Bøger udgivet af Deutscher Universitats-Verlag

Armin J. Hartmuth entwickelt ein Analyseinstrumentarium, mit dem sich der Wandel der Institution Börse aus der Perspektive der evolutorischen Ökonomik beschreiben und erklären lässt. Er zeigt, dass sich der Wandel von Börsen im Zuge einer "Koevolution der Technologie und der Institution Börse" vollzieht.

Joachim Deinlein untersucht, inwieweit die elektronische Abwicklung für Anbieter und Nachfrager tatsächlich Nutzen stiftet. Er erarbeitet einen umfassenden Katalog von Kriterien, die die Tragfähigkeit elektronischer Märkte maßgeblich beeinflussen, und entwickelt einen Ansatz zur internetmäßigen Vermarktungsfähigkeit von Gütern und Dienstleistungen.

Mittels einer umfangreichen und empirisch unterlegten Ereignisstudie analysiert Patrick R. Bettscheider die langfristigen Auswirkungen von Indexveränderungen im Bereich des FTSE-100 und erläutert die Determinanten der Indexeffekte. Es zeigt sich, dass die teilweise überzogenen Erwartungen von Unternehmen und Anlegern korrigiert werden müssen.

Nils H. Tröger analysiert die aktuellen Treiber der M&A-Aktivitäten und zeigt mikroökonomisch fundierte Fusionsmotive für Banken auf. Diese Erklärungsansätze werden anschließend im Rahmen einer empirischen Untersuchung von Praktikern und Wissenschaftlern bewertet.

Marc Siemes zeigt, dass für sogenannte "Market Orphans", d.h. am Kapitalmarkt kaum wahrgenommene Unternehmen, der Rückzug von der Börse eine attraktive Möglichkeit ist und dass Finanzinvestoren diese Unternehmen im Rahmen einer Transaktion aktiv begleiten können.

Thomas Pöck zeigt praxisorientiert, wie ein Unternehmen organisiert sein muss, um Zeit-, Kosten- und Wissensintegrationsvorteile aus Wertschöpfungspartnerschaften zu erschließen und gleichzeitig damit verbundene Risiken zu vermeiden.

Vor dem Hintergrund der auslaufenden Rechtsgrundlage des heute in Europa dominierenden Vertriebssystems für Automobile analysiert Bernd Geiseler Bestimmungsfaktoren und Alternativen der Absatzwegewahl und leitet langfristige Handlungsempfehlungen für die Gestaltung des zukünftigen Automobilvertriebs in der Europäischen Union ab.

"DUV Wirtschaftswissenschaft"--P. [4] of cover.

Informationen. Diagnoseprobleme sind eine in der Betriebswinschaft hliufig auftretende Problemklasse. Dabei ist eine bestimmte vorliegende Situation zu erkennen und zu klassifizieren, der eine bestimmte Handlung oder Folgerung zuzuordnen ist.

"While the state-preference approach is perhaps more general than the mean­ variance approach and provides an elegant framework for investigating theo­ retical issues, it is unfortunately difficult to give it empirical content. " I The state of the art in asset pricing has substantially changed over the past years. While the seminal CAPM represents an equilibrium model derived under rather restrictive assumptions on preferences or return distributions and places a lot of emphasis on the efficiency of a somehow arbitrary market portfolio, subsequent models were much less restrictive with respect to the underlying economic struc­ ture. For example, the arbitrage pricing theory maintains the linear relationship between risk and return simply by assuming the absence of arbitrage profits. While empirically more tractable than the CAPM, the main drawback of arbitrage pricing models is that they do not provide much insight into the economic and dynamic nature of risk premia. The "conditional" CAPM provides an elegant econometric framework to characterize how changing economic conditions de­ termine the variability of multiple risk premia. However, this framework still re­ quires some rather ad-hoc assumptions about the economic nature of the pricing kernel. An ingenious next step in asset pricing modeling was therefore to revert the question to be addressed. Instead of placing strong restrictions on distribu­ tions and preferences, observed returns are used to derive restrictions which must be imposed on the stochastic properties of the pricing kernel. A simple Euler-type equation is typically used to characterize that approach.

Foreword In recent years regulation and deregulation issues grew into a major concern of corpo­ rate management. Asked about their biggest pain points, managers from different businesses, not only network-based industries like telecommunications, transportation, and energy, but also chemicals or food and beverages, mentioned uncertainty resulting from regulation. Despite this fact, strategic management has so far widely neglected the interactions and inter-dependencies between corporate and regulatory actors. With this dissertation, the author aims at closing this gap through a better integration of external, regulatory actors into the strategy formation process. More specifically, he asks how regulatory actors impact corporate strategy and structure and how corporate management can proactively manage this type of external involvement. Based on an extensive literature review, the author shows that extant models of the strategy formation process focus almost exclusively on actors internal to the firm; ex­ ternal actors are widely neglected. In general, they have been condensed under rather abstract conditions of the environment (such as uncertainty or complexity). If explic­ itly considered, only selected elements (e.g., innovativeness, diversification, or organ­ izational design) have been analyzed in primarily content-based, quantitative, cro- secfional studies. A broader understanding of the complex inter-dependencies and mu­ tual influences between corporate and external actors remains lacking.

The volumes outstanding in bond markets are by far larger than in equity markets. Despite this fact, most of the research on the microstructure of financial market s focuses on equity markets. This is even more surprising taking into account that (i) the microstructure of a financial market has a strong influence on its ability to allocate resources efficiently, and (ii) that the results obtained from equity markets cannot be applied to bond markets. The thesis addresses open questions related to the microstructure of bond markets and presents three empirical studies. In the first paper, a unique dataset of transactions in German federal securities is analyzed to address the question whether the historical grown structure of different coexisting trading segments - exchange trading, bilateral OTC trading, and brokered OTC trading - can be economically justified. There is evidence that the different trading segments are indeed regarded as non-interchangeable by the market participants. The second part of the thesis focuses on the price formation in customer-dealer and the interdealer bond markets by applying cointegration econometrics to a dataset of high fi-equency quotes for EMU government bonds. While the customer-dealer market is still very fragmented and intransparent, trading in the interdealer market concentrates on a smaller number of more transparent electronic trading systems like EuroMTS.

Originally presented as the author's thesis (doctoral)--Universiteat Bremen, 2005.

University spin-offs contribute effectively to economic prosperity and job creation. These independent entities are formed to commercialize technologies originating from publicly funded research institutions and fulfill several functions. University spin-offs increase the technological effectiveness of an economy and contribute to the competitiveness of a nation. They foster regional development by establishing themselves in close proximity to their incubator organizations thereby attracting other high-technology companies to the region. They achieve abo- average growth rates and promote higher innovation efficiency. In a discussion on the function of publicly financed research and regional economic development, sp- offs are regarded as instruments to support their incubators and therefore legitimize further support for academic institutions. However, only limited research providing further insight on the phenomena of university spin-offs is available. Empirical evidence on the factors influencing the success of spin-offs is scarce. The Institute for Innovation Research of the Kiel University has been working towards improving the current fragmented findings through its own research efforts. Manoj Gupte contributes to the research field with an in-depth study providing empirical results on the influence of internal management activities on the growth of university spin-offs. He explicitly incorporates contextual factors into his framework.

VII _______________________________________________________________________________________________________________________________ _______________________ Preface The book series, Applied Marketing Science - Angewandte Marketingforschung aims to bridge the gap between scientific rigor and practical relevance in the transfer of c- ting-edge theoretical and applied knowledge between scholars and practitioners. The series explores classic and contemporary theories and themes in global competitive networks, inter-organizational relationships, customer relationship management, and competitive advantages as conceived, developed, and applied in the field of marketing. Some major themes pursued by books in this series include: The management of networks and value chains Networks between firms and customers Inter-organizational networks Consumer behavior Brand management Marketing channels Other themes will also be explored at the discretion of the series editors. Given its international focus, the series Applied Marketing Science ¿ Angewandte Marketingforschung will include contributions in both German and English. For authors, Applied Marketing Science ¿ Angewandte Marketingforschung offers the opportunity to publish original work, edited volumes or monographs. In order to - sure the highest possible standards of academic quality and readability, authors must first submit a brief proposal that includes the major themes explored in the book, e- dence or rationale of why the themes, methods and conclusions are original and c- ting-edge in the discipline, and the intended contribution to the practice of marketing science. The proposal would then be reviewed by the series editors and, if necessary, external reviewers. Based on their evaluations, a proposal is either accepted,con- tionally accepted or rejected by the editorial board.

Driven by the convergence of international ?nancial public markets, investors around the globe are searching for alternative asset classes which provide diversi?cation of their portfolios while earning attractive returns. Private equity, denominating equity investments in privately held companies, promises to ful?ll both criteria. Over the last three decades, the global private equity industry has experienced an enormous growth. Private equity has become an important ingredient in the portfolios of institutional investors, such as banks, insurance companies and pension funds. Despite its increasing importance, relatively few are known about the characteristics and specialities of private equity. Therefore, practitioners are turning to researchers for systematic information in order to take sound investment decisions. In his dissertation, Ulrich Lossen contributes to this need of information. Lossen applies advanced econometric methods to a unique data set which he assembled speci?cally for the purpose of this thesis. His analysis focuses on the choice of portfolio strategies by private equity ?rms and the impact of this choice on funds¿ performance. His research proceeds in three steps. First, Lossen models the trade-o? between diversi?cation and specialization in private equity funds theoretically. Secondly, he analyzes the in?uence of external factors on the choice of private equity ?rms to diversify their portfolios across di?erent dimensions, such as ?nancing stages, industries, and geographic regions. Finally, he examines the impact of such diversi?cation on private equity funds¿ performance.

Die Beiträge setzen sich mit folgende Themen auseinander: Die Besucher von Gründungsmessen; The European Commision Recommendation on Small and Middle Enterprises; Corporate Citizenship als partnerschaftliche Maßnahme von Unternehmen und Institutionen

Jan Hofmann untersucht, ob virtuelle Prototypen realitätsnahe Urteile erlauben. Werden sie beispielsweise räumlich korrekt wahrgenommen? Auf der Grundlage seines Modells können Maßnahmen zur besseren Kontrolle der Raumwahrnehmung in der virtuellen Welt abgeleitet werden.

Katrin Lehmann entwickelt ein internetbasiertes Testverfahren für die Auswahl von Mitgliedern virtueller Teams. Die Testrevision sowie Reliabilitäten und Validitäten der revidierten Skalen werden beschrieben und Aussagen über die optimale Zusammensetzung virtueller Teams abgeleitet.

Tobias Kollmann and Matthias Häsel explore the manifold possibilities of cross-channel cooperation and present the first systematic investigation and classification of cooperation strategies between partners equipped with online and offline business models. They provide a conceptual framework to understand the subject and examine the practical implications for the implementation of their new concept.

v Foreword In the past companies focused on the one hand on rationalizing their supplier base to reduce transaction costs. On the other hand firms tried to take advantage of the research and development potential of their suppliers. Due to these developments buyers put emphasize on the establishment and maintenance of long-term supplier relationships. The primary focus was not the success optimization of single procurement processes, but rather the long-term perspective of supplier relationships has moved into the center of attention. Furthermore, global procurement and joint product development became commonly applied approaches. Nowadays most firms have been captured by the developments of the E-century. The establishment of electronic networks between business partners promises competitive advantages. Referring to success stories such as General Motors the application of new information technologies (e.g. E-procurement) seems to be necessary. However, past empirical studies do not confirm a relation between corporate success and the application of new information technologies. These studies do not analyze the decision process for using these new tools. They cannot reveal, if and why the IT application in supplier relationships is necessary and which benefits can be realized. Furthermore, it is questionable, which value the classical approach of supplier relationship management has.

Auf einer fundierten theoretischen Basis entwickelt Klaus R. Heilmann das Modell eines Erfolgskonzeptes und überprüft die daraus abgeleiteten Hypothesen. Er identifiziert eine konsequente strategische Ausrichtung, die Stakeholderorientierung, die Optimierung der Eigenschaften des Marktmodells und die Mitarbeiter einer Börse als maßgebliche Erfolgsfaktoren. Ausgezeichnet mit dem Förderpreis der Bayerischen Landesbank und dem 2. Preis des Julius Reuter Innovation Award 2003.

Die Bedeutung dynamischer Strategien für Unternehmen findet in zunehmendem Maße Beachtung. Arno Antlitz entwickelt ein Modell, das kompetenzbasierte Überlegungen mit dem Transaktionskostenansatz und organisationalen Lernprozessen verbindet.

This volume emphasizes the possibilities to adjust and develop the methodology of Data Envelopment Analysis in order to meet the requirements of the service sector.

Software developers are faced with the challenge of making software systems and products of ever greater quality and safety, while at the same time being faced with the growing pressure of costs reduction in order to gain and maintain competitive advantages. As in any scientific and engineering discipline, reliable measurement is essential for talking on such a challenge. "Software measurement is an excellent abstraction mechanism for learning what works and what doesn't" (Victor Basili). Measurement of both software process and products provides a large amount of basic information for the evaluation of the software development processes or the software products themselves. Examples of recent successes in software measurement span multiple areas, such as evaluation of new development methods and paradigms, quality and management improvement programs, tool-supporting initiatives and company­ wide measurement programs. The German Computer Science Interest (GI) Group of Software Metrics and the Canadian Interest Group in Software Metrics (CIM) have attended to these concerns in the recent years. Research initiatives were directed initially to the definition of software metrics and then to validation of the software metrics themselves. This was followed by more and more investigation into practical applications of software metrics and by critical analysis of the benefits and weaknesses of software measurement programs. Key findings in this area of software engineering have been published in some important books, such as Dumke and Zuse's Theory and Practice of Software Measurement, Ebert and Dumke's Software Metrics in Practice and Lehner, Dumke and Abran's Software Metrics.

"DUV Sozialwissenschaft"--P. [4] of cover.

global automotive industry currently undergoing substantial changes the way firms compete. Driving forces behind these changes globalized markets, technologies, more demanding customers. structures are evolving within the automotive companies, there increased evidence of the importance of we- functioning networks order to gain a competitive advantage. The benchmarks for the automotive companies the demands for higher product quality, more efficiency bringing products to markets, a reduction of time to market. above changes present the starting point for the research by Daniel which deals with the product development process, particular within the automobile industry. It a subject, which to now hasn't been satisfactorily treated. Daniel sets out to explain value the engineering product development paradigms of point- set-based concurrent engineering from a holistic viewpoint. First of all, identifies select capabilities based empirical studies of best practice current automotive product development, particular at Toyota Motor Corporation. This a pronounced understanding of why different product engineering systems able to yield a competitive advantage the market. Second of all, applies a real option valuation model to these capabilities within a financial economics framework order to quantify from the viewpoint of shareholders the value of poi- concurrent engineering respectively. In this way, automotive firms are given a powerful tool, which enables them to identify the optimal amount of innovation to build into the product development process. Finally, Daniel establishes five clear principles of product development, which give significant direction for automotive executives designing controlling the product development process optimally uncertain dynamic environment.

Foreword When CEO Joseph Ackermann set Deutsche Bank the target for 2005 of achieving at least 25% return on equity before tax, he was sending out a clear signal: Management in the German banking sector was finally realizing that it had to focus more on share­ holder interests. Parallel to the discontinuation of German state guarantees, Gewa- tragerhaftung and Anstaltslast, in 2005, there was a change in owner's requirements on members of the largest German banking group - the Landesbanks and savings banks. Some municipalities have been increasing pressure on their institutions to create grea­ ter financial value, which will then allow higher payouts. The increasing importance of shareholder value orientation in the banking sector poses at least three interesting sets of questions: ¿ How should one measure economic value creation (for shareholders) in banking? Does the banking sector possess any special features that have to be taken into consideration when measuring this? ¿ To what extent do banks' market values truly reflect expected shareholder value creation? Which factors are responsible for systematic deviations of a bank's intrin­ sic value from its market value? ¿ What are the key financial and operational levers that bank managers should focus on in order to increase shareholder value? This dissertation by Ms. Gross focuses on precisely these three sets of questions.