Publikationsserver der Fachhochschule des BFI Wien
Not a member yet
1438 research outputs found
Sort by
A GARCH-EVT-copula approach for measuring market risk : an empirical comparison of different specifications
No full textValue-at-Risk (VaR) is the most widely used measure of market risk in the financial industry and over the years several methods have been proposed for its estimation. Developing sufficiently accurate models has become an issue even more important when the Basel Committee on Banking Supervision has allowed banks to use their internal models for estimating VaR for computing capital requirements. A more accurate VaR model in fact would consists in a more efficient use of capital. This work describes a model for computing VaR based on linear and conditional heteroskedastic models for time series, Extreme Value Theory and copula functions. An empirical analysis has been carried out on an hypothetical equally-weigthed portfolio made of six euro area stock market indexes (CAC 40, DAX, AEX, IBEX 35, FTSE MIB, BEL 20). The sample is made of five thousands observations of daily logarithmic returns. The estimation window comprises one thousand observations. The backtesting period is then of four thousands VaR estimates. Four different copula functions have been used: Gaussian copula, Student’s t copula and Clayton and Gumbel hierarchical archimedean copulae. The results of the empirical analysis show how all of the four specification consistently outperform traditional VaR computation techniques. Moreover, among the four, the one copula that seem to be the most appropriate for measuring the market risk of the hypothetical portfolio is the Clayton hierarchical archimedean copula.Masterarbeit Wien, Fachhochschule des BFI Wien 201
Der Islamische Staat und das Potenzial der Sozialen Medien
No full textWien, Fachhochschule des BFI Wien, Masterarb., 201
Der Einsatz von Online-Communitys zur Markenbildung
No full textIn the meantime, social media and community management is an essential part of many marketing strategies. The starting point for this is the change in media consumption and buying behavior in our population. Branding has become an important issue for all type of companies. Today, branding can make products stand out from the competition.
This master thesis aims to examine the potential of brand communities for brand building. For this purpose, the following research question was dealt with: “How can online communities contribute to brand building and how can the membership of community members be assessed?”
Current literature on online communities, social media and branding were examined in order to demonstrate the status quo concerning these main topics. The literature review formed the basis for an online survey. The online survey revealed which people are part of communities and which channels they use. In addition, their behavior and perceptions within the community were questioned and analyzed.
The results of this work demonstrate that online communities offer numerous links to a young target group. Especially the use of communities in social networks is considered to be very promising. In addition, the thesis shows that belonging to a community is positively correlated with community engagement, added value and authenticity within the community.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Vereinbarkeit von Familie und Beruf : Analyse der österreichischen Familienpolitik 2008-2019
No full textFamilienpolitik zeigt sich in den vergangenen Jahren von steigender Relevanz. Die vorliegende Arbeit beschäftigt sich mit der Frage, wie die bestehende feministische Kritik am Wohlfahrtsstaatenmodell aussieht und nimmt sie als Ausgangspunkt um Österreichs Wohlfahrtspolitik in Zusammenhang mit seiner Familienpolitik im Zeitraum 2008-2019 zu analysieren. Geschlechterpolitik analysiert bestehende Wohlfahrtsstaatenmodelle und hebt wichtige Aspekte der Geschlechter(un)gleichheit hervor, um bestehendes Verbesserungspotential aufzuzeigen. Im Rückgriff auf jene Kritiken, welche in den frühen 1990ern formuliert wurden, wird dargestellt, dass sich die dort angeführten Themen bis zum aktuellen Tag von gleichwährender Relevanz zeigen. Feministinnen weisen darauf hin, dass im Modell von Esping-Andersen der Aspekt der unbezahlten care work von Frauen ausgeblendet wird. Zwar wird in der Theorie, die Klassenverhältnisse ausgleichende Wirkung des Wohlfahrtsstaats untersucht, jedoch fehlt die Analyse seiner Wirkung auf bestehende Geschlechterverhältnisse. Im ersten Teil der vorliegenden Arbeit werden die theoretischen Kritikpunkte der feministischen Forschung dargestellt. Die Darstellung vorhandener Alternativmodelle verdeutlicht, dass die Zuordnung von Staaten zu einzelnen Typologien an jenem Punkt in Bewegung gerät, an welchem geschlechterspezifische Thematiken in der Einteilung mitberücksichtigt werden. Im weiteren Verlauf der Arbeit, werden die gewonnenen Erkenntnisse, im zweiten Teil, mit Beispielen der Praxis des österreichischen Wohlfahrtsstaats in Verbindung gebracht und gleichzeitig Verbesserungspotentiale aufgezeigt. Die Erkenntnis, dass es für die angeführten Problematiken in unterschiedlichen Bereichen an Maßnahmen bedarf, führt dazu, dass Einzelbereiche betrachtet werden, in welchen mögliches Verbesserungspotential erhoben wird. Dazu zählt die Situation der finanziellen Leistungen für Familien, die Geschlechtergerechtigkeit und im Speziellen der in Österreich hohe Gender Pay Gap.
Zusammenfassend zeigt diese Arbeit, dass Österreich wichtige Schritte in Richtung einer gleichberechtigteren Gesellschaft geht. Jene Neuerungen, unter welche beispielsweise das einkommensabhängige Kinderbetreuungsgeld in Österreich einzuordnen ist, sowie Anreize für Eltern, die Kinderbetreuung gleichmäßiger untereinander aufzuteilen, lassen eine progressive Richtung erkennen. Die vorliegende Arbeit bietet einen Ausblick auf mögliche Hindernisse und Probleme, welche der Entwicklung einer familienfreundlicheren Politik der Zukunft im Weg stehen könnten. Frauen benötigen die Möglichkeit auf eigene Erwerbs- und Versicherungsansprüche, für welche eine gleichberechtigte Gesellschaft und ein ausrechend ausgebautes, qualitativ hochwertiges Kinderbetreuungsnetz maßgeblich sind. Familienpolitik ist im Besonderen gefordert, der vergeschlechtlichten Problematik von Ungleichbehandlung und unausgeglichener Chancenverteilung entgegenzuwirken.In recent years, there has been an increasing interest in family policy. This paper will focus on the question, how feminist criticism on welfare state policy looks alike and takes it as starting point for assessing Austria’s welfare policy in connection with its family policy between the years 2008-2019. Gender politics analyze the models of theory on welfare states and highlight important aspects of its gender (in)equality to picture existing improvement potential. In re-course to cited criticism, which were drawn up in the early years of 1990, this paper demon-strates that the relevant topics are of persistent importance. Feminists highlight that Esping-Andersen’s model of welfare states lacks the aspect of unpaid care work. The theory examines the balancing impact of welfare states on class relationships, but it fails to investigate its im-pact on existing gender relationships.
The first section of this paper displays the theoretical points of concern of feminist research. Existing alternative models elucidate that the classification of states to different typologies changes from that point of time onwards, when gender specific topics are analyzed additional-ly. In the further course of this paper, the results obtained are collated to practical examples of Austria’s welfare state politics and possible improvement potential is demonstrated. The find-ings that it is of great importance for the showed problematic to take measures in different areas generate an overview on individual fields in which feasible potential for improvement can be demonstrated. Among these topics financial services for families, gender equality and especially Austria’s high gender pay gap are discussed.
In summary this paper shows that Austria took important steps towards a more gender equal society. Measurements such as the introduction of its means-tested financial services for childcare and special incentives for parents to divide childcare among them more equally are helpful in changing underlying norms and patterns. A still actual and crucial topic is women’s poverty in Austria. For reducing its underlying factor of the gender pay gap, it could be help-ful to install women’s quota, so that women are substantially participating in institutions which are responsible for constructing regulations. This paper aims to offer an outlook on possible barriers and problems for developing a more family friendly policy in the future. It points out, that for reaching this goal, it will be of essential urgency to create a fully devel-oped and high quality childcare and give women, as already stated in feminist criticism of the 1990’s, the possibility to gain own claims on labor and insurance.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Attraktivität des russischen Marktes für die österreichische Getränkeindustrie (alkoholische Getränke)
No full textThe Republic of Austria is export oriented. It is trying to diverse its export direc-tions outside the European Union. Nowadays Russia is one of the main trade partners of Austria among the third countries. Russia has the greatest number of population in Europe and represents a huge market for Austrian products in general, as well as for foodstuffs in particular. Despite the ongoing sanctions and problems in the Russian economy, according to the data of the Food and Agriculture Organization of the United Nations (FAO) Russia remains its position in TOP-10 importers of food goods worldwide. The industry of alcoholic beverages of the Russian Federation is one of the most profitable in Russia. For Austrian producers of alcoholic beverages is very important not to miss the opportunities, which Russia offers.
In this aspect, it is very important to understand, which branch segment should be developed first and which characteristics should the product of this branch possess to be attractive for the customers. The purpose of this paper is to find one branch segment that is the most attractive for the Austrian producers and to show different factors that are important for the consumers in this branch segment.
The first step of our methodology involves the M. Porters Five forces analysis of the selected branch segments. Then, the selection of the most attractive branch occurs according to a modernized GE/McKinsey-Matrix. The importance of characteristics of the products on the selected market are found out upon a focus group discussion and sending out a questionnaire to the Russian consumers.
In general, the results of this paper can be used by Austrian companies when preparing marketing strategies for business development on the Russian wine market.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Asset Allocation according to Factor Investing and Market Capitalization in the European Markets
No full textThe Factor investing strategies are becoming more popular among institutional investors, private investors, and their advisors. It is because it seeks a better understanding of the stocks components that drive returns and that reduce risk. Factors strategies are based on simple and transparent rules that can help investors to achieve an understanding of the markets and thus offer a better control of the investments. During the last years, Factor investing established itself as a pillar of investing offering investors an alternative approach to traditional active and passive investing. In this work, the most widespread Factors such as Momentum, Low Volatility, Quality, Value, and Size and the built portfolios according to their characteristics are presented. An empirical analysis has been carried out considering three stock market indexes (DAX 30, CAC 40, AEX 25) as benchmark for the Factor portfolios. Six factor strategies are tested against each benchmark and so an overall of eighteen portfolios have been built. The portfolio results are then evaluated through four performance measures: portfolio return, excess return, annualized standard deviation, and the Sharpe ratio. The results of the empirical analysis show the cyclicality of the factors and which one among them overperform the benchmark consistently during the considered time horizon. Regarding the DAX market, two Factor portfolios achieve overperformance. These portfolios are the Momentum and the Quality. For the CAC market the Momentum, the Value and the Low Volatility portfolios overperform the benchmark. Furthermore, after that in the AEX stock market, the Value, the Quality and the Momentum portfolios shows overperformance. Overall eight of eighteen portfolios seem to beat the benchmark and so they question the validity of the Efficient Market Hypothesis.Masterarbeit Wien, Fachhochschule des BFI Wien 201
Recruitment and selection practices : examining the candidates’ experience in recruitment process
No full textBei dieser Masterarbeit handelt es sich um eine Fallstudienforschung über positive Bewerbungserfahrungen – die Candidate Experience im Recruiting Prozess.
Spezifisch werden jene Faktoren behandelt, welche einen Einfluss auf die Candidate Experience haben, um im Anschluss herauszufinden, wie diese während des gesamten Prozesses die Erfahrung der KandidatInnen beeinflusst. Darüber hinaus beschäftigt sich die Arbeit mit der Frage, wie die Candidate Experience optimiert werden kann.
Der erste Teil der Arbeit enthält einen Überblick über theoretische Grundlagen der Candidate Experience im Recruitment Prozess. Hier werden die Grundprinzipien des Recruitings, sowie die derzeitigen Herausforderungen in diesem Bereich aufgezeigt. Weiters wird der Begriff „Candidate Experience“ im Detail beschrieben, ihrer Wichtigkeit für Organisationen erläutert und, die Candidate Journey als Teil des Rekrutierungsprozesses sowie als beeinflussender Faktor der Candidate Ex-perience dargestellt. Darüber hinaus wird der Einfluss und Zusammenhang zwischen der Candidate Experience und Employer Branding sowie Recruitment Talent Pool genauer betrachtet.
Der zweite Teil dieser Masterarbeit beschreibt die Fallstudien, die im Zuge dieser Forschungsarbeit durchgeführt wurden. Dazu werden zuerst der qualitative Forschungsansatz und die angewandte Methodik vorgestellt. Die Daten für die Fallstudien in zwei großen österreichischen Unternehmen wurden durch semi-strukturierte Interviews mit den KandidatInnen und PersonalmanagerInnen erfasst und durch eine Dokumentenanalyse ergänzt. Die gesammelten Daten aus ver-schiedenen Quellen wurden analysiert und mit den Resultaten der Literaturanalyse verglichen.
Das Ergebnis dieser Forschungsarbeit stellen die einflussreichsten Faktoren der Candidate Experience im Recruiting dar. Zu diesen Faktoren zählen die Attraktivität der Position, die Gestaltung des Bewerbungsprozesses, die Interviewatmosphäre, die Regelmäßigkeit der Interaktion während des Rekrutierungsprozesses sowie Kommunikation während des Rekrutierungsprozesses. Die Ergebnisse zeigen, dass Candidate Experience stark von der Kombination verschiedener Faktoren abhängt. Daher sollten Organisationen, welche die Candidate Experince verbessern wollen, ein umfassendes Verständnis dieser Einflussfaktoren und ihrer Wirkung auf die einzelnen Recruiting Schritte haben.This master thesis provides a case study research on candidate experience in recruitment process with the aim of examining the candidate experience in recruitment process. More specifically this research investigates on the factors that have an impact on candidate experience and draw the conclusion on how those factors influence the experience throughout the recruitment process. Moreover this work deals strategies on how to improve candidate experience.
The first part of the research contains an overview of the theoretical principles of candidate experience in recruitment. In this part the core principles of the recruitment practices as well as the recruitment contemporary challenges are explained. Furthermore the candidate experience topic is investigated in more details and presented: the candidate experience definition, importance of the candidate experience for organization, the component of the candidate journey in recruitment process, as well as the factors influence the candidate experience in recruitment. In addition, the theoretical principle and the impact of the candidate experience in employer branding and recruitment talent pool is examined.
The second part of the thesis describes the methodology and presents the content of the two case studies in this research. The qualitative methodology approach in this part is described. The data sources used for this case study include semi-structured interviews from both candidates and human resource managers, as well as document analysis in two large enterprises in Austria. The data gathered from various sources are analyzed and compared to the literature review.
The result of the study extracted the most influential factors on candidate experience in recruitment such as job‟s appealing, application enablement, interview ambiance, timing regularity and communication during the recruitment process. The study emphasizes that; optimization of the candidate experience is highly de-pending on the combination of those factors. The research reveals that, organization need to have a comprehensive understanding of those factors and their impact at various stage of the recruitment in order to enhance the candidate experience.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Tactical asset allocation : an algorithm based approach
No full textDue to the increasing complexity of financial markets, the usage of algorithms in the asset allocation problem becomes more and more popular. Especially in the short term, where the tactical asset allocation is responsible for the determination of optimal asset class weights, rule based methods and strategies become an increasingly role. Recently, different algorithms for the allocation problem available increase constantly. In this master thesis, four different trading algorithms published by Keller (2012, 2014, 2018) for the tactical asset allocation are implemented and evaluated, partly in a modified version. The investment universe consists of ten different asset classes over a sample period of 2008 – 2018. Using classical performance criteria like the information criterion as well as the certainty equivalent all strategies delivered better results than an equally-weighted benchmark. The conservative-oriented Defensive Asset Allocation algorithm showed the best risk and return characteristics as it shifted faster than its peers into risky and non-risky assets, respectively.Masterarbeit Wien, Fachhochschule des BFI Wien 201
Active vs passive investing : analysis of excess return and performance persistence in developed, emerging and frontier markets
No full textThe target of this master thesis is to compare active and passive investing by analysing excess return and performance persistence on Developed, Emerging and Frontier Markets. The research question for this topic reads as follows: To what extent did the performance and the persistence of actively managed equity funds differ from passively managed exchange traded funds on Developed, Emerging and Frontier Markets from 2006 to 2017? To find an answer, relevant literature and a quantitative analysis were used to compare the performance of actively and passively managed funds by means of chosen samples. The comparison of the performance was based on various performance measures. In addition to that a one-sided hypothesis test was used to test, if there was any significant evidence for an excess return for one of those investment strategies. For these calculations, the closing prices of the funds were used, which were be obtained from Bloom-berg.
In recent years there has been a broad shift from actively managed funds to passively managed funds like index funds or ETFs. For investors the question arises if active investment strategies have a higher performance and therefore higher fees are justified or if passive investment strategies deliver better results
The gained results show that for actively managed funds it is difficult to beat the performance of passively managed funds in Developed and Emerging Markets. Whereas in the less correlated Frontier markets investors benefit from an active investment approach. Though the results of the hypothesis test show, that there is no statistically significant performance difference over the whole observation period on one of the three markets. The in-dept evaluation of the performance measures for shorter time frames shows, though, that in uncertain times, like the financial crisis, actively managed funds perform better on efficient markets whereas ETFs perform better on less efficient markets. In addition, the evaluation of the performance persistence shows that if funds were well performing in the past, they need not necessarily perform well in the future and therefore a persistence in performance cannot act as a measure of superior management.
Another point for an in-depth evaluation of active and passive investing in these markets would be to find out how an active strategy could benefit if there was a change in the composition of an index, but this will not be answered in this thesis and could be an approach for further research.Masterarbeit Wien, Fachhochschule des BFI Wien 201
Wirtschaftliche Wachstumsmöglichkeiten im österreichischen Profifußball durch die Digitalisierung
No full textWien, Fachhochschule des BFI Wien, Masterarb., 201