Publikationsserver der Fachhochschule des BFI Wien
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Industrielle Beziehungen und die Europäische Mindestlohnrichtlinie - Deutschland, Österreich und Dänemark, ein Vergleich
No full textThis thesis examines the impact of the EU Minimum Wage Directive on the national minimum wage regimes of Germany, Austria and Denmark. The central question concerns the directives effect on countries with different institutional frameworks regarding collective bargaining and other wagesetting mechanisms. Particular attention is paid to the role of the social partners as well as to potential tensions between national autonomy and european integration.
Using a qualitative case study design involving three countries, the thesis contributes to current research in the fields of comparative industrial relations, european social policy and national minimum wage systems. The theoretical framework ist drawn from the concept of historical institutionalism.
The analysis reveals that the directive encounters very different responses depending on national institutional contexts: While in Germany it serves as a catalyst for pathdependent reforms, in Austria it creates only moderate pressure for adjustment. In Denmark by contrast it is perceived as a threat to the national model of social partner autonomy and is actively opposed.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Green Finance: Financial Institutions
No full textThe intensifying impacts of climate change represent sharp threats to global financial stability. Physical threats, such as weather-related events, and transition threats from abrupt regulatory, technological, and market developments threaten the value of assets, create market dislocations, and propagate throughout the interconnected financial system. Here, green finance, the set of financial products, services, and strategies specifically tailored to support environmental sustainability in combination with competitive financial returns, has emerged as both a means of minimizing systemic risk and as a financial institution's strategic imperative.
Financial institutions have a crucial role when it comes to determining the speed and direction in which the world is transitioning to a low-carbon economy. Their decisions on capital allocation can either accelerate systemic resilience or consolidate vulnerabilities. However, despite record-breaking growth in ESG-labeled products and increasingly stringent regulatory frameworks, there remain significant challenges. These are poor quality and uneven ESG information, fragmented regulatory regimes, the risk of greenwashing, and inherent short-termism in financial markets.
This thesis explores how financial institutions can create and deploy successful green finance products and services, strategic positioning to remain competitive in a rapidly evolving ESG environment, and the function of financial institutions to attain the global financial system's sustainability. The essence is operationalizing green finance in a manner that is both credible, impactful, and scalable, with subsidiary objectives addressing institutional strategy and system integration.
Based on sustainable finance literature, risk management literature, and strategic management literature, the study delves into ESG frameworks, regulatory development, and industry best practices. It assesses the evolution, pricing, and market impact of green finance products and addresses a case study of Deutsche Bank to examine the difference between actual green finance projects and greenwashing. Systemic impacts of green finance are explored in terms of its capacity to minimize climate-related systemic risk and to embed sustainability in the intrinsic functioning of financial markets.
Through the integration of theoretical understanding with real-world examples, the thesis provides practical examples of high-integrity green financial products, refined institutional positioning, and improvement of the overall resilience of the global financial system. The conclusions emphasize that the decade ahead will be pivotal: banks and other financial institutions that innovate and evolve will not only protect their competitiveness but also have a transformative role in securing an economic future for the world that is sustainable.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Integrating climate-related risks into Basel III : a European perspective
No full textThis thesis investigates the adequacy of Basel III in integrating climate-related financial risks, with a particular focus on European banks. It examines the extent to which EU regulatory initiatives address potential deficiencies. Climate risks, encompassing physical and transition-related threats, present considerable challenges to banking stability; however, international prudential frameworks have only recently begun to address these risks explicitly. While Basel III establishes global standards for capital adequacy, risk management, and disclosure, it remains predominantly principles-based and does not impose binding requirements specific to climate risks. The European Union has implemented more prescriptive measures through instruments such as the EBA Guidelines, ECB supervisory expectations, the CSRD, and the EU Taxonomy to mitigate these gaps. A qualitative, exploratory research approach was utilised, combining a comprehensive literature review with four semistructured interviews conducted with experts. Data analysis was performed using Braun and Clarke's six-phase thematic analysis method, supplemented by components of the Gioia methodology to ensure structured coding and traceability. The results reveal four primary challenges to the effective integration of climate risks: (1) inadequate standardisation and practical guidance for disclosures; (2) methodological and temporal limitations inherent in risk measurement and scenario analysis; (3) fragmented climate data infrastructure and barriers to data integration; and (4) persistent gaps in translating regulatory compliance into strategic decisionmaking. Although EU frameworks significantly enhance Basel III's capacity to address climate risks, their overall effectiveness depends on internal institutional commitment, data capabilities, and supervisory enforcement. The thesis’s research concludes that the most promising pathway to mainstream climate risk within European banking involves the combination of rigorous EU regulation with tangible prudential incentives, quantifiable factors.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Callable Bond Valuation under the Hull–White One-Factor Term Structure Model in Python
No full textThis thesis aims to develop a Hull-White one-factor short-rate model in Python to evaluate callable bonds. A set of 15 callable bonds with maturities ranging from one to thirty years is priced under this framework. These are compared against Bloomberg “BVAL” prices to measure the overall performance of the approach by targeting a mean absolute percentage error (MAPE) below 3%.The model is calibrated to the €STR overnight index swap (OIS) curve by introducing at-the-money swaption volatilities and shifted with rating-based credit spreads to reflect the market. Two pricing approaches are considered: a model with interpolated and simplified benchmark spreads, and a framework with bond-specific Bloomberg spreads to have a clearer side-by-side comparison. The results show that both approaches replicate market prices with a MAPE below 3% and achieve the objective of this paper. The findings show that deviations mainly appear in shorter (up to one year) and longer maturities (above fifteen years), which matches the results in calibration validation and spread comparison. This indicates that credit spreads and implied volatilities are main drivers in pricing callable bonds but require further improvements on the existing methods. Overall, the framework demonstrates that the Hull-White model is a reliable and transparent tool for pricing callable bonds and lays the groundwork for future extensions for pricing illiquid structured products.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Forecasting real estate risk under inflation : a VAR model application within the Solvency II framework
No full textThis thesis explores how the inflation affects a real estate portfolio and how this then in turn impacts the solvency of insurance companies under the Solvency II framework. Real estate assets are especially sensitive to inflation, but current models often use fixed assumptions and may not fully reflect changing economic conditions.
To analyse this, a Vector Autoregressive (VAR) model is used to forecast housing prices based on different inflation scenarios. The resulting forecast is then applied to a sample insurance portfolio to see how its value changes in both nominal and real inflation-adjusted terms.
The results show how inflation and sudden market changes can affect key solvency indicators like the Solvency Capital Requirement (SCR) and the Minimum Capital Requirement (MCR).
By ignoring the impact of inflation on real asset values current solvency models may underestimate risk, which is shown by this study. Based on the findings, the thesis suggests practical improvements to better reflect inflation risk in Solvency II assessments.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Mobiles Arbeiten in Zeiten der COVID-Pandemie : Gefahren und Herausforderungen für deutsche Unternehmen
No full textIn 2020, the entire world is facing an unprecedented pandemic. The COVID 19 pandemic poses enormous challenges to all systems and structures. In all areas of life, whether private or professional. As the number of infections is increasing, regulations are introduced to contain them as far as possible. As a result, mobile working or the home office are mandated by law.
These measures presenting many companies and organizations with new challenges and problems, some of which are still ongoing. In times of chaos and upheavals, people are seeing a chance to use this for themselves.
This master thesis deals with the dangers and challenges in the area of cyber security, which have arisen due to mobile working. In the theoretical part, possible cyber risks are first discussed in order to gain a more concrete understanding of these terms. In the subsequent empirical part research questions are answered by means of a qualitative study in the form of expert interviews.
With the help of the information collected, the following research questions will be answered:
Identification of types and trends of threats related to cyber risks resulting from the rise in mobile working.
Examination of the new challenges confronted by German companies and organizations in relation to mobile working and its associated security aspects.
The master's thesis concludes with a summary of the results from the qualitative content analysis and suggests new research approaches. It was found that experts confirmed the previously identified threat types as existential and threatening and that hackers have adapted their methods to new circumstances without developing new technologies. Ransomware attacks and DDOS remain the predominant methods of attack. The research method and execution of the master's thesis were not suitable for clarifying the increase in quantitative attacks and the interviews did not provide comprehensive information on the risk awareness and actions of managers regarding the human risk factor in organizations.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Workation: Neue Wege in der flexiblen Arbeitsgestaltung im digitalen Zeitalter der Bankenbranche
No full textDie vorliegende Masterarbeit zum Thema „Workation: Neue Wege in der flexiblen Arbeitsgestaltung im digitalen Zeitalter der Bankenbranche“ untersucht, wie das Konzept Workation die Zufriedenheit von Mitarbeiter*innen in der Bankenbranche beeinflusst. Vor dem Hintergrund der Finanzkrise 2008, dem daraus resultierenden verschlechterten Image als Arbeitgeber*innen im wichtigen „War of Talents“ sowie der fortschreitenden Digitalisierung und des durch die COVID-19-Pandemie verstärkten Trends zu Homeoffice wird Workation als innovative Form hybrider Arbeitsmodelle betrachtet. Ziel dieser Arbeit ist es, eine Konzeption für Workation in der Bankenbranche zu entwickeln, Vor- und Nachteile zu evaluieren, die Auswirkungen auf die Work-Life-Balance zu analysieren und praxisnahe Empfehlungen für die Implementierung zu geben.
Die Methodik kombiniert eine umfassende Literaturanalyse mit einer quantitativen Onlinebefragung von Mitarbeiter*innen der Bankenbranche in Österreich. Die Ergebnisse zeigen, dass Workation überwiegend positiv wahrgenommen wird. 93,5 Prozent der Teilnehmer*innen sehen in Workation eine Möglichkeit zur Förderung von Flexibilität und ihrer Work-Life-Balance. 96,1 Prozent berichten, dass Workation ihre Zufriedenheit steigert, während 94 Prozent eine Implementierung durch ihre Arbeitgeber*innen begrüßen würden. Dennoch wurden Herausforderungen wie Datensicherheit, technische Probleme und der Erhalt der Teamkultur identifiziert.
Die Masterarbeit kommt zu dem Schluss, dass Workation ein effektives Instrument im sogenannten „War for Talents“ sein kann, um Fachkräfte zu gewinnen und zu binden. Gleichzeitig trägt Workation zur Steigerung der Produktivität, Kreativität und Erreichung von ESG-Zielen bei, etwa durch die Reduktion von Büroflächen und Arbeitswegen. Klare rechtliche Rahmenbedingungen und technische Sicherheitsmaßnahmen sind jedoch unabdingbar. Die Ergebnisse unterstreichen die Relevanz von Workation als Teil hybrider Arbeitsmodelle und zeigen eine Notwendigkeit weiterer Forschung, insbesondere zu langfristigen Effekten auf die Teamdynamik und Gesundheit. Diese Arbeit leistet damit einen Beitrag zur Gestaltung zukunftsfähiger Arbeitsmodelle in der Bankenbranche.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Entscheidungsträger Entscheidungsträgerinnen
No full textKünstliche Intelligenz wird als Schlüsseltechnologie des 21. Jahrhunderts angesehen und hat auch das Potenzial, den Gesundheitsbereich zu revolutionieren, um den Fachkräftemangel zu kompensieren und das Patientenwohl zu optimieren. Den ärztlichen Entscheidungsträgerinnen und Entscheidungsträgern des österreichischen Gesundheitssystems fehlt es an Vertrauen in KI in der Medizin. Daher ist es notwendig, ihre Motive für und gegen die Nutzung von künstlich intelligenten Medizinprodukten und ihre Anforderungen an diese zu kennen, um eine erfolgreiche Etablierung dieser zu erzielen.
Das Ziel dieser Arbeit ist die Identifikation von Maßnahmen, die die Akzeptanz der humanmedizinischen Entscheidungsträger*innen der Generation X im österreichischen Gesundheitswesen von künstlich intelligenten Medizinprodukten fördern. Dazu wurde folgende Forschungsfrage formuliert: Welche Maßnahmen erleichtern den (verstärkten) Einsatz von künstlich intelligenten Medizinprodukten für die ärztlichen Entscheidungsträger*innen der Generation X im österreichischen Gesundheitswesen?
Zur Beantwortung dieser Forschungsfrage wurde eine Literaturrecherche und eine empirische Forschung mittels qualitativer, leitfadengestützter Interviews durchgeführt. Die Probandinnen und Probanden gehören der Generation X an und waren zum Zeitpunkt der Befragung medizinische Entscheidungsträger*innen.
Die Ergebnisse dieser Forschungsarbeit zeigen, dass sich die Anforderungen der Mediziner*innen in zwei Bereiche gliedern lassen: an einerseits herstellende Unternehmen und andererseits an die Gesetzgebung. Künstlich intelligente Medizinprodukte müssen sich jedenfalls immer von den Anwender*innen kontrollieren und stoppen lassen. Es bedarf außerdem Anpassungen der bestehenden Gesetze, um KI in der Medizin sicher nutzen zu können. Unsicherheiten und fehlendes Vertrauen können nur durch transparente Kommunikation zwischen herstellenden Unternehmen, der Gesetzgebung, medizinischem Fachpersonal und Patientinnen und Patienten beseitigt werden.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Special purpose acquisition companies ("SPACs") : their benefits and risks compared to traditional IPOs and their business potential
No full textMasterarbeit Wien, Fachhochschule des BFI Wien 202
The impact of ECB monetary policy on Post-Covid-19 Eurozone interest rates : a time series analysis
No full textThis thesis examines the impact of European Central Bank monetary policy on Eurozone interest rates in the post-COVID-19 period, with a focus on structural breaks and changes in the pass-through effects of interest rates. Monthly interest rate data, from 2003 to 2024, is used for the twelve original Eurozone member states to analyse how changes in ECB policy rates are transmitted to market interest rates for households and non-financial corporations.
The empirical approach is based on time series analysis with Ordinary Least Squares (OLS) regression models. Statistical tests, including the Augmented Dickey-Fuller test for stationarity, the Bresch-Pagan test for heteroskedasticity, and the Durbin-Watson statistic for autocorrelation, are conducted to validate the regression model assumptions. A classical Chow test is applied between 2020 and 2024 to detect possible structural breaks in the interest rate pass-through. Additionally, a comparison of the regression parameters before and after 2020 offers further insight into changes in the monetary transmission mechanism.
The results reveal multiple structural breaks for household short-term interest rates. The pass-through to household short-term deposit rates has weakened after 2020, while the monetary transmission mechanism for non-financial corporations remained relatively stable. These findings suggest that recent ECB policy adjustments have had a negative and more uneven impact on household banking products.Masterarbeit Wien, Fachhochschule des BFI Wien 202