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Combining fundamental and technical stock analysis : Greenblatt’s superior “Magic Formula”
No full textThis thesis’ objective is to inform the reader about various equity trading strategies performed in the American and European market which potentially beat their respective underlying benchmarks – the S&P500 and the Stoxx600. It is to be found whether regular retail investors stand a chance when a disciplined, long-term approach is applied. By default, a combination of fundamental and technical indicators awards a rank (and therefore a weight) after a value-infused pre-screen, motivated by Joel Greenblatt’s “Magic Formula”, selects a portfolio to choose from. The ultimate determinant for defining superiority is the Sharpe Ratio since it incorporates risk and return measurements. It can be shown that every presented strategy, whether it is a mixture of fundamental and technical indicators or a pure value play, was able to generate a higher return but a lower Sharpe Ratio, hence being labelled as worse to its respective benchmark. Therefore, investors need to figure out themselves whether they are able to stand higher volatility.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Wirtschaft und Management : Schriftenreihe zur wirtschaftswissenschaftlichen Forschung und Praxis / Identifizierung und Messung spezifischer politischer Risiken in den Ländern der östlichen Partnerschaft und Russlands
No full textAuf globaler Ebene wie im Raum der östlichen Nachbarschaft der EU und Russland nehmen politische Risiken für MNEs zu. Vor diesem Hintergrund steigt die Bedeutung von politischem Risikomanagement. Die wissenschaftliche Forschung zur Thematik hat jedoch kaum anwendungsorientierte Modelle hervorgebracht. Vorliegender Beitrag zeigt den steigenden Bedarf an Politischem Risikomanagement zunächst auf. Im nächsten Schritt wird dargelegt, dass die hochkomplexen Forschungsansätze und Modelle sich für Unternehmen nur selten als praxistauglich erweisen. Demgegenüber werden im dritten Schritt Schlussfolgerungen hinsichtlich der Grundzüge eines bedarfsorientierten Analysemodells gezogen.Political risks for MNEs are on the rise, globally as well as in the eastern neighbourhood of the EU and in Russia in particular. Consequently, there is a rising need for practice-oriented political risk management tools. The academic field of political risk research, however, is characterised by a lack of such models, since highly sophisticated quantitative/econometric studies dominate this field. This contribution first analyses the rising importance of political risk management. Secondly, it demonstrates that the highly complex research approaches and models are hardly ever suited to business practice. Finally, conclusions are offered in regards to practice-oriented political risk management models that MNEs can apply.Magistratsabteilung 23, Wirtschaft, Arbeit und Statistik STRATO
Big Data : Auswirkungen auf Wettbewerbsvorteile
No full textIn this thesis, Big Data applications are analyzed to show their impact on the creation of a competitive advantage. Based on Michael Porter's generic value chain, every single activity is related to Big Data applications, demonstrating that Big Data can have a tremendous impact on businesses. By using Big Data, new business models and companies can be created, but also processes in traditional companies can be improved and made more efficient.
However, the challenges involved in implementing Big Data should not be overlooked. Simply owning large amounts of data does not create a business advantage. This data must be prepared and analyzed by capable people. Furthermore, the necessary knowhow is also needed to draw the right conclusions from the analyses. The data quality also poses a risk. If data is not available in a suitable quality, wrong conclusions can be drawn quickly, which can lead to wrong decisions being made that could possibly even harm the company.
In summary, this study demonstrates that Big Data can have an enormous impact on companies - in every single activity of the value chain. However, the basic conditions for implementation must be in place and the risks weighed up to ensure successful Big Data deployment.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Efficient management of regulatory liquidity ratios under different circumstances
No full textOne of the main causes of the Global Financial Crisis was issue of illiquidity of banks as well as the dry-out of the money market. To prevent a new liquidity crisis, regulators across the globe implemented new mandatory reports in order to monitor the financial institutions. Two new ratios were introduced, the Liquidity Coverage Ratio and the Net Stable Funding Ratio. Managing the liquidity poses a significant operational burden to banks, therefore this thesis tried to give recommendations on the best and easiest possible remedy for them in different circumstances. To be able to provide solution for a wide variety of banks, the thesis only looks at the new regulatory ratios and their steering. By simulating a fictional bank and its main balance sheet positions using a random number generator provided by the statistical software R, several different remedies were tested in different liquidity situations (high liquidity and low liquidity). The results show that as a short to medium term remedy, the tri-party repo transactions are the most suitable in both scenarios. For a long-term solution of liquidity crisis, it is recommended for the banks to issue own bonds as they are one of the most stable funding sources.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Gesunde Führung unter dem Blickwinkel kommunikationsbezogener Faktoren in einem Krankenhaus
No full textAssuming that managers have a significant influence on employees’ health the communication of the direct superior with the staff is defined as an issue respectively a knowledge interest in this thesis. The research questions therefore are based on characteristics concerning communication within four defined fields of action and the design of a health-promoting leadership.
The Health-oriented Leadership (HoL) model is used as theoretical background. For this purpose, nine guideline-supported interviews with employees of a hospital in Vienna were conducted and analysed by four complementary quantitative and qualitative evaluation methods. Concerning employees, the results show satisfactory assessments in respect of central health-promoting fields of communication, praise, stress management and appreciation. A structuring qualitative content analysis shows the importance of two fields of action: Communication and stress management are the central aspect of health-promoting leadership. Verbal and non-verbal communication between direct managers and employees promotes particularly stress management for employees.
The hypothesis regarding a connection between the fields of action of appreciation and praise is rejected due to a correlation calculation. A type forming qualitative content analyses interpretatively leads to three different leadership types of station management. Two leadership types show approaches of health-oriented leadership or show potential of development. One type above all distinguishes itself as a role model in thinking, appearance and attitudes in the sense of an integrated habitus of a health-promoting leadership of employees in hospitals.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Gibt es einen Zusammenhang zwischen der Erwerbstätigkeit und einem erfolgreichen Renteneintritt der ArbeitnehmerInnen? : zukünftige Maßnahmen der ArbeitgeberInnen unter Berücksichtigung des demographischen Wandels am Arbeitsmarkt
No full textIn Luxembourg there is a trend that Healthy senior employees retire before their official retirement age of 65, even though they have roughly 1/3 of their life still in front of them. This is mainly due to the Luxemburgish pension system, that allows individuals to retire at the age of 57, if they have had 40 active years contributing to the official pension system.
The transition to retirement represents a change in life that has impact to the employee and consequently impacts to the start to their new period of life and how they adapt to their new situation. Retired people often experience critical situations as the end of their occupation has not been prepared well. This is very often characterised by feelings of dissatisfaction, emptiness or inferiority.
Due to the criticality of this transition into retirement, the planning and development process needs to start during employment while in the work environment.
In addition to this, life expectancy is extending, and the general birth rate is reducing therefore impacting the countries demographic shape. Consequently, the economy has fewer young people on the labour market, the impact to companies is that they need to retain their senior employee. This changes company demographics as the mean age is higher.
To maintain the work capacity of the employees in the long term, the work place and work environment needs to be adapted to accommodate for the capacities and competencies of a mature workforce. For this reason, Companies will be required to address this issue of an aging workforce. This means companies will need to develop long-term concepts to grow and maintain the working capacity of their employees.
With increases in age comes health related issues which in some cases will impact the employability of the employees. The central subject is the need for adaptation in the working place, to ensure healthy jobs, and a preservation of physical and mental health.
Qualifications and lifelong learning as well as continuous development will have a major impact to secure the working capacity of the employees. It is important to preserve the changing motivation and the satisfaction by implementing suitable career paths and a consequent job engineering that will have a major impact on health and preserving qualification and motivation of the employees and avoid early reduction of their job performance. Workplace design, labour organization, and assignment adjustment as well as the organization of the working time will help to preserve mental and physical health of the employees.
This master thesis will highlight this subject and have a explore the mental stress at work to properly identify the degree of the measures stated above and to identify if employees are motivated to retire at the earliest opportunity or rather, are interested to work past their legal retirement age.
In conclusion, the strain at the working place and the willingness to work longer, will help to inform the measures required to transition into retirement. The hypothesis being that if the working place has been adapted in line with science the transition to retirement would be successful.
Finally, the outcome of the three hypothesis shows that employers in Luxembourg have implemented only few measures for age-related working structures and there is a lot of action required.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Faktoren der Arbeit für attraktive ArbeitgeberInnen : eine qualitativ-explorative Studie in einem Kleinunternehmen der IT-Branche
No full textDie gegenständliche Studie untersucht Faktoren der Arbeit für attraktive ArbeitgeberInnen im Kleinunternehmen der IT-Branche. Die Studie nimmt dabei Bezug auf aktuelle Bemühungen von ArbeitgeberInnen, bei bestehenden und potentiellen, zukünftigen MitarbeiterInnen mit Attraktivität zu punkten, denn ArbeitgeberInnenattraktivität macht sexy und verspricht Erfolg. Auch soll ArbeitgeberInnenattraktivität Unternehmen in Zeiten der Verschiebung vom ArbeitgeberInnen zum ArbeitnehmerInnenmarkt ergänzend unterstützen, einen Fachkräftemangel zu verhindern. Es erscheint somit stringent, als dass es hierzu viel Theorie und auch viele Studien gibt. In der IT-Branche sieht die Situation nicht anders aus. IT-Fachkräfte, wie z.B. ITEntwicklerInnen, werden oftmals händeringend gesucht und offene Vakanzen bleiben zu lange unbesetzt. Anders ist in der IT-Branche jedoch, als dass IT-lerInnen, zumindest überwiegend informell, eine persönliche Andersartigkeit, im Vergleich zu IT-fremden Personal, nachgesagt wird. Hierzu gibt es vereinzelt Studien und Antworten gibt es auch zur Frage, welche Merkmale einer Arbeitstätigkeit von IT-lerInnen wertgeschätzt, als attraktiv ansehen werden. Studien, welche die besonderen Faktoren von ArbeitgeberInnenattraktivität nach IT-Fachgebiet und oder Unternehmensgröße skizzieren, sind jedoch schwer zu finden. Deshalb wurde diese Arbeit geschrieben. Hierzu wurden N=5 aktiv beschäftigte IT-Entwickler interviewt. Die Ergebnisse belegen, dass sich insbesondere die „Unternehmenskultur“ (n=25) sowie „Die Tätigkeit selbst“ (n=18) als besondere Faktoren der Arbeit auszeichnen und es dabei Unterschiede bei 40-Jährigen Kollegen gibt. Zusammenfassend lauten die Empfehlungen für ArbeitgeberInnen von IT-EntwicklerInnen, Beständigkeit in „Fürsorge“ Aktivitäten zu demonstrieren, Teamvernetzung zu unterstützen sowie Informationen mit den Termini der gefundenen Kodes bei der Transportierung von Informationen zu verwenden. Eine praxisnahe, zusammenführende Unterlage über die wichtigsten Ergebnisse wird innerhalb der Arbeit verfügbar gemacht. Limitationen und ein Ausblick zukünftige Forschungsmöglichkeiten werden im Anschluss erörtert.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Personalmanagement in österreichischen Nonprofit Organisationen: Gewinnung und Bindung von freiwilligen MitarbeiterInnen
No full textNonprofit organizations dedicate their actions to a particular social, cultural or scientific cause. Therefore, they use their profit to achieve their objectives, rather than distributing it to its employees and shareholders. Most nonprofit organizations are being supported by volunteers that help them achieve their goals That’s why the recruitment of volunteers is so vital for these organizations. It is also important to ensure a long-term commitment for some volunteers. On this account, this thesis assesses how Austrian nonprofit organizations carry out the recruitment and achieve a long-lasting commitment of volunteers. Further, terms like nonprofit organizations, volunteer work and the third sector in Austria are defined and illustrated. At the end of the theoretical part, the comparison shows similarities and differences between the recruitment and the retention of volunteers and full-time employees. An empirical research in form of interviews has been conducted in the second part of this thesis. Seven experts, from five different nonprofit organizations, shared their practical experience with recruitment and retention of volunteers. The findings of this thesis prove that the recruitment and retention of volunteers is essential for nonprofit organizations. All the methods and instruments, that are recommended by the literature (advertisement of vacancies, creation of social relationships, honoring the commitment), are used by the examined organizations. The interviewed organizations even use additional methods which are not proposed by literature. The methods of recruitment and retainment that the interviewed organizations use, are similar but differ from organization to organization due to different goals and field of activity. The conducted research shows that there is no right or wrong way to recruit and retain volunteers. Organizations must test the different instruments in order to identify the most suitable ones. Nonprofit organizations must constantly change and adapt their strategies to the current trends in order to gain and retain volunteers.Masterarbeit Wien, Fachhochschule des BFI Wien 202
Risikomanagement bei der Expansion von Produktionsunternehmen der Automobilzulieferbranche nach Mexiko
No full textGlobalisation is a major topic in the fight for companies to stay competitive and expand their market share beyond the current status. The automotive industry is a globally well-connected industry with a few big players who dominate the market.
Establishing new relations with unknown suppliers in an unknown market poses various risks, therefore OEMs (original equipment manufacturers) or carmakers push their existing suppliers to expand their business to regions close to the OEM.
Mexico already has a huge base of foreign automotive suppliers, supplying OEMs in the USA or Mexico. Companies already supplying the European branches of OEMS but without a subsidy in North America face the threat of losing the busi-ness in Europe. The reason for this threat is the OEMs standpoint that they want a global supplier network and not have different suppliers for every continent. Hence the decision to not move to new markets might even mean the loss of the existing business.
The venture of establishing a subsidy in an unknown country and/or without any previous knowledge of expansion, poses various threats which might as well en-danger the company. Managing the potential risks before the expansion could be a live saver, especially if the company has no previous experience in expanding.
This paper examines methods for managing risks in general and tries to find prov-en methods from companies which have already expanded to Mexico. Further a lessons-learned should be provided, based on the major risks which were identi-fied by experts who managed the expansion.Wien, Fachhochschule des BFI Wien, Masterarb., 202
Politische Systeme der Zukunft : Umweltschutz und Wohlstand ohne Wachstumszwang
No full textSeit dem Beginn der industriellen Revolution im 18. Jahrhundert und dem damit einhergehenden, stetig wachsenden Einsatz fossiler Brennstoffe steigen die Emissionen von Treibhausgasen, allen voran Kohlendioxid (CO2), eklatant. Die Eindämmung der Emissionen zum Schutz des Klimas sowie das Aufhalten der fortschreitenden Zerstörung der Umwelt zählen zu den größten Herausforderungen unserer Zeit. Um diesen zu begegnen, wurden in den letzten Jahren internationale Vereinbarungen wie das Pariser Klimaschutzabkommen oder die nachhaltigen Entwicklungsziele ebenso ins Leben gerufen wie ökologische Schwerpunkte auf Staats- und Unionsebene. Gleichzeitig ist das Ziel wirtschaftlichen Wachstums weiterhin fest in der politischen Agenda verankert, trotz dessen empirisch belegter, direkter Auswirkungen auf Umweltverschmutzung, Ressourcennutzung und die Schädigung des Klimas.
Verbindet man die Prämisse der Postwachstumsökonomie, wonach eine Entkopplung von Wirtschaftswachstum und Umweltschäden nicht in ausreichendem Maße möglich ist, mit der Theorie, dass Demokratie strukturell von Wachstum abhängt, drängt sich die Frage auf, wie politische Systeme der Zukunft aussehen könnten, die Wohlstand und Klimaschutz abseits vom wirtschaftlichen Wachstumsparadigma verwirklichen.
Aus diesem Grund untersucht die vorliegende Arbeit, wie demokratische Defizite wie Kurzfristigkeit und Gegenwartspräferenz mit Zukunftsvertretungen im politischen System gelöst werden könnten, sowie Input-Output-Differenzen mit einer stärkeren globalen Zusammenarbeit. Ein weiterer Lösungsansatz liegt in der von der Postwachstumsbewegung vorgeschlagenen Verringerung der Abhängigkeit der Demokratie von Kapitalismus und Wachstum, um Umweltschutz und Wohlstand gleichermaßen erreichen zu können.The first industrial revolution has kicked off an ongoing process of increasing carbon dioxide emissions, usage of non-renewable resources and environmental pollution, leading to irreversible effects on the planet and our climate. Studies show an even bigger rise of these human triggered impacts after the Second World War, namely “The Great Acceleration” and the movement from the Holocene to the Anthropocene.
The effects of climate change on the planet and the human species provoked several agreements for environmental and climate protection at the international level, as well as national and EU-wide commitments and political targets. However, the analysis of the measures taken so far draws a rather negative picture, stating that these commitments will not succeed in limiting global warming to 1.5 or 2 degrees Celsius, which would be necessary in order to avoid catastrophic impacts from climate change.
At the same time, the target of economic growth is consistently high on the political agenda. Even though the correlation of growth and climate change is a well-known fact and critics on the gross domestic product as single measure of wellbeing become louder, politics still hold on to this economic figure. They see technical innovations that allow “green” and “smart” growth as the solution, allowing for the decoupling of increasing production and consumption from negative effects on the climate. This decoupling strategy is empirically not proven and seen as too slow and with too few positive effects, if possible at all, especially by representatives of the degrowth movement.
The analysis of the political systems’ inability to abandon the growth paradigm reveals various reasons, such as political input-output-differences on the global and local level, democratic deficits such as “presentism” and “short-termism” and the dependency of the welfare state on growth.
Therefore, this paper explores possibilities for a future political system that ensures climate protection and wellbeing without economic growth. While “presentism” and “short-termism” could be overcome by the representation of future generations in the current political systems, the input-output-differences could only be solved with a better, intensified global governance. The degrowth movement offers ideas on how the connection between democracy and capitalism could be weakened, with measures that reduce the state and its people’s dependency on capitalist economic growth for the preservation and enhancement of wellbeing.Wien, Fachhochschule des BFI Wien, Masterarb., 202