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Datenschutz im Zeitalter von Big Data : Herausforderungen für den europäischen Daten- und Persönlichkeitsschutz am Beispiel von Facebook
No full textThis paper deals with the topic "Data Protection in the Age of Big Data". Thus, this Master thesis focuses on the basic right "data and personality protection" in the new media using the example of Facebook. This master's thesis is primarily concerned with discussing the challenges of basic data protection law in the light of the latest technological possibilities such as Big Data. Another central topic to be dealt with in this thesis are the effects of the Schrems judgments as well as the legal consequences that the judgments of the European Court of Justice C-362/14 and C-311/18 had on the political and economic handling of European personal data.
First of all, the topic of Big Data is dealt with and its significance is elaborated. The aim is to define certain terms and explain the mode of operation of Big Data systems. Then the thesis examines Facebook in the light of Big Data and addresses the resulting challenges for data protection. The dissertation continues with the Charter of Fundamental Rights and then discusses the fundamental data protection law, which is of central importance for this work. In the course of this closer examination, the development of the Data Protection Act is to be pointed out in particular. Subsequently, this thesis takes a look at the deficits of the data protection law, whereby the analysis is limited to the processing of personal data. The further topic is based on some relevant European Court of Justice rulings on data protection law. After an in-depth examination of the four case law decisions (Lindqvist; Satakunnan Markkinapörssi und Satamedia; Digital Rights Ireland, Google and Google Spain), which had opened up the first data-related questions to the European Court of Justice, the main case analysis is initiated. In the first Schrems judgment, the ruling is discussed in detail. A focus will be on the changes that occurred as a legal consequence of the Schrems ruling. Further topics discussed in this master thesis are the subsequent developments after the Schrems judgement as well as the follow-up judgements.
Finally, this thesis will answer the question of what challenges Big Data poses to fundamental rights with regard to personal data and its protection and what legal and practical consequences the Schrems judgements had and will have.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Die Zinsschranke nach Art. 4 ATAD
No full textThe EU-Anti-Tax Avoidance Directive is a part of the Anti-Tax Avoidance Package, which was adopted by the European Union in 2016. ATAD is a response to the OECD’s Base Erosion and Profit Shifting initiative and thus the content of ATAD is based on the BEPS project. Similar to the BEPS initiative, ATAD aims to combat tax avoidance and profit shifting practices. Most of the ATAD rules apply as of December 31, 2018. ATAD is effective to all taxpayers, that are subject to corporate income tax in the European Union. Article 4 ATAD is one of the five legally binding anti-abuse measures. In the following master thesis this rule is discussed in detail. Article 4 ATAD deals with the deductibility of interest expenses, also called “interest limitation rule”. More precisely, this article limits the tax deductibility of net financing expenses of a company. The national legislators can implement exception rules, which make the interest limitation rule considerably more targeted. The master thesis analyses the impact of exception rules on the effect of Article 4 ATAD. In general, the European Commission grants those Member States, which already have an equally effective national regulation, an extended implementation deadline of Article 4 ATAD until December 31, 2023. Since the Austrian financial administration, unlike the European Commission, is convinced that the national legal regulation of Section 12 Paragraph 1 No. 10 of the Austrian Corporation Tax Act is equally effective, Austria has not implemented Article 4 ATAD into national law yet. This master thesis also discusses in detail this national regulation and compares it with Article 4 ATAD. As the Austrian legislator has not implement the interest limitation rule in national law yet, the European Commission can file an infringement proceeding against Austria. As a result, the European Court of Justice will decide whether Austria has to implement this rule into national law immediately or can use the extended deadline of end of 2023. To sum up, the following master thesis shows the possible impacts of Article 4 ATAD on Austrian companies. In addition to the literature research, expert interviews were also conducted in order to analyse the possible impacts of the interest limitation rule on Austrian companies.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Portfolio selection using different portfolio optimization frameworks
No full textThe aim of this thesis is to provide an overview of different portfolio optimization frameworks starting from the pioneer work of Markowitz (1952), through the Capital Asset Pricing Model and the Black-Litterman (1992) model, Mean-Conditional-Value-at-Risk optimization introduced by Rockafellar and Uryasev (2000) and the most recent Robust Optimization framework. Based on the introduced theories, Mean-Variance, Mean-Conditional-Value-at-Risk and Robust Mean-Variance portfolios will be constructed by using historical weekly return series. The optimal portfolios will be compared to the naïve equally weighted portfolio in an investment universe of eight assets. The performance of the portfolios will be assessed based on their annualized return, standard deviation, CVaR, Sharpe Ratio and maximum drawdown. A twofold backtesting will be conducted consisting of an in-sample and out-of-sample analysis. The out-of-sample testing will be done with a weekly rolling window rebalancing to see the sensitivity of the optimal portfolio weights to new information.
We find that the equally weighted portfolio provides almost the same annualized return as the tangency portfolios over a bullish out-of-sample period. In a bearish environment, it shows the worst performance. The robust portfolios have stable performance and show low sensitivity to new observations in the sample. In each sample period, the highest overall return can be attributed to the tangency portfolios. The overall critique of the optimal portfolios is low diversification and high share of fixed income assets.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Success-relevant criteria for angel investors to invest in a start-up
No full textDer Schwerpunkt dieser Arbeit liegt auf der Ausarbeitung der relevanten Kriterien, auf die sich Anleger bei der Investition in ein Start-up verlassen. Diese Arbeit untersucht sowohl persönliche Kriterien, als auch die Geschäftsmodellkriterien. Jene sind die Hauptfaktoren, welche die Angel-Investoren dazu veranlassen, in ein Start-up zu investieren. Das Forschungspapier beginnt mit einem allgemeinen Hintergrund über die Rolle des Unternehmertums in der Wirtschaft, einer Einführung in den Angel-Kapitalmarkt und verschiedenen Finanzierungsmöglichkeiten für Start-up-Unternehmen.
Darüber hinaus basiert die Forschung auf zwei verschiedenen Kriterien, Geschäftsmodellkriterien und persönlichen Erfahrungskriterien. Beide Kriterien werden anhand der vorhandenen Literatur und anhand von Experteninterviews detailliert ausgearbeitet. Einerseits werden in den Geschäftsmodellkriterien die neun Bausteine und ihre Bedeutung erläutert, während in den Abschlussarbeiten die persönlichen Präferenzen und Kriterien erläutert werden, welche Investoren bei der Finanzierung eines Start-ups führen.
Die Methode zur Durchführung dieser Forschung basiert auf qualitativen Methoden. Die Arbeit stützt sich zunächst auf die vorhandene Literatur zur Start-up-Branche und anschließend auf Experteninterviews zu dieser Forschung. Die Analyse der Interviews bietet ein tiefgreifendes Verständnis und einen Vergleich verschiedener Ansichten von verschiedener in Österreich ansässiger Investoren.Masterarbeit Wien, Fachhochschule des BFI Wien 202
The effect of the digital transformation process on Bank’s relationship with customers and a survey on their preferences
No full textFor many years’ banks have been highly secure profitable businesses. Within the last decade, the innovations in financial services by recent industry disruptors are threatening the status quo of traditional retail banks and redefining the banking model as it has been in place for ages. The turning point was experienced during the financial crisis between 2007-2009, which led to the emergence of financial technology companies, or FinTech. These digital innovative banking firms are profoundly changing the way customers invest, spend, move, and manage their money. Additionally, big technological companies, known as BigTech, which have an established presence in offering digital services, are threatening banks too.
Due to the above-mentioned factors, established banks need to adapt and increase their velocity of digital adoption to satisfy and create value for their restless customers, who are demanding more and more from their financial service providers. In this master thesis, we present how Fintech and BigTech companies are transforming the retail banking industry for the better and depict the changes that both banks and FinTech companies are experiencing to provide new products and services to the customers. The purpose is to discover what customers want from their banks in the era of digital banking services. The facts and statistics collected for the master thesis show that respondents are expecting a high quality, seamless experience through all digital channels. The data gathered from the questionnaire indicate that the majority of respondents are open to alternatives and are likely to consider banking with other non-financial institutions rather than banks. A large number of respondents are also willing to bank more on social media platforms. In addition to the above, cost and human touch yet matter to them.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Sales Excellence by People Excellence : HR als Enabler einer Transformation des Vertriebsbereichs im Mittelstand
No full text„Personnel Management: the poor cousin of sales“, is said sometimes. But is that right? The digital transformation is the clue for the 4th industrial revolution and the industry 4.0. It changes the way we live, the way we produce and the way we work. It changes hardly everything around us and we adapt ourselves. The digital transformation requires new digital, personal and social skills.
When a company has the vision to become the best company of its branch and the sales department plans a transformation into sales excellence to support the company`s target, can they do it on their own?
When you recognize that the digital transformation changes the technology, the processes and finally the organizational structure and the job descriptions, you realize that it is mainly a people, leadership and culture topic – and not just an IT topic.
But a study shows, that 80% of the HR-Managers in Germany think that their tasks did not change and will not change. How does that fit together?
This essay answers the following questions: What kind of competencies will sales people need in the near future? How can the HR management support sales within the transformation to sales excellence? And what kind of implications does that have for the role of the HR management in the near future?
An excellent sales person needs excellent skills – from empathy and customer orientation as social competencies to digital fitness and digitalization competencies. This essay gives a systematical overview on the competencies, but also on operational instruments and interventions, with which the HR management can support other departments in their transformation. A case study shows the high impact of the HR management on the success of the sales transformation.
Maybe they have to rename it: „Personnel Management: the partner of sales“.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Vom Umgang mit operationellen Risiken
No full textUnabhängig von Branche und Größe können in jedem Unternehmen verschiedene Arten von Risiken, einschließlich operationeller Risiken, identifiziert werden. Die Größe und der Umfang eines Unternehmens können erhebliche Auswirkungen auf das Risikomanagement haben, weshalb das Management operationeller Risiken variieren kann und dementsprechend spezifische und entsprechende Risikomethoden zur Identifizierung, Prävention und Analyse definiert und durchgeführt werden müssen. In jedem Unternehmen gibt es eine Risikokultur, unabhängig von der Art der Risikokultur und der Art und Weise, wie die Prozesse und Vorschriften erfasst und kommuniziert werden. Ungewiss bleibt jedoch, welchen Einfluss die Risikokultur des Unternehmens auf die Anwendung der verschiedenen Methoden hat und inwieweit die Risikokultur zur Unterstützung der Methoden des Risikomanagements eingesetzt werden kann. Daher wird in dieser Arbeit untersucht, inwieweit die Etablierung und das aktive Leben einer Risikokultur zur Umsetzung von Risikomanagementmethoden beitragen und sie gegebenenfalls anpassen können.Different types of risk, including operational risk, can be identified in any company, regardless of industry and size. However, the size and scope of a company can have a significant impact on risk management, which means that the management of operational risks can vary and, accordingly, specific and corresponding risk methods for identification, prevention and analysis must be defined and carried out. Risk culture exists in every company, regardless of the type of risk culture and in which way the processes and regulations are recorded and communicated. Nevertheless, what is still uncertain is what influence the company´s risk culture has on the application of the various methods and to what extent the risk culture can be used to support the methods of risk management. Therefore, in this thesis we shall consider the extent to which the establishment and active living of a risk culture can contribute to the implementation of these methods and, if necessary, to adapt them.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Klimawandel und sozialökologische Verkehrswende : Risiken und Chancen autonomen Fahrens
No full textThe digital transformation offers numerous opportunities for a more ecologically sustainable society and economy alike. In order to effectively counteract climate change, among other things, a socio-ecological turnaround in transport is needed. At the same time, tech companies and car manufacturers are currently working intensively on new possibilities for autonomous driving. In this context, the question arises as to what risks and opportunities autonomous driving presents in terms of a necessary socio-ecological turnaround in transport. For this purpose, the possible influence of autonomous driving on the choice of means of transport will be analyzed and interpreted in this master thesis on the basis of a quantitative data collection. The research question is: How does the automation of motorized individual transport change the choice of transport mode? Derived from this, additional questions arise, which are also dealt with: Which sustainable risks and opportunities result from this? Which measures and recommendations for action can be derived from this?
The results show that autonomous driving can hold both risks and opportunities when it comes to realizing the socio-ecological turnaround in transport. In particular, the next few years until autonomous vehicles are ready for series production must be used to support transport users in changing their behaviour so that a sustainable transformation of transportation can be achieved. This involves providing adequate alternatives on the one hand, but also the design and implementation of suitable sufficiency campaigns on the other hand. Psychological aspects of mobility behaviour as well as the redesign of mental models will play a certain role and need to be considered as well. As the car has become a socio-economic necessity over the last decades, these structures must be broken down by appropriate measures in the coming years, even before they can be transferred to a comparable use of autonomous vehicles.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Die Auffassung von Controlling der nicht-akademischen österreichischen Bevölkerung
No full textThe aim of this thesis is to research the perception of the non-academic Austrian population of the term Controlling. Firstly, the relevant literature was researched and analyzed. Subsequently, a qualitative empirical study in form of interviews has been conducted to answer the research question of this master thesis.
Controlling has a very long history of research but nevertheless specialists have disparate definitions of this term, even in the researched literature the definitions are very heterogenous. The reason for this is that controlling has been used very differently throughout history. Depending on the micro- and macroenvironmental situation the task of controllers varies tremendously. Controlling as we know it in German speaking countries today, has been mentioned for the first time in the bookkeeping departments of companies. As the environment changed due to cri- ses or times of high demand, controlling adapted as well. That is why controlling developed into operative Controlling and significantly gained importance in the organizational hierarchy of companies as well as support for the economic suc- cess of a company. After operative Controlling was established companies real- ized the importance of long-term strategic planning and implemented the ideas of strategic Controlling. Strategic Controlling did not replace operative Controlling, a company needs both in order to utilize Controlling properly as both have their own instruments to operate and are depended on each other.
The empirical part of this thesis has shown that the heterogeneous understanding that is represented among the experts also prevails among the non-academics of the Austrian population, even though they have less expertise in this field. In addi- tion to this, the term Controlling is well known, however the understanding of it has generally been found to be elusive. Although, there were few statements that had similarities to the theory elaborated in this master's thesis. The main reasons for the lack of knowledge about controlling, which have been identified during the analysis of the interviews, are that there is no interest in the term, that controlling has not been adequately presented in their professional life, or that the term has not been sufficiently addressed in their formal education.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Quantitative easing and its implications in Europe, UK and USA
No full textThe global financial crisis of 2008 had several negative impacts on the economy, therefore central banks decided to implement the unconventional monetary policy of quantitative easing. The main aim is to purchase assets via open market operations from significant financial institutions and corporates, in order to increase liquidity and wealth. By reducing the short-term interest rates to zero or near to zero, the inflation targets of the central banks should be reached. This way long-term yields should be stimulated, to avoid devaluations of the assets in the extended central bank balance sheet. Simultaneously the money supply is increased, which indicates the difference to conventional monetary policies.
Further, the economy is affected through several transmission channels, like money, portfolio rebalancing, signaling channel, market liquidity and future confidence. Hence, asset prices and bank lending should be increased. In addition, the cost of borrowing should be reduced in order to boost economic growth and reach the inflation target.
In Europe, UK and the USA the unconventional monetary policy had mainly similar implications. The large-scale asset purchases contributed to the real GDP growth and the positive development of the inflation. Furthermore, the stock market benefited and the bond yields for all maturities decreased due to the central bank intervention. Whereas, the unemployment, domestic credit growth and the Overnight Index Swap had some variations. However, several economic challenges led to fluctuations in the real economic effects of quantitative easing.
From the Keynesian and neoclassical perspective, the implications were interpreted differently, as the role of the government is explained contrarily. Keynesian economists describe that quantitative easing is efficient when affecting the future expectations, whereas the neoclassical economics favors the unconventional monetary policy as it leads to higher investments and increased GDP.Masterarbeit Wien, Fachhochschule des BFI Wien 202