, the current operational<br \/>\ndealing of incoming Bitcoin funds, the risk awareness of the potential threats, and the corresponding control activities<br \/>\nimplemented by companies accepting Bitcoin payments have been examined. The results reveal that the risks of this new<br \/>\ntechnology-based payment method have not been extensively evaluated and that there exists a partially significant lack of<br \/>\nknow-how. Therefore, the risks are either not at all or improperly addressed by a majority of the organizations. However,<br \/>\nthe exchange rate risk and the cyber risk, which is a strongly linked to the administration of cryptocurrencies, represent the<br \/>\nmost significant related risk factors associated with cryptocurrencies in recent times. To ensure an appropriate operational<br \/>\ndealing with cryptocurrencies, the author presents a risk control matrix based on the results of the analysis and discusses control<br \/>\nactivities to mitigate these emerging threats. Finally, a holistic Cryptocurrency IC Framework (following the COSO 2013<br \/>\nIC Framework) is presented, with the objective of effectively and efficiently developing and maintaining systems of internal<br \/>\ncontrol with regard to cryptocurrencies.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-9\"><p><em>Keywords: Blockchain; digital assets; Bitcoin; cryptocurrency; IC framework; enterprise risk management.<\/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\/2019\/06\/BA_Boelstler.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-10\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/en\/m-boelstller\/\">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-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-11\"><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-34750-5\"><div class=\"fusion-panel panel-default panel-df73c3d11eecedca9 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_df73c3d11eecedca9\"><a aria-expanded=\"false\" aria-controls=\"df73c3d11eecedca9\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-5\" data-target=\"#df73c3d11eecedca9\" href=\"#df73c3d11eecedca9\"><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=\"df73c3d11eecedca9\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_df73c3d11eecedca9\"><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-12\"><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-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\/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-13\"><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-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-14\"><p><a name=\"A5\"><\/a><\/p>\n<h5 style=\"text-align: left;\"><strong>The Impact of the Organic Label Halo Effect on Consumers\u2019 Quality Perceptions, Value-in-Use and Well-Being<\/strong><\/h5>\n<p>Philipp K\u00fcst, Freie Universit\u00e4t Berlin (Masterarbeit)<br \/>\nJunior Management Science 4(2), 2019, 241-264<\/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-34750-6\"><div class=\"fusion-panel panel-default panel-269c0db5cddfe4700 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_269c0db5cddfe4700\"><a aria-expanded=\"false\" aria-controls=\"269c0db5cddfe4700\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-6\" data-target=\"#269c0db5cddfe4700\" href=\"#269c0db5cddfe4700\"><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=\"269c0db5cddfe4700\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_269c0db5cddfe4700\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<p>Food well-being is an innovative field of research analysing the complex consequences of food intake on body and mind. In<br \/>\nface of mounting civilization diseases and environmental challenges promoting healthy and sustainable diets is crucial. For<br \/>\nconsumers it is difficult however, to assess the healthiness and environmental friendliness of a product. Food labels, like the<br \/>\norganic one, are therefore used as extrinsic cues to help customers distinguish between alternatives.<br \/>\nThis paper analyses how the organic label biases consumers\u2019 quality perception, a phenomenon that has been referred to as<br \/>\nthe organic label halo effect. It further intends to uncover the links between several quality dimensions and their consequences<br \/>\nas reflected in value-in-use. Finally it aims to detect if those consequences ultimately lead to enhanced post-prandial wellbeing.<br \/>\nA quantitative study in an experimental canteen setting was conducted to answers those questions. Structural equation<br \/>\nmodelling (SEM) was applied to test the hypotheses. The results indicate a positive impact of the organic label halo effect on<br \/>\nconsumers\u2019 quality perceptions in terms of health &amp; safety, environmental friendliness &amp; animal welfare as well as prestige.<br \/>\nThose in turn were shown to positively influence on several value-in-use dimensions, including social, altruistic, functional<br \/>\nand hedonic value. Finally, the latter two were significantly related to well-being.<br \/>\nHence, this research shows that providing organic food in a canteen ultimately enhances consumer well-being through<br \/>\ninferential beliefs on quality and value evoked by the label. The findings help to better understand the links between food<br \/>\nconsumption and subjective well-being and are therefore of interest for policy makers and researchers around the world.<\/p>\n<\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-15\"><p><em>Keywords: food well-being; organic label halo effect; value-in-use; perceived quality; extrinsic cues.<\/em><\/p>\n<\/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:\/\/jums.academy\/wp-content\/uploads\/2019\/06\/MA_Kuest.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-16\"><p style=\"text-align: right;\"><a href=\"https:\/\/jums.academy\/p-kuest\/\">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-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-17\"><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-34750-7\"><div class=\"fusion-panel panel-default panel-0ac2dec2a1eb93101 fusion-toggle-no-divider\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_0ac2dec2a1eb93101\"><a aria-expanded=\"false\" aria-controls=\"0ac2dec2a1eb93101\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-34750-7\" data-target=\"#0ac2dec2a1eb93101\" href=\"#0ac2dec2a1eb93101\"><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=\"0ac2dec2a1eb93101\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_0ac2dec2a1eb93101\"><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-18\"><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-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\/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-19\"><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><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"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-34750","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/P7lBbr-92u","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/34750","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/comments?post=34750"}],"version-history":[{"count":21,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/34750\/revisions"}],"predecessor-version":[{"id":49347,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/34750\/revisions\/49347"}],"wp:attachment":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/media?parent=34750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}