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Wirtschaft und Management : Schriftenreihe zur wirtschaftswissenschaftlichen Forschung und Praxis / Das Recht der Telearbeit : Homeoffice in Österreich
No full textMit 1. April 2021 hat die „Arbeit im Homeoffice“ in Österreich eine gesetzliche Regelung erfahren. Damit ist der Grundstein für ein „Recht der Telearbeit” gelegt worden. Der Beitrag ist die Schriftfassung eines vom Autor im Rahmen des Symposiums „Neue Arbeitswelt 2021+ Quo vadis?“ gehaltenen Vortrags, der die geltende Rechtslage aus rechtsdogmatischer Sicht beleuchtet.
Dieses Paper entstand im Rahmen der Stadt Wien Stiftungsprofessur für Arbeitsrecht im Digital HR-Management.As of 1 April 2021, “Working from Home” has been legally regulated in Austria. This lays the foundation for a “legal framework of the teleworking sector”. The article is the written version of a lecture given by the author at the symposium “Neue Arbeitswelt 2021+ Quo vadis?” (New world of work 2021+ Quo vadis?), illuminating the current legal situation from a legal doctrine perspective.Magistratsabteilung 23, Wirtschaft, Arbeit und Statistik Stiftungsprofessur für Arbeitsrecht im Digital HR-Managemen
An analysis of emerging markets bond yields based on the concepts of “Modern Monetary Theory”
No full textAlthough economic factors and financial markets are contiguously changing, the tenets of economics have remained the same for decades. The mainstream economic doctrine stands for austerity, debt reduction and favors the ending of the low interest rate environment that has accompanied financial markets for several years. A very different view is promoted by Modern Monetary Theory (MMT), which uses a different approach to interpret a country's debt level and low interest rates. MMT states that a country's long-term interest rates are independent of its debt level and therefore, should have no influence on long term interest rates of government bonds. This thesis focuses on exactly this difference in theoretical interpretation and examines whether debt still has impact on interest rates. In detail, the thesis is devoted to the analysis of two emerging countries, Mexico and Thailand. The first part focuses on the theoretical foundations, while chapter two deals with the ideas of MMT. Chapter three explains the basics on yield curves and chapter four analyzes the asset class emerging market debt. The theoretical results will be tested quantitatively by conducting a multiple regression model, described in the last chapters. Finally, the thesis concludes that the impact of debt on long-term interest rates remains significant and even demonstrates an increasing trend. Thus, the theoretical foundations of MMT cannot be fully confirmed. Nevertheless, MMT still delivers important implications for the asset class emerging market debt.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Lernen 4.0: Nutzen und Grenzen von Mikrolernen in der betrieblichen Weiterbildung : eine qualitative Erhebung zum Einsatz von Mikrolernsystemen im Rahmen der Personalentwicklung
No full textCurrent working environments, as experienced by employees, are subject to ongoing change. These changes go hand in hand with the advent of new digital technologies which are now widely used in Learning and Development (L&D) throughout organiza-tions.
In times of Learning 4.0, HR professionals of L&D departments face many challenges, such as the creation of informal workplace integrated learning environments and pro-vision of systems to allow employees to constantly learn in a self-regulated and col-laborative manner.
These new approaches of Learning 4.0 are supported by new technology-enhanced learning environments. Among these, microlearning systems are of particular interest: they allow employees to learn small, coherent and self-contained content in short learning activities. Learners choose their own pace and integrate learning activities into their daily routines.
The aim of this thesis is to investigate opportunities as well as boundaries of micro-learning in L&D of organizations in times of Learning 4.0. Furthermore, challenges and tasks which HR professionals experience in their daily work as a consequence of providing microlearning technology are analyzed.
The findings of this thesis are that microlearning systems provide learning “on de-mand”. Learning becomes more mobile as portable technical devices such as smartphones are increasingly used, and hence employees tend towards more informal ways of learning when provided with readily available small chunks of contents.
Microlearning courses are mostly used to develop factual knowledge but also allow employees to reflect, analyze and evaluate the learning content. Often they are part of blended learning arrangements aiming to not just enhance knowledge but to evaluate it at the end of a learning session. The possibility to comparing with peers and to allow for reflection and feedback increases the impact of social workplace learning.
Concerning the work of HR professionals in L&D, this thesis concludes that offering microlearning entails numerous skills such as content creation and curation, employee motivation, learning data evaluation and coaching as well as supporting employees along their learning journey.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Veränderung des digitalen Kaufverhaltens von Online-NutzerInnen durch Sprachassistenten
No full textOnline commerce is transforming. E-commerce retailers have been driven to progress by digitization and new methods of artificial intelligence and have also been encouraged to develop new solutions for their own competitiveness and the best possible service for online users. This results primarily in new communication and sales channels to be developed in the area of digital marketing, on which the company's own products can be placed. In addition, it is important here to be present in the customer journey and to adapt to changing usage habits. This has already happened with the increased use of smartphones by online users, which have replaced desktop PCs as the most widely used sales channel. For some years now, a renewed disruption, driven by the use of voice assistants, has been emerging.
This master thesis examines whether voice assistants change the buying behavior of online users and how this change manifests itself, and which measures e-commerce companies should implement for their digital marketing in order to remain competitive and continue to optimally address their own users. Possible risks and potentials are considered, as well as how selling and buying via voice assistants can succeed and meet online users' concerns and expectations of this relatively new technology.
Although the trend and a disruption towards voice assistants have been discussed for several years, this matter is still in its early stages in research and shows that the development of voice assistants still offers a lot of room.
Finally, it can be stated that the digital shopping behavior of online users is not yet being drastically changed by voice assistants, because the use of voice assistants is not being heavily utilized. The preferred devices in online shopping for users and for e-commerce companies primarily have screens to ensure comparability of products.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Digital Diversity : Digitalisierung, Automatisierung und Diversität im Recruiting
No full textMasterarbeit Wien, Fachhochschule des BFI Wien 202
Die Entwicklung von Open Banking hin zu digitalen Ökosystemen
No full textTraditional financial institutions are increasingly under pressure. Changes in the legislation in the regulatory environment of credit institutions, a sustained phase of low interest rates and, last but not least, increasing competition from increasingly emancipating FinTechs and accelerated activities by the big-techs in the financial industry means that banks margins are increasingly shrinking.
Banks have to face the new circumstances, initiate change processes and redesign banking in order to ultimately escape their own impending insignificance.
An essential approach for this is open banking, not in the shadow of a regulatory imperative, but as an opportunity to create digital ecosystems, a distributed development, a joint innovation to break up existing value chains. FinTechs will do their part, even have to make a contribution
The master thesis tries to classify the state of the development of ecosystems and to discuss the contribution of FinTechs to the development of platform-based business approaches. The business approaches are examined on the basis of theoretical preparatory work and empirical tests by interviewing experts.
Ultimately, the development is currently still difficult to localize and shows that we are still at the beginning of the development of multi-sided digital ecosystems.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Application of AI in credit scoring modeling
No full textThere are several studies concerning methods of credit scoring. However, the aim of this research is to incorporate AI models to current individuals risk assessment methodologies. This is scientifically relevant within both the financial and machine learning fields, due to the increasing relevancy of AI approaches and their possible application. Therefore, the area of interest of this research regards defining which method has better accuracy of credit default predictions, based on the comparison of AI and logistic models. The scope of this study is, consequently, to investigate the capability of AI methods to accurately detect and predict credit risks based on retail borrowers' features.
The results of this research, based on the comparison of logistic regression, decision tree, and random forest, show that machine learning methods are able to predict credit defaults of individuals more accurately than the logit model. In fact, the random forest outperformed the accuracy of the logistic regression by 6%, whereas the decision tree classified data 2% more accurately than the logit model. Furthermore, it was demonstrated how random forest and decision tree models were more sensitive in detecting default borrowers.
However, in the course of the research, some limitations regarding the analyzed machine learning methods were encountered. In the application of the decision tree, it is possible to observe the lack of robustness of the model. Likewise, applying the random forest technique, it is noticeable the weakness present in its interpretability. Taking into account this limitation, the model results had to be interpreted by using local interpretation methods such as Local Interpretable Model-Agnostic Explanations (LIME) algorithm.
The areas analyzed within this research, are subjects of ongoing development. Therefore, although the thesis suggests the high performance of AI methods in the credit scoring field, further researches could lead to more in-depth and thorough results.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Erwartungen der zukünftigen Preisentwicklung am Wiener Wohnimmobilienmarkt
No full textDiese Arbeit untersucht den Einfluss der theoretischen Überbewertung von Wohnimmobilien in Wien auf die Finanzstabilität. Der Fundamentalpreisindikator, quartalsweise berechnet und veröffentlich von der Österreichischen Nationalbank, zeigt eine theoretische Überbewertung von Wohnimmobilien in Wien von 24,1% im 4. Quartal 2020. Diese Zahl ist in den vergangenen Jahr durchgehend gestiegen und impliziert eine genauere Beobachtung der weiteren Preisentwicklung. Zusätzlich werden Indikatoren, die theoretisch die Preisentwicklung von Wohnimmobilien beeinflussen, in Wien analysiert. Abschließend wird die aktuelle Angebots- und Nachfragesituation auf dem Wohnimmobilienmarkt mit einem ExpertInneninterview untersucht.This paper aims to find the impact of the difference between current market prices on residential real estate and the fundamentally justified values. The “Fundamentalpreisindikator” calculated by the “Österreichische Nationalbank” finds a 24,1% overvaluation of residential real estate prices in Vienna by the end of 2020. This number significantly rose in the past few years and is therefore subject to this paper. The paper defines a difference between market prices and fundamentally justified prices as a pricing bubble and on basis of this definition the indicators of residential real estate in Vienna are investigated. The paper additionally analyses the impact of Covid-19 on the Austrian economy and especially the Vienna residential real estate market. It is completed with the examination of the interest policy of the European Central Bank and its influence on the real estate market in Europe and also especially Vienna. To find a conclusion to the possible future impact of a theoretical pricing bubble an interview with a field expert is executed to underline and summarize the theoretical findings of the qualitative literature.Wien, Fachhochschule des BFI Wien, Masterarb., 202
The profitability of sustainable investments
No full textThe topic of the thesis is “The profitability of sustainable investments”. It is about the characteristics and the background of sustainable investments. There are several forms to invest sustainably like Green Bonds and Stocks. The word sustainability is explained in more detail. In recent years, several initiatives have emerged at the national and international level that take a closer look at the topic of sustainability and assess investment opportunities according to their own standards. It is also interesting to address the relevance for companies and even for society. In sustainable investing there is a number of strategies. The approaches of the strategies that can be active or passive. There are even rating agencies that evaluate the sustainability of investments. There are not only advantages. There are as well disadvantages like greenwashing that shows that not everything delivers what it promises regarding sustainability. The research question is: How profitable are sustainable investments? This question is addressed in an empirical survey that contains a performance analysis that shows the performance with a focus on return and volatility. The strategies of these investment funds are also addressed in this survey.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Wirtschaft und Management : Schriftenreihe zur wirtschaftswissenschaftlichen Forschung und Praxis / Der politökonomische Bedeutungsverlust Europas und des Westens während der Globalisierung
No full textDie „Power transition theory“ erklärt politökonomische Bedeutungsverschiebungen im globalen Gefüge als Folge ökonomischer Entwicklungsdynamiken. In diesem Artikel werden die Entwicklungsdynamiken anhand von Weltwertschöpfungsanteilen – also Anteilen einzelner Volkswirtschaften am globalen BIP – untersucht. Beobachtet wird der Zeitraum 1950 bis 2018, wobei die Verlaufsmuster von 25 verschiedenen Volkswirtschaften und Aggregaten (Westeuropa, der ehemalige Ostblock, die Industrieländer etc.) verglichen werden. Die Bedeutungsveränderungen setzen keineswegs überall gleichzeitig ein. Die heutigen EU-27 verlieren seit 1970, der Westen sogar seit 1950, an wirtschaftlichem Gewicht. Dennoch kristallisiert sich aus den Daten das politische Umbruchjahr 1990 auch empirisch als Grenze zwischen den Nachkriegsjahrzehnten und der jüngeren Globalisierung heraus. Bis 1990 war der Weltwertschöpfungsanteil aller Industrieländer zusammen stabil, seitdem haben diese knapp 30 Prozent ihres wirtschaftlichen Gewichts eingebüßt, wobei Kontinentaleuropa und das früh industrialisierte Asien stärker an Bedeutung verloren haben als der angelsächsische Raum. Asien insgesamt konnte seine wirtschaftliche Bedeutung im gleichen Zeitraum um knapp 40 Prozent steigern, wobei der Zuwachs von Chinas Weltwirtschaftsanteil doppelt so stark ausfiel wie Japans starker Einbruch.The „power transition theory“ explains political and economic power shifts on a global level as a result of economic development dynamics. In this article the development dynamics are examined on the basis of world value added shares – i.e. the shares of individual economies in global GDP. The period 1950 to 2018 is observed, whereby the patterns of 25 different economies and aggregates (Western Europe, the former Eastern Bloc, the industrialized countries, etc.) are compared. The power shifts by no means start everywhere at the same time. Today‘s EU-27 have been losing economic weight since 1970, and the ‚West‘ even since 1950. Nevertheless, due to the data the year of political upheaval 1990 emerges also empirically as the boundary between the post-war decades and recent globalization. The industrialized countries‘ share of world value added was stable until 1990, since then they have lost almost 30 percent of their economic weight, with Continental Europe and early industrialized Asia losing more importance than the Anglo-Saxon region. Asia as a whole was able to increase its economic importance by almost 40 percent in the same period, with the growth of China‘s share of the world economy being twice as strong as Japan‘s severe slump