Behavioral finance theory is used for the foreign exchange market to show, that the profit of a typical trader is mainly due to the higher number of correct positions. Using behavioral finance the amount of loss trades is larger than 60%, however the individual gains are larger than the losses...

The rate of growth in bank loans to private households and firms in Germany has declined substantially since early 2000 and currently stands at virtually zero. In this article, we analyse whether cyclical factors (demand-side driven) or banks unwillingness and/or inability to lend (supply-side...

Unter den vielfältigen und wesentlichen Gestaltungselementen von Veränderungsprozessen in Unternehmen erscheint die gemeinschaftliche Orientierung und Ausrichtung auf gemeinsame Ziele als einer der wesentlichsten Erfolgsfaktoren. Und trotzdem haben nach einer Untersuchung von BERTH1) weniger...

This paper explores approaches to measure the performance of the internal audit function. Based upon three proposed dimensions of formal internal audit performance - material performance, cost and risk - it uses competence research methodology to characterize and structure internal audit...

Despite the common view that there is inherently a relationship of confliction, it is now impossible to imagine the financing of family-owned enterprises in Germany without the alternative method of Private Equity financing. Based on a survey on Private Equity in family owned companies...

This paper discusses the management of loan commitments (Kreditzusagen). First, we elaborate on the necessary steps to efficiently manage liquidity facilities. In particular, the drawdown pattern of single commitments and a portfolio of such commitments have to be modelled. Based on the drawdown...

Mindestmarge ist der entscheidende Baustein bei der Steuerung des Vertriebs. Im Arbeitsbericht wird eine moderne Margenkalkulation in vier Stufen vogestellt. Dabei beschreibt Mindestmarge I Zins- und Kündigungskosten, Mindestmarge II Ausfallkosen, Mindestmarge III Stückkosten und Mindestmarge...

We collect simple and pragmatic exact formulae for the convexity adjustment of irregular interest rate cash flows as Libor-in-arrears or payments of a swap rate (CMS rate) at an irregular date. The results are compared with the results of an approximative approach available in the popular...