Bøger udgivet af Deutscher Universitats-Verlag

Interest in the Latin American emerging markets (LAEM) has increased considerably in recent years. However, in their stock markets the price determination process and how it compares with that of developed markets is still an open issue. Thus far, the LAEM and most of the emerging markets may have, as it is often claimed, paid a price for being too different, that is, for having weak institutions, failed macroe- nomic programs, political instability, poor corporate governance, and high trading costs. Although they may have indeed suffered for these reasons, this claim ignores the heterogeneity that exists among emerging markets regarding their market devel­ opment and institutional infrastructure (Yilmaz (2001)). Practitioners still think that the LAEM may lower an international investor's unconditional portfolio risk. In view of this belief concerning emerging markets, the present thesis seeks to answer three sets of questions: (1) What are the investment laws in the LAEM and how do they compare to developed countries? (2) How heterogeneous are the implicit trading costs in the LAEM and which factors are responsible for the heterogeneity? And how dif­ ferent is the implicit trading cost of the LAEM from the developed stock markets? And (3) does the predictability of stock returns in the LAEM differ from those docu­ mented for developed markets? A large number of investigations in modem financial economics have been dedicated to quantifying the trade-off between risk and expected returns of financial securities.

Degenhard Meier explores the dimensions of post-investment value addition characterizing the interaction between private equity firms and their portfolio companies and derives plausible hypotheses which he tests in an innovative way, i.e. he takes the current discussion on alternative methods to structural equation modeling as a basis and develops this discussion further by shedding light on partial least squares - a variance-based approach to structural equation modeling.

Research on the patent system and the analysis of patenting activities have become an important field in economics and l)usin(\ss administration. The global demand for patcuit protection has been increasing strongly over the last decades. Institutional changes as well as the broadening of patentable subject matter pose new challenges to patentees and patent offices alike. Especially in Europe, the debate on the patentabihty of biotechnology and softwa- related inventions led to broad public attention to the design of the patent system. Given these developments, it is no wonder that practitioners as well as policy makers are turning to researchers for answers on how to cope with new challenges threatening the patent system. In his dissertation, Stefan Wagner attempts to answer some of these questions. Wagner apphes advanced econometric methods to large-scale data sets which were assembled specifically for the purpose of this thesis. His analysis focuses on various aspects of patent filings, examination and opposition at the European Patent Office. Each of the four self-contained chapters of this book addresses different issues which are important to all stake-holders of the patent system. Wagner closely analyzes institutional features of the European Patent Office, such as the duration of the examination of patent applications, the determinants of the occurrence of patent oppositions and the patentability of business methods under the European Patent Convention. In his concluding chapter he examines the managerial decision between outsourcing patent-related services to patent attorneys or generating them in-house.

In view of Germany's lackluster economic performance during the 1990s, i. e. , at a time when the American economy was booming, a relative lack of venture capital vis-a-vis the United States was lamented in Germany. Ger­ man government programs meant to help raise venture capital in order to fi­ nance "predominantly young, technologically innovative, unlisted small- and medium-sized enterprises which, despite low current profitability, are consid­ ered to have a suflficiently large growth potential," (Deutsche Bundesbank) were to a large extent unsuccessful since their inception in the 1960s. It is well-known that Germans tend to be more risk-averse than Americans, and it is therefore no wonder that the author of this book, Arnd Plagge, finds that Germany's venture capital market is relatively underdeveloped when compared to its counterpart in the United States. There can be no doubt that due to its investment focus on innovative start-up companies, venture capital can play an important role in fostering economic growth and the creation of modern high-skill jobs, especially by spurring the development of entirely new industries and products from such diverse and dynamic realms as pharmaceuticals, biotechnology as well as information and communication technology.

This book has been submitted as dissertation at the Faculty of Business Man­ agement and Economics at Dresden University of Technology, Germany on January 19, 2005. Throughout the completion of this thesis, I received much encouragement and advice from mentors, colleagues and friends. I would like to take this opportunity to thank all of them. First of all, I would like to express my gratitude to my supervisor Prof. Dr. Michael Schefczyk for providing a fruitful research atmosphere at the SAP Chair for Entrep- neurship and Innovation at Dresden University of Technology. His comments and support helped me develop and complete this thesis. Moreover, I thank Prof. Schefczyk for supporting my ambitions to conduct research in the United States. Second, I am especially grateful to Prof. Andrew L. Zacharakis, Ph.D. for hosting me as visiting scholar at Babson College and for supervising my project during this time. This thesis benefited tremendously from his knowledge and from his out­ standing support. His encouragement and support also helped me survive less pro­ ductive times. A great debt is to Prof. Dr. Herman Locarek-Junge who accepted the burden of being my second examiner at Dresden University of Technology. The final paper benefited tremendously from conversations with several experi­ enced researchers and practitioners in the United States. I want to thank Elaine I.

Chuluunbaatar Enkhzaya examines the "inadequate" behaviour of banks in Mongolia by analysing the institutional framework of the banking system, especially in lending. She focuses on the genesis of informal institutions of lending and their interaction with formal institutions of lending. Herewith, informal institutions such as the attitude to risk were indirectly observed by diagnosing the "action-regulating" knowledge of bankers. In order to ensure an effective allocation of the scarce financial resources of Mongolia the author therefore suggests a change - as simultaneous as possible - of formal and informal rules.

The acknowledgement that a network of cooperating companies, e.g. a supply chain, could be more successful in achieving competitive advantage than individual businesses, constitutes one of the most significant paradigm shifts in modern business management as it leaves behind the notion of adversarial companies engaged in fierce competition with one another in order to gain a competitive advantage. The ¿Survival of the Fittest¿ in what has been called ¿The Era of Network Competition¿ depends on how well companies are able to structure, coordinate, and manage relationships with their business partners. In their search for the best possible place under the sun, companies have redefined their understanding of cooperation and have not only improved the efficiency of cooperation with partners (e.g. suppliers, customers, and complementors) but also discovered the existence of synergies with competitors. The apparently paradoxical situation of cooperating with competitors (or it might be thought of as competing with cooperating partners) shows that collaboration is a widespread approach at all levels of strategic management. In light of these thoughts, the question arises why there are still companies that neither cooperate with business partners nor with competitors; although it seems obvious that this could be advantageous. This work attempts to offer an answer to this question.

Der Autor erarbeitet am Beispiel der Fremdwährungsumrechnung von Kreditinstituten einen Vorschlag, wie Controlling und externes Rechnungswesen verzahnt werden können, um die Trennung in zwei unterschiedliche Rechnungskreise zu vermeiden.

Mergers and acquisitions (M&As) have been a preferred growth strategy of fums, becoming even more popular in recent years with U.S. companies. Often, transaction prices reach Ievels ofbillions ofEuros (e.g., Kraft Foods' acquisition ofNabisco in 2000). It is noteworthy that the motives of such transactions are not limited to material assets. lmmaterial market-based assets, such as brands, have played an increasing role. Both practitioners and academics have widely recognized brands' significance for companies. Until now, however, research has neglected to investigate the importance of market-based assets in M&As. This research provides a tool which can be used to quantizy the relative importance of market-based assets that are ofparticular interest in M&As. The contribution of this research is twofold. The first contribution is the examination of specific M&A motives in the U.S. food industry based on a sample of recently proposed M&As and their influence on shareholder value drivers. The second is the development and empirical application of a measurement tool. This tool is able to quanti:ty motives of particular M&A cases and their relative importance.

Patrick Knust zeigt, dass mit Hilfe des Target Costing eine integrierte kosten- und kundenorientierte Entwicklung von Direct-Banking-Produkten unterstutzt werden kann, und uberpruft die erfolgreiche Anwendbarkeit und die praktische Umsetzung des Ansatzes an Hand einer Fallstudie bei der comdirect bank AG.

Der Autor entwickelt die These, daß die Industrialisierung der Wissenschaft das funktionale Korrelat einer Verwissenschaftlichung der Industrie ist und daß diese beiden Phänomene zwei nur analytisch zu trennende Momente desselben gesellschaftlichen Prozesses darstellen.

Antje Schirm develops a pricing model for credit risk securitisation, explaining fair note issuance pricing by the underlying credit portfolio risk. The underlying credit portfolio risk is modelled in a market context and the observed payout mechanisms of securitisation structures are translated into a derivatives pricing context. Both these blocks together permit a comparison of fair model prices to issuance prices observed in the young securitisation market, such that discrepancies are uncovered.

Philipp D. Riekert's theory of comparative corporate governance of venture capital-backed startup companies focuses on the complementarities between financing, human resource, and market strategies of the startup company, and takes a functional view towards entrepreneuership as bringing about innovation by combining the functions of initiation, uncertainty-bearing, and coordination.

Ursula Frietzsche systematisiert die unterschiedlichen Erscheinungsformen externer Faktoren nach Wirtschaftsgütern, differenziert ihre kosten- und leistungswirksamen Merkmale nach quantitativen, qualitativen, räumlichen und zeitlichen Dimensionen und bewertet sie aus Kunden- und Anbietersicht.

Der persönliche Verkauf ist ein Marketing-Instrument, das schon eingesetzt wurde, bevor überhaupt von Marketing die Rede war. Sowohl im Business-to-Business- als auch im Kon­ sumgüter-Bereich hat er für viele Branchen zentrale Bedeutung. Das zeigt sich nicht zuletzt an entsprechenden Budgets, die nicht selten innerhalb des Marketing-Budgets dominierend sind. Wenn man allerdings das Ausmaß der wissenschaftlichen Beschäftigung mit dem per­ sönlichen Verkauf mit anderen Teilgebieten des Marketing vergleicht, entsteht ein völlig an­ deres Bild: In der deutschsprachigen ebenso wie in der internationalen Marketing-Literatur, in wissenschaftlichen Zeitschriften ebenso wie in Lehrbüchern wird der persönlicher Verkauf eher am Rande behandelt. Woran mag diese Diskrepanz zwischen der großen Relevanz eines Fachgebiets und dem begrenzten wissenschaftlichen Interesse daran liegen? Sicher ist der persönliche Verkaufwe­ niger glamourös als etwa die Welt der Werbung und bietet weniger Entfaltungsmöglichkeit für methodische Brillanz als der Bereich der Marktforschung. Offenbar bereitet der Verkauf für die Anwendung des gängigen Forschungsinstrumentariums auch besondere Probleme. So sind die gängigen Befragungsmethoden auf Interaktionen zwischen Verkäufern und Kunden nur schlecht anwendbar. Auch die Rekrutierung von Auskunfts- oder Versuchspersonen be­ reitet mehr Schwierigkeiten als in weiten Gebieten der Konsumentenforschung.

Mit der Customized Computerized Conjoint Analysis (CCC) und der Choice-Oriented Individualized Conjoint Analysis (CHIC) stellt Susanne Hensel-Börner neue computergestützte hybride Conjoint-Varianten vor, die sie einer umfangreichen empirischen Validitätsprüfung unterzieht.

Die Autorin zeigt am Beispiel des Finanzdienstleistungssektors, dass Telearbeit weitreichende Potentiale zur Optimierung der Mitarbeiter- bzw. Kundennähe sowie der Kooperationsbeziehungen bietet.

Dissertation Handelshochschule Leipzig 1997

Gertrud Schmitz untersucht differenziert, wie Versicherungsvertreter zur Erzielung von Wettbewerbsvorteilen der Versicherer beitragen koennen, ob ihr dazu notwendiges Verhalten vom Grad ihrer Zufriedenheit abhangt und inwieweit die Zufriedenheit der Versicherungsvertreter durch die Versicherer beeinflussbar ist.

Foreword Qing-Yun Jiang was born in Fujian, China. He studied International Business Administration at the Shanghai Institute of Foreign Trade in Shanghai, where he graduated with a Bachelor of Economics. In 1997, he started studying at the University of Hamburg. After his Master study and his successful completion of the necessary law examinations, he was admitted as a doctoral student in the law faculty in 2001. In addition to his study of German civil, criminal and administrative laws, Jiang demonstrated an increasing interest in law and economics, especially in the relationship between law and economic development. It is now a well-established fact that the rule of law, the protection of property rights and a swift and timely resolution to conflicts are corner stones of economic development and long-term economic growth. In many developing countries court delays are a major shortcoming of the legal system. This is true for countries in Latin America and in many Asian countries. Empirical findings show a 15 year length of civil procedure from the first filing of the case to the Supreme Court decision. This leads to court crises in the sense that private disputes are not brought to the court. Private parties attempt to circumvent the official legal system all together. When making contracts they resort to self enforcing contracts, to self help and, if available, to private alternative dispute settlement. In his thesis, Jiang presents an empirical study of court delays in China.

Hubert F. Hofmann reviews five RE processes that prescribe the timing and frequency of RE activities throughout the software process. He classifies prevalent RE methods and compiles best practices to help stakeholders identify when to use which RE methods.

Volker Simon untersucht den Umgang mit komplex-dynamischen Entscheidungssituationen, wobei das "e;systemische"e; Verstandnis von Unternehmung und Management sowie von der Evolution sozialer Systeme hervorgehoben wird.

Die Grundung von Unternehmen, die die Umsetzung von Patenten in technologisch hervorragende Produkte zum Gegenstand haben, ist besonders interessant, weil gerade bei diesen Unternehmen groe Erfolgspotentiale erwartet werden. Mit der Grundung derartiger Unternehmen sind aber auch ganz erhebliche Risiken verbunden, so dass dem Eigenkapital als Risikodeckungspotential besondere Bedeutung zukommt. Da die Grunder junger Technologieunternehmen typischerweise nicht uber umfangreiche Ei- genmittel verfugen, sind sie auf die Zufuhrung von Eigenkapital angewiesen. Hierfur kommen nicht nur Venture Capital-Gesellschaften, Beteiligungsgesellschaften (Private Equity) und private Investoren (Business Angels) in Betracht, sondern insbesondere auch der Borsengang (Going Public). Mit der NASDAQ steht in den USA schon seit langerer Zeit eine funktionelle Borse fur junge Technologieunternehmen zur Verfugung. Nach diesem Vorbild grundete die Deutsche Borse AG den Neuen Markt als Segment des geregelten Freiverkehrs, und in Brussel wurde die EASDAQ gewissermaen als Gegenstuck zur NASDAQ errichtet. Mit der vorliegenden Schrift wird das Ziel verfolgt, die fur diese drei Borsensegmente geltenden institutionellen Rahmenbedingungen in Hinsicht auf ihre Effizienz fur die Eigenkapitalautbringung fur junge Technologieunternehmen zu prufen und die Attrak- tivitat der drei Segmente fur das Going Public zu evaluieren.