Hochschulbibliographie der Hochschule für Technik und Wirtschaft des Saarlandes
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    1145 research outputs found

    Foreign exchange interventions and their impact on expectations: Evidence from the USD/ILS options market

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    Using confidential daily data, we analyse how the intervention episode of the Bank of Israel (BOI) from 2013 to 2019 has affected the foreign value of the Israeli new shekel (ILS) and the expectations about its future value. We find that interventions amounting to US dollar (USD) 1 billion are on average associated with a depreciation of the ILS by 0.82%–0.85%, which is at the upper bound of the estimated impact in other studies. The (indirect) effect on the forward rate is smaller – the BOI’s USD purchases have widened the negative deviation from covered interest parity. The higher moments of the risk-neutral probability distribution of future exchange rates proxied by the scaled price quotes of USD/ILS options, on the contrary, are unaffected. The USD purchases simply shift the whole distribution towards higher USD/ILS values. Crash risk, for instance, is unaffected. We also find that the USD/ILS options market anticipates intervention episodes and prices them in before they occur

    Ein Leuchtturm für die Bildung in Saarbrücken-Malstatt

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    Business model design for Product-Service Systems: The Product-Service System-Business-Model-Eye

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    Becoming a provider of Product-Service Systems(PSS) is a promising but challenging way for companies to operate more sustainable and provide more innovative solutions to their customers. However, this also requires a transformation of the companies’ current business model. In the literature, several generic approaches can be found to visualize business models. These are largely generic and vary in the number of proposed design categories. Although it is possible to represent PSS-driven business models with these generic approaches, it was found in a joint research project with SMEs that the special aspects of PSS-driven business models are not sufficiently represented. Especially in early phases, this can hinder the innovation process. For this reason, this paper presents a design approach for business model innovation with the help of PSS, which makes it possible to consider the specifics of PSS in business models in a more focused way

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