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Einfluss der "Neuen Seidenstrasse" auf Österreichische Warenströme von und nach China
No full textThis master thesis examines the impact of Chinas ‘One Belt One Road Initiative’ on the transportation of goods from Austria to China and from China to Austria.
Firstly, the project of the Belt and Road Initiative project was deeply analyzed. Chinas main motives and objectives are described at the beginning of this chapter. Afterwards there is a brief overview of the main financial institutions with a focus on the banks and funds that were specifically established for funding BRI projects. Furthermore, projects that may have an impact on Austria’s transportation industry are introduced.
The next section focuses on the transportation of goods from Austria to China and reverse. As Austria’s geological location offers multiple routing options, a structural overview was created. This overview is split by the modes of transport by sea, air and rail. Road transportation between Austria and China is due to the distance and price not preferably used and therefore excluded from this thesis. The second main aspect regarding transportation is the freight rate. Equally to the routing, the pricing differences between the modes of transport are significant. As pricing is also dependent on the eastward and westward direction, the indicated freight rates are split between import and export.
Projects like the broad gauge-extension from Kosice, Slovakia to the twin city region of Vienna and Bratislava as well as investments in the Greek port of Piraeus, linked with hinterland connections to Central Europe might have a positive impact on the transport of goods between China and Austria. Further Chinese defined infrastructure related measures show that the focus mainly is on rail transportation. Due to that, current flows of goods might result in a shift of the modal split.Masterarbeit Wien, Fachhochschule des BFI Wien 201
A Comparative Analysis of Initial Coin Offering and Token Performance : the Necessary Conditions for the Investment Performance of Blockchain-Based Financial Instruments
No full textThis study has conducted a comparative analysis of the financial performance of digital tokens and initial coin offerings (ICOs). This has involved exploring the differences in investment performance between these blockchain-based financial instruments and what the preconditions for their investment performance are, such as the capital-raising performance of blockchain-based token sales, according to the necessary condition analysis methodology.
Based on the present study, significant differences in the necessary conditions for investment performance have been found between the crowdfunding levels of ICOs and the return on investment (ROI) in USD of the corresponding digital tokens. Despite the status of both ICOs and crypto-tokens as blockchain-based financial instruments, the performance of ICOs in terms of the capital amount raised via crowdfunding does not necessarily serve as a necessary precondition for the investment profitability of digital token sales.
This research has found either strong or very strong support to the theoretical expectations that the degree in percentage points of the availability of crypto-tokens for investors, the presence of a whitepaper describing an ICO and the year in which the ICO was completed serve as significant necessary preconditions for the amount of capital raised through ICO-based funding campaigns in millions USD. At the same time, the NCA results have provided medium-level support for the hypotheses that whitepaper presence and the year of the ICO completion can be considered as significant necessary conditions for the degree to which the ICO-based funding objectives have been fulfilled in percentage points. The present research results have strongly supported the hypotheses that the degree to which the ICO fundraising goals were met and the digital token availability at the primary and secondary markets, as a percentage of the total token supply for each blockchain, are significant necessary preconditions for the ROI performance of the crypto-tokens. At the same time, this study provided general analytical support for the expectations that the token type and the year of the ICO completion are significant necessary preconditions for the ROI levels recorded at the time of the present research.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Working paper series by the University of Applied Sciences bfi Vienna / Katholische Rechtslehre : der Codex Iuris Canonici aus dem Jahr 1983
No full textDer Autor skizziert im Beitrag das geltende Recht der lateinischen Kirche
Application of multi-factor models in the italian stock market
No full textIn this study, we compare the variations in the performances of the Italian stock index (FTSE MIB) and a small number of investments funds based on the Italian and European equity market, using different multi-factor models. We will analyse the factors’ statistical significance and perform an F-test to determine whether or not the contribution of additional factors (for example the size and value) improves the model explanation capacity compared to the single-factor model that counts only on the market factor.
First, we perform a rolling analysis of the linear regression coefficients to determine when the factors that help explain the returns change.
On the one hand, our goal is to evaluate the funds’ performances (alpha, beta, information ratio) against the benchmark market, verify the comparability of the generated results, and try to understand whether or not the model’s complexity represents an index of greater evaluative efficiency.
On the other hand, the results obtained with the multi-factor models allow room for reflection on the opportunity for building local risk factors – we used the European market factors – for further research to more thoroughly understand and predict the local fund performances.
Therefore, this study implements two additional parameters to regress the funds’ data. One of these parameters, the credit factor, i.e., the return spread between the Italian ten-year BTP and the German Bund, explain the Italian market index returns effectively. Furthermore, when the factor was added to our models, the adjusted R2 of the two Italian funds was improved, while, as expected, the parameter did not enhance the European funds’ fit. The use of the credit factor, in combination with the European market’s Fama–French factors, seems to be an alternative to building the local market’s Fama–French factors. This study confirms this hypothesis by using the returns of the spread between the ten-year Spanish Bonos and the equivalent German Bund as factors that regress the Ibex 35 returns.Masterarbeit Wien, Fachhochschule des BFI Wien 201
Artificial intelligence in portfolio management : a performance analysis of AI-based funds under different market environments
No full textArtificial Intelligence is hardly unknown nowadays. AI is applied by many important companies operating in diverse industries. The financial sector is lagging behind in this fast-evolving trend to successfully implement intelligent applications in the daily work. Pushed by advanced technologies like the internet of things or big data, AI gained renewed attention and is probably one of the most important area financial institutions need to focus on. The range of potential areas for this application is enormous. The concept of machine learning, which includes known approaches like artificial neural networks or deep learning algorithms, simulates the actions of the human brain. Therefore, such networks are capable of learning and evolving autonomously based on their own experiences. Some institutions already incorporated customer rating applications built on computational intelligence to predict more reliable probabilities of defaults of their clients. There are many more opportunities for improvement in finance core areas due to ML. One of these possibilities is the use of ML algorithms to create optimal portfolios by analyzing more data than a person could ever be able to. Simultaneously, these techniques can avoid the influence of human bias. It gains increasing attention as it could theoretically affect the whole investment universe. Various parties are trying to create the perfect algorithm, verifying it in test environments or in the real world already.
Four funds traded at major stock exchanges, pursuing different strategies and applying various AI techniques, were chosen and analyzed in respect to their performance. To obtain better interpretable results the funds are compared to appropriate benchmarks. The S&P 500, the MSCI World and the MSCI ASEAN, all major stock indices, were selected. As the average term of the analyzed funds was rather short, a bad development of stocks in 2018 affected the portfolios heavily. Nevertheless, the fund with the earliest introduction date and therefore longest observation period was most convincing. It kept up with its benchmark, which generated a vast return and demonstrated the best performance during the critical year 2018. The other analyzed funds presented partly persuading developments for some isolated time frames but failed in others. Therefore, they still seem to re-quire more time to evolve and improve themselves to react correctly to unusual developments in the market. If the algorithms behind these funds have the potential to sufficiently develop will be shown as time progresses.Masterarbeit Wien, Fachhochschule des BFI Wien 201
Die Besteuerung der Betriebspension in Österreich im Hinblick auf internationale Zusammenhänge in der Europäischen Union
No full textThis master thesis deals with the taxation of occupational pensions in Austria, with regard to international contexts in the European Union. The pension system in Austria consists of three complementary pillars. This is referred to as the “threepillar model”, in which the statutory, the occupational and the private pension provision are the three pillars. The purpose of this model is to maintain the accustomed standards of living of Austrians, by relieving the state pension through occupational and private pensions.
It is not only in Austria that occupational pensions are becoming an increasingly indispensable service. As a result of globalization and the steadily growing mobility of employees worldwide, occupational pensions are also found in an international context and are integrated into cross-border situations. In this context, it is particularly important to mention the differing taxation systems of the different countries, which lead to different, often undesirable, taxation situations, such as double or lower taxation.
Therefore, the purpose of this thesis is to find out what possibilities there are for dealing with undesirable taxation situations on the basis of European directives, as well as finding out what possibilities there are for harmonizing taxes and to what extent the fundamental freedoms and double tax treaties are involved.
Firstly, this thesis gives a general overview about the taxation of occupational pensions in Austria and describes the taxation regulations of pension funds. Then the taxation at EU level is described. First, the taxation of occupational pensions based on the basic freedoms of the EU is presented, followed by a description of the various taxation systems within the EU. Subsequently, methods for avoiding unwanted taxation situations will be presented. Double taxation treaties and proposals for European harmonization will be presented in order to answer the research question on the possibilities of coping with undesirable taxation situations in the EU.
In order to give practical examples, three judgements of the European Court of Justice are also presented in the course of the master thesis.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Geschäftsmodelle in der Elektromobilität
No full textWien, Fachhochschule des BFI Wien, Masterarb., 201
Status quo und Entwicklungspotenziale des 4PL Konzeptes als Entwicklung des Geschäftsmodells von Logistikdienstleistern
No full textWien, Fachhochschule des BFI Wien, Masterarb., 201
Alternative Marktbearbeitungsstrategien für den europäischen Agrarhandel seit Verhängung der russischen Importsanktionen
No full textDie folgende Studie befasst sich mit alternativen Marktbearbeitungsstrategien für den europäischen Agrarhandel seit der Verhängung russischer Importsanktionen. Neben den theoretischen Grundlagen versucht der Autor durch Experteninterviews neue Ergebnisse zu erzielen. Zunächst werden die theoretischen Grundlagen für Marktbearbeitungsstrategien, europäisch-russische Beziehungen und Sanktionen im Allgemeinen aufbereitet. Aufgrund der von Russland verhängten Importsanktionen bricht für viele europäische Agrarhändler ein Markt auseinander. Dies führt zu der Frage, ob europäische Agrarhändler versuchen, alternative Marktbearbeitungsstrategien anzuwenden, oder ob sie den russischen Markt durch alternative Märkte ersetzen. Um eine Verbindung zwischen der theoretischen Forschung und den Meinungen der betroffenen Unternehmen herzustellen, wurde diese Arbeit mit einer empirischen Studie erstellt. Es wurden sechs Interviews mit Führungskräften betroffener Unternehmen durchgeführt. Die Interviews zeigten, dass die Bearbeitung des russischen Marktes von der Größe des Unternehmens abhängt. Der Wechsel zu einem alternativen Markt ist für die Unternehmen billiger als die Einführung anderer Formen der Marktbearbeitung. Mit Ausnahme eines Beispiels, das seit einigen Jahren auf dem russischen Markt präsent ist.The following study deals with alternative market cultivation strategies for the European agricultural trade since the imposition of Russian import sanctions. In addition to the theoretical foundations, the author tries to gain new results through expert interviews. First of all, the theoretical basics for market cultivation strategies, European-Russian relations and sanctions in general are processed. Because of the import sanctions imposed by Russia, a market is breaking away for many European agricultural traders. This leads to the question if European agricultural traders try to use alternative market cultivation strategies or if they substitute the Russian market with alternative markets. To build-up a connection between the theoretical research and opinions from affected companies, this paper was created with an empirical study. Six interviews with executives of affected companies were conducted. The interviews showed that the cultivation of the Russian market, depends on the size of the company. The switch to an alternative market is cheaper for the companies than introducing other forms of market cultivation. Except for one example, which has been present on the Russian market since a few years.Wien, Fachhochschule des BFI Wien, Masterarb., 201
Die Betrugsbekämpfung iVm der eingeführten Registrierkassen- und Belegerteilungspflicht und ihre Auswirkungen in Österreich
No full textWien, Fachhochschule des BFI Wien, Masterarb., 201