Suchergebnisse

Cryptocurrencies, such as Bitcoin, have caused intense discussions during recent years among market participants according to new options (such as payment or financing alternatives) and new risks (such as price volatility) involved. Despite being considered by various actors of private households, companies, financial, monetary, and political institutions, a theory-based understanding of this innovation and knowledge of their evolution is still limited. On a basic level, this holds for differences between cryptocurrencies on the one hand and traditional currencies, like paper money, gold or special assets, on the other. On a market level, factors driving the prices of cryptocurrencies appear to be of seminal meaning, in particular against the backdrop of recent market turmoil. Therefore, the paper conducts an empirical analysis of the five biggest cryptocurrencies (measured by market capitalization) with regard to their evolutionary development, price behaviour, and their impact for managers

Nachdem eine Bargeldabschaffung schon vor längerem u.a. von Wissenschaftsvertretern wie Rogoff, Summers und Bofinger diskutiert und im Ergebnis befürwortet wurde, scheint das Thema aufgrund aktueller Entwicklungen sowie bereits vollzogener Maßnahmen verstärkt in Wissenschaft und Praxis angekommen zu sein, wo es kontrovers diskutiert wird. Dabei werden sowohl für als auch gegen Abschaffung bzw. Beschränkung des Bargeldes gewichtige Gründe ins Feld geführt. Aufgrund der großen Aktualität und Relevanz der Thematik wird sie zuerst aus theoretischer Sicht beleuchtet, bevor empirische Entwicklungen aufgezeigt, sowie die gegensätzlichen Argumentationslinien der Befürworter und Gegner einer Abschaffung bzw. Beschränkung des Bargeldes sowie bereits veränderte institutionelle Rahmenbedingungen dargestellt und bewertet werden. ; The topic of abolishing cash is discussed since some time, and economists such as Rogoff, Summers and Bofinger argue for it. Due to some current developments, as much as some already taken measures, the public is increasingly discussing it in a controversial way. There are good reasons for such a fundamental change, as well as against it. Against the backdrop of the current discussion, this paper emphasises the theoretical background, empirical developments and the competing argumentative lines of the supporters and opponents of an abolishing or limitation of cash, as well as the respective institutional change which has already happened.

ABSTRACT Financial institutions show a characteristic risk exposure and vulnerability, making them prone to instability. Financial systems in Latin America, however, were left largely unscathed by the global financial crisis starting in 2008. This state-of-the-art survey provides an in-depth analysis on the identification and regulation of systemically important financial institutions (SIFIs). While Latin America benefits from its rich historical experience in managing systemic risks, we find the problem of SIFIs to be still underestimated. However, there are first efforts to cope with SIFIs in science and particularly Latin American supervisors and regulators are starting to take the threat posed by SIFIs seriously.

Non Disclosure Agreements -- Kaufpreismechanismen -- Hauptversammlungskompetenzen beim Beteiligungserwerb -- Die Unternehmensbewertung von Start-up Unternehmen -- Strategic Orientations, Acquisitive Growth, and Continuous Adaptation -- The Cultural Perspective of Mergers & Acquisitions -- Informationswirkungen steuerlicher Vorteile auf die Grenzpreisbildung -- Entwicklung eines strategischen Entscheidungstools für die Softwareindustrie