332 Finanzwirtschaft
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Purpose: This study aims to investigate the impact of the 2022 collapse of the Terra-Luna ecosystem on volatility correlations among digital assets, including U.S. Terra, Luna, Bitcoin, Ether, a Decentralized Finance index and U.S.-sourced conventional assets stocks, bonds, oil, gold and the dollar index. The primary research question addresses whether correlations increased between digital and conventional assets during the collapse.
Design/methodology/approach: A dynamic conditional correlation generalized autoregressive conditional heteroskedasticity model was used to examine changes in volatility correlations during the market crash. Specifically, a data set of 1,442 close prices from 30-minute interval candles of digital and conventional asset prices are considered to provide a granular view of market dynamics during the sample period from January 3rd, 2022, to May 31st, 2022, including the crash event.
Findings: While the dynamic conditional correlation plots of the model indicate increased volatility, the results do not offer sufficient evidence to confirm an increase in correlations between digital and conventional assets during the Terra-Luna downfall. Furthermore, the authors confirm Bitcoin’s role as a diversifier with oil and observe the dollar index maintaining a negative correlation with Bitcoin during the crash, supporting Bitcoin’s function as a hedge against the U.S. dollar. However, the findings during the crash diverge from previous studies, reflecting shifts in correlation patterns in broader market downturns. Specifically, the authors identify the need for adaptive capital allocation strategies, as gold’s oscillation during the period suggests it may not serve as an effective hedge during black swan events.
Practical implications: The findings provide insights for investors, financial institutions and regulators to improve risk management, portfolio diversification, trading strategies and the formulation of consumer protection regulations. In addition, the results underscore the challenges of mitigating risks beyond regulatory measures and emphasize the importance of exercising caution for investors.
Originality/value: This study addresses the research gap in changes between conventional and digital asset volatility correlations during collapses in the digital asset space.
Over the last 50 years, neoclassical financial theory has been dominating our perception of what is happening in financial markets. It has spurred numerous valuable theories and concepts all based on the concept of Homo Economicus, the strictly rational economic man. However, humans do not always act in a strictly rational manner. For students and practitioners alike, our book aims at opening the door to another perspective on financial markets: a behavioral perspective based on a Homo Oeconomicus Humanus. This agent acts with limited rationality when making decisions. He/she uses heuristics and shortcuts and is prone to the influence of emotions. This sounds familiar in real life and can be transferred to what happens in financial markets, too.
Der Beitrag befasst sich mit den wirtschaftlichen Auswirkungen auf Unternehmen der deutschen Automobilbranche in Folge der behördlichen Restriktionen im Rahmen der Corona-Pandemie. Untersuchungszeitraum ist das Jahr 2020 auf Quartalsebene. Unsere Auswertung zeigt, dass die Zulieferer von der Pandemie wesentlich stärker getroffen wurden als die Hersteller der Branche. Ebenso konnte eine zeitliche Wellenbewegung der Negativentwicklung entlang der Wertschöpfungskette festgestellt werden. Der Beitrag zeigt Instrumente der Supply-Chain-Finanzierung auf, die sowohl kurzfristige Erleichterungen in Krisenzeiten als auch langfristige Möglichkeiten der Working Capital Optimierung darstellen.
Digital transformation has changed corporate reality and, with that, firms’ IT environments and IT governance (ITG). As such, the perspective of ITG has shifted from the design of a relatively stable, closed and controllable System of a self-sufficient Enterprise to a relatively fluid, open, agile and transformational system of networked co-adaptive entities. Related to this paradigm shift in ITG, this paper aims to clarify how the concept of an effective ITG framework has changed in terms of the demand for agility in organizations. Thus, this study conducted 33 qualitative interviews with executives and senior managers from the banking industry in Germany, Switzerland and Austria. Analysis of the interviews focused on the formation of categories and the assignment of individual text parts (codings)
to these categories to allow for a quantitative evaluation of the codings per category. Regarding traditional and agile ITG dimensions, 22 traditional and 25 agile dimensions in terms of structures, processes and relational mechanisms were identified. Moreover, agile strategies within the agile ITG construct and ten ITG patterns were identified from the interview data. The data show relevant perspectives on the implementation of traditional and new ITG dimensions and highlight ambidextrous aspects in ITG in the German-speaking banking industry.
Started as a mono-line focused purely on savings, in late 2012 ING Direct Spain was becoming a full-service bank. To this end, the bank had substantially increased its product- and channel-portfolio. ING Direct Spain originally provided "simple", "good value for money" products in an "easy to deal with" way at low cost supported by a direct model. But with the growth in its product portfolio during the previous decade and the ambitious goal of becoming a full-service bank, an increase in complexity seemed inevitable. Like many businesses in the global, digital economy, ING Direct Spain found it needed to decide which complexity created value for its customers and which one not. It also learned that IT can contribute to complexity and/or help manage complexity.
This case offers a close look at challenges of growing a company by increasing product complexity to provide comprehensive yet simple services.
Das Buch behandelt die verhaltensorientierte Finanzierungslehre und damit das irrationale Verhalten auf Finanz- und Kapitalmärkten. Die aktuellen Krisen und die zunehmenden Kursschwankungen auf diesen Märkten erfordern eine Erweiterung des neoklassischen Ansatzes. Verständlich und mit umfangreichem Anwendungsmaterial lernt der Studierende die Realität des Finanzsektors kennen. Das vorliegende Lehrbuch möchte Studierenden und Praktikern die Türe öffnen zu einer neu entstehenden, verhaltenswissenschaftlichen Sicht auf die Finanzmärkte, in der ein realitätsnäherer Homo Oeconomicus Humanus an den Märkten agiert. Er setzt bei der Entscheidungsfindung begrenzt rationale Heuristiken ein und lässt sich von emotionalen Einflüssen lenken. Dabei geht es nicht darum, das Verhalten des Marktteilnehmers als richtig oder falsch zu werten. Vielmehr soll der Leser einen Eindruck gewinnen, dass unterschiedliche Blickwinkel auf das Geschehen an Finanzmärkten möglich sind. Welcher Blickwinkel in einer spezifischen Konstellation der Realität besser geeignet ist, die Realität zu erfassen, dürfte für sich schon ein fruchtbares, neues Forschungsgebiet darstellen. Insofern geht es nicht darum, die neoklassische Kapitalmarkttheorie durch Behavioral Finance zu ersetzen, sondern vielmehr darum, sie in diese Richtung zu öffnen und die angestoßene Paradigmenerweiterung durch die Behavioral Finance vorzustellen.
