Download Rolle des Internet im Multi Channel Banking (German Edition) by Oliver Becker PDF

By Oliver Becker

Diplomarbeit aus dem Jahr 2004 im Fachbereich BWL - financial institution, Börse, Versicherung, notice: 2,0, Duale Hochschule Baden-Württemberg Mannheim, früher: Berufsakademie Mannheim, 131 Quellen im Literaturverzeichnis, Sprache: Deutsch, summary: Problemstellung

Die vergangenen Jahre, insbesondere jene des Jahrtausendwechsels, sind durch Euphorie für das net selbst und mögliche Aktivitäten in dieser virtuellen Welt geprägt gewesen.1 Daneben gilt das Jahr 1996 mit dem Börsengang der Deutschen Telekom vielen als der Beginn der Aktien- und Investmentkultur in Deutschland. Am Arbeitsplatz, im Sportclub und in der Kneipe wurden Aktien, Kursentwicklungen, Finanznachrichten, Analysteneinschätzungen, Entwicklungen und Indices, Chartanalysen, Anlagestrategien und Investmenttipps zu Gesprächsthemen breiter Schichten. In den Boulevardzeitungen fanden die Börsen- und Finanznachrichten Einzug. Börsensendungen hatten im Fernsehen ihre Berechtigung zur besten Sendezeit in den Abendstunden. Das net, welches zuerst als reines Informationsmedium gedacht und nur einer kleinen Gruppe zugänglich struggle, wurde von Marketingexperten und Geschäftsleuten, nachdem es der breiten Masse zugänglich wurde, als das ultimative Medium des neuen Millenniums in den Himmel gelobt.2 Mit Wachstumsraten von jährlich 60 Prozent und mehr conflict die part des Internetbooms Ende der 90er Jahre in Deutschland angebrochen.3

Die Kombination von beginnender Aktienkultur und breiterer Internetnutzung in Deutschland führte dazu, dass neuen Internetanbietern und Direktbanken die Kunden in Scharen zuliefen. In der Blüte des net- und Börsenhypes, der zu einer Hysterie geworden struggle, sollte alles und damit auch Finanzdienstleistungen, am besten ausschließlich, nur noch über das net verkauft werden. Wer nicht auf den Zug aufspringen wollte, drohte unterzugehen. Doch die Direktbanken schreiben in den letzten beiden und teilweise auch in diesem Jahr weiter tiefrote Zahlen. Die Strategie der alleinigen Nutzung von Direktmarketinginstrumenten, insbesondere des net, ist gescheitert.4 Aber entgegen aller Prognosen ist die Internetverbreitung in Deutschland im Jahr 2003 schneller gewachsen als erwartet...
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1 Vgl. Witte, B.: Sparkasse.de: Wie viel Zentralität muss sein?, in: financial institution und markt, 2002, Heft 1, S. 25-27, hier S. 25.

2 Vgl. Drobning, C./ Sander, W.: Fondsgesellschaften im web: used to be ist gefragt?, in: financial institution und markt, 2002, Heft 1, S. 28-31, hier S. 28 f.

3 Vgl. ARD/ ZDF: Online-Studie: Internetverbreitung in Deutschland, 2003, http://www.daserste.de/service/studie.asp, (18.11.2003).

4 Vgl. Pischulti, H.: Direktbankgeschäft, Frankfurt am major, 1997, S. 10.

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Download Leveraged Exchange-Traded Funds: A Comprehensive Guide to by Peter Miu,Narat Charupat PDF

By Peter Miu,Narat Charupat

Leveraged Exchange-Traded cash (LETFs) are publicly-traded money that promise to supply day-by-day returns which are in a a number of (positive or unfavourable) of the returns on an index. to fulfill that promise, the cash use leverage, that is quite often received via derivatives resembling futures contracts, ahead contracts, and total-return swaps. As of the tip of 2012, there have been over 250 LETFs in North the US with overall resources of roughly $32.24 billion. whereas the quantity of resources held by means of those cash continues to be small, their acceptance keeps to develop as their buying and selling quantity is considerably better and lots more and plenty extra dynamic than conventional, non-leveraged ETFs.

This entire consultant to LETFs presents high-level practitioners and researchers with an in depth reference instrument for navigating the marketplace and making trained funding judgements. Written from a measured analytical viewpoint, Miu and Charupat use transparent and concise motives of all vital features of LETFs, concentrating on such key components as constitution, pricing, functionality, rules, taxation, and buying and selling thoughts. the 1st chapters set the degree for the publication by way of selecting precisely what LETFs are and the way they're regulated. the subsequent chapters then glance to bridge concept with perform to dive deep into the mechanics, portfolio rebalancing thoughts, and day-by-day compounding results that make making an investment in those money so lucrative.

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Download Grundlagen zur Volatilität und deren Schätzung. Empirische by Dirk Jeniche PDF

By Dirk Jeniche

Studienarbeit aus dem Jahr 2015 im Fachbereich BWL - financial institution, Börse, Versicherung, observe: Gesamtnote 2,0, FernUniversität Hagen, Veranstaltung: Optionspreistheorie, Sprache: Deutsch, summary: Alle Eingangsparameter für das Black-Scholes-Modell sind leicht bestimmbar, außer der Volatilität, der Schwankungsintensität des Basiswerts. Die Volatilität muss möglichst genau geschätzt werden um eine exakte Bewertung der Optionen zu ermöglichen. Eine Möglichkeit besteht in der Schätzung der Volatilität auf der Grundlage von Vergangenheitsdaten. Die Beschreibung von Verfahren zur Bestimmung dieser historischen Volatilität ist Gegenstand der vorliegenden Arbeit.

Der Handel mit Derivaten hat trotz Finanzkrisen an Bedeutung zugenommen. Derivate sind einsetzbar zur Absicherung von Risiken, Spekulation auf eine Preisentwicklung und Arbitrage. Eine Gruppe von Derivaten sind Optionen, bedingte Derivate mit einem Wahlrecht. Die foundation zur Bewertung von Optionen bilden Optionspreismodelle, darunter das Black-Scholes-Model.

Im Black-Scholes-Model wird unterstellt, dass die Volatilität konstant ist. Es lässt sich jedoch Heteroskedastizität beobachten. Demzufolge müssen Eigenschaften der Volatilität, wie Volatilitäts-Cluster und suggest Reversion bei der Schätzung der Volatilität berücksichtigt werden. Im Kapitel 2 wird zunächst das Black-Scholes-Model beschrieben und der Begriff der Volatilität eingeführt. Verfahren zur Bestimmung der historischen Volatilität werden vorgestellt. In Kapitel three werden auf der Grundlage der historischen stetigen Renditen zweier Basiswerte die Volatilitäten gemäß von im Kapitel 2 vorgestellten Verfahren geschätzt. Auf der Grundlage dieser Schätzwerte werden mit dem Black-Scholes-Modell die Optionspreise von realen, an der eu alternate (EUREX) gehandelten Optionen für die Basiswerte vorausberechnet und mit tatsächlich beobachteten Optionspreisen verglichen. Schlussfolgerungen für die Anwendung der o. g. Modelle sollen gezogen werden.

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Download Wie können Mikrofinanzinstitute erfolgreich sein? (German by Aike Stange PDF

By Aike Stange

Bachelorarbeit aus dem Jahr 2012 im Fachbereich BWL - financial institution, Börse, Versicherung, word: 1,7, Universität Ulm (Institut für Wirtschaftswissenschaften), Veranstaltung: Nachhaltiges Wissen, nachhaltige Bildung, nachhaltiges Wirtschaften, Sprache: Deutsch, summary: Die Arbeit befasst sich mit der Thematik finanzieller Unabhängigkeit von Mikrofinanzinstituten. Obwohl die Branche boomt sind viele Institute auf staatliche und inner most finanzielle Unterstützung angewiesen. Ein Vergleich zweier sehr bekannter Institute, nämlich der Grameen financial institution und der organization for Social development (ASA), soll darüber Aufschluss geben wie Mikrofinanzinstitute in der Lage sein können ihr Geschäftsmodell selbst zu tragen. Der Vergleich wird mit Hilfe verschiedener qualitativer und quantitativer Kennzahlen durchgeführt, die teilweise von den Instituten selbst und teilweise von unabhängigen Quellen bezogen wurden. Die Ergebnisse deuten darauf hin, dass für eine definitive Aussage essentielle Bereiche noch nicht ausreichend durch die Forschung beleuchtet wurden und es werden Ansatzpunkte für neue Studien genannt.

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Download NPL Jahrbuch 2013/2014: Problemkredite - Outsourcing - by Christoph Schalast,Jörg Keibel PDF

By Christoph Schalast,Jörg Keibel

Als Leitkongress des Finanzsektors gibt das NPL discussion board einen umfassenden Überblick über aktuelle Entwicklungen, die für die Steuerung von Problemkrediten von Bedeutung sind.

Im Mittelpunkt stehen die Fragen: Wie entwickelt sich die Finanzstabilität in Europa? Ist bei der Euro-Schuldenkrise bald Licht am Ende des Tunnels in Sicht? Welche Konsequenzen ergeben sich daraus für die Kreditmärkte, die Banken und deren Risikomanagement?

Das Themenspektrum reicht diesmal von den aktuellen Rahmenbedingungen einer erfolgreichen Kredit(risiko)steuerung über neue bankrechtliche Aspekte bis hin zu Erfahrungen und Bankstrategien im NPL Bereich.

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Download Handbook of Economic Forecasting: 2A - 2B by Graham Elliott,Allan Timmermann PDF

By Graham Elliott,Allan Timmermann

The hugely prized skill to make monetary plans with a few sure bet concerning the future comes from the middle fields of economics.  in recent times the provision of extra info, analytical instruments of larger precision, and ex post reports of industrial judgements have elevated call for for info approximately fiscal forecasting. Volumes 2A and 2B, which follows Nobel laureate Clive Granger's quantity 1 (2006), be aware of significant subjects.  quantity 2A covers techniques in methodologies, particularly macroforecasting and forecasting monetary variables.  quantity 2B investigates advertisement applications, with sections on forecasters' goals and methodologies.  specialists supply surveys of a giant variety of literature scattered across applied and theoretical records journals to boot as econometrics and empirical economics journals.  The instruction manual of financial Forecasting Volumes 2A and 2B provide a special compilation of chapters giving a coherent evaluate of forecasting concept and purposes in a single position and with updated bills of all significant conceptual issues.

  • Focuses on innovation in financial forecasting through applications
  • Presents coherent summaries of matters in monetary forecasting that extend from methodologies to applications
  • Makes information about financial forecasting available to students in fields outdoor economics

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Download Managing Downside Risk in Financial Markets (Quantitative by Frank A. Sortino,Stephen Satchell PDF

By Frank A. Sortino,Stephen Satchell

Quantitative equipment have revolutionized the realm of buying and selling, rules, probability administration, portfolio development, asset pricing and treasury actions, and governmental task equivalent to significant banking to call yet the various functions. Downside-risk, as a quantitative procedure, is a correct dimension of funding chance, since it captures the danger of no longer reaching the investor's goal.

'Downside hazard in monetary Markets' demonstrates how downside-risk can produce higher leads to functionality size and asset allocation than variance modelling. thought, in addition to the sensible concerns considering its implementation, is roofed and the arguments recommend emphatically express the prevalence of draw back danger types to variance versions when it comes to probability dimension and selection making. Variance considers all uncertainty to be dicy. Downside-risk in basic terms considers returns lower than that had to accomplish the investor's aim, to be risky.

Risk is among the largest concerns dealing with the monetary markets this present day. 'Downside hazard in monetary Markets' outlines the key concerns for funding Managers and makes a speciality of "downside-risk" as a key task in dealing with threat in investment/portfolio administration. dealing with chance is now THE paramount subject in the monetary zone and habitual losses during the Nineties has stunned monetary associations into putting a lot larger emphasis on probability administration and control.

Free software program Enclosed
To assist you enforce the data you'll achieve from studying this ebook, a CD is enclosed that includes loose software program courses that have been formerly purely on hand to institutional traders less than specified licensing contract to The pension examine Institute. this is often our contribution to the development of professionalism in portfolio management.

The Forsey-Sortino version is an executable software that:
1. Runs on any computer with no the necessity of any extra software.
2. makes use of the bootstrap approach constructed by way of Dr. Bradley Effron at Stanford collage to discover what can have occurred, rather than depending basically on what did ensue long ago. this can be the easiest method we all know of for describing the character of uncertainty in monetary markets.
3. matches a 3 parameter lognormal distribution to the bootstrapped info to permit draw back probability to be calculated from a continuing distribution. This improves the efficacy of the disadvantage hazard estimates.
4. Calculates upside power and draw back chance from per thirty days returns on any portfolio supervisor.
5. Calculates upside power and draw back danger from any consumer outlined distribution.

Forsey-Sortino resource Code:
1. The resource code, written in visible uncomplicated 5.0, is supplied for institutional traders who are looking to upload those calculations to their current monetary companies.
2. No royalties are required for this resource code, delivering associations tell consumers of the resource of those calculations. an increasing number of companies at the moment are calculating draw back possibility in a way that we're not pleased with. as a result, we need traders to grasp while draw back danger and upside capability are calculated according to the technique defined during this booklet.

Riddles Spreadsheet:
1. Neil Riddles, former Senior vice chairman and Director of functionality research at Templeton international Advisors, now COO at Hansberger international Advisors Inc., bargains a loose spreadsheet in excel format.
2. The spreadsheet calculates draw back threat and upside capability relative to the returns on an index

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Download Vile Acts of Evil - Volume 1 - Banking in America by Michael A. Kirchubel PDF

By Michael A. Kirchubel

This e-book isn't what you think that. “Vile Acts of Evil – Banking in the United States” is the laborers consultant to banking. It doesn't talk about your bank’s usurious rates of interest or ridiculous charges – irritants you recognize too good - and the name displays neither funny story nor hyperbole. this is often the tale of cash, greed, and gear in the USA. in case you dare proceed, you'll soon become aware of, that the tremendous underbelly of our American historical past - the recessions, depressions, panics, and wars - the big quantity of unnecessary human turmoil, ache, and carnage - the thousands of wasted lives over hundreds and hundreds of years - are yet byproducts of super prosperous bankers looking extra wealth - mere company externalities, like smokestack soot, undeserving of a bookkeeping access. really, Vile Acts of Evil.

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Download Rethinking Asset Management: From Financial Stability to by Mirzha de Manuel,Karel Lannoo PDF

By Mirzha de Manuel,Karel Lannoo

clean clients are commencing for asset managers as Europe seeks to minimize its old reliance on banking and to advertise capital markets. yet following the monetary predicament, the faces a twin problem: regaining traders’ belief and dealing with the post-crisis regulatory reform. a lot rides on its skill to make funding money carry higher effects to its traders. Distribution is still the most important stumbling block, yet motion is additionally had to advertise the contribution of asset administration to the genuine financial system and to maintain monetary balance. in accordance with those demanding situations, CEPS and ECMI shaped a role strength composed of marketplace contributors, overseas specialists, regulators and lecturers who met frequently all through 2011 to heavily research the workings of the asset administration and its function within the european economy.

This document attracts the hyperlink among asset administration and a number of other key concerns: monetary balance, product integrity, investor safety and the genuine economic system. It evaluates the discussions on product integrity in UCITS and ‘shadow banking’, in addition to the various legislative proposals which are at present into consideration – together with implementation of the choice funding fund managers Directive (AIFMD), the evaluate of the markets in monetary tools Directive (MiFID II) and packaged retail funding items (PRIPS). so as to make those advanced matters understandable to a wide team of readers, the record combines transparent language and easy introductions with particular research and technical illustrations.

This file used to be written through Mirzha de Manuel, CEPS-ECMI Researcher. the duty strength used to be chaired via Jean-Baptiste de Franssu, Chairman of Incipit and previous President of the eu Fund and Asset administration organization (EFAMA). Mirzha de Manuel and CEPS Senior learn Fellow Karel Lannoo served as rapporteurs.

For additional info at the document and activity strength, stopover at eurocapitalmarkets.org.

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Download The Second Bank of the United States: “Central” banker in an by Jane Ellen Knodell PDF

By Jane Ellen Knodell

The 12 months 2016 marks the 200th anniversary of the founding of the second one financial institution of the us (1816-1836). This booklet is an financial heritage of an early principal financial institution, the second one financial institution of the us (1816-36). After US President Andrew Jackson vetoed the re-chartering of the financial institution in 1832, the united states could move with out a imperative financial institution for the remainder of the 19th century, not like Europe and England. This ebook takes a clean examine the function and legacy of the second one financial institution.

The moment financial institution of the United States

exhibits how the financial institution constructed a company version that allowed it to make a aggressive revenue whereas offering integrating financial companies to the nationwide govt at no cost. The version revolved round the strategic use of its special skill to set up a national method of branches. This booklet indicates how the financial institution used its department community to set up dominance in opt for cash markets: frontier cash markets and markets for money owed of alternate and specie. those strains of industrial created synergies with the Bank’s economic tasks, and gains that helped disguise their expenses. The Bank’s department in New Orleans, Louisiana, grew to become its geographic centre of gravity, by contrast with the state-chartered banking procedure, which used to be already, by way of the 1820s, targeted round ny.

This publication is of significant curiosity to those that examine banking and American background, in addition to financial scholars who've a good curiosity in fiscal historical past.

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