Bøger af Adrian Schmid

Master's Thesis from the year 2016 in the subject Business economics - Investment and Finance, grade: 1.3, University of Frankfurt (Main) (Chair of Banking and Finance, Faculty of Economics and Business Administration), language: English, abstract: As the last global financial crisis has shown, macroeconomic shocks have huge impacts on numerous economic sectors. The distortions caused by the crisis led to world-wide declines in trade, output and employment. This paper takes special emphasis on bank leverage ratios. Our longitudinal sample ranges from 2004 to 2015, including 5,069 observations of 483 banks in the United States and Europe. Our investigations are based on a modified Gropp and Heider (2010) style linear two-way error component model that uses leverage determinants of non-financial firms to describe bank capital structure. It is investigated how bank capital structure and its determinants respond to the financial crisis. The results show that the financial crisis had strong impacts.

Bachelor Thesis from the year 2013 in the subject Business economics - Business Management, Corporate Governance, grade: 2.0, University of Tubingen (Department of International Business), language: English, abstract: This paper¿s purpose is to give an overview of how distance in management research is measured and to overview the strong critique the corresponding measures have to face. The paper¿s investigation brought several findings: firstly that frameworks in which distance constructs develop are too wide in their definition and that these frameworks are insufficiently connected to each other what impedes the improvement of the strong criticised but in management research essential constructs. Secondly the paper illustrates the widespread disagreement among researchers and literature. The paper gives suggestions how distance measures could be improved and contributes to a more "outside of the box thinking" by considering the whole distance construct. Furthermore it helps to build unbiased opinions of the thematic by not taking a side or giving suggestions whether on construct is superior towards another.Due to rising internationalization of businesses and the circumstance of having business partners, suppliers and clients placed all around the world, companies are fronting challenges like diversities in lifestyles, languages, cultural values and norms, consumer preferences and buying power. So it is not surprising that these differences or distances became an increasingly important topic in international management research. Distance aspects are important for companies in evaluating and improving their international strategies in nearly every field of business, especially when it comes to expansions in foreign investments through direct investments, international transactions and joint ventures. In purpose to be able to identify the extent of difference between countries, that Hymer called "liability of foreignness", management scholars evolved a broad range of quantitative and qualitative distance measures based on different assumptions and methods. But although the concepts play an important role in international management research and although they are widely used in international business practice to support or to improve companies¿ decision-making process, they face strong criticism and contradiction.

Academic Paper from the year 2014 in the subject Business economics - Investment and Finance, grade: 1.3, University of Frankfurt (Main), language: English, abstract: The field of household finance is confronted with the phenomena called ¿stock market participation puzzle¿ (Haliassos, 2003) which describes that most households do not hold stocks, despite that there are higher expected returns on stocks than on risk free assets (Haliassos, 2003). According to Haliassos and Bertaut (1995), 75% of households in the United States do not own stocks directly although returns on equity exceed the returns on risk free assets. This issue does not only concern households themselves, financial intermediaries, and stock issuers. It is also relevant for questions concerning privatisation, asset pricing, and tax rates on capital gains (Haliassos and Bertaut, 1995). The participation rate can directly affect the equity premium as argued by Mankiw and Zeldes (1991), and Heaton and Lucas (1999).Stock market participation in this seminar thesis refers to households participating in the market by holding stocks, excluding retirement accounts. The purpose is to demonstrate five factors discussed in financial literature that contribute to solve the stock market participation puzzle or reasons why limited stock market participation can be observed: Deviation from standard expected utility (Haliassos, 2003; Epstein and Zin, 1990; Haliassos and Hassapis, 1999; Diecidue and Wakker, 2001; Haliassos and Bertaut, 1995), more restricted borrowing constraints (Constantinides, Donaldson, and Mehra, 2002; Cocco, Gomes, and Maenhout, 2005; Haliassos, 2003), participation and entry costs (Guiso and Japelli, 2004; Gollier, 2002; Haliassos and Michaelides, 2003; Paiella, 2001; Vissing-Jorgensen, 2002; Haliassos, 2003), lack of financial awareness (Guiso and Jappelli, 2004), and financial illiteracy (van Rooij, Lusardi, and Alessie, 2007; Arrondel, Debbich, and Savignac, 2012; King and Leape, 1987).