The emergence of e-commerce leads to a fundamental change for the financialindustry. The transition into a digital economy produces numerous newopportunities as well as great risks. B2B e-commerce in particular is considered apromising field for the future. As B2B is very closely related to...

The current financial market crisis has impressively demonstrated the importance of aneffective credit risk management for financial institutions. At the same time, the use and thevaluation of credit derivatives has been widely criticised as a result of the crisis. Over the pastdecade, credit...

This paper empirically investigates the risk and performance of three types of alternative betaproducts over the January 2002 to September 2009 time period: funds of hedge funds (FHFs),investable hedge fund indices (IHFIs), and hedge fund replication strategies (HFRS). Weshow that IHFIs are true...

Today, the investment into indices has become a widely used strategy in portfolio management.While Index Funds and ETFs try to represent the performance of a single index, otherportfolio strategies use indices as portfolio components to concentrate on the allocation task.Because an index cannot...

Sovereign Wealth Funds (SWFs) have become active investors on the financial markets. Thisworking paper meets the increasing thirst for information on the investment activities of SovereignWealth Funds, their legal environment and the implications on German stock listedcorporations. Thus, this...

The report describes the current developments of the German market for Non Performing Loans/Distressed Debt as it is influenced by the financial crisis/credit crunch. Furthermore the sale of (small and medium sized) real estate portfolios since summer 2007 is analysed in more detail.

Funds of Hedge Funds (FHF) are perceived to be the premier choice of institutional investorsfor first-time allocations into the alternative investment asset class. While many papers coverthe bright side of FHF investing, we in this paper empirically investigate the maximum drawdownsof FHF....

This paper discusses the management of loan commitments (“Kreditzusagen“). First, weelaborate on the necessary steps to efficiently manage liquidity facilities. In particular, thedrawdown pattern of single commitments and a portfolio of such commitments have to bemodelled. Based on the...