330 Wirtschaft
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This article studies the effects of reverse factoring in a supply chain when the buyer company facilitates its lower short-term borrowing rates to the supplier corporation in return for extended payment terms. We explore the role of interest rate changes, rating changes, and the business cycle position on the cost and benefit trade-off from a supplier perspective. We utilize a combined empirical approach consisting of an event study in Step 1 and a simulation model in Step 2. The event study identifies the quantitative magnitude of central bank decisions and rating changes on the interest rate differential. The simulation computes with a rolling-window methodology the daily cost and benefits of reverse factoring from 2010 to 2018 under the assumption of the efficient market hypothesis. Our major finding is that changes of crucial financial variables such as interest rates, ratings, or news alerts will turn former win-win into win-lose situations for the supplier contingent to the business cycle. Overall, our results exhibit sophisticated trade-offs under reverse factoring and consequently require a careful evaluation in managerial decisions.
In this paper, we examine the political gridlock in reforming the Economic and Monetary Union. We utilize a two–stage game with imperfect information in order to study the optimal sequencing. The main results are: first, optimal sequencing requires for incompliant Member States a default option in stage–two, which in principle is related to the today's fiscal architecture (EMU-I). Second, we show that compliant countries prefer a reform equilibrium today if and only if they have a free choice about the preferred fiscal architecture at the end — either EMU-II with binding European coordination or EMU-I related to Maastricht. Noteworthy, our sequencing approach works for any design of the EMU-II architecture.
Das Weltwirtschaftswachstum der vergangenen Jahrzehnte war durch die Dynamik der Digitalisierung und Globalisierung in den Lieferketten geprägt. Die Corona-Pandemie hat die Abhängigkeit und Verletzlichkeit der Lieferketten offengelegt. Trotz einer Vielzahl verbindlicher Standards haben Unternehmen die Digitalisierung und Arbeitsteilung auch für regulatorische Arbitrage genutzt. Einerseits erhöht das die Effizienz der Wirtschaft - was mithin ökologische Ressourcen schont - andererseits werden damit internationale Standards konterkariert. Globalisierung und Digitalisierung sind Segen und Fluch zugleich.