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  • 1
    Online Resource
    Online Resource
    Wiesbaden : Springer Gabler
    Keywords: Finanztechnologie ; Geschäftsmodell ; Datenschutz ; Banks and banking ; Commercial law ; Banking ; Business Law ; Finanztechnologie ; Geschäftsmodell ; Datenschutz
    Type of Medium: Online Resource
    Pages: 1 Online-Ressource (XVI, 141 Seiten) , Illustrationen
    ISBN: 9783658265007
    DDC: 332.1
    Language: German
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  • 2
    Online Resource
    Online Resource
    Cham, Switzerland : : Springer,
    Keywords: Banks and banking Technological innovations ; Financial services industry Information technology ; Electronic books.
    Type of Medium: Online Resource
    Pages: 1 online resource (130 pages) : , illustrations, tables
    ISBN: 9783319546667 (e-book)
    DDC: 332.10285
    Parallel Title: Print version: FinTech in Germany.
    Language: English
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  • 3
    Electronic Resource
    Electronic Resource
    Springer
    OR spectrum 21 (1999), S. 493-502 
    ISSN: 1436-6304
    Keywords: Schlüsselwörter: Multiplikator-Rundungsmethoden – Nachbildung von Aktienindizes – Portfoliobildung ; Key words: Multiplier rounding methods – Full replication of stock indices – Portfolio selection
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Summary. For full replication of a stock index one has to multiply the weights of the index with the desired index multiple in order to receive the corresponding share volumes. If rounding of the theoretical values is done the usual way, the desired replication result is missed to an extent greater than necessary. This paper presents an easy-to-implement algorithm based on a multiplicator rounding method which is suited to cope with the problem. As an application it is shown how this algorithm can be utilized to solve the rounding problem arising from full replication of the German Stock Index (DAX). Trading restrictions of the German Xetra system are also considered. The algorithm often cuts down the replication error and thus also the tracking error to a small fraction of the value achieved by ordinary rounding.
    Notes: Zusammenfassung. Um einen Aktienindex exakt nachzubilden, muß man die Gewichtungsfaktoren des Indexes mit dem gewünschten Index-Vielfachen multiplizieren und erhält so die Anzahlen der jeweils zu haltenden Aktien. Rundet man diese Anzahlen auf herkömmliche Art, so weicht man vom gewünschten Nachbildungsergebnis häufig weiter als nötig ab. In dieser Arbeit wird ein leicht zu implementierender Algorithmus vorgestellt, der dieses Problem auf Basis einer Multiplikator-Rundungsmethode löst. Als konkretes Anwendungsbeispiel wird gezeigt, wie man dieses Verfahren beim Nachbilden des Deutschen Aktien-Indexes (DAX) anwenden kann. Dabei finden auch im Xetra-Handel übliche Stückzahlrestriktionen Berücksichtigung. Der Algorithmus reduziert den Nachbildungsfehler und damit auch den daraus resultierenden Tracking-Error auf einen Bruchteil des Wertes, den man bei herkömmlicher Rundung erhält.
    Type of Medium: Electronic Resource
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  • 4
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    Munich: Center for Economic Studies and Ifo Institute (CESifo)
    Publication Date: 2018-07-14
    Description: We study the investor behavior on a leading peer-to-business lending platform and find evidence of two new investment biases—a default shock bias and a deep market bias. First, we find investors to stop investing in new loans and to cease from diversifying their portfolio after experiencing a loan default. This default shock significantly worsens the risk-return profile of investors’ loan portfolios. Second, investors are unable to cope with a glut of loan campaigns. Similar to the default shock bias, investors cease from investing in new loans and consequently underdiversify their portfolios as more loans become available on the platform. Deeper markets also result in a deterioration of investors’ risk-return profiles. Third, investment experience on the platform reduces the effect of the deep market bias.
    Keywords: G11 ; G40 ; ddc:330 ; behavioral finance ; investment bias ; peer-to-business lending ; crowdlending ; RAROC ; diversification
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Nürnberg: Friedrich-Alexander-Universität Erlangen-Nürnberg, Bavarian Graduate Program in Economics (BGPE)
    Publication Date: 2019-02-26
    Description: This paper presents a model of the complete microcredit financing chain investor -〉 MIV -〉 MFI -〉 micro-borrower, in which social-minded MIVs provide funds only to those MFIs which do not exploit their bargaining power towards micro-borrowers. The MFIs with the highest bargaining power do not use MIV capital, since eschewing their market power is most costly for them. Consistent with this prediction of the theoretical model, we find empirically that the net interest margin, as a measure of MFI market power, negatively affects the likelihood of using MIV finance. This lends support to the view that social criteria play an effective role in MIVs' investment policies, thereby also impacting MFIs' lending behavior.
    Keywords: G21 ; ddc:330 ; microfinance ; microfinance investment vehicles ; social returns
    Language: English
    Type: doc-type:workingPaper
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  • 6
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    Trier: Universität Trier, Fachbereich IV – Volkswirtschaftslehre
    Publication Date: 2019-01-22
    Description: In crowdfunding, start-ups can voluntarily communicate with their investors by posting updates. We investigate whether start-ups strategically use updates, which were previously shown to increase investments. To this end, we use hand-collected data of 751 updates and 39,036 investment decisions from the two major German equity crowdfunding portals Seedmatch and Companisto. We find evidence for strategic communication behavior of startups during an equity crowdfunding campaign. During the funding period, start-ups post updates with linguistic devices that enhance the group identity and the group cohesion. Furthermore, the probability of an update during the funding period increases with a strong competition of other contemporary crowdfunding campaigns.
    Keywords: ddc:330 ; Crowdfunding ; Investor Communication ; Entrepreneurial Finance ; Sentiment Analysis ; Linguistic Devices
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Heidelberg: Springer
    Publication Date: 2017-03-24
    Description: This article examines the determinants of the optimal percentage that private investors seek to invest in a socially responsible (SR) way when forming their portfolio. By conducting a global online survey in English, German and French, we find indications that it is sufficient for the majority of investors to have a certain amount of their budget invested sustainably. Accordingly, the optimal proportion tends to be lower the higher the available investment volume is. In addition, the non-financial utility derived from SR investments appears to be independent of the form of financing the investor provides. Moreover, the results show that well-educated women and slightly younger persons seek to invest a higher percentage of their portfolio socially responsibly.
    Keywords: G11 ; ddc:650 ; Socially responsible investing ; SRI ; Investment decision ; Investment choice ; Investment behavior ; Non-financial utility ; Socially responsible investment ; Ethical investment
    Language: English
    Type: doc-type:article
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  • 8
    Electronic Resource
    Electronic Resource
    Springer
    OR spectrum 21 (1999), S. 239-257 
    ISSN: 1436-6304
    Keywords: Schlüsselwörter: Index-Futures – Limit-Strategie – Absorbierte Brownsche Bewegung ; Key words:Index futures – Limit order trading – Absorbed brownian motion
    Source: Springer Online Journal Archives 1860-2000
    Topics: Mathematics , Economics
    Description / Table of Contents: Abstract. Open positions in futures are rarely held until expiration. Typically, the position will be closed out earlier, a so called early unwinding takes place. The early unwinding could be triggered by the fact that the futures price hits a pre-specified level. For instance, the investor could give a limit order. The paper investigates the success probability and the expected profit of limit strategies based on the model of geometric brownian motion.
    Notes: Zusammenfassung. Die meisten Index-Futures-Positionen werden nicht bis Ablauf gehalten, sondern vorzeitig glattgestellt, etwa mittels eines Limitauftrags. Diese Vorgehensweise wird in der vorliegenden Arbeit auf ihre Vorteilhaftigkeit hin untersucht. Dabei wird der Verlauf des Futures-Kurses als geometrische Brownsche Bewegung mit Drift modelliert, wodurch interessierende Größen wie die Erfolgswahrscheinlichkeit oder der Erwartungswert der Limit-Strategie durch Rückgriff auf Erkenntnisse aus der Theorie stochastischer Prozesse berechenbar werden. Da bei schlichter Erwartungswert- bzw. Nutzenerwartungswertmaximierung der Limitauftrag nur in Spezialfällen als günstig gelten kann, wird die Erwartungswertmaximierung auch unter einer Value-at-Risk-Restriktion durchgeführt. Dabei ergeben sich interessante Hinweise zur Gestaltung des Limitauftrages. Eine Übertragung der Resultate auf andere Assets, deren kumulierte Rendite durch eine geometrische Brownsche Bewegung approximiert werden kann, ist generell möglich.
    Type of Medium: Electronic Resource
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  • 9
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    Augsburg: Universität Augsburg, Institut für Statistik und Mathematische Wirtschaftstheorie
    Publication Date: 2020-01-24
    Description: While the academic world is still discussing if charting works or if it is more or less something like "Voodoo finance", the practical orientated world has been using technical analysis for decades. One argument of practitioners is, that technical analysis is useful to "disciplinate" the trader and consequently is a method of risk reduction. We discuss this argument theoretically and empirically and show, that it is not always right.
    Keywords: ddc:330 ; Wertpapieranalyse ; Börsenkurs ; Volatilität ; Risikomanagement ; Schätzung ; Welt
    Language: English
    Type: doc-type:workingPaper
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